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. dani: good morning and happy thursday. this is "bloomberg daybreak europe." i am dani burger alongside jennifer zabasajja in london. apple in the biggest form market as china is set to widen iphone man.

south korea's investigating how its chips ended up in what ways volunteered >> risk off mood in markets with a higher for longer rates narrative in the dollar at six months highs. dani: china's export slump eases up in august hoping the worst may be over for the world's largest economy. good morning. a 1, 2 punch for the session. the chips story piling on. first apple and now had expired not great news for this market. jennifer: the markets are rattled from the ism data we got yesterday. it was catching a lot of people by surprise. let's look at what the markets are doing. we saw equities falling. it is still in the red and marginally weaker after the higher than, stronger-than-expected august meeting on wednesday. we are also seeing some drops in nasdaq futures because you mentioned the iphone story,

apple story pushing and people concern now that rates may be higher for longer. dani: again, if you are worried about the macro and maybe not but here is individual michael story to worry about. apple is so massive in these indices. the bond picture looks a lot like this one and you will see when ism data. it is an odd piece of data. i won't go in to much of it but the two year yields top 5%. jennifer: let's get over to avril hong in singapore. thank you so much for being with us. talk about tech stocks. they are front and center as we mentioned. what is it that you are looking at? avril: absolutely. if you just take a look at that story across the terminal in the past hour, sk hynix investigating the presence of the chips in the latest huawei phone although the south korean chipmaker says it has not worked with huawei since u.s.

sanctions. that news is not helping the price of the stock which is pairing the gains of two plus percent earlier its of the losses expected. we also had bloomberg story confirming the wall street journal reports that china is looking to ban iphones in state firms and agencies. now that report is conforming -- confirming that it is seeking to expand that ban. it is not helping the suppliers of apple heading for a day of losses and that is dragging the sentiment in the rest of the region and not helping the case. the regions benchmark is headed for a third day of losses. the chinese indices also the negative territory. you can take a look at how they are faring today and this is despite the chinese trade a tuft that came in not as bad as feared. there is easing in export slump in the face of global demand pressures. these negative sentiment towards

the chinese economy is not helping. the chinese currency either. let's take a quick look at how the yen is faring against the greenback, sitting at 7.33 against the u.s. d. there is weakness that despite the stronger-than-expected fixing from the pboc for yet another day, this is the longest run that we have seen, a record run, 54 days since bloomberg started a survey. the yen is steady after the verbal warning yesterday from these top currency officials in japan. guys? dani: the dollar strength coming to has with government officials there. that is bloomberg's a wrong singapore. -- a wrong singapore. we are joined by valerie tytel and jill disis. we got it started off with the u.s.. there are two things you want to cover. we have the fed's beige book yesterday saying that growth in the u.s. economy and job market slowed in july and august.

that is the direction that the fed wants but we also had the ism data yesterday, strong services bolstering the case for the fed to keep rates higher for longer. on top of that we had fed officials weighing in on the prospect of more hikes. >> it is probably wise from a risk management perspective and probably necessary based on the data that we got that they keep that extra rate hike in there. dani: valerie, let me bring this to you because the data literally except for the ism data makes it seem like we are moving in the right election. how much do we read into this because the market certainly right into it. valerie: it's really dead. it was a hot as the imprint -- hot ism print that it was back with quite a nuanced beige book, which did call growth modest. it was filled with warnings about the consumer. this was a prospect the market is handling right now. the dead at the moment seems to

be holding up but we are increasingly getting more concerned about the trajectory of the consumer during the third quarter. i think this will be paid out -- played out in the fed decision when we get that. plot from the fed. we've heard many comments now about the theme, not been able to cut, not been able to switch to cuts like the market expects them. will it show a higher 2020 for.? >> there's a lot of contradictory data that we got yesterday, how are you interpreting it, what do you think the state of the consumer is right now, give us your take? >> i think obviously that that it was really strong, i think it squares ok with that beige book data because we did see the continued robustness for the consumer within the beige book data, the concern is how much it

drops off didn't -- getting into the third quarter and the fourth quarter. to me, the fed is operating in a strange space where you're still waiting to see the impact from this incredibly aggressive rate hiking cycle. i don't think we've seen a lot of that spillover into the economy so it is a difficult pathway to walk, i think they want to preserve, the warnings about higher for longer are incredibly valid as we move into the end of this year into 2024. such a difficult environment for them to operate in, and the other part of the beige book, the slowing wage growth remains robust. there is some fraying on the edges a little bit but a difficult environment for us to consider going into the next few

weeks. >> the pound failed to a two having three-month low. governor andrew bailey spoke about nearing the end of a rate hike cycle. let's listen to what he had to say. i expect we won't -- will need to hold rates at it certain level for some time. quick supplements he hasn't that much in his look and sound. that me tell you what bailey said, saying that u.k. rates may

be near the top of the cycle. inflation is still rife in the u.k., does the data suggest we are near top of cycle? >> there were some interesting comments, inflation is still high so the boe does have to consider that. as i recall, there has been some weakness in retail sales data, more weakness in pmi's, maybe don't see among other economies that are considering how exactly your driving rates going into the future. it's an interesting line of comments here, especially when you got various fed officials now warning if the fed has considered other rates, the ecb, there are some consideration about whether they are done with the hiking cycle. you're seeing a bit of dropping off, but i think the idea that

he was trying to drive home is again the idea of an impact from rate hikes -- she's trying to make the point that we are going to see what is already been done feet through to the economy for the rest of the year. >> is this potential that bailey is maybe speaking a little bit too premature? >> there is some concern that this may be another communication error from bailey if he does go ahead and hike again in september and if he does meet market expectations, they're going to hike two more times to -- we've had quite a few communication missteps from bailey come of this isn't the first time he has talked about or the market has speculated about a peak in rates and he is had to go and re-accelerate hikes again. remember that rejection trade, we've seen it a lot in fixed

income, it happens when the central banks talk about pausing too early and it actually causes it to go higher and currency to weaken. >> it's all well and good to look at the data and what it is saying on inflation. i always find interesting real-world examples. he says a lot of very interesting things in this time around, he's responsible for $25 billion wipeout in luxury goods. he was saying that in europe, they are feeling the pinch from inflation, that it is hitting consumer demand. isn't it more evidence that they cannot let up on the rates? >> another warning about the consumer, we had it in the u.s. in the beige book and now we are getting it from the luxury sector here in europe. all these concerns about

consumer and where it is heading in the third quarter is really just underlying how important that trajectory is, not only for the markets but for the central banks how king might look. >> do you think maybe it's not so much of a concern as the executive told us? >> i'm not sure, i think it might be a concern here. certainly glad that you brought up europe, because what i found interesting was the comments from one of the governing members for the ecb saying that investors are maybe underestimating the chance of another rate hike from the ecb, inflation obviously remains pressure. i think a lot of these luxury goods pressure issues are feeding into that idea that inflation remains an issue there. the idea that we cannot rule out another hike there, that it continues to remain a concern. christine lagarde has not given

us a theory on where the ecb will be going, but she has said tackling inflation will be important. it is something we will have to keep an eye on. dani: i thanks to jill and valerie for your time. that was great analysis to start us off. these are the stories we're keeping an eye on today, starting at 9:30, the bank of england's decision maker panel will give us an update on inflation expectations. half an hour later we will get the final reading on gdp. 1:30 u.k. time, we will get an update on u.s. jobless claims, and finally we will hear from the new york fed president john williams who will be speaking at a bloomberg event and a talk from the atlanta fed president. you can get around up of all the stories that you need to know to get your day going in today's

edition of daybreak. >> coming up, we dive into the markets, including a look into japan as the job -- dollar in move hasn't been determined yet, that is next. this is bloomberg. ♪

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they are in somewhat uncharted territory here. i think there is still a window for a soft landing, but they should be aware of the fact there is a squeeze play going on with consumers. people are having to deal with higher mortgage rates and their rationally pushing up their credit card balances, but there is a limit to that. so you will see spending slowdown. dani: david kelly saying it would be unwise for the fed to raise rates again, given the squeeze on consumers. an ugly day and markets this morning, preceded by an ugly day yesterday. let's bring in mark cranfield who joins us now with more. we are worried about u.s. economic data being too high, but this morning we get another punch from apple, china

extending a government ban. apple is the biggest company, 7% of the benchmark for the world, how big of a deal is it for apple to have this kind of hit to it? mark: i wouldn't be surprised if it dominates trading for the rest of the day. if you look at the price action of apple stock, it failed to close the price gap from the beginning of the month, it fell yesterday on very high volumes. you're going to have the biggest company in the world with people looking to get out of it. it's most likely going to spill over across indices. europe will already probably see summit because of the german listings as well.

it might be a bit of a hit for u.s. treasuries. anybody who is sitting on position switch look a little bit stale. >> you said it's potentially going to dominate the day today, as dani mentioned, and ugly start. are you saying the ism is sort of in the past and apple is going to dominate, or is are still more fallout from this data that we got yesterday? mark: u.s. data is a big deal, and it will continue to be until the fed meeting in november. because the central bankers have told us they're very data dependent, the market will be waiting on every single piece of news that comes out. the most recent one is ism, and

whatever comes next will also be a big turning point for markets. the fed is clearly split. there is no consensus on whether they're going to hike or to pause. we're also going to go into a blackout period at the end of this week. markets will have to interpret for themselves, there will be a lot of back-and-forth, and if we get something along the way, any of those things can also trigger the cycle as well. is not just a data, we still have a couple of weeks to go. dani: it feels like all those things are in the mix for dollar bulls. i thought we would finally see some of the steam taken out of the greenback. we are talking hot data, risk off. is that not all just more fuel for the dollar? mark: definitely.

we were just discussing this morning, a bit of a convergence coming. the five-year euro close to 4.5%, we have not been above that for a long time. dollar-yen pushing toward next year's highs as well. it will probably trigger higher treasury yields and a higher dollar. things all going off at the same time. people who thought the markets were going to be stable, is going to be a volatile lineup until the fed meeting. >> we are only seven days in, so we just have to remember that. thanks so much to mark cranfield for joining us this morning. coming up, as banks pull away from lending, private capital has stepped in to fill the void. we will bring you that interview next. this is bloomberg. ♪

dani: welcome back to bloomberg "daybreak: europe." alter capital says it is seeing fun flows as investors recognize that private credit offer some of the best risk-adjusted returns to the credit market. the incoming ceo spoke to us about the rise in lending as banks step away. >> stepping in where the banks stepped away, the investment banks as well as a regional banks have stepped away from the market, providing capital to private equity sponsors and companies that need that capital that historically found it at the banks are now provided by private capital. secondarily, we are beginning to see some stress in the market and the need for more creative rescue financing. >> oaktree made its name by coming in were people work and filling that void, if you will.

when you are finding opportunities out there left by the banks, where the regional or big, is the quality still there? >> the quality is quite strong and i would say in some respects is even better than it had been two or three years ago. the reason for that is because the cost of borrowing is so high, the firms and sponsors that are buying these businesses are really focusing on the least cyclical businesses, the highest quality companies that they would buy in anticipation of a potential recession in 2024. dani: when you think about the pullback we are seeing from the banks that traditionally provide lending to those types of companies, what kind of industries, sectors and companies are you seeing opportunity now? >> its a variety of sectors. we are seeing a lot of activity in software. large software companies, we are seeing industrials, which generally speaking have hundreds if not thousands of customers.

and a more regular maintenance and repair aspect rather than capital expenditures. really looking for businesses that have a more depressed reaction to gdp movements. >> and romain walked us through some of the magnitude of activity we are seeing in the private credit space. it is interesting when you compare that to private equity, because it seems fundraising has slowed it down a bit in that space. private credit appears to be immune. how much is at a function of what we saw in march with these banks pulling back? >> i think investors recognize that private credit offer some of the best competitive adjustment in the market today, especially relative to the past. dani: let's return to the top story of the day. it is dominating market sentiment. china is broadening its iphone

been. it will now be both state backed firms and government agencies. just to give you 90, the wall street journal reported yesterday they were looking at doing this and it wiped 100 six weaving dollars of market caps off of apple yesterday. >> speaking about china, talking about the probe that the u.s. lawmaker wants to hone in on with these specific chips. not a good sign chinese tech companies, chinese chip companies in particular. dani: they had confirmed the bloomberg story, here we are on nasdaq futures. i said this before to mark cranfield, just talking about the dominance of apple. 7.2% of the s&p 500, over 5% of the msci world index. again, the world equity markets biggest waiting when weighed by market caps. so this is an important company.

>> we heard mark say this is not the end of this. we will have potentially more fallout from apple. a lot that we will pay attention to. coming up, the greenback surges to a six-month high after strong ism services data, more on the market moves in the fed's rate cap, next. this is bloomberg. ♪ so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you wave bye to the other guys. all on the most reliable 5g network nationwide. you really shouldn't walk out the front door without it. jennifer: good morning, this is switch today at xfinitymobile.com.

"bloomberg daybreak europe." these are the stories that set your agenda, headwinds for apple in its biggest forum market is china is set to widen its iphone band.

south korea's hynix investigating how its ships ended up in huawei's phone. dani: shares fall in asia, the dollar touches a six-month high. jennifer: china's export slump eases in august, the worst may be over for the world's ledges -- second are just economy. we have been talking about how tough the day was, today at this point, we mentioned ism data catching markets by surprise, starting in the red. a lot of this is because of the ism data. apple is weighing down a lot of equities. dani: in terms of u.s. data, ism is the most important we will get this week. it could be an overreaction, one outlier in the data and the rest of the data fixes that. that me show you bonds. back above 5% on the front end

of the curve. the question will be whether this day, concern about the biggest tech stock, the biggest stock means we go back and buy bonds and 5% is a solid buying opportunity. jennifer: let's get a roundup of what is happening in asian markets today. take us through the equity picture. >> we are seeing a negative day in the asia-pacific no thanks to the ism data you were referring to earlier that bolsters the narrative we're seeing a u.s. central bank that will keep things higher for longer. it was risk off from the start despite the chinese trade data coming in not as bad as expected, which is helping to allay fears of the export slump, and how we are seeing that in the face of the global demand pressures.

that is not helping sentiment in the region. negative on the benchmark. msci asia-pacific is headed for another days of losses. as well as hong kong's hang seng. also weakness in the chinese currency on the dollar story. the offshore yen versus the greenback hovering at 7.3 despite another's stronger-than-expected fixing from the pboc come of the 54th straight day of doing so, a record run since bloomberg started the survey in 2018. jpy steady against the greenback after verbal warnings from the top currency official in japan yesterday. dani: if the dollar strength were enough to deal with for asian markets today, the apple story is having a big impact. >> absolutely, that is a big one to watch.

given the size of apple in the stock market and how we are seeing it supplies under pressure on the back of that news that confirms an earlier wall street journal report that china is seeking to expand a ban on iphones to state agencies and firms. we're seeing losses accelerate slightly on asian suppliers of apple, but that is not the only tech story today. we are keeping a close watch on hynix after that story across the terminal in the past hour. it is investigating the presence of its chips in the latest huawei phone, although it says it has not cooperated with huawei since the latest u.s. sanctions. hynix is slipping into negative territory. it's rival, samsung electronics is hanging on to earlier gains. dani: thank you for the roundup.

let's continue the markets conversation. the tough time asia currencies are having with the bloomberg dollar index hitting the highest in six months, treasuries back above 5%, stronger ism data lifting expectations of more hikes or less cuts. let's go to paul dobson on this. when it comes to ism figures, they are so strange because it went against all the other data coming in. it had a big ripple effect across markets. how long-lived could it be if everything else is pointing in the other direction, softening? paul: it is a good point, it seems like an outlier but we know that overall the economy is looking strong at the moment.

if you look at the gdp now, strong growth for the current quarter. it is about how quickly things will turn sour from here. if you look at the beige book coverage, what jumped out to me as this term about fraying at the edges of the economy. we are starting to see people struggling with housing payments , struggling with debt, tapping savings. more pressure in the job space. companies are struggling to pass on the higher cost they are facing as well. there is a sense that there is a slowdown coming. markets did not see it that way. they were so surprised, it was a knee-jerk reaction. we saw higher short-term yields and pricing seeping back in for a hike in november around 60%.

everybody is looking at what the fed might do next year and how quickly it might cut. that is having an outsize bearing on the rest of the markets now. jennifer: does the dollar have room to extend gains? paul: it has been difficult with the dollar. in the second half the consensus is short dollar was a good trade. the fed is coming to the end of the hiking cycle, and everybody thought that would take pressure off the u.s. currency and lead to a reversal. hedge funds switch their positioning, short dollar. risky trade. eight weeks in a row the bloomberg spot index has seen consecutive gains, and a lot of turning their position and saying they are better to be long or too risky to be short. not only is the fed calculus changing but what will you go

long on? the prospects for everything else looks lousy in the u.s. japan with huge interest rate differentials, europe, warnings about growth as well, and the u.k. seems in a bit of a turbulent state at the moment. what would you rather own than the dollar right now? that is what markets need to ask themselves some more going into the final quarter. dani: obviously stocks, because they only go up. sorry, i had to relive an old meme. i said to my producer i wanted to talk about poland, and she thought i lost my mind but i think the interest rate decision yesterday was so interesting. that expectation was a cut of 25 basis points or a hold but they surprised by 75 basis points, the amount they cut, the most in 18 months.

it is political pressure. they have an election coming up. there are a lot of elections throughout the globe. is this in any way pressure we will see elsewhere? paul: it is an interesting question, the central bank is supposed to be independent from the government and politics, and it is hard not to see some helping hand from the central bank to sweeten the outlook for poland going into the elections. having a look at the rest of the european economy, would such a big cut makes sense anyway? there is a lot of weakness. if you look at germany and the gdp figures feeling wobbly, and the european central bank policymakers hinting the market may not have priced in the chance of another hike.

that pressure is starting to bear, so there is some sort of reasoning behind wanting to cut aggressively beyond the politics. however, such an extreme move caught everybody by surprise, and it is telling the stocks were down as well as the currency on the day. it tells you there is more to be read, and take what they are doing with a pinch of salt. jennifer: i saw somebody describe it as a bazooka cut. thank you, paul dobson, our executive editor for asian markets. later today john williams will sit down with michael mckee mckee at the bloomberg markets forum. that will be live across all of our bloomberg that forms at 8:30 u.k. time. coming up, south korean chipmaker huawei is looking at the use of its components in the latest -- south korean

chipmaker, hynix, is looking at the use of its components in the latest huawei phone. this is bloomberg. ♪

dani: bank of england governor bailey says u.k. interest rates are near the top of the cycle, with inflation to fall further this year. he signaled how fuel prices could play into the inflation picture. >> inflation is coming down. our forecast is performing better. it is, i should say, possible that we will get a tick up because fuel prices went down in august last year, and up a bit this year. dani: joining us is lizzy burden.

it seems like a hot potato to suggest they are done hiking rates. he did this in january, it did not go well and they have a decision. lizzy: this is a dovish tilt from andrew bailey. you talked about what a day it was for the rest of the world but two year yields decline three basis points, the pound fell to its lowest in three months, in response to bailey's comments. he said the rates are near the top of the cycle because he expects a drop in inflation. it is the clearest sign that the bank of england is worried about a risk of over tightening leading to an unnecessary recession in the u.k. in other words, previous hikes are feeding through to the economy, you have to wait for people to refinance their fixed term mortgages. we have a transmission lag. if there is a pause in a couple weeks, the question becomes when is the bank of england going to

cut rates? will it be the fed, the ecb or the boe first? andrew bailey's comments support the table-mountain model where rates go up stay high for a long time and there is no rush to bring them down. jennifer: what does this mean for the growth story in the u.k.? did he give an indication of where the u.k. is headed? lizzy: we had that revision to the official numbers, and the picture is rosier for the u.k. andrew bailey seem to support that idea, saying it is in line with the narrative they have been telling that the economy is more resilient than expected but he mentioned the other officials, we heard from the deputy governor who said the numbers are more mixed. we heard from the big dove on the committee who wanted to hold at recent meetings and warned of undershooting the bank of england's 2% inflation target,

she is worried about recession. what about hot wage growth, she says we need to look past that because it is a lagging indicator. we also spoke to mike or saunders, the former hawk of the committee, and he says on this growth story that they don't change the fact that these new numbers and a u.k. has low potential growth since 2010. even though he was a hawk, he says the bank may be done with hiking almost. lizzy: thank you,-- jennifer: thank you, lizzy burden. turning to the chip story, south korean chipmaker, hynix, is investigating how it's components were used in huawei's latest phone. the phone was found to contain hynix memory and flash storage

chips. thank you for joining us. how much of a concern is this for the markets at this point in time? >> the reaction we saw with sk hynix, it was trading up when the news came out. it gave up those gains. it is still to be determined what will pan out. it was not breaking news that hynix figured in that device. you can see its chip alongside the key piece of semiconductor equipment. this is the focus of the story so far but hynix came out today and said we have nothing to do with this, we have not supplied huawei since 2020 when u.s. sanctions were imposed on the company. it is an open question of how

huawei was able to get a hold of those hynix chips. dani: the spokesman saying that sk hynix is abiding by the export restrictions. how could it have gotten in the phone? they say they have been abiding by this but it was clearly there. how does it happen? >> a couple possibilities, huawei, conscience of the sanctions they would get, there was a big inventory of components in the hopes of being able to bridge the gap over the coming years. one of the particular components you can stockpile and use later on his memory chips. they improve this quickly. it is possible huawei kept some chips from back in 2020 and is using them in the new

smartphone. if that is the case, it means huawei has limited inventory and puts her cap on how many units it will be able to produce and release on the market. lizzy: what are you -- jennifer: what are you paying attention to next? and based on the confusion happening with this story, it is a he said, she said situation now. >> the ideal thing we will get now is for huawei to give specifics, how would acquire the chips, how the processor was made, and where and when, and those details the company has been quiet about. the open questions are the chips that it is making, cannot make them in a high enough volume, tens of millions of units to where it can impact the market? at the moment it is a symbolic

victory for china, and shows that can do with domestic manufacturing advanced development for smartphones, but doesn't show it can do that at a reasonable cost? can it do it at tens or hundreds of millions of units? jennifer: thank you for joining us this morning. plenty more to come. this is bloomberg. ♪

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save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. dani: welcome back to "bloomberg shop now only at sleep number. daybreak europe." an update on a story bloomberg reported this week, turbine blades, a crucial component of an airline system were among the

bogus jet engine part supplied by a company under investigation for fraudulent documents. this was a story that came out earlier from bloomberg. a concerning story, no one wants to hear about fraudulent parts on an airplane. what does that mean and what is the significance of having jet turbine blades part of the fraudulent parts? >> jet turbine planes are an essential part of the engine for which the parts have been supplied. this is used in thousands of aircraft by airbus and boeing. this could impact -- we need to seen the turbines aren't integral part of engines because they make engines at the

airport, we need to make sure they can work under tremendous pressure and high temperature. if these parts come from an unidentified origin, they can have costly and dangerous consequences. we do not know how many fake parts there are or what aircraft they have been installed the it needs to be found out the numbers and how much impact they will have on the aircraft. jennifer: do we know if regulators -- you said, it is thousands of airplanes that could be at risk. what have regulators done, and what do they need to do next? >> regulators and manufacturing

partners are doing the investigation. bloomberg tried to reach the manufacturers which supplied the parts, and they could not get any comment. what needs to be found out if the organization exists, and the owner of the organization has different identities on different forms, so we need to find out if this organization, their authenticity, and regular septal customers and manufacturers to not use parts that have been supplied, and if they have any with unidentified origin, the investigation is still going on and they are trying to find the parts and which ones have been used. jennifer: thank you for that

update. we want to look at the markets before we get out of here. dani: ugly today, you see equities selling off, a lot of chipmakers. then you look at the dollar, it is up 0.1%. everything is falling against it. it shows how that short position hedge funds have taken out are backfiring. it seems like the only sure thing you can bet on at this moment -- bank of america said the steepener trade everyone is obsessed with is ill-advised, and for it to work, the u.s. data needs to be materially worse than expectations, and we have not seen that. ism surprising to the upside. jennifer: oil with a bit of

concern because we will get data that could give us a look at what is happening in the u.s., and that streak for the past few days could be ending. it is unclear where that will go at this moment but there is a look at the oil. coming up, new york fed president will sit down at the bloomberg markets forum. that conversation will be on all bloomberg platforms. up next, "marcus today. -- "markets today." this is bloomberg. ♪

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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. the idea that we have saved five million people's lives, it's overwhelming. it's everything. anna: this is "bloomberg markets today." i'm anna edwards with tom mackenzie. mark cudmore joins us from singapore. tom: the cash trade less than an hour away. s&p futures extend losses come on the dollar firms after an