when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. jennifer: good morning. this is "bloomberg daybreak: europe." i'm jennifer zabasajja czinano.

apple pulls the the regions benchmark lower after china's yvonne man stopped trading is suspended in hong kong as the city gets hit by its heaviest rainbow on record. apple loses $190 billion in market value on china fears just one week ahead of its new iphone launch. meanwhile, the u.s. says it is investigating an advanced made in china chip powering while ways latest smartphone. goldman sachs is reported to be moving to fire under performers as new -- as soon as next month bringing an end to the pandemic freeze on job cuts. we will bring you all the details. has been a busy past few hours and we are taking a look at a number of futures. pretty flat right now starting off the day. what we saw yesterday was mainly declines largely due to apples woes as we mentioned. the nasdaq s&p slightly down as you can see just about 1%. apple really was the biggest

drawdown from thursday falling almost 3% on thursday, wiping out nearly $200 million in just two days. very sunak and moves i apple bringing down a lot of the tech stocks on thursday. the yields are generally softer and we got more data from the u.s. on thursday. we had softening wage growth & ticket or, we have better-than-expected jobless claims report so softening the two year yields. let's get over to avril hong in singapore now for more on how the asian markets are faring. good morning to you. how is equity picture where you are? avril: it does not look good. there's a lot of red on the screen and negative sentiment from wall street spilling over into the asia session no thanks to that u.s. wage growth slowing which points to a sluggish economy but also how the tech mood is souring given the concerns around apple.

also sk hynix and huawei. we also have japan revising down its economic growth for the second quarter. the nikkei has been underperforming compared to the major indices today. as you mentioned earlier, we have hong kong scrapping trading for the full day after already scrapping the trading for the morning session after the record rainfall that has pretty much brought the city to a standstill. let's take a look at some of the movers and shakers because these are really the ones that are dragging the regions benchmark, the msci asia pacific. it is the tech names. we can see how they are faring today. some of them are the apple suppliers and some of them of the chipmakers in south korea. continued pressure coming through in the stocks. we are also seeing the chinese currency on a weakening trajectory. the onshore you on the lowest in the greenback's insult 26 team.

also have a sure -- offshore yuan. let's bring up the excess currencies -- fx currency. the offshore yuan is hovering at the weakest levels in supreme back on record despite another strong of expected fix. it was only 1110 points of pips. stronger than expected. this shows us according to our colleagues at mliv that 740 might be the next line is in the sand to watch and indeed, that the chinese currency might have to be sacrificed given the ongoing weakness in the asian economy. jennifer: bloomberg's avril hong in singapore. thank you for starting us off. time now for the morning roundtable and we are joined by edwin chan, valerie tytel and was a burden. let's get more on the apple woes. we heard abel talking about it. the company has lost around $190 billion market cap in recent days amid concerns about iphone

sales in china. let's start with edwin chan. thank you for joining us. how important is the china market to apple's bottom line? how much of a concern is this the company? edwin: for starters, it is to a percent of annual revenue but it is much more than the market for apple. it is a growth driver are used to be a truly certificate growth driver for the company and it is also importantly where most of its high-end gadgets are made. most of the world's iphones are made in china. it is where it has enjoyed for years a really strong following, partly because it is such a major employer in the country. so, i think part of the selloff comes from uncertainty over whether sentiment is turning against the world's most valuable khamenei. -- most viable company. jennifer: we were mentioning this a bit with a repaired the simkins of this is not that apple is just down -- this is demokan's of this is that apple

affiliated stocks are down. the u.s. is messy getting made in china while way chips. how detrimental is this for the chinese economy given the news that we are seeing? edwin: the link between huawei and apple is quite clear. they have designed to make an rose into the high end spot the market, if not the entire high end device market. a lot of analysts are worried about market share encroachment from huawei. it is also a symbol of what we just talked about, rising nationalist sentiment and the fear that that sentiment will turn against a major u.s. name like apple. jennifer: our thanks to edwin chan for that update. valerie, the market is not liking this apple news at this point in time. give us a breakdown of what we are seeing. valerie: has shaken up momentum and equity market. if you look at the nasdaq, it has fallen below the 50 day moving average which is a key

technical line and keep sentiment line for momentum. apple itself, the fallout is really hitting many of its suppliers, its major supplier qualcomm which slid over 7% in yesterday's trade. you can see this is not just affecting apple but really having an impact overall the supply chains in asia, europe and the u.s.. it will be a key story i think for the market to follow, especially if you are exposed to tech stocks. you need to have a call on where apple goes from here and it will be a hard call tuesday bullish to this market if apple continues these woes. jennifer: we have to see what the stock will do today of course. valerie, all week we have been talking about the fed and getting a lot of fed speak. yesterday as well. lorie logan says skipping the interest rate hike at the upcoming meeting may be appropriate but at the same time, we heard from john williams yesterday saying that it is an open question whether or not strict policy is doing

enough. let's take a listen and i'll talk to after. >> right now, i think things are moving in the right direction. we have policies and a good place but we need to continue to be data-dependent and watch the develop and's and assess what we need to do. jennifer: at the same time we heard from atlanta fed president raphael bostic who says more work needs to be done. >> i am grateful to say that we have seen inflation come down. a few like we are in restrict of space now and now we just need to let that research and play out, and let it bring inflation, continue to bring inflation down to get back into the range of our target. if we can do that, that be a good thing. jennifer: val, a lot of fed speak this week. what did you make this? valerie: it is ahead of the blackout period which begins on saturday in the most notable thing is they are repeating very similar lines that we heard from

powell at jackson hole. the need to proceed carefully about hikes was echoed among many of the fed speak that we had this week. we had lorie logan talking about the need to require a careful calibrated approach when it comes to rate hikes. that we had raphael bostic sin we are at city restrict a place and we need to sit and wait to see how it plays out. janet, they have a good point because we have started to see softening when it comes to the u.s. consumer and when it comes to wage growth in the u.s.. we had two key stories out yesterday that really led a front end rally, one of which was walmarts, the biggest employer in the u.s.. they are cutting wages for new hires. the second one coming from the atlanta fed. they have a wage tracker, which showed a decent moderation from last month's print. it is now at a two-year low. these are good signs for the fed that a wage growth is continuing to soften and that is one thing

they want to seats in order to almost claim success that inflation is heading back to the 2% target. if we get wage growth in line with the 2%. other things coming out from the market this week. we will be proceeding carefully into the fed meeting in two weeks when the market expects the fed to go on hold. jennifer: valerie, thank you so much. let's turn to goldman sachs. the financial times is reporting that goldman sachs plans to dismiss underperformers as soon as next month as part of its annual staff evaluation. lizzy burden is here. what do we know about this? lizzy: the financial times says lists are being drafted as we speak with their not sure of the numbers just yet. during the pandemic, the annual cull of staff was pause but usually when you have plans like this it leads to 1-5% of staff losing their jobs across the company. the financial times says that goldman is targeting the lower

end of that range but the expected victims are likely to be in core investment banking and trading as well. just look at the second quarter earnings. jennifer: it is concerning. it is concerning if you're hearing what the ceo david solomon is saying at this point. lizzy: he has given an interview to cnbc where he says he feels characterize. you have to ask whether -- this is a man who is somewhat characterizing himself as dj solomon. he likes to go around and enjoy the corporate jet, but the internal curses him of david solomon has been washing up in the press across the summer and it has been a brutal summer for him. who could forget headline, is david solomon too big a jerk to run goldman sachs? as i say, look at the numbers. the second quarter return on equity was the worst among the banks and profit slump worst on wall street. you had by partners leaving the firm this summer. he says that is a typical,

absolutely typical. he is reflected on the criticism and try to understand ways to improve, but his focus remains on the firm's performance. he says maybe people are angry about their comp and maybe it is about strategic decisions over the past year. i guess the real conclusion, the question you have to ask is whether we expect more from the titans of wall street in 2023 in terms of their leadership style. jennifer: it feels like an identity crisis. lizzy burden, thank you for your time. these are the events we have today which we are watching out for and especially heading into the be compared and 9:30 am u.k. time, update on the un's food price index and also on the agenda today, canadian unlimited rate at 1:30 p.m. u.k. time. closely watched by the central bank and on saturday, we get the august print of cpi and ppi out of china. let's bring back valerie tytel. are you interested in any of those birds are something else? valerie: the china cpi and ppi

prince be important for how the market opens on monday for trade. we saw the expert data, in better-than-expected so maybe that is a glimmer of turning the corner on the bad news on china. let's even shows up in the ppi and cpi. maybe showing less distillation. a for how the markets traits today, it will be quite one when it comes to data. we are headed for the fed blackout period. a lot of the attention next week will be quickly shifting to the cpi print from the u.s. next week. jennifer: feather tytel, you will be here to help us. you can get a round of the stories we have talked about this morning and mark in today's edition of debris. terminal subscribers can go to dayb. you can also see the chart of the day which is looking at the bloomberg dollar spot index as we mentioned. the dollar is edging lower but still on track for the longest rally. coming up, we will dive into

markets and take a look at how 60% of the nasdaq's gains this year have been due to just five stocks. that is next. this is bloomberg. ♪ when it comes to getting your flu shot, cvs is pretty... flex. wanna schedule one online while prepping dinner? gravy. avoid the wait by scheduling for you... ...or the whole crew. or if you prefer to just pop in? do you. and if you wanna even tack on a covid-19 vaccine to your flu shot, feel free! and speaking of free? our flu shots are... well... free. really? yes, really. healthier is getting a flu shot on your schedule. cvs. healthier happens together.

jennifer: welcome back to "bloomberg daybreak: europe." let's get a check on gas futures. a spike thereafter news that workers at two key chevron lng plant in australia are beginning partial strike action today. talks are on pay between the company and unions and those talks ended without an agreement. chevron's wheatstone facilities and gorman accounted for 7% of global lng supply last year. prolonged disruption could norton supplies for the peak

northern hemisphere winter season coming up and push up prices. let's get back to our top story. apple has lost around $190 billion worth markets cap in two days amid concerns about iphone sales in china. that is weighing on the nasdaq. let's bring in bloomberg mliv strategist ven ram. thank you for being with us. he wrote a piece about the nasdaq being vulnerable to a corrections and specifically about five stocks that we need to pay attention to. can you walk us through your piece? ven: death valley. what we are seeing -- death valley third what we are seeing in the market and technology stocks is eight minksy moment were traders of thinking that offshore has been a 40% rally the nasdaq and as you were mentioning, the bulk of the gains this year's and nasdaq, 60% has come from just five stocks, nvidia, apple, amazon, microsoft, meta.

the rally is too narrow to be sustainable. the other warning is about missions. -- valuation. nasdaq is a long-duration bond and you discount its cash flows an estimate of fair value using a sensible discount rate, you will see some 70% overvalued. that is a huge overvaluation that's just a consider will correction on the cards. what you've got and what we've seen this week in terms of some of the wobbling us is just symptomatic of what is to compared i do think there is still a long way to go as it unwinds. jennifer: where do you think it goes next and what sort of bits of news do you think would trigger this selloff you are mentioning or the selloff? ven: it seems like the nasdaq rally this year has been built

on a layer of a house of cards and all it needs is one bit of bad news to spook the markets. what we got in terms of apple and the measures trend is taking, that is any kind of flimsy news that puts earnings potential in doubt is likely to cause the market to sell off more. symptoms of nvidia, -- in terms of nvidia, the stock is trading at a pe of a most the times. there is some sense that the fairytale is not going to play out as well as investors think it will and i think that will set off the next round of correction. jennifer: we also wanted to talk to you the dollar strength. we have been talking about it's all week and this moaning, we were taking a look at it and it is slightly down this morning yet on track for the largest rally. there are some people who see that there could be a turn in this and it could potentially be the peak. what is your outlook on the trajectory of the dollar?

ven: there is some credence in the story that this is approaching its peak for this year because much of the dollar cost recent strength is from a couple of innovation. the ecb will not raise rates much more beyond one hike and even that is kind of -- been study closely as we approach the next ecb meeting. there is conditions in the markets that the ecb will not go beyond 4%. the other is that boj is not going to do away with the policy accommodation. both those assumptions are suspect. the ecb's real policy is 75 basis points. if we get a wobble in inflation they may have to go for that and go further. in terms of the boj, we heard from policymakers this week that they are seeing some green shoots in terms of inflation bible. i do think that -- inflation

revival. i think the dollar is speaking now. jennifer: peaking now. let's move back to the u.k.. the front end gilts are finding respect. is this good news or to premature to get excited about? ven: it is a tad premature. have been bearish on gilts for all this year and we have seen the two-year go up nearly 200 basis points in that period. we are getting some indications that inflation may be about to slow and we got that from the survey maker yesterday from the boe. for gilts to rally from here, what we need to see is concrete evidence that the inflation is slowing. we have realized inflation and we need to get that before the boe meets on september 21. until we get that, it is not a green light for gilts. jennifer: we are seeing green on the screen, but i will take your word for it. we still have a lot to look out

for. bloomberg my strategist ven ram. coming up, we will bring you the exclusive interview with canadian prime minister justin trudeau and hear what he has to say on relations with china. that is next in this is bloomberg. ♪

jennifer: welcome back to "bloomberg daybreak: europe." the canadian prime minister justin trudeau says there is no room for rapprochement with china as xi jinping's muscular foreign policy is made a normal relationship between the countries impossible. he spoke supposedly to bloomberg's eric and singapore as part of the bloomberg new economy series, beyond borders. take a listen. pm trudeau: the way it has

always been framed for our allies whether it is in europe or elsewhere as a desire of access to markets, particularly the growing and engaged chinese middle class that represents a tremendous benefit for us. and over the past many years, there have been lots of friendly and sometimes less than friendly competition between allied countries, whether it is canada versus the u.s. versus australia versus europe, can we get more beef into china or more pork? china has been very thoughtful about making sure that they just play us off each other just a little bit in strategic ways that has been very effective. so, for me and certainly for the g7, as we've had conversations around this, the understanding that we cannot simply be trying to elbow each other out of the way for access to the chinese market, but we need to be more

thoughtful and concerted in how we move forward, nuanced in our approaches is really the only way to go. i don't think the idea of crossing our arms and turning our backs on any part of the world is something that is good for the canadian economy or canadian people. but not being naïve and being very deliberate about how we do it and working in concert with our friends and allies is the right way to do it. erik: you mentioned the chill that settled onto the canadian-chinese relationship after the case of the two michael's, as it is known. you have also made reference to interference in canadian democracy. is there political space in canada for rapprochement with china? pm trudeau: certainly not at this particular moment. china has made decisions over the past years that have made it more difficult, not just for

canada but other countries to engage in ways. i will admit in 2015, the conversations we had was about working towards a free-trade deal with china and working towards those sorts of things. but in real terms, the choices and the actions of china have made that more difficult. but like i said, we will continue to look for ways to engage constructively in ways of mutual benefit and trying to rebuild a positive relationship in the interest of canadians, but we are not going to be naïve about it. jennifer: prime minister justin trudeau there speaking with bloomberg's erik schatzker. he was talking about the canadian and chinese relationship. a bit of weakness when it comes to the u.s.-yuan cross.

the chinese currency looking weaker and declining seven. 36 to the dollar, just below that. it is a 16 month low. this follows the weakest pboc fixing since july. analysts are now concerns adjusting that the central bank may be allowing the currency to depreciate. coming up, underperformers at goldman sachs to be shown the door as soon as next month according to that financial times. more on that just ahead. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into jennifer: good morning, this is

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"bloomberg daybreak europe." i'm jennifer zabasajja in europe

. apple's asian suppliers extend drops, pulling the benchmark lower after china's iphone ban. trading suspended in hong kong at the city is hit by the heaviest rainfall on record. apple loses $190 billion on china fears ahead of the new phone launch. the u.s. says it is investigating a chip powering huawei's latest smartphone, and goldman sachs is moving to fire underperformers as soon as next month, bringing an end to the pandemic freeze on job cuts. we will bring you those stories and more. apple bringing down many markets today. we are looking at nasdaq futures marginally. what we saw thursday was a number of indices falling because of apple. we mentioned how much apple loss, 3% on thursday, wiping out

nearly 200 billion, and down now. we will pay attention to that and more. let's look at what the bonds are doing, yields starting off the morning softer, generally ok after signs of softening wage growth in the u.s. positive data from the u.s. the last couple of days. let's go to singapore on how asian markets are faring. we mentioned the rainfall that is there, and a bit of the red on your screen. the of us a sense of what is happening -- give us a sense of what is happening. >> the rainfall in hong kong, the heaviest rainfall on record that has brought the city to a standstill. trading is scrapped for the day after that heavy rainfall, but in the rest -- you can see it is a really gloomy outlook.

following from that mood, you can see how the asian markets are faring, in negative territory. a lot coming from negative sentiment on wall street, no thanks to the souring of the tech mood as well as the u.s. wage growth data pointing to the signs of a sluggish economy. the japanese benchmark underperforming today after the revised downward for q2. tech stocks are dragging the msci asia pacific, the apple suppliers come of a south korean chipmakers, continue concerns about apple's iphone sales in china as well as, to add to the mix, the u.s. commerce department talking about investigations into huawei's latest smartphone chip. a lot of pressure on the tech sector, and the overall mood is

negative, as the weather is in hong kong. jennifer: thank you so much for that. let's continue the markets conversation with a look at the yuan, onshore currencies hitting a fresh 16 year low against the dollar. that is after the weakest pboc fixing since july. let's go to paul dobson, this is the pboc's week is fix in months. is the focus shifting? paul: i would say not a massive surprise given the strength we have seen in the u.s. dollar overall. we are looking specifically at the chinese yuan against the u.s. dollar, and it has been holding his ground because authorities are setting that picks more aggressively -- that fix more aggressively against dollar strength and yuan

weakness. they feel it is ok to let it go further, to relent, to allow more weakness and pullback. on a trade-weighted basis, the yuan has done well over the last couple months. they do not want to see too much currency strength because that would be bad for the economy and undermine exports to the rest of the world. it should not be massive surprise, there is some relenting. it is fairly predictable but also you can be certain they will only let this go slowly and gradually if they allow further depreciation from here. try to keep everything under control, do not create panic or momentum that creates outflows in the past that get nasty quickly. jennifer: easier said than done. let's talk about the yen, a busy week for that currency. they

have seen a selloff the last few days but there are positives behind the currency. what is your outlook on what we are seeing now? paul: some people see positives, some had a forecast for weakness against the u.s. dollar. the flipside is the dollar strength. we have the low japanese yields creating a massive despair and see between what you can get and what you can get in japan, and that is causing outflows in the pressure we have seen. in history, a weaker yen might be beneficial for the japanese economy and help exporters but the consensus is it is more destructive than constructive. it is causing inflationary pressures that are bearing out across the economy and ratcheting up pressure on the bank of japan to allow yields higher and move away from the

negative rate interest policy. that would really turn it around and give it a rocket boost. unless there is a hint of change from the boj, we will likely languish around these levels. jennifer: let's pivot to the fed. we have different fed speak depending on who you are listening to. some up -- sum up your outlook on potentially raising rates and what they will do with the next eating based on what we heard the past few days. paul: the fed has been clear they are data dependent, and the data we have seen so far has been inconsistent, they will likely sit on their hands, that is what the market is pricing in. the november meeting feels more live. a lot of bets being made for one

more hike. you can have a short-term perspective view which is they will go a little higher still or a longer-term perspective on we know we were at the top of the fed policy and they wil ease back, and how long will they keep rates elevated before pulling back? this has been one of the big supporting factors for the u.s. dollar, and behind that is the u.s. fiscal stimulus keeping inflation metrics elevated and the economy supported. if the economy starts to drain in the second half of the year toward christmas, maybe we will see summer lactation of the treasury yields and relenting of the dollar strength. jennifer: as one of her colleagues noted, the debate is not how high but how long. paul dobson, our executive editor for asian markets, thank you for joining us.

goldman is reporting to plan to dismiss underperforming workers as soon month. the cuts are part of the wall street firm's annual staff evaluation. we are joined by lizzy burden who has been on this story all morning. what do we know? lizzy: this was positive during the pandemic in july, david solomon reminded investors it would be back to normal in late 2023. here we are, the plans are in the works, and usually when that happens, 1%-5% of the workforce lose their jobs. they are targeting the lower end of the range, and the victims will be core investment banking and trading businesses but plans are being drafted as we speak. jennifer: hearing from david solomon, he is outspoken but to coincide this news with what he is saying, this is a lot of

goldman concern for the markets. lizzy: yes, you put it gently, he is a big personality. he likes to use the corporate jet and has been in for criticism throughout the summer. he has been characterized in media per trails, in his words, that make him unrecognizable. who can forget the headline, is david solomon too big of a jerk to run goldman sachs? he says he has reflected on the criticism and tried to understand how we can improve but his focus is on the firm's performance. it has been difficult over the summer, five partners left the firm in one week. he said that was a typical. second earnings, the return on equity is the worst among the bank. profits are the worst on wall street. you could point to goldman

outperforming the index since he took over five years ago but who on the street really cares about that? jennifer: [laughter] david wants us to care. thank you, lizzy burden. at 9:30 today, an update on the u.n. food price index, and the unemployment rate comes at 1:30 u.k. time, and we have arise on asia for a busy weekend in the region. on saturday the august print for cpi and ppi at of china at 2:30 a.m. u.k. a big weekend in india as world leaders arrive in new delhi for the g20 summit. we will bring you the latest on the g20 summit, including the news that president biden is not planning to meet the chinese premier at the event. that is next. this is bloomberg. ♪

jennifer: welcome back to "bloomberg daybreak europe." president joe biden does not intend to meet with the chinese premier at the g20 summit. we are joined from delhi. what is on the agenda and what are the implications for president xi jinping and vladimir putin's absence? >> numerous items on the agenda, before i get to president biden's program, let me outline climate change for develop banks is a key priority for g20 leaders hope to find consensus on. you know two leaders missing at

the meeting, xi jinping of china and president putin of russia. there absence could imperil the degree of consensus that the g20 leaders come to on these issues, especially china's absence which will impact any decision on climate change transition finance and debt restructuring of lower income economies. that is the key agenda here. president biden arrives this evening, and he has a bilateral meeting with narenda modi this evening. we will watch closely to see what comes of that. jennifer: sticking with the u.s., we did hear from the treasury secretary, janet yellen, about the u.s.'s view and how they are approaching the g20. let's take a listen. >> in spite of obvious problems due to russia's war against

ukraine and russia's general absents from g20 initiatives, i believe the g20 has been extremely effective. jennifer: janet yellen saying some obvious problems. what did you make of her comments this morning? >> broadly speaking, she spoke of the absents of the chinese leader here, and there are two ways to look at that. it imperils any large consensus on any important issues that these countries want to agree on, because without china participating, the outcomes are somewhat meaningless. it also open space for the u.s. and india to create a deeper connect with the global south. for india to assert its

aspiration to be a leader of the global south, given that china is not here, and for the u.s., to step aside from the headline grabbing u.s.-china conflict issue and talk to nations they want to build deeper ties with. i expect we will see interesting headlines emerge over the next few days has both countries moved to do this. jennifer: potentially news that is coming not at a great time but india's military is looking into options and in case of a chinese-taiwan war. what do you make of this? >> interesting skip by my colleagues. what he has reported is the defense chief has commissioned a study to examine the wider impact of any such war were to take place, and if it were to involve the u.s. and other

allies come of them what situation and position does that leave india in, and what would india have to do? this is preliminary so i will not get into more detail but i will use it to underscore the critical issues that face the world today, and that will be discussed the next couple days. while the g20 meeting is a multilateral meeting, there will be dozens of bilateral meetings here over the next 48 hours. many of them will be looking at this scenario however informally. jennifer: we will have to see if there is any consensus that can come of this, considering the absences. thank you so much for your reporting and being with us this morning. coming up, the cost of renting a room in london tops 1000 pounds for the first time. more on that, next. this is bloomberg.

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jennifer: welcome back to "bloomberg daybreak europe." we have been speaking to auto industry leaders in munich this week, and one of the big questions we posed, what was your first car. take a listen. >> my first car was a volkswagen beetle. >> today, i am in the grateful position, able to test a lot of cars. >> it was a vw. >> my first car was a vw golf. >> vw polo that i purchased, and that tells you how old i am. >> back in 1995.

>> my first mercedes was a c class. >> i did not have my own car so i was driving my mom's oldsmobile. >> an f150 pickup truck manual stick shift. >> on the floor i set the rubber fuel pipeline on fire. >> a honda with an ugly blue thing. i also had a renault. it is special for me to make it again. jennifer: nice to hear from those executives, and natalie portman. my first car was a toyota rav 4.

let's pivot to rent in london, 1000 pounds a month for the first time according to data from the website, spare room. who exactly is this affecting, and what is driving the increase this year? >> spare room is a platform aimed at younger people and graduates. we are seeing more older people use the platform. in london or the city you can find a room and start your job or study, that is the goal. right now there is so much pressure that there are five or six people available for every room, and if you want to get a room in london, it it can hold you back. what is driving the increase, a lot of factors. we have had the housing supply in the u.k., and rates going up, landlords are selling up.

there are people who are holding back because of the high rates. these factors are coming together making this perfect storm of a rental crisis that is continuing. jennifer: is it projected to get worse? answer baby was talking this week about his concern. what is the trajectory? >> talking about the private rental market, even though we have an indication they will come to a turning point and mortgage rates will come down, that does not always follow through to rent. even if a landlord is saving on the mortgage, they will not always pass that on. the inflation embedded in the rental market may go on. a thousand pounds is a lot for a lot of people, and that is a pinch point on the economy. jennifer: it cuts into the basic necessities that you need. let's check in on the markets.

what is on investor minds this morning? >> it is the first time we are sitting down in london with green on the screen. s&p futures in the green as well as nasdaq futures. they could snap the week long losing streak. the s&p has closed in the red all week long. i want to point out the momentum is on the back foot especially for the nasdaq. this slide in apple has seen the nasdaq 100 fall below its 50 day moving average, a key sign for where momentum is heading. it has gone below the 50 day moving average yesterday as those apple woes continue. maybe we bounce from that today. the dollar really surprised me, how close we are to breaching year-to-date highs. we are a half percent shy of

those highs we hit in march earlier this year. in march we had the regional banking crisis. there was a big risk off bid to the dollar. the dollar is in the red this morning but keep an eye on its direction, it will be a key sign were risk goes today. jennifer: thank you. we want to close off the week looking at oil. let's check in on where oil is at now. slightly in the green but we did see two of the major benchmarks point to the downside the last few days which ended the nine-day winning streak. there is concern within the markets about global demand. we got data thursday that potentially showed u.s. inventories plunged to the lowest levels since december.

as we talked about earlier, the news that saudi arabia and russia, two major opec-plus leaders, cutting back on their supply for longer than we thought. the big story today, apple still on the back foot after concerns about the cuts from china. a lot to pay attention to. up next, "markets today." this is bloomberg. ♪ it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people

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anna: this is "bloomberg markets: today