kriti: good morning and welcome to daybreak europe. let's get to the stop stories that set your agenda. cuts are hikes? -- or hikes? a bull run in treasuries. following right on the heels of those gilt yields dropping. the equity market, earnings bonanza. a slew of european heavyweights reporting the sour. we bring you the numbers as they come out. we are live at the bloomberg new economy forum. >> on francine lacqua. geopolitics is definitely dominating the proceedings and the conversations. we've heard from china's vice president that the saudi investment ministers have much more to come. back to you. kriti: a lot to digest. we will bring you all the exclusive interviews. first, let's get to the earnings stories.

numbers have just come out in the last 10 minutes or so. a pretty substantial beach. the estimate there was 1.4 billion euros. some positive numbers there when you look at that. we are getting numbers coming out of commerzbank as well. we will be speaking to the deputy ceo later on in the program. commerzbank numbers coming out as our admiral. if you look at their share price, you have started to see pressure under commerzbank right now. there -- their third-quarter ratio coming in at 14.6%. a little bit higher than 14.5%. the market will interpret that as a line. let's talk of share buyback of up to -- euros. revenue coming in at 2.8 billion. a slight boost but perhaps not as big as that of credit

agricole. it will be a big one as we watch for the loan loss provisions that they have on their end. 760 million is the estimate. again, a massive jump when it comes to that profit. a lot going on there. that's what you need to know in terms of the earnings that are breaking this morning. quick check on the markets here. you are seeing quite a bit of movement, specifically on the future sector. the idea is that you are pulling back on some of the futures trading. the idea that sentiment around the world is souring a little bit, specifically in euro stoxx 50 futures, down 3/10 of 1%. these warnings about rate cuts that you are getting from around the world are really stemmed in the idea that the economy is going to deteriorate much faster. what andrew bailey was warning about last week.

markets adjusting that accordingly. that weighing on risk sentiment across the pond. s&p futures down to tenths of 1%. that's your equity picture. let's get a quick check on cross asset as well. the 10 year yield, you are starting to see a little bit of movement. 450 nine right now for the united states. the u.k. 10 year yield is what i find extra interesting. it's not off the table completely. major repricing when you look at get -- gilt yields. that weighing on the cable rate as well. 122 on sterling. euro-dollar right on its heels. that all in line with the risk sentiment you are seeing an fx and the equity market. brent crude also trading in line. that is your cross asset market check. let's go over to asia and see how the market is faring in that

part of the world. walk us through the markets this morning. avril: in asia stocks, we are not seeing much optimism despite that big move overnight in the u.s. investors seem to be on wait for any fed speak they will get. the topics is leading the declines. a gauge of japan bags fell by the most since mitch march -- mid-march. losing hope of tightening of monetary policy and japan. the boj governor sounding dovish when he spoke in parliament, saying that wave inflation seem somewhat weak. let's take a look at chinese stocks as well. they've been moving in between the red and green for much of the session. seem to be moving even deeper into negative territory even though we are seeing outperformance among the property developers on the back of reports that the pboc has met with some developers.

separate reports saying the pboc is pledging liquidity for debt laden regions. it's worth noting that we saw the chinese offshore actually heading for the longest winning streak since july. it's giving up some of the gains now. worth knowing that amid all this note -- news flow from the pboc. kriti: a lot to digest here. those will have global repercussions in terms of how the asia story differs from that of the federal reserve and the boe. this idea of the diversion. i want to bring it back to the u.s.. one of the big talks is how much of the work that the bond market has already done for the federal reserve. a well-known hawk, the fed president of the minneapolis fed, had something to say to bloomberg tv yesterday. take a listen. >> this is a very complicated question on what's been driving

the long end of the yield curve. some people point to term premium. i joke that it's dark matter, the residual of the stuff we can't explain. it's not that the models are wrong. it's that dark matter is out there. if it's a term premium, it's doing work for the fed. kriti: there you go. if the term premium is that high, it's doing the work for the fed. those are the words of the very hawkish neel kashkari. this chart demonstrates exactly what he's talking about. most of the selling has happened on the long end the green on screen in the top-end of the chart is what you need to pay attention to. the selloff has been so high and so aggressive that the term premium is so significantly noticeable in three years where you seen the term premium be a negative territory. this is what they are talking about. when it's causing this much pressure on not only financial markets but the broader economy, does that mean that the fed's

work is actually done? that will be the conversation. the markets are saying, does that pave the way for a rate cut? neel kashkari had to take on that as well. take a listen to what he had to say when it comes to rate cuts. >> there's no discussion amongst me and my colleagues about when we will start preparing to cut rates. the only thing that's been talk about it all is that at some point, when inflation is on its way back down, if we didn't back down a bit, real rates would be getting tighter. kriti: so that's the narrative standing in the way of a rate cut conversation. so do geopolitics by the way. that's where i want to go with our next story. that's the main theme of the opening of the sixth annual bloomberg new economy form. days ahead of an expected meeting between president biden and the chinese leader. the chinese vice president has called for greater global cooperation.

>> more recently, as agreed by the to science, china and the united states have more important high-level interactions. these interactions have sent out positive signals and raised the expectations of the international community on the improvement of china u.s. relations. kriti: for more, let's go to francine lacqua who is live at the event in singapore. we're hearing a lot out of china lately. it came out of the hiatus with positive signals there were you are. francine: positive signals but with a lot of warnings. good morning. a lot of the focus is on geopolitics but some of the risks are also out there. deglobalization, ai, the fact that it can disrupt a lot of jobs. how do you harness ai for good? we had to start warnings from the chinese mice premier and from the saudi arabia investment

minister. both were saying that there's much more need of greater cooperation. if you look at the state of the world today, we have to start the new economy. we have a lot of heavy hitters from the financial sector including citadels can griffith. today, the focus is to look at the state of the world. a lot of it is unstable. there were mentions about geopolitics, about israel gaza, about ukraine. in this kind of environment, if you are a policymaker or a businessman, you probably don't want to spend. unless there is greater cooperation of countries talking to each other, trying to find a resolution for the things to come, it will be very difficult to kickstart some of these economies, especially in the emerging markets. kriti: you mention the geopolitics of it all. i want to zero in on israel as well. what have we heard about the approach to the conflict in israel right now? specifically from the saudi investment minister as you

pointed out. francine: i have to say, people have been quite coy. we have two panels tomorrow that i'm looking forward to that will focus on the situation. we hope through some of the panelists tomorrow to have a better understanding about how quickly a resolution could come or certainly a de-escalation. the saudi investment minister, who used to be oil minister, who doesn't like to talk outside his portfolio, was quizzed on a panel and he says, relationships between saudi arabia and israel could still normalize if a number of things were met. remember, if you look at saudi arabia, the crown prince, the work comes at a tricky moment because we are just about to normalize some of the relationship with israel and they were trying to harness middle eastern money to saudi arabia and elsewhere, trying to put the region on the roadmap for stability. this messed up their plans and

they still really have to come out with a plan forward. it's the first time we heard from the saudi policymaker about what he was thinking about the situation. the fact that he things that normalization could still be something that's on the cards. we receive very positively here in singapore. kriti: something we will be keeping a close eye on. she will have exclusive interviews throughout the day, joining us from the new economy form. mary buckley, executive director at iba ireland. we speak to the managing director of industry capital partners. two interviews you after -- absolute do not want to miss. i want to get a quick check of what else you want on your day ahead. look, there are a lot of different things to keep in mind. specifically euro area retail sales will be coming out soon. coming up at around two -- 10:00 a.m. u.k. time.

when we talk about how much the european consumer spending. they won't be as important as the u.s. or chinese consumer. important to keep in mind how much affordability is important. you also have chairman powell speaking later in the day. this comes right back to what neel kashkari and andrew bailey have been saying. what do we need to know to get the rate cut conversation back into chair powell's vocabulary? perhaps more clues there at the fed conference coming up. then earnings back in focus, specifically from some of the biggest ones. in the u.s., you're going to get a couple as well. specifically when it comes to disney. it's important since by -- bob iger's reappointment. you've seen shares dropped 13%. still a pretty substantial move especially when they are talking about what spinoffs of some of their legacy businesses might actually look like. a lot of speculations in the market. we will have full coverage of that on bloomberg television and

radio. all you have to do is type in da why bigo if you are in -- a bloomberg subscriber. what the imf has to say on the geopolitics and monetary policy. of course coming up, they are releasing their report on europe's economic outlook. the challenges the region faces, coming up next. this is bloomberg. ♪

kriti: the imf says europe's economy is unlikely to crash even as more than a year of interest rate increases start to tame inflation. for more on the new report, let's get to maria tadeo who has

a guest with her right and fair -- right there in studio. maria: there's a lot to debrief in this report. it's about 40 pages long so let's go into it with the deputy director at the international monetary fund. i read the entire report. i'm going to ask you a difficult question. how to summarize that. what is the outlook for the economy? short answer, how do you see the european economy performing? >> so far, so good. they see a recovery in trade and maybe it's delayed a little bit a few -- if you look at the fourth quarter which is weaker than we thought. recovery will come. it will be carried by consumption and investment will follow. all of this is enabled by tight monetary policy with keeps disinflation on track. maria: you don't see a sudden crash in the economy? the fear of recession is still perennial. we look at every data point.

ud's -- you do see this soft landing could still be achieved. >> we see a shallow recovery but we don't see a recession in our baseline. maria: we are focused on germany. do you worry about that? i know the report looks at the overall picture. this is the biggest economy in the euro area. >> we worry about all the euro economies. joe economic fragmentation is another. all these economies have to deal with this one way or another. the important thing is to do it together. maria: the euro group meeting will be happening at the beginning. going back to inflation. what is your outlook? especially for euro area inflation. in the past, you had been seeing the european central bank needs to do more. do you feel they are at the peak? what comes next? >> disinflation will continue.

most central banks including the euro zone will reach target in 2025. this is making the assumption that policy rapes -- rates stay where they are until the end of 2024. if the circumstances change, my policy will have to change as well. if you have a substantial adjustment in the forecast, it's important monetary policy will be data-dependent. this is what my meeting of the ecb does. maria: there's another one coming up in december. i will be in frankfurt. markets could get it right or wrong but you know well that there's an idea that this is it, we are not going to see more hikes from the european central bank, this is the peak. is that the assumption that you work with? >> yes. rates are broadly where they are until the end of next year. then we will see adjustment going forward. maria: higher for longer, what does that mean in terms of time?

as a moment in time, what does it look like to you? >> as an economist, we have to make assumptions. otherwise, we can't forecast. rates in many of the central banks stay roughly unchanged until the end of next year. maria: why is it in -- important to maintain at that level? you know at times there's political backlash. we see what it does to european consumers who feel the heat. why is it important to maintain it? can it be maintained? >> it can. it's about monetary policy. if you look at history of disinflation, it sometimes doesn't work. it's often because central banks have started easing too early. that had meant inflation coming back up. so there was another need for

tight monetary policy going forward. you don't want this. you want to cd us inflation -- see disinflation now. maria: that would be the risk of a major policy mistake. >> mistakes can happen in many ways. one mistake historically is to ease prematurely. maria: you see a lot of traders are pricing in that the economy isn't doing well. they will have to cut, potentially earlier than they expected. the european central bank just one. they don't even want to get into that debate. does it make you go, god no? >> it makes me hope they have a good forecast. our forecast says that we have an easing of growth this year. next year is likely better growth and it's not stellar growth but just enough to keep the economy going well

disinflation continues. we are in a good place. maria: rate cuts, that is something you feel that is unwarranted? >> rate cuts are not in our baseline. i think the ecb is in a good place with that. maria: what are the risks that could derail that when it comes to inflation? there's a lot of focus on the short term, the geopolitics, the awful war between israel and thomas. -- hamas. what's the biggest risk for you in the medium-term? >> wage growth is good for the economy. some catching up with past inflation is essential for consumption to recover which is underlying our forecast of a mild recovery next year. however, wages could also be too exuberant in their growth. so while solid wage growth is built into our forecast, if it goes beyond productivity growth it could be a pressure point for inflation upward. it could be a slightly longer term risk renovation.

-- for inflation. maria: we are in brussels. there's also a commission report that they are expecting on how to boost competitiveness. there's a lot of talk about, how can europe get that edge to grow more essentially. do you believe the performance has been disappointing? is there a concern that you could be growing more but you weren't achieving those rates? what's missing? >> the euro group is looking at this. the single market is the secret weapon of the european economy. this is where growth can be generated going forward. this is where adjustment happens. the more integrated the market is, the freer the flow of services, goods, and factors across borders. maria: we will talk more in detail. good to see you on bloomberg tv.

that was the deputy director at the imf. this report already on the bloomberg terminal for everybody to read. kriti: we will be following the comments later today. maria tadeo speaking to the direct -- deputy director of the imf. growth brings me to a key earnings story that exemplifies what we are watching in broader economy. dhl numbers coming out as well. third quarter revenue coming in at 19.4 billion euros. the estimate was just 21 billion. they are narrowing their full year a bit forecast come expecting to deliver lower earnings and their revenue as well. not great numbers. we will see how they open at the european open in about 90 minutes. much more to come ahead. this. ♪ -- this is bloomberg. ♪

kriti: also making news today, we go back to the middle east. israel singing troops are pushing deeper into gaza city after encircling the northern part of the palestinian enclave. the white house it says -- says it doesn't believe israel should reoccupy gaza. benjamin netanyahu said his country could keep security control over this trip for an indefinite time. bloomberg understands the president joe biden has been briefed on chinese plans to build a military facility in oman. advisors telling the u.s. president that chinese defense officials discussed the latter -- matter last month. a base in oman could complement china's facility in djibouti in east africa which it describes as a logistics center. limerick has learned that the chinese president is set to attend to -- a dinner with top u.s. executives when he visits san francisco next week.

hundreds of people are expected to attend including ceos of major u.s. companies. there's a lot to digest here when we talk about the stories around the world. there's going to be a lot of geopolitics that we keep an eye on. this is where we get a report coming out of writers this morning that china asks -- to take a stake in country garden. we know that's the company that's been dealing with a lot of property while setting a tone for the entire property sector in china. if you look at it from a broader view, the stock turning into a penny stock. something we will dive into in the coming hours. stick with us for an exclusive conversation with mary buckley. stay with us. that's next. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? have we piqued your interest? you can get two unlimited lines for just $30 each a month.

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kriti: good morning and welcome to "bloomberg daybreak: europe." i am kriti gupta in london. cut, hold, or hike? that's the debate among central bankers as they way late cycle policy options. inflation still proving sticky as signs of global growth cooling around the world. earnings bonanza. a slew of european heavyweights reporting, including adidas, baer, and munich re. we are live at the munich new economy forum in singapore, where geopolitics is dominate discussions. we heard from the saudi investment minister. much more to come from our coverage out of singapore. we do digest some of the geopolitics, we also have to digest monetary policy. euro stoxx 50 futures taking it on the head, a pullback of about 0.4%. ftse 100 futures down about 0.3%. where you see a little bit of reprieve is across the pond,

s&p futures down 0.1%, nasdaq futures underperforming. if you are pricing in a rate cut, you are seeing the economy needs it and faster than previously expected. that is not a positive sign for risk sentiment and that's something you see in the bond market and cross asset. you see a move in the 10 year yield in the u.s., it is really paring back what we saw in the overnight session from this massive move in treasury yields lower, which is a real reflection of what's happening in the u.k. 10 year yield, 4.27 on that coming off of dovish comments from huw pill basically saying the boe may be considering rate cuts. he did not say it verbatim, but did say it is on the table. that's going to have a ripple effect for the bond market across the world. cable rate, 1.22, euro-dollar 1.06, and brent crude starting

to pare back risk sentiment, trading in at about a $81 handle. we are continuing to get those earnings stories out of a lot of these german companies. i want to start off with bayer, third quarter adjusted ebitda coming in at about 1.7 billion with 1.8 2 billion being the estimate, a miss. we will go back to bayer, corgi ps -- core eps, the estimate was 0.8. the insurance story across europe is really crucial. we are going to keep you updated with all the numbers out of their. let's talk about adidas. that is another earnings story we want to keep an eye on as we get those numbers out. the luxury customer, the moves you are going to start to see across some of these earnings stories are going to really have an impact on the broader european open as well.

you are seeing a $6 billion third-quarter revenue number coming out of adidas as well. operating profit coming in at about 509 million. you are still seeing some snags when it comes to the margin story. that's going to be a big piece of the adidas piece of the equation. a full-circle right back to byaer, third-quarter adjust -- bayer third quarter adjusted ebit., 1.7 billion, the estimate 1.8 billion. of the three companies we just laid out,. -- mrs. across-the-board. i want to head back to the bloomberg new economy form over in singapore, were francine lacqua has an exclusive interview she is buying for us this hour. over to you. francine: thank you so much. i am delighted to be joined by mary buckley, the ida ireland

executive director. thank you for joining us. when you look at ireland in the middle of this economy which has strains and a lot of uncertainties, you are the handful of multinationals that want a base in ireland. has it been difficult or a bonus to attract some of these multinationals? mary: ireland is seen as a very stable location for fdi and i think that's pretty clear on the back of brexit, covid, and obviously, some of the geopolitical challenges we see currently. ireland has been a very good location in which to invest. we have 1800 companies in ireland. if you were to look at the end of last year, won 242 new investments, 103 of them are brand-new investments that had never been in ireland before. similarly, for the first half of this year, again, wewon 139

investments and 57% of them are first-time investments that were never in ireland before. i think it demonstrates the vote of confidence in ireland as a location in which to invest. francine: what kind of companies? is it either sectors or industries? mary: it is right across the board. we hone in on four or five different sectors from life-sciences to technology to financial services and engineering. those are the kind of areas we are very focused on. we won some really good investments this year, for example, analog devices is investing 630 million in a european initiative, a collaborative initiative. we have also seen lily, one billion in advanced manufacturing facility. again, in the pharmaceuticals area. a u.s. company, dexcom is establishing his first presence in europe -- its first presence

in europe and ireland. there is a lot of activity happening. pepsi had 127 million investment in r&d and manufacturing and have added another 35 million. a lot happening right across the board. really significant investment. >> is it basically investments that would have gone to the u.k. were it not for brexit or would have gone elsewhere in europe? mary: i think today, companies are doing huge due diligence and looking at locations across the grub, locations where they already have -- across the globe, locations where they already have operations and locations that are new to them. it is an international search and a global search to find the right location in which to invest. >> when you look at the changes in tax since january, what has that meant for multinationals? mary: we will be implementing the pillar two tax change in january of 2024. will be moving from 12.5% to 15%.

that is for companies with revenues of over 750 million. and to say we have been expecting that and working on that for the last two years. we committed to it. we felt it very important that we are with the other circa 150 countries moving towards that 15% tax rate. for our multinational companies, they are aware of it. as i have just set already, last year and this year we have seen significant investment by companies in ireland. >> do you think there will be a dent because of a corporation tax or not a huge amount going forward? mary: when companies come to ireland, it is not for the tax reason. >> or not only for the tax reason. mary: there are a number of reasons and we go back to the 1800 companies already there, i think we have a terrific, educated workforce. and half of our population are under 34. and a third are under 25. we have one of the youngest populations in europe.

if you look at even on the whole area of stem, which is usually important, our people are very strong in stem. if you look across europe on a per capita basis, ireland has the highest rate of stem graduates between 20 and 29, the highest number of people in third level colleges on a per capita basis across europe. there's a lot happening from a talent perspective. we know from engagement with our clients, talent is a key area. our membership in the eu is hugely important. the ability to bring talent into ireland as well is very important. there's a number of reasons why companies invest. if i could just add the ind this year voted reviewed 64 countries and said ireland is number two most competitive location globally. and really honed in as ireland been very strong on talent. >> on the downside, the housing crisis. how much of that is having an

impact on exec is wanting to move our companies wanting to move staff to ireland? mary: we have had a legacy really of housing challenge over a number of years. this is the key priority of government today. there have been targets set under a strategy, housing for all, and those targets are being met. the target for this year will be exceeded. i think it is safe to say we are coming from behind. there's a lot of work being done. that work is continuing. and of course, i think it is safe to say that we will, in time, get there. but it is the biggest issue for a government of the day. i have to say again, going back to the 242 investments that we won last year, first half of this year winning 139, it has not dented investment into ireland and i think that is really important. >> is policy a little bit slow? or do you wish it could go faster to resolve the housing crisis? mary: well, of course, at the end of the day, housing cannot

be solved overnight. we are no different than any other global western cities around the world where they also have housing challenges. we are no different in that regard. . we do not it takes time. we do see improvements take place. we are achieving the targets, and this year, we will exceed them. . i think at the end of the day, we have to bear with it. but of course, as with everything, we do want to see that the pace is always fast. >> here at the bloomberg news economy forum, we talk a lot about, of course, uncertainties out there, but also competitiveness. what gives ireland competitive edge that you can do better? is there one policy that you wish could come into place in this uncertain world that would help ireland out? mary: while, we are always competing with other countries right across the globe so it's a really intense competitive environment. i go back to the imd, where they have said how strong we are on talent, globalization, and on incentives. i think we are doing very well

as a country, we are really strong. and i think at the end of the day, we just have to be very conscious of that global environment and the charges. whenever take fbi firtash we never take -- we never take fdi. for granted that's one key issue, to make sure we are always relevant to companies. sustainability and digitization are two key areas for us and the government has a climate action plan that it has implement and. we are working closely with clients transforming from -- this year, the government announced that as a next year, we are going to see our r&d tax credit on qualifying activities move from 25% to 30%. >> a big change. mary: we have an environment that is very conducive to fdi, a pro-business environment, and i think the stability as well is a really important factor for winning further investment into the future. >> thank you so much for joining

us. that was mary buckley, the ida ireland executive director. back to you in london and we will have plenty more from the bloomberg new economy forum throughout the day. kriti: francine lacqua live within exclusive interview in singapore. thank you so much for bringing that to the program. there's more to come from bloomberg's new economy form. we speak to the managing director of industry capital partners. later this morning, we will be joined by scott goodwin from diameter capital partners and the ceo of aza finance. making this today, portugal's prime minister has unexpectedly quit after revelations about possible government corruption and involving lithium and hydrogen projects. costa's departure marks that and of an eight year tenure and will likely lead to an early election. the former prime ministers said he has a clear conscience and will cooperate with the investigation. over in the earnings story in the united states, uber gave a mixed picture of its business,

reporting its second consecutive profitable quarter, but. also slowing revenue growth overall trips up 25%, boosted by its rideshare unit. the total revenue seeing an 11% increase from a year ago. that was the slowest pace of growth in 10 quarters. coming up on the program, third-quarter results are due from ahold delhaize. we talked to the ceo of the dutch retailer. frans muller, joins the program. stick with us. this is bloomberg. ♪

♪ kriti: welcome back to "bloomberg daybreak: europe." i am kriti gupta london. breaking earnings headlines coming from ahold delhaize, the giant in e-commerce and supermarket retailer. you are seeing not sales coming in at about 21 point, 9 billion we will call it 22. they are meeting their numbers,

there is a headline that they are selling, in the usa, they're planning to sell fresh direct to -- and announcing a one billion euro share buyback -- getit and announcing a one billion euros share buyback. the estimate was about 4%, coming in at about 3.8%. who better to dive into of these numbers then the ceo of the company itself? ahold delhaize ceo frans muller joins the program. a pleasure to have you on the program this morning. let's start with these numbers. a massive buyback program, one billion euros. what do you do with kind of the excess profits that you have? is that why this buyback is coming to play? frans: yes, shareholders are used to this kind of share buyback program of a set size. when we get a deal with all the capital expenditures, also this year and 2.4 billion, by the

way, we can deal with dividends obligations. our strategy, 40%, 50% payout. if there is excess opportunities, we also serve the buyback program? this year, one billion. and also next year we plan for one billion euros buyback. kriti: let's talk a little bit about the deal news as well. it looks like your usa arm, year american arm will be selling fresh direct to getir as well. what is the logic behind that sale? frans: we run for the total company and excel learned program, looking for efficiency, looking at what's needed to stay very healthy company for the future. in the u.s. is one of the things we looked at all of our fulfillment options for the homeland business. we have a $4 billion business with 7 billion penetration. we saw out of covid, customers coming with very different

behavior they are more into same-day, more into appreciating our omni-channel supermarket an online connection. that's why we invested a lot in click and collect, that's why i also took a position to have the next day options fulfillment centers. for example. , fresh direct, but also our new jersey, jersey city warehouse and warehousing and over -- in andover. the good news for fresh direct is that we will sell this to getir, which is a company in fast delivery, too. kriti: can you tell us a little bit about the terms of the deal? how much are you planning to sell fresh direct for? frans: we sell 100% of the company and we expect the deal to be closed by the end of november. what was important for us is that we transferred the business to a new owner -- good new owner. first of all, it's a business

where 3000 people are working, but secondly it's a very well-known brand in manhattan with a 20 year legacy and heritage on which the company can be very proud about. the deal terms are partly in our notes, so we took an impairment in this third quarter and took a divestment loss of 275 to $325 million. we made it possible for getir to have a good start with the company, to continue the business in the bronx, in new york, and focus on manhattan. they will add their competencies on a fresh business, a very ultrafast business who has a strong reputation in europe. kriti: let's talk about some of the other pieces of your business, if we can. and we appreciate the deal terms on fresh direct. let's talk about bold.com. about two years ago, it had been

ready for an ipo. is that still on the table? frans: we are very consistent there. we said no to the ipo one off two years ago. first of all, markets were not so easy, as you can imagine. they were having a very good run. we were very proud of the market share gains they were having and we also have a very strong market share over. where the market share leader in the dutch market, and number two in belgium, number one in the dutch speaking part of belgium. very heavy with the bull development. if economics and market conditions are helping us here, then we will reconsider this. the ipo is not off-the-shelf. kriti: not off the table. we hope you will give us that breaking news you do consider it. i want to go to another part of your business. you have recently announced the acquisition of the romanian grocery retailer.

is this your last acquisition? are you on a buying spree right now? what's that looking like right now? frans: we always said it is the strategy of the company to grow the business with a strong balance sheet. we have -- romania is a growing market, also gdp wise. we have a strong business there. with this acquisition, we will more than double our business in that country. this gives us a strong position in the supermarket sector. we are very happy with that transaction. we are still awaiting the approval of the authorities. it might take it into 2024. a good acquisition, very company entry. we have a strong business -- very complementary. we have a strong business in the capital of bucharest, but we also see the company has strong positions in the rural markets in romania.

but also they are ahead of us in the proud city of -- kriti: yeah. very quickly, i'm going to put you on the spot. you are talking about market share, romania market share in europe. let's talk about market share in the united states. a lot of u.s. viewers will recognize you as owner of food lion. what are you doing to gain market share in the states? frans: we have a very strong strategy with local brands, very connected to the local communities. during covid, this only became stronger. we have a strong online proposition, 7 million penetration 4 billion sales. we gained market share, gained in the second quarter 50 basis points of market share on the east coast. we have a traditional grocer and leader on the east coast, so very strong positions, number one and two positions in all the market areas where we up or. and also this quarter -- where we operate. and also this quarter, we have seen the final numbers, we think and the key markets we have gained share. the holiday season is coming, as

you know, so thanksgiving is welcoming us with great offers to the giant food company, good offers with stop & shop in new york. kriti: certainly something we will be keeping a close eye on. we look forward to your update post holiday season. ahold delhaize ceo frans muller, thank you for joining the program. more to come, after the ak. stick with us. this is bloomberg. ♪ all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

♪ kriti: i think when it comes to the market conversation, there is only one that is in mind. are the federal reserve, the boe, the ecb, the central banks still considering baritone to be as hawkish as before? it's not necessarily because the growth story has changed or inflation store has changed, it is because the market story has

changed. the 10 year term premium having a massive effect that may be the market, the selloff we have seen the long end of the curve has done some of the work for the fed, and by extension, for the boe, ecb, even the boj, all of which have mentioned that volatility. something to keep in mind as her talk about what's going on ahead of the market open. before i hand over the reins, a quick reminder that bloomberg's new economy form is underway in singapore. we speak to the managing director of industry capital partners. later this morning, scott goodwin from diameter capital partners as well and ceo of aza joining bloomberg television on markets today. plenty more executives on all the earnings stories we are monitoring. stick with us. that coming up next. this is bloomberg. ♪

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