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. the idea that we have saved five million people's lives, it's overwhelming. it's everything. kriti: good morning, this is "daybreak: europe". i'm kriti gupta in london.

th aussie dollar bond market remain unfazed, as the rba keeps rates unchanged, but warns further tightening may be required. in asia, stocks selling off. bonds under pressure. cleveland fed president loretta mester's has one more hike maybe in the cards this year. jamie dimon warning the u.s. 10-year could go much higher than expected. >> can it go to 7%? the answer is yes. are there factors that would drive it higher than where it is today, yes. is supply and demand kaput? yes. kriti: bank of england takes aim at the central bank forecast, predicting permanently higher interest rates in the u.k.. let's get right to the data because you will see action coming across futures. the theme of the day around the world seems to be a more hawkish

tone for central banks. do the markets believe it is the major question. take a look at this a lot already underway in the futures market. a lot of this will be impacted by sentiment in asia. euro stoxx 50 futures down 0.8%, ftse 100 futures outperforming but not by major markets, still down 0.3%. you are already seeing that futures trading in the u.s. as well, down 0.2 percent, the underperformer will be the winners of the last few sessions. you're talking about hawkish monetary policy. you are going to see the reaction in the bond market. the coose and attends spread is virtually -- 2's and 10's spread is virtually unchanged, inverted by 40 basis points. you are seeing messy bonds elloff action right now. i will bring our market reprrs to walk us through the action.

that move is reflected in the picture. euro-dollar 1.05, really seeing weakness. the biggest contributor to bloomberdllar index strength, as is the xcan peso. brent crude trading just shy of $90 a barrel. let's see how asian markets are faring. avril hong in singapore has the. -- has the report. >> we are seeing asia stocks and bonds selling off. it is about that higher for longer narrative, no thanks to the fed messaging. i sound like a broken record, but that is the major concern for the region. asian stocks, the regent benchmarks lighting to its lowest level since december last year. give you a sense of the bleed, this chart shows how gains have been erased. we are 30% from the peak in 2021. the past few weeks it is about

concerns about china growth, on the back of higher treasury yields, and the relentless dollar strength not helping sentiment in the region today. as we see the declines mostly across the board. hong kong markets are back online. and we're seeing declines among chinese e-commerce names. let's take a look at how they are faring today. the biggest drags also on the msci asia pacific. worth noting moves among property developers in hong kong. new world hitting its lowest level in 20 years after it slashed its dividend payout. we're seeing evergrande popping 40 plus percent on bets, despite its chairman and founder now facing an official probe. kriti: avril hong with the asian market story. thank you for that update. let's get to the top stories with our reporters around the world.

swati joins me from sydney with valerie in london and lizzy burden over in manchester. we start with the rba position. walk us through the logic of the rba holding pat. it is being characterized as a hawkish hold. >> this was michele bullock first statement as governor and policy continuity was the standout. she kept her statement unchanged from the previous month, but retained that titling bias. economists are expecting one more hike later this year. markets however were disappointed, and we saw a selloff in the aussie dollar, because despite a pickup in inflation and oil prices, the rba left the statement unchanged . that disappointed rates and dollar traders. kriti: it's going to be interesting to see what the rba

says as their justification going into tomorrow's press conference. the real takeaway is what is the market reaction? for the rba, you didn't see much, which is counter to the global selloff in u.s. treasuries has a scary readthrough to the the rest of the world as you are seeing hawkish and this -- hawkishness take hold. >> we may need to raise the fed funds rate once more this year and hold it there sometime as we accumulate more information on economic developments, and assess the effects of tightening that has already occurred. whether the fed funds rate needs to go higher than its current level, and for how long policy needs to remain restrictive, will depend on how the economy evolves relative to the outlook. kriti: loretta mester talking to us about what we can potentially

expect ahead. she is not saying anything super counter consensus. >> they are all maintaining the same language before this bond selloff. we had loretta mester claiming a need for another hike later this year, reflecting with in that dot plot already. we heard from michelle bowman yesterday claiming multiple hikes still needed on the table. and michael barr, who did not consent that we are at restrictive rate yet. he said we are likely, or very near restrictive levels. this is important because we're watching for any change of language in the fed speak. do they acknowledge this recent rise in long end yields almost doing the work for them to tighten monetary policy a bit as we near that peak in the fed funds rate? we did hear slight comments about that last week from the dove on the fed board, goolsby,

but we have not heard anyone else reiterate that this rise in yields is already doing some tightening for them. that's what we're on the lookout for. yesterday's move in the markets was not led by the front end, it was not rattled by this fed speak, we saw twos and ten's steepining. this long end yield rises captivating the markets' attention. it has little to do with fed speak, and more to do with the supply and demand dynamic for treasuries. kriti: by extension, the rest of the world as well. our bloomberg opinion columnist made the point that the data in europe has been bad for a while, but it is that lack of digestion that is having the readthrough. how much worse could it get for everybody else? >> the treasuries wake is very

wide, it is global, it is not only rattling yields in asia and australia. look at how gilts moved yesterday. they are up 12 basis points all due to this move in treasuries. has very little to do with economic data we got out of u.k., or policy comments. this treasuries wake is big. it is not just fixed income, it is also the dollar. we saw the dollar hit new highs, and in the wake, we have the euro at fresh year-to-date lows, and the yen hit year-to-date lows. this ramification of what's going on in the treasury market really captivating not just the u.s., but everybody else in its wake. kriti: say it with me, everybody, market plumbing matters. crucial market reaction having a ripple effect across the world. she mentioned gilts. the boe is going to be in focus. catherine mann spoke about the hawkishness we are seeing. joining us now, bloomberg u.k.

correspondent lizzy burden on location in manchester. let's start with the monetary policy. give us an update on what ms. mann said. lizzy: catherine mann is the arch hawk of the monetary policy committee. she said she has doubts about the u.k. forecast for a long time, on the basis that she thinks the economy is more resilient than the forecasts show. which would indicate inflation is going to persist, and rates need to be higher for longer. i would point out that catherine mann was outnumbered at the last meeting. the majority voted to hold rates. that included the governor himself, the chief economist, and to some of the deputy governors, so at the moment, the power seems to live with the internal members of the monetary lessee committee. kriti: we are keeping a close

eye on that. you're on location at that conservative party conference. give us the update. dani: yesterday was business and economy day. today, they are focused more on the national health service and stopping the boats of migrants coming across the channel. on the headline level, this is what the conference agenda says they want to focus on. in hunt's speech yesterday, it was rather policy-like. he said he wanted to raise the minimum wage. he wanted to cut welfare benefits together to try to incentivize work. at the same time, he wants to freeze the expansion of the civil service. what his party members were: for our tax cuts, as well as the former prime minister, liz truss , who gave a rival speech yesterday. i spoke to jeremy hunt in the morning and gave him plenty of opportunity to announce tax

cuts. you can see the papers this morning, tax cuts have to wait, says the chancellor, jeremy hunt. he says they would be inflationary at this point. you have to wonder whether this is what happens when you have the former chancellor becoming the prime minister in the form of rishi sunak, and saying that many things are simply unaffordable. kriti: lizzy burden with the perfect prop. we thank you for the update. we have atlanta fed president rafael plastic speaking. in addition, at 1:00 p.m. u.k. time, the u.s. jolts numbers coming out. that's important for the broader labor market story. and ecb speakersn the docket. you will see a range of them from the bank of lithuania governor, all the way to the bank of france governor, what does that mean for ecb policy?

we will keep you apprised of that throughout the day. you can get a full roundup of the stories to get your day going. all you have to do is type in dayb on the bloomberg terminal. coming up, we are going to bring you big interviews from the adipec energy conference over in abu dhabi. do not miss our conversation with the indian energy minister at about 10:30 a.m. london. and french tech group planisware launching its ipo in paris. you do not want to miss our exclusive interview with the ceo, chairman and cofounder coming up at 6:40 a.m. london time. this is bloomberg. ♪

kriti: it is day two of the adipec conference underway in i would be -- in abu dhabi. yousef gamal el-din is there on location. what is the story so far? yousef: it is all about the new volatility that has taken over the energy market. going into the conference, print was approaching $100 a barrel. we are below $90 as we speak.

off the back of some of the signaling from that officials of that interest rates are higher for longer. that feeds into the energy trade through two mechanisms. you have stronger greenback and higher yields, but it is also much more expensive to store crude and to ship crude. ing out with a new note. they are making clear that this is not about fundamentals, not abougie demand, this is about what you are seeing in terms o repricing with u.s. treasury yields. in terms of my conversation with the uae energy minister, we are running up to a limit important gmmc meeting. my chat with him covered pretty much everything, but here is an important component on-demand. >> the last thing we want is to lose the demand. we, as producers, care a lot that the price is for consumers. but right for consumers for a

limited time is a very short site. yousef: they are not looking to target a certain price. they will keep policy. the saudi's have taken unilateral actions. they have taken one million barrels a day offline. that will stay until the end of this year and we will see how they recalibrate for 2024. the uae energy minister said they are on track to increase capacity to 5 million barrels per day by 27. we will continue our discussions with executives and policymakers throughout the day in abu dhabi. that include the indian energy minister. kriti: look at the bond market to look at the oil market translation. it works in the other direction as well. yousef gamal el-din at the adipec energy conference in abu dhabi.

speaking of monetary policy, we're watching it in kenya. they are expected to hold rates, despite inflationary pressures that keep mounting. a view since a lot in kenyan stocks have taken the country's benchmark index to the steepest losses in the world. jennifer zabasajja joins us from johannesburg. what can we expect in the rate decision? >> there is a lot of eyes on this trait economists largely think that the kenyan central bank will do what it's other emerging-market peers will do and hold rates. there is concern. notably, the kenyan banking association points to inflationary risks as a potential reason to see hikes. and there is more upside risks in the near-term potentially, one being president ruto is planning on imposing more taxes

on kenyans. not just that, higher energy prices. you are talking to yousef about that. most notably, the weakening of the kenyan shilling. the kenyan shilling has been undergoing steep losses. this year, it is africa's sixth worst-performing clearance a. there is concern that could continue into 2024, when kenya is expected to repay a $2 billion bond. economistsare pointing to the fact that what we swn august was a slowing down of inflation. but in september, there was an unexpected hike to 6.8%, the first time we saw that in four months, pointing to higher energy prices, and higher food prices. the jury is split on what we will hear from this kenyan central bank governor about what he plans to do considering the macro environment.

considering a lot of the headwinds for the kenyan economy and the kenyan shilling. and what could potentially be on the docket for next year. we are going to pay a lot of attention to what the central bank governor says. this is his third one -- excuse me, he has been in office since june, so people will be paying attention to what exactly he will say and how he will restore investor confidence. we have bn seeing the stock market in her a -- incur a number of losses this year. kriti: the fiscal and market policy telling you very different things. jennifer zabasajja with that virtual preview -- with that crucial preview republican. congressmanmatt gaetz moves to topple speaker mccarthy in a high-stakes vote. more on that story next. this is bloomberg. ♪

kriti: welcome back to "daybreak: europe". republican congressman matt gaetz moves to topple u.s. house speaker kevin mccarthy. it sets up a vote that has not resulted in a speaker being removed since 1910. mccarthy's bipartisan deal triggered the call from the far-right republican. sticking with the u.s. shutdown deal. president biden promised to call allies to reassure them and support for ukraine will not falter. the agreement on saturday left the previously approved $6 billion aid package out of the document. two weeks after president zelenskyy visited the u.s. capitol to plea for more support. almost a year after the collapse of crypto exchange ftx, founder sam bankman-fried is about to

face trial in new york. the 31-year-old pleaded not guilty to seven counts of fraud and conspiracy. kailey leinz looks at the rise and fall of one of the biggest names in crypto. >> in the span of three years, sam bankman-fried became one of crypto's biggest stars. in may 2019, bateman and business partner gary wang founded ftx. its goal to create a safe and responsible platform for traders. by october 2021, venture capitalists poured millions into ftx. celebrities like shaquille o'neal, gisele bundchen and comedian larry david endorsed it. that year the firm was valued at $25 billion and users of to 5 million globally. the ftx name became well-known, appearing on t-shirts, commercials and even an nba arena. by early 2022, the bahamas

company's valuation skyrocketed. ftx had become one of the world's biggest crypto exchange's. bankman-fried's net worth clients to $26 billion. he said he wanted to do good with his money. >> i should be thinking about how i can help the world with it. >> the 30-year-old became a major political donor. he contributed tens of millions to bipartisan political action committees and frequented capitol hill to be a voice for his company and the industry. he had no plans to slow down. >> i have no plans to leave. that is not something that is on my horizon. >> in november of 2022, things began to unravel. coindesk reported that the hedge fund bankman-fried had founded, alameda research, head assets in ftt, a token ftx created. on november 6, cz, the ceo of rival crypto exchange binance

posted saying we have decided to liquidate any remaining ftt on our books. the move triggered a massive wave of withdrawals. ftx did not have the funds to meet them. in a rescue attempt, ftx reach a deal with binance to sell itself. >> there was a lot of funds missing. to the tune of double digit billions. i couldn't trust any information. >> by november 11, it was over. ftx filed for bankruptcy and bankman-fried resigned as ceo. that month, he apologized and a public event. >> i've made a lot of mistakes. things that i would give anything to be able to do over again. i did have ever tried to commit fraud on anyone. >> a few weeks later, sam bankman-fried was indicted accused of misappropriating billions of dollars at the crypto exchange. >> one of the biggest financial

frauds in american history. kriti: kailey leinz with the story of ftx. sam bankman-fried the saga so far. coming up, the reserve bank of australia keeps rates unchanged for the fourth month, but warns further tightening could be required. more analysis next. this is bloomberg. ♪

kriti: good morning and welcome back to "daybreak: europe". i'm kriti gupta in london. standing pat. the aussie dollar and bond

market remain unfazed as the rba keeps rates unchanged, however warning tightening may be required. in asia, stock selling off. cleveland fed president loretta mester saying one more hike maybe be in the cards this year. as jamie dimon warns the u.s. 10-year yield may go much higher than expected. >> can it go to 7%? the answer is yes. are there factors that would drive it higher than where it is today? yes. i'm just saying, be prepared for it. kriti: the bank of england rate-center catherine mann predicting permanently higher interest rates in the united kingdom. those are your cross currents. futures are under pressure. you are seeing a lot of that come from the asian session.

take a look at what euro stoxx 50 futures are doing, down about 0.8%, it tells you that worsening sentiment is around the world. it's no longer just an asian story as we talk about that selloff in the rates market. nasdaq 100 futures, the winner of late, have been down about 0.2%. we go cross asset, we are seeing this massive selloff not just in the front end, but the long end as well. if you look at that 2's and 10's and version, we are -42 basis points. keep an eye on how this shakes out. digestion is at the core of this issue. that will push the dollar higher, which is why you are seeing the euro the biggest weight on the greenback at the moment. the mexican peso helping bolster the dollar as well. it is a commodity story. brent crude trading below $90 a barrel. let's get a check on asian

markets. avril hong in singapore has that story. >> we are seeing asian stocks and bonds under a lot of heavy selling pressure. it is all about that higher for longer narrative. those fears being exacerbated no thanks to that that messaging coming in quite hawkish. that is a concern for investors in the region. so much so, that we saw the msci asia pacific hitting its lowest level since december last year. the bleed is also bad in hong kong, as markets come back online. the hang seng hitting its lowest level since november last year. to draw your attention to how things stand in the region, the gauge for stocks you're actually erasing its gains for the year, sitting at about 30% from its peak in 2021. the past few weeks has been

about higher treasury yields, relentless strength in the u.s. dollar, and growth fears from the asian giant china. let's take a look at big movers in the region. we are seeing chinese e-commerce names experiencing heavy selling. it is the alibaba, them 81, the tencent's that are dragging the hang seng and msci pacific today. we are seeing the hong kong property developers declining. leaving that decline is new world, after it hit a 20-year low on the stock price after slashing its dividend payout. evergrande surged as much as 40% on penny stock bets, despite its chairman and founder facing an official probe. but overall it is risk off in the region. kriti: i love that you called a penny stock, at its core, people

call it a penny stock and shrug it off, but still an important global story. let's stick with the asia region talking about the rba. they did not change their rate picture. they did say that could change in the future. joining me is swati pandey in sydney. what is the key stand out from today's statement. in the first statement since they have a new chief at their how? >> this was michele bullock's first statement. there was anticipation about whether she makes any changes, or keeps it unchanged from the previous month. she kept it unchanged more or less. economists are saying this is a sign that she is talking about policy continuity, which means interest-rate pauses. we are near the peak approaching the end of the tightening cycle.

the bar for raising interest rates further from here is high. kriti: that is one piece of the equation. why is the market not reacting more to what they had to say? >> economists are still expecting one more interest rate hike from here, most likely in november. that will take the cash trade to 4.35%. markets took this statement as dovish. that was because the statement did not change from the previous month, even though we saw acceleration in inflation. there are concerns about oil prices. instead of talking that up and talking more about the need to raise interest rates further, the rba and michele bullock chose to keep the statement unchanged mostly. that disappointed rates traders and forex traders, and that is seen in the selloff. money markets are pricing a less

than 30% chance of a rate hike in november. for the rates market, the rba is done. kriti: it is fascinating to see the rba story especially when we are waiting for that commodity story to filter in. you are seeing the pic in yen , for example. i want to stick with the concept of central banking. policymaker catherine mann says interest rates have only just reached restrictive territory. she warned against letting up in the fight against inflation as she disparaged the central bank's forecast. lizzy burden, our u.k. correspondent, all over it joins us from the party conference in manchester. give the update on catherine mann. dani: we have heard from catherine mann, we have long known that she is the arch

hawk of the monetary policy committee. her new comments are that she for a long time has not had faith in the bank of england's forecasts. she has thought that the economy is more resilient, and that means inflation is likely to be more persistent, and that rates will have to stay higher for longer. the crucial point is that catherine man is an external member of the committee. she is at the fringes of the spectrum of the monetary policy committee. at the last vote, she was outnumbered not just by sweaty dick groat, -- swati dinghra the arch dove, but she was joined by andrew daily and the governors as well. kriti: let's talk about the fiscal side as well. what are the sticking points at that conservative party conference? lizzy: the atmosphere here has been kind of dull in the sense

that we haven't had a bold new policy ideas that you might expect at a party conference. especially a party conference that is promising long-term decisions for a brighter future. that's the slogan on the poster behind me. in the absence of those big ideas, the oxygen is being sucked out of the conference center, and v agenda is being dominated by issues that rishi sunak did not want to talk about. for example, hs2, this northern leg of the high-speed rail network that was going to connect manchester. there has been such prevarication we suspect the prime minister may be forced to make an announcement potentially as soon as today. other ministers pressuring for the u.k. to leave the echr because it stands in the way of deportations to rwanda. a third issue sucking up the oxygen are tax cuts.

not something the prime minister or chancellor want to promise at this stage. they say they would be inflationary and there is not the headroom. the chancellor jeremy hunt with that message on the front page of one of the newspapers. i asked him about it yesterday morning. it is what the former prime minister liz truss is still calling for. the room was packed when she spoke yesterday, but now they say, is not the time. it is not just policy that is a construction, it is also the personalities. in the bars, the fringe offense at speeches taking place outside the main conference hall, there is this subplot of the tory conference where people are jostling for the future of the party. the question is who would take over as leader if rishi sunak lost the next election? some of the names floating are suella braverman, the home secretary, kemi badenoch, the business and trade secretary.

the implication of the question being asked is that sunak is going to lose. so the mood here is one of slight resignation. kriti: lizzy burden, our u.k. correspondent, joining us live from the conservative party conference in manchester. we will continue the conversation about u.k. politics throughout the morning. guests including the director general of the cbi, as well as the former policy director for david cameron on. in the meantime, let's look quickly at some big stories from around the world, starting in sweden. alecta, the swedish pension fund, embroiled in the sbb followed as it announced that its chairman will leave with immediate effect. the departure comes following $2 billion of losses from failed

investments. those missteps have forced out the fund's chief executive officer and a of equities. several taiwanese technology companies are helping huawei build infrastructure for an under the radar network of chip plants across southern china. the firms were present at a construction site in shenzhen. it is unclear whether the involvement violates american sanctions. plus, byd is poised to overtake tesla as the biggest seller of electric vehicles, as the chinese automaker's global sales push gains and traction. it came within a whisper of toppling tesla last quarter.

byd sold more than 431,000 fully electric vehicles on the latest three months, up 23% from the latest quarter. tesla at the same time shipped 435,000. french tech group planisware launching an ipo in paris, aiming for a valuation of 1.1 billion euros. don't miss our exclusive interview with the chairman and cofounder, next. this is bloomberg. ♪

kriti: welcome back to "daybreak: europe". i'm kriti gupta in london. planisware announced that its ipo on euronext paris will be price between 16-18 euros per share, the french tech group aiming for a valuation of one point one billion euros.

joining me is the founder and chairman of planisware. let's start with why you chose to ipo right now. this feels like the worst time, given the selloff in the equity market, and yields extremely high. pierre: actually we don't need cash. we want to increase on the market. for us, being public will increase our visibility. now is the perfect moment because we don't have a lot of ipos, so this will be very visible in europe at least. it is good for the company and the future. kriti: why not issue debt instead? you are a cloud company. a lot of appetite at the moment for good credit and good companies in the text fear. isn't that that market more accessible at the moment? pierre: the market is looking

for a profitable company. we did more than 30% ebitda. there is demand from the market for that. the business is robust. we started the roadshow yesterday. we see there is a lot of interest. kriti: where are you getting most of the interest from? pierre: french accent, but we are very international. we do 80% of our business outside of france. almost 50% north america. our investors are almost everywhere. we have a u.s. investor, u.k. and europe investor. kriti: u.s. and u.k. investor, so it sounds like you are going more american and european? pierre: a combination of

european and american. it is interesting for a european company. kriti: any interest from asia? pierre: less. kriti: $250 million is how much you expect to raise in the market. you said yourself, you don't actually need the cash. pierre: we had a private equity fund. a good way for them to exit. this is why we are doing what we are doing. this is all about visibility. to provide an equity package for the manager and write a new chapter for the next 15 years. we positioned the company as one of the top european software companies. kriti: one of the concerns around brand new tech companies

has been the story of regulation. the idea that if you are a brand to company, will you be or scrutinized? we are getting a headline from politico actually. they are reporting that the eu is seeking to protect critical technologies as the geopolitics ramps up. where do you fall in the regulatory story? pierre: this is not an issue for us. we are working with a diversified set of customers in many industries. that is not the case at planisware. kriti: what are you concerned? you said yourself you are an international company. ultimately, will you get your wires crossed with the likes of the u.s. regulatory authorities? pierre: that's already the case. we are working with a lot of u.s. companies in many industries. yeah, some regulation you have to comply with. we are a cloud business but we

are very security focused. it is part of our business. kriti: where is the next leg of your growth coming from? when you look at your peers that are publicly traded, they haven't been doing that well, where is the growth picture for you? pierre: we believe north america will drive growth. asia, singapore more recently and we expect good growth from there. europe is growing probably at a slower pace. 20% growth we are planning to do. kriti: you went perfectly to where my next question was. he said europe is growing at a slower pace. you said you are french, clearly, why paris? pierre: in france you have good engineers.

you have people staying at the company in the long run. it is a good place from an r&d point of view. france is a good place. plenty of good software engineers. skills in ai and many advanced things. kriti: something we will be watching very closely. we will keep you hopefully in our rolodex as we talk about whether you might list elsewhere in the future. pierre demonsant, chairman and cofounder of planisware, thank you for turning the program. we take a look at moves in the fx market and what is driving them, next. this is bloomberg. ♪

>> cannick go to 7%?

the answer is yes. are there factors that would drive it higher than where it is today? yes. is supply and demand kaput? yes. kriti: jp morgan ceo jamie dimon talking not about the terminal rate, but about the 10-year yield, and how those could go to almost 7% seems to be the call. valerie tytel has our wrap. >> this morning, it is a lot about the u.s. dollar hitting year to date highs in the overnight session in asia, just hovering at these levels. the last three sessions alone, the dollar has strengthened nearly 1%. a lot of questions on what could possibly dent this rally. it could possibly be intervention by the bank of japan. let's look quickly at how dollar-yen is trading.

it is very close to hitting that 150 level. traders on this rate think that is the trigger for possible again intervention -- yen intervention by the ministry of finance. we did get comments from the japanese finance minister overnight pushing back on speculation that they are level-dependent. he said they wouldn't judge yen's trend by its level. this is finance minister suzuki, and that volatility is important on fx moves. to his point, we are quite low when it comes to one-month vols en dollar-yen. it is nowhere near the highs that spurred intervention earlier in 2022. it is quite depressed if you look at this chart. you might conclude that volatility, if that is a trigger for the ministry of finance to intervene, perhaps it might not

be today if we see the yen cross 150 but that level is on the top of many's minds across the street. kriti: with our favorite popstars. taylor swit will be at the top of the headlines, but so is jerome powell. if you combine all of that, taylor swift takes the cake. the idea that she is what everyone is watching, even potentially more than jay powell. it's the idea that as you look at taylor swift, it's not just about her eras tour, it is about her ripple effects into the broader economy. her ticket prices have been spoken about as a contributor to inflation for many of the regions of the fed. is that going to change monetary

policy in the u.s.? probably not. but interesting to see that one celebrity has this kind of macroeconomic effect. that is something we watch very carefully in terms of what is driving inflation. we will continue the conversation about u.k. politics throughout the morning. the director general of the cbi, and the former policy director for david cameron joining the next few hours. markets today starts right now. the♪

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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. anna: this is "bloomberg markets: today." i am anna edwards live in london west tom mackenzie and mark cudmore. the cash trade is just an hour away. here are r