>> good morning this is bloomberg daybreak: europe i am lizzy burden in london and these are the stories that set your agenda. room for pause u.s. futures edge higher as the latest jobs and consumer data offer support for investors speculating that the fed is near the end of its tightening campaign. bloomberg reports china's biggest banks are preparing to cut interest rates on existing mortgages and deposits, and beijing's latest measures to shore up growth. plus crypto assets in focus as a u.s. appeals court gives grayscale the green light for its bitcoin etf. good morning welcome to

wednesday. it is a sea of green across the screen for equities this morning after that weaker than expected u.s. economic data. the cracks starting to show in the u.s. economy and it looks like the pressure is off for the fed. that meant the market cut pricing to just under a 15% chance of a september hike. -- also brought forward when they saw the stock rate cuts from july to june next year but of course we still have fridays job report, the july pce numbers and august cpi before the next fomc meeting. nonetheless it sent treasury yields at their lowest levels in more than a week currently the two year yield hovering around 4.9% and stocks meanwhile loved it. it was the best day for stocks since june over in the u.s. you've got u.s. futures currently pointing to an even higher opening -- up 10th of a percent and nasdaq futures of 2/10 of a percent. it is not every day that we

marked the crypto moves but we are going to do it today because yesterday's were especially noteworthy. it grayscale the worlds biggest -- had its best day since 2020 one. share is up 17% this after a u.s. court ruling potentially pave the way grayscale to convert into an etf and we are going to bring you expert analysis on that shortly. now let's look at how asian markets are faring with averill in singapore. stocks moving off their highs? >> that is right we are seeing these moves off the highs of earlier on off the sentients regional benchmark, the sei asia-pacific and this is a lot to do with the negativity in the traders are turning cautious on the chinese stocks. earlier we saw the move up and that was thanks to optimism on the outlook on the fed but also news that some of these chinese lenders would cut rates on

existing mortgages as well as deposits in a bid to shore up the chinese economy but the focus is now shifting to the downturn in the property market in the poster child of that -- country garden is expected to post hefty first-half losses when it reports sometime today. it has since said that it will issue new shares to the tune of about $80 million to offset loans really trying to avoid a default. we have our colleagues at bloomberg intelligence expecting it to sell more assets in order to raise cash and help in negotiations for an extension of some of its local currency. but we are also tracking what is happening in australia closely because we had that monthly inflation gauge cooling more than expected in the asx 200 is the outperformer in the region today. we have seen some losing of the ground on the ousley versus the greenback as well amid those --

we could see an rba on an extended cause of tightening when it meets next week. lizzy: thank you averill and singapore and we are going to bring you those country garden earnings as soon as they break but time now for our morning roundtable. again this morning i am joined by sophia and today, let's come back to that u.s. data. job openings fell to more than a two-year low in july. consumer confidence also worsened in august so you have got traders betting there is less chance of a hike in september. i suppose this is exactly with the fomc wanted but the question really is how much a looser jobs market actually brings down wage growth. sofia: this is a big week for data. we have adp employment data today, we have payrolls on friday, there is a lot that can change but the market is really liking those numbers. the sentiment is it his job done

for the fed, that the labor market is softening just as much is it needs to. we do need to see that feed into wage growth because that is essentially what impacts inflation. it is not just job openings it is how people are feeling, how people are being paid and whether that translates into the numbers that fed cares about. a lot to digest for the market, what we are seeing is expectations that we will get a pause at the next meeting and now the november hike is maybe hanging in the balance as well. we went from an almost certainty that the fed would hike to may be a 50% chance in the market. lizzy: as you said it these numbers set the scene for the big jobs report on friday, what are economists expecting? sofia: there could be some softening in seasonal factors there we had the hollywood strikes. some trucking factors as well that we should take into account.

this seasonality in august, the numbers as one economist was telling me, they do tend to be a little softer than expected in august. watch out for that in the market is positioned for a weakening but nothing for us to worry about nothing for us to say is this a turning point and for us to really consider whether this is a turning point in the u.s. economy. that it is softening just as much as the market wants it to. lizzy: we will watch out for that but let's get back to china because the drip feed continues. bloomberg has learned that china's biggest banks are continuing to cut interest rates on existing mortgages and deposits as the latest state directed measure to shore up economic growth. this seems all well and good but will it actually be a shot in the arm for demand? sofia: that is the key question when i saw this headline across my screen yesterday my reaction was finally because all the

central bank has done and what banks have done until now is to cut rates a new mortgages and you are not going to go out and buy a new house when consumer confidence is this low. when you have this uncertainty over the economic outlook and youth unemployment is at a record high. this is not conducive to buying your first home. finally really tackling the problem here which is making it cheaper for existing homeowners to pay off their mortgages. the question is, and also making deposits cheaper, what this does is redirect capital into investments and riskier savings. that is the plan. but really will this get people to spend it? i think the problem here is still a crisis of confidence, it is incredibly hard to turn around. it is entrenched and has been during covid. it is because of covid in the job losses and also because of the property market so the big fix would be really to see

demand and people wanting to buy the property market. will this move the needle? it won't but i do think it is a step in the right direction. lizzy: let's stay with property but go from the banks of the developers because of course the embattled country garden, we are awaiting its earnings but they have said they are aiming to issue 34 point $4 million of new shares as it -- $34.4 million of new shares at his -- as it is trying to pay off money. it is struggling to make money selling homes it has more debt due soon. is this just going to be a drop in the bucket? sofia: i do think so. what country garden is doing is saying to these creditors we can't pay you in cash so here have a stake in the listed company. this is not a good sign. it used to be china's largest developer, is a very well-run company, it has been listed in hong kong for a very long time

and it was rated investment grade only last year so the fact that it needs to issue shares to pay one creditor when it has hundreds more and a lot of debt to pay, it is also already seeking to delay payment on eight you want bond on shore so seeking -- it is struggling to repay mainland creditors. that is also not a good sign. it is a drop in the bucket this company needs to generate cash and the only way to do that is to sell homes and it is struggling to do that. lizzy: as we just saw their shares done on country garden this morning to .2% so the market not liking that announcement. you are going to stay with me but i just want to get to the bitcoin news. grayscale investments has won a key legal battle in its push to launch a spot bitcoin etf so that brings the u.s. crypto industry one step closer to tapping billions of dollars from everyday investors. bloomberg's suit joining us for analysis now. is this a game changer?

>> you could say so in a way because this increases the chance of a lot more bitcoin spots coming into the market but first let me just give you a background. the sec which was against this bitcoin etf, they do not want this kind of instrument to be in the market. after the court ruling what happens is grayscale bitcoin trust, there is a chance they can change their closing structure to a bitcoin spot etf structure. all we have to see is whether sec will appeal or not going ahead -- we have to also remember that blackrock and fidelity have already applied for launching in the u.s.. if the sec appeals against this ruling and we don't know, the

court will have to take this ahead again but if it does not as you like we it is a game changer and we might see a lot more bitcoin etf coming into the market. especially in the u.s. and there could be a demand for bitcoin as we have seen in the markets today. lizzy: as you say there is still a role for the sec here but what are the next steps? what happens next? >> the next step is basically to wait and see if the u.s. sec appeals against this ruling. if it does then the court would have to decide and we will have to see how the metrics extended in the u.s. courts. if it doesn't, as i said the rally will continue. it is likely continue in the bitcoin unless there is any other big ager accident. it is an open game going ahead we would say. lizzy: thank you to bloomberg's

sue on grayscale and don't forget we have an interview coming up later today on bloomberg markets with the ceo of grayscale, is that 3:45 london time 10:45 a.m. new york time. now let's run through the day now, we're still waiting for big earnings out of asia but lots to keep us busy on the eco-front. 8 a.m. london time will get spanish inflation data followed by 1 p.m. german inflation data for august. spanish inflation expected to have ticked up again, and crucially german a core inflation expected to its high point from the month before. that kind of keeps and ecb hike on the table. at 9:30 we get mortgage approval data for august the consensus is for a fall from 54.7 thousand to 52,000 which would add to evidence that the house price correction has a way to go here in the u.k. given rising

interest rates. at 1:30 we get a second reading of second-quarter u.s. gdp and the consensus there is for it to stay at 2.4%. remember bloomberg economics says you might have a barbenheimer swiftly beyoncé boost to second-quarter gdp. this data could be the diverging point between the ecb in the fed at the next meeting? sofia: economic activity in europe has been weakening in august and when we say weakening i mean very different to the cracks we see in the u.s. so there is clearly a divergence and economic trends. but inflationary pressures are still very high for the ecb so the question is will the ecb pause. it is the first central banks to kick off the meeting cycle in september so it does have that first move or disadvantage maybe on policy rates but i would say there is expectation that the ecb still has a lot of work to do.

a lot more than the u.s. does then the fed does given the inflationary pressures here. we do get boe, andrew bailey, how could you forget. which could be very interesting because that is almost a certainty that the boe will have to hike whether it is a jumbo or no jumbo is the debate right now but i think september the ecb will perhaps diverge. perhaps also pause but we will see. lizzy: the boe looking at hot wage growth, thank you for joining me for this morning's round table. you can get a roundup the stories you need to know to get your day going in today's edition of daybreak. today the lead on asian stocks getting a boost from speculation that the fed is going to pause hikes, they also have a story about dollar bulls having history on their side next month and finally they have sculptor capital management rebuffing its founder, his demand for documents relating to its

proposed merger with rhythm capital. they say that is all part of a vendetta on his part. get your popcorn out the drama continues, terminal subscribers can find all of that and more by going to be a white beco coming up softer data given risk sentiment to boost, we are going to get more analysis on that story just ahead. . ♪

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and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. lizzy: welcome back to bloomberg daybreak: europe if you are just joining us in london is 6:17, it is green across the screen for u.s. futures and european futures after yesterday's softening u.s. data. -- it has boosted risk sentiment, we had jolt openings

dropping well below consensus to their lowest since early 2021. we are going to break them down now with mliv strategist mark cranfield, good morning mark. i have a lot of data to digest with you, we're going to do a tour of the central banks. let's start in the u.s.. you had this combination of u.s. jobs, consumer confidence data, seeming to have been essentially what the fed wanted to hear but it is going to have to thread the needle carefully if it does not want to cause mass layoffs. stephen: it is best to start in the u.s., a soft landing does look like a possibility in the united states, which is pretty remarkable because the history of central banks in america and greenspan's about the only one who has been known to achieve this so called soft landing but it looks as though jerome powell has a pretty good chance now. although the downturn in consumer confidence was pretty severe. there will be a little bit worried if it is going to quickly but at least it is going

in the right direction. it still suggests that consumers are not completely dead but they are cooling down. that is pretty important because there are also some signs of softness in the jobs market as well. it will get a better read on that at the end of the week but we have already had nonfarm payrolls downgraded. we had a big revision a couple weeks ago by about half a million on nonfarm payrolls overall. certainly the data is beginning to point in the right direction, inflation is coming down as well. all in all it is pointing towards an economy which is landing gently and that will be exactly what the fed wants to see. it gives them more reason for holding rates in september and possibly beyond. at the time they get to the november meeting there will be more pieces of the jigsaw and place and what they were talking about earlier in the year is they get to a high level of interest rates and we have about 5% and they can hold it through the end of the year. it is quite possible the fed is

done in terms of hiking. now the question is how long can they hold rates up? lizzy: injury -- indeed traders brought forward when they saw the start of rate cuts off this data from july to june. let's turn to the boj because we have had a lot of news out of japan, a leading hawk ending at chance of policy shift next year in the yen fall into its weakest level since november. should we brace for a live september boj meeting? mark: we definitely should. as you say, it is the yen which is really the turning point in this whole situation. there has been a hint already from the new boj chief, he has spoken about the yen in a way that his predecessor did not. mr. corrado was careful to avoid discussing and it is usually the ministry of finance who is responsible if there is intervention to be done but clearly from the inflation point of view a week yen feeds

directly into that. and he hinted at the fact that maybe the bank of japan would need to do something from their side to help support the yen. that clearly raises the stakes for the september meeting and subsequent meetings this year because the yen weakened against the dollar significantly this week and on a trade-weighted basis is extremely low. so definitely you are beginning to see some hence and there is another boj speaker today suggesting that inflation is getting towards the point where there is traction on the upside as well. he was talking about may be some changes in 2024 but things are developing very quickly. so some traders are expecting the yield curve control could be removed this year in japan if not september than pretty soon after. lizzy: finally let's briefly hop over to australia because we have had inflation cooling more than expected but still the aussie labor market stubbornly tight. where does it leave the rba? mark: it leaves them in an

uncomfortable position where they can come -- pause again. they have reached just about 4% on interest rates which is relatively high by recent standards. have a new central bank chief -- she starts in september her first meeting will be october. she probably does not want to rush into anything anyway and that is the hint she has been given with recent speeches. it puts the rba and a good position where they can hold for longer, much more data and see how it develops. see what happens in the rest of the g10 space and all that suggests there will be a hold next week when they meet and they are under no pressure to do anything for the rest of the year. lizzy: thank you to mliv strategist mark cranfield for that tour around the central banks. coming up china airlines looks to boeing and airbus as it plans to retire its existing long-haul jets. more on that next, this is bloomberg. ♪

>> we are coming back, about 50% of the same volume compared with the 2019. pre-covid. and for the first half 2023 but right now we are looking for a very significant increase at the second half. we will have 70 to 80% coming back compared with pre-covid. and we are very confident about this increase. >> when you think you will get back to pre-pandemic levels? >> we probably need to wait

until 2025. >> we saw cargo demand it was boosted, in some ways it did save your airline during the pandemic. you made it nearly record revenue during 2021. that sort of trend is reversing now. and cargo demand is stabilizing. where do you see the bottom, where will that settle? collects i will say that the demand of the cargo is not as high as before but we will try to find a new balance which is not shoes, a new balance between the cargo and passenger. we will try to find out how many percentage we needed to put the capital and cargo. >> what is that balance what is the right mix between passenger and cargo? >> we are still looking for that

because that needs to be dynamically evaluated -- for the property to go back to 2019. it is about the 30 to 70% ratio. lizzy: that was the china airlines president speaking exclusively to yvonne man and if you are just joining us is 627:00 a.m. in london and let's check in on your futures here your stock future future -- currently of 3/10 7% u.s. futures also pointing to a higher opening ahead of the wall street open. mastec injures up a 10th of a percent as our snp across u.s. stocks having their best day since june yesterday off the back of that softer than expected when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets.

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this is bloomberg daybreak: europe. i am lizzy burden. room for pause? u.s. futures edge higher as the latest jobs and consumer data offers support for investors chelating that the fed is near to the end of its tightening campaign. bloomberg reports that china's biggest banks are preparing to cut interest rates of existing mortgages and deposits in beijing's latest measures to shore up growth. crypto assets in focus as a u.s. appeals court gives grayscale a green light for its bitcoin etf. good morning. welcome to wednesday. and it is a sea of green across the screen for equities this morning after yesterday's weaker than expected u.s. data boosted risk sentiment. the cracks starting to show in the u.s. economy. it looks like the pressure is coming off the fed. the market cut pricing to just under a 15% chance of a september hike.

traders also brought forward when they see the start of ricketts, from july to june -- the start of rate cuts, from july to june next year. we still have more data before the next fomc meeting. it sent treasury yields to their lowest levels in more than a week and stocks absolutely loved. they had their best day since june yesterday. now, u.s. futures are pointing to in even higher opening. nasdaq futures up 0.1%. it's not everyday that we marked the crypto moves, but we will today because yesterday's were remarkable. grayscale, the world's biggest bitcoin fund, had its best day since 2021. the shares up 17% after a u.s. court ruling potentially paved the way for grayscale to convert into an etf, in exchange traded fund. if this is approved, it could be historic -- a historic move to make bitcoin more mainstream. we will have more expert

analysis coming up later. let's get over to, well, we can actually bring you some of the latest economic data. this is out of germany. it is state inflation data for north rhine-westphalia. we get the national inflation rent at 1:00 -- inflation print at 1:00 p.m. north rhine-westphalia is the most populous state in germany, the biggest regional economy, it makes up about 1/5 of the national economy. as you can see, you've got on the month an increase of north .5% in cpi, up from .2%. year on year, 5.9%, so slightly higher than 5.8% in the previous month. if you compare that year on year at the national level, the expectation is for 6% and the previous month was 6.2%. we will bring you those numbers

at 1:00 p.m. for the national number. let's get over to how asian markets are faring. averill hung has an update from singapore. stocks moving off their session highs. >> indeed. we actually saw a bit of a rally earlier at the art of the session -- at the start of the session. this is thanks to optimism on what we will see next from the fed but also news that china's largest lenders could soon cut their rates on existing mortgages as well as deposits in a bid to shore up china's economy. we are seeing traders turn more cautious as the session progresses. that china rally is fizzling out. we are seeing the concerns really focus now on the property sector as country garden is expected to report hefty losses today. they are saying it will issue new shares to the tune of about $30 million to offset loans.

it is really trying to avert default here. this is once -- this was once china's top developer. we have colleagues at bloomberg intelligence expecting them to sell more assets, country garden to sell more assets to raise cash to help negotiations of local currency bonds. we are keeping a close watch on the australian assets and the trading on the back of the decline for some of the inflation numbers that was more than expected, showing cooling inflation. this is raising bets that we will see an rba on an extended pause when it meets on next week. we are seeing australia's stocks outperforming the rest of the region, and the aussie losing some ground against the greenback. >> thanks for that update. we will stay in asia because country garden is planning to issue 34.4 million u.s. dollars

of new shares as it faces a cash crunch. we have more from bloomberg's shanghai bureau chief. how significant is the share issuance? charlie: well, the amount is pretty small. as you mentioned, it is 270 million hong kong dollar, which is about 34 million u.s. dollars. it is not huge. but what is interesting is how they are going to use the proceeds, as you mentioned, they are going to use the proceeds to help repay a debt, a loan owed to a subsidiary in hong kong. the share sale just shows how distrustful the situation has gotten -- distressful the situation has gotten for country garden. they are expecting to pay the maturing debt. they are in the process of renegotiating the payment terms of a loan as well as a couple of

dollar bonds maturing in the next few weeks, in the next few days actually. all eyes are on the negotiating process. i think they are trying to extend the grace period for the yuan bond payment by about 40 days. we have yet to see whether bondholders will agree to the request. lizzy: you are there on the ground. it feels like china property is the sector that keeps on giving when it comes to the news. how has the property sector been faring these past few weeks, given we have had these little boost, after little boost on the buying policy side? charlie: yeah, you're right. hardly a day goes by without news about the sector. the latest is, as you may have read on our terminal, that the chinese banks are gearing up to lower the mortgage rates for borrowers, i mean, for -- talking about interest rates,

the existing mortgages. i mean, given the sheer size of the existing mortgages on the books of state banks, which is about 38 trillion yuan, it is going to translate into a lot of interest savings, right, for every household. we are talking about hundreds or thousands of yuan a month, so this is going to help the economy, help drive up consumption a little bit. if you ask whether the lower borrowing cost will stimulate a new round of home purchases, probably not. because currently, people are not expecting, do not have a lot of confidence about their income in the future because of the slowing economy. and the other thing is, you know, they are not convinced that the property market will recover soon. they are not expecting home prices to rise any further. home prices in major cities like shanghai, beijing has father like 10%-15% from their peak, and probably more downside is expected following two decades

of runaway increase. the time is now for the government to cool speculative demand while driving up real demand, which means demand from first-time homebuyers and people really need to upgrade. lizzy: all right, thanks to bloomberg's charlie zhu on the latest from country garden. let's stay in china but shift gears to geopolitics. the u.s. and u.k. have got officials in beijing this week for talks on both trade and ukraine-russia relations. we have jody's this now for more analysis -- we have jody's this for more knossos. gina raimondo says u.s. businesses are seeing china become on investable because it is getting too risky there, so where does that leave her potential meeting with president xi? >> well, lizzy, i want to maybe manage expectations on this potential xi visit. this is gina raimondo's last day

in china. she has already left beijing for shanghai and we have not heard any word on whether she is actually meeting with the president. she has held talks with not just her counterpart in china, but with some other major leaders, including the premier, li qiang. she has at least made some outreach efforts and has been able to meet with some major leaders. what gina raimondo is saying, what u.s. businesses are expressing in china is not entirely new right. we had a survey from the american chamber of commerce in china earlier this year talking about how for the first time in i think 25 years or so. china now was no longer seen as one of the top three sources of u.s. companies working in china. sentiment has been pretty weak for quite a while, given all the problems we have talked about, not just covid zero. last year in those covid controls, but also the economic issues this year.

we will see where the rest of her trip goes from here. not sure how mushy will be able to accomplish in terms of, you know, major, giant, news breaking measures. but i guess the fact that she is even in china at all, the fourth i think high-level u.s. official to do so in recent months, is itself a positive sign for this relationship. lizzy: the other person who is planning to visit china is russian president vladimir putin. it will be his first foreign trip since his arrest warrant. i wonder whether that makes the visit of the u.k. former secretary two steps forward while putin is a step back. >> i think it's a matter of perspective. maybe from a western perspective, sure, you've got that relationship between china and russia that is going forward in this way. i think for xi certainly the russia relationship is important. the fact that this is obviously a major visit we are expecting

from putin when he visits china. i think first time also that he has been to china since early 2022, before the invasion of ukraine. i think that at this point, you know, from xi's perspective, it is important that they maintain that political relationship, it is an important economic one. we are just coming off of the bric's summit in south africa, where we saw an expansion of bric's. certainly a win for china. we will have to see going forward hell of these economies are able to work with each other. i think from xi's perspective, it's that idea of maintaining these ties, he says he wants to be a neutral voice on ukraine. i am not seeing a ton of downside for xi unless there is some kind of dramatic response from the u.s. or the u.k., for example. lizzy: you mentioned the u.k. you just saw on the screen the

former secretary, james cleverly, he is in china for this visit. we have spoken to the vice chair of the british chamber of commerce in china. take a listen to this. >> i don't think it's just the chinese government worrying that the economy is not working for some reason. but they do buy into the idea that they have got to separate commercial engagement and the trading relationship, which of course is vital for china's economic growth. they do need foreign investment. but they've got to separate that from the legitimate issues they have around safeguarding national securities, which are priorities for the u.k. government and the u.s. government. lizzy: with that in mind, jill, what does a win look like? are these just talks about talks? jill: i mean, possibly. i think that at this point, you know, it's not that dissimilar from the kind of situation that the u.s. and china are in. obviously, all of these economies have their own priorities for how they want to engage with china and accomplish

things. i think he has been pretty clear, at least earlier this year, about the need to further engage in discussions with china, the importance of this economic relationship. just as with the u.s. and china, the u.k. and china have a host of issues that have become major sources of tension, whether that's hong kong, or what have you. at this point, given that it does not look like rishi sunak will be visiting china anytime soon, just having that kind of olive branch in the form of a major diplomatic trip to the country is important to maintain this relationship, because it is one that the u.k. and china cannot really afford to ignore. lizzy: a change of turn from sunak's predecessor, liz truss, a big china hawk. coming up, we are going to bring you more on the big crypto story, a big win for crypto sending bitcoin surging overnight. more on the grayscale s.e.c. ruling, next. this is bloomberg. ♪

lizzy: welcome back to "bloomberg daybreak: europe." it is 6:46 a.m. in london. let's take you there are some of the global news stories. tesla is facing increased scrutiny from federal regulators over its driver assistance system known as autopilot. investigators want to know if the function has made it easier for drivers to take their hands off the wheel. it may mean drivers do not stay alert and ready to resume full control of the vehicle. staying with transport, bloomberg has learned that lufthansa is looking to sell its insurance brokers unit, albatross, and its insurance business as it pushes to streamline operations. the german airline has been selling non-core businesses in a bid to raise cash as it focuses on consolidating europe's aviation market. now to tech.

apple says it is going to unveil its new iphone 15 line and next-generation smart watches on september 15, with a live event edits steve jobs theater in cupertino, california, and it is going to have an online presentation. apple sales have slid for three straight quarters as the company contends with shaky demand for smartphones and other devices. and now, back to the big bitcoin news. grayscale investments has won a key legal battle in its push to launch a spot bitcoin etf. that brings the u.s. crypto industry one step closer to tapping billions of dollars from everyday investors bring it -- bringing it even more into the mainstream. is this really a game changer? >>

the sec wanted, which is the sec was resisting a spot bitcoin etf in the us. we have to see whether sec will now go ahead and appeal this ruling. if it does, then we are into another court battle and we don't know what happens next unless we know what the verdict will be. but if it doesn't, then we are we are likely to see a at least some kind of bullish run in bitcoin, given that this increases the chances of more spot bitcoin etfs in the us. all right. thanks to bloomberg subhashree ghosh for that update and don't miss our interview coming up later today with the ceo of grayscale, michael sonenshine. that's coming at 3:45 p.m. london time. and 10:45 a.m. new york time. stay with us for more. this is bloomberg.

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numbers, and for analysis, let's go to maria tadeo in brussels. already this morning we have had the state inflation data. your analysis? maria: data fresh a few minutes were published, we see an uptick in that region when it comes to inflation for august. the headline number on an annual basis and monthly basis is a moderate uptick. these data points are relevant, and we look at these regions in conjunction is a lead up to the german cpi number. when you look at the bigger picture on the german cpi, the

broad cpi print for august, economists are expecting a cooling down in inflation. indicators suggest an upside risk to the broader german number but as it stands, the expectation is to see a cooling down for the month in europe's biggest economy. we are paying so much attention to the cpi because this will be the final data point before the ecb is able to make that decision in a few weeks in frankfurt. this will be the final august data inflation print before the deliberations for the september decision. there will be updated economic forecasts but this is relevant because it is the final point before they head into the deliberation of a hike or a hold. lizzy: the motherland will give us more inflation data today. spain expected to take up -- tick up in august.

maria: it is the end of the month and we are waiting for that data to come out. it is the end of the summer quiet period. the statistics office is back at we are expecting cpi numbers, inflation numbers out of spain. the indicators would suggest a slight uptick in inflation both on a headline basis, a monthly basis, annual basis, but also interestingly enough, they could be a cooling down in the core inflation in the spanish economy. we know the european central bank targets headline inflation but also will have a particular focus on core inflation to see that this is a trajectory snap that is on a downward's path that is sustainable. it's not pegged to one offs in issues that energy. what i would caution is that the way spanish inflation gets measured compared to the euro

step definition is slightly different. a lot of people, as you know, use to look at the spanish inflation numbers as a forward-looking guidance to what the euro area number would you. lizzy: thanks to bloomberg's maria tadeo. we will get more data later this morning out of the u.k., staying with the story of inflation and its impact. this is from the bank of england, the latest mortgage approvals data. they are expected -- you are expecting to see the house price correction having further to run, given the rate of rate hikes on the economy. there was a bit of a bounce in this number in june but that may have been more of a sign that people were scrambling to secure cheaper mortgages before being pulled from the market rather than a sign of health in the market. even more data on the has been out this morning, fresh from zo opla, it is projecting the number of u.k. home sales will drop to the lowest since 2012 this year. way down by -- weighted down by

inflation and interest rates. we are going to discuss that with richard donnell, the executive director at zoopla, that at 8:40 on markets today. ubs is expected to report its second-quarter results tomorrow before the cash trade starts in europe. we will be sitting down with sergio ermotti, the ceo, what is the latest on the headcount in credit suisse's swiss banking unit. don't miss that interview. all of that, coming up on bloomberg. ♪

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♪ anna: this is "bloomberg