>> from their work -- from the heart of where innovation, money and power collide in san francisco and beyond, this is bloomberg technology. ♪ jon: welcome to bloomberg markets. matt: let's get a quick check on the markets. we are seeing very little change in the s&p 500 with gains on the dow and losses on the nasdaq but the benchmark s&p 500 is unchanged at 4486.

investors are buying treasuries which pushes the yield down but only slightly. the yield on the 10 year is 42861. the bloomberg dollar indexes inching higher, 1251 but also not a lot of change their and nymex crude is gaining more than two dollars per barrel at $89.30 and brent crude is at a high for the year. most assets are not seeing a lot of movement because people are waiting for cpi numbers tomorrow morning. we do see an increase in the crude market. jon: absolutely and that has left energy stocks in new york higher. in toronto, the tech sector is getting attention and we've been tracking the headlines coming out of cupertino with apple as we await more details on the latest iphone offering. we heard about updates on the

new apple watch plans. it was just the stock was weaker heading into the event today and shares are still down about 1% but the improvements we've seen today comes back to the oracle story as investors reflected on the quarter and the outlook. they did not like what they heard after the stocks run up this year. consumers are in focus these days and every time we've got a company reporting on results out of that sector, interesting to see a well-received quarter at 10.5% higher. part of that is the fuel margins , some of those locations with gas stations and we are watching the regionals. zion is up more than 8% and they shared some slides ahead of investor presentation but have been in a relatively upbeat picture. that was a well-received piece

of information. matt: to other companies we are watching closely are ford and general motors. the companies are negotiating with the united auto workers. the two sides are racing to avoid a strike as a -- is a thursday midnight deadline approaches and that could change the economic landscape in the u.s.. jose nunos is with us as well as the global coo for hyundai and joins us now. great to have you on the program. what do you think of these negotiations? you have nonunion work and on the one had that's great because lower cause for you but if they get a bigger contract in detroit, you can see a tight labor market get tighter. how do you see it? >> thank you for having me. we just want the best for the industry. we don't have unions and this is

what our workers decided to do. basically because our philosophy has always been we try to offer our workers the best possible conditions. two weeks ago, i was in savannah, georgia where we made a multibillion dollar investment for the company. according to accounting, our wages are in the top 25% in the area. that means good wages, health conditions, paid holidays is the best. also i would say that we have unions in korea and we've tried to provide our workers with the best conditions. we found good agreement so far in the last few years. thankfully, we have no strike so we wish the best to everybody

because any disruption would have an impact in the supply chain. in two years, we have learned how to be the most reliant -- less reliant on one or another supplier. we hope it will end up in a good place for everybody and we continue to make cars and sell cars. matt: you have products that are hot right now. people who would normally be looking for luxury -- luxury vehicle are going to genesis or maybe generous -- maybe genesis is stepping up and making luxury projects. you've got the élan from making a splash and the santa fe plug-in hybrid and my personal favorite the ionic five. are you also able to undercut your competition in terms of pricing? carmakers in america or car buyers in america are facing very high prices. >> you are right, we are very

proud of the good achievements of our luxury brand genesis. i was looking at data before and i found out that since we started in 2006, we have increased our volume eight times to more than 56000 and hopefully this year, it will go well above 60,000. good technology and i wouldn't say our cars are the cheapest. we just want to offer the customers the best. i think the electrification is something that is helping us in helping our customers. they are realizing we have a very compelling offer in the market. the ionic five and six have been most of the work this year. we will try to do our best to compete in the market even if we

don't qualify for ira. as you know, we became last year, the third global leader in sales with more than 6.8 million. the first six months, we continue to be number three which is driven by the u.s. but we are always behind gm. so far, so good and we will continue to do our best with everything we got. our product quality has good features and that's the best guarantee to access. jon: you mentioned the possible supply chain disruptions from a potential strike in detroit at a time when electrification as you noted is such a priority for so many of the automakers. have you put any estimates on what a strike could cost the industry internally? have you put together numbers and what that potential cost could be? >> we don't.

i think last year during the pandemic, our company did a better job than others in terms of finding alternative sources of maximizing flexibility of air systems to supply product to the consumers. i think we are in a better position in terms of having alternative supply especially in the north american market, namely in the usa. we are also vertically integrated. the companies supplying to hyundai and kia and genesis are strong. after these $12 billion in investments in georgia, i think we will be even more localized.

i'm pleased to say we are confident and in detroit, we have the grand opening of the safety laboratory. we will have the very best facilities to do this. we will do this through third parties. i think probably we have the best facilities in town. jon: one of the other issues that comes up with hyundai today is competition from chinese automakers. what would you say to those who are curious about your company's position versus some of the fast-growing players? >> mainly in the european markets is where we can see the competition and maybe in the middle east, not to mention china. so far, we've been able to weather that. the european consumer in the middle east consumer, the design and the quality and the safety

features, competitive prices without discounting and more importantly, a great service. i think the consumer is appreciating the fact that we put the customer first. when they compare us to chinese companies and others, they realize that if they ever have a need, it will be much better taken care of by hyundai than by some of those companies. we need to continue to do our job because they have improved a lot but we like the competition and we try to do an even better job. matt: tesla cutting prices in china but here as well. i asked earlier he whether you can undercut competitors with price but do you have any room to cut prices at hyundai and genesis? >> we try to focus on offering

value. we don't want to be the cheapest in the market, simply competitive. there is always room if you look at the resources of the company but our strategy is to optimize the revenue and the margin. we think the capacity we have is better than the last few years and i think the results are showing that area we try to maintain our position we don't have plans to slice our prices. matt: i'm seeing headlines that bernard looney, the chief executive of bp is going to resign with less than four years on the job. i bring this up with you because i have asked bernard looney, why don't they put ev chargers at every bp station? gas stations all over the place but i can barely find a charger. you are pushing electric vehicles and you had an ad

during the kickoff of football with the new kona about getting back into the commute. how do you convince buyers to switch to ev's when there is difficulty in charging especially when they get to work? in my garage, they charge me $20 today and that's the same as paying gas. >> the consumers are very smart. to your point about the kona, it's great autonomy. it's having great economics and great safety features and we are making efforts to satisfy our consumer base. for the time being, we offer on everything we sell, two years of complementary charging with an electrified america. and three years for the genesis brand. as we speak as we sign other

agreements, we guarantee our customers will continue to have the best conditions in order to charge their vehicles. on top of that, we are thinking of potentially launching our own specialized in high level service charging chain for genesis consumers. all the ionic dealers will have level three chargers. i think the consumers are realizing that the weight is getting longer and it's getting better and the fact that you look at the numbers we have, in august, we sold about 20% of our sales which were electrified vehicles including ev's and hybrids. this is 50% more than a year ago.

10% was battery ev and it was 100% versus a year ago so the consumers see the vehicle and by the vehicles. matt: thank you for joining us. hyundai and genesis north american president and the global coo for hyundai. coming up, what we've learned this hour from the apple product launch happening now as it announces the iphone 15. this is bloomberg. ♪ ibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™.

you deserve better than that. i'm hungry, i'm in a hurry, i don't have time to make anything healthy. you could if you had a blendjet. blendjet? it's the portable blender that makes the healthy choice the most convenient choice. i don't know. it seems like a hassle. hahaha! wrong. just pour in some milk, add some frozen fruit, and bam! you've got a nutritious and delicious smoothie. mmm! that is good. you're welcome, sad office guy. get yours today at blendjet.com are we in in an ad? we sure are. jon: this is bloomberg markets, time for our stock of the hour. all eyes have been on apple this hour as it unveils the iphone

15. product launches for these new apple phones is always critical. this is a device that makes up roughly 50% of their sales which amounted to 205 billion dollars last year. matt: if they are not a big deal, then it doesn't spur enough people to upgrade. ed ludlow is outside the event in cupertino, california. wrapping a couple of high end models with titanium, will that be enough? ed: we want to know that as well. there are wide-ranging estimates of how many tens of billions of iphones are out there for upgrades and it's hard to know what the consumer is willing to part cash for. as expected, we have two variants of the base model iphone for teen come a 6.1 inch screen and a 6.7 inch screen and both of them get the dynamic

island which is the top sliver of the screen and they display more information. the big news on the low end iphone 15 is the upgrades to the camera. 48 megapixel. the nonprobate versions had 12 megapixels so that's a substantive upgrade on the camera technology but we are waiting for the pro line. the strategy for apple saved the big technology and they can target customer base that is the early adopter. jon: obviously, this continues to tie into the services business on the fact that this company has more than 2 billion active devices around the world. it has been able to leverage that to keep growing the service side of the business as well. ed: it's interesting to see a heavy emphasis on the watch in the early part of the presentation. we got a new series nine watch

and we got an ultra to watch but the thing they emphasized was the performance. they had the new s9 chip with 39% better performance, matching the battery lives of former generations but on low-power side. a lot of emphasis on medical emergency scenarios. also extreme athletes with matt miller up a side of a mountain with brightness or you can see the face of the screen and extreme sunlight. they are going for it with these high specifications. matt: it just gets brighter every time i look at it. thanks for joining us outside the apple launch. breaking news bp -- the chief executive bernard looney is reportedly going to resign less than four years after taking the post according to the financial times. let's talk with alix steel who cut -- who covers commodities.

why is he leaving? alix: back in 2020 when looney unveiled his strategic plan for bp, it was very much about a renewable focus. it was ev charging stations and solar and wind area they recently had a very strong auction from the offshore wind portfolio. what happened over the next three years wasn't really his fault. you had the pandemic, oil prices very volatile and cratering and you had a big push against alternative energy back into oil and gas. a lot of the european oil majors slipped into this pattern of diversifying quickly in alternative energy. over the last six month or so, they had to roll back some of the ambitions. looney made the point that they would invest less and less in oil and gas but as the returns for alternative energy got worse and worse, they cannot live up

to the returns you will get in an oil and gas field so we had to pair back some of that lack of investment. instead of investing 10% less, it was going to be 5% less. that happened in february or march of this year and it has been a difficult road for these oil majors who have been in alternative energy. there's also been a big push to get money back to shareholders which bp has. he tried to get the message that we need oil and gas and alternatives but three years ago, it was or and that message has been hard to deliver for some investors. he really did try and not for the first time to oversee a significant transition. many said the u.s. produces were left behind. they look like they got it more right, not confirm but potentially bernard looney resigning as ceo of bp. jon: we will watch this one

unfold. alix steel joining us. this is bloomberg. ♪

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jon: franklin templeton filed an application with the sec for a spot midpoint etf as the sec chair continues to share doubts about quick dosing at a senate hearing. he says the industry is fraught with fraud. kailey leinz joins us from d.c. this was an event that many within the crypto industry especially in the rulings on ripple and grayscale against the sec originally were looking for how the industry would play out from here what the regulatory roadmap might look like. kailey: i'm not sure we got any clear answers from the

chairman's hearing today. franklin templeton has thrown their hat into the race with blackrock and the others who have seen decisions on this spot etf filings just deferred. the sec deferred them after the labor day holly and chairman gensler was asked by republican senator bill hagerty from tennessee about the grayscale ruling and what the sec is doing with spot etf's and all he said was they were reviewing the ruling and the other filings and no real clear answers but the chairman received criticism especially from republican members about issues like crypto and climate disclosures and senator jon tester asked questions about scope three emissions requirements. chairman gensler said they are trying to find an appropriate path forward but didn't elaborate on potential changes so not much huge news for crypto nerve -- news in this hearing today. matt: thank you so much.

we are looking at lotta -- not a lot of movement in the market, the s&p down about 0.3%. we are waiting for cpi to be released tomorrow. this could go a long way to backing up a pause or an eventual hike. this is bloomberg. ♪

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>> a newish apple iphone, a new achilles tendon, and more of the same. i'm romaine bostick. scarlet: i am scarlet fu. more of the same in u.s. equities insofar as we are mixed. s&p 500 and the nasdaq 100 basically sitting right at their 50 day moving average. tech stocks the big drag. not a lot of change in the treasury market as investors mark t