>> good morning and welcome to daybreak europe. rishi sunak denies that the u.k. is headed for austerity. we bring you our exclusive interview with the british prime minister. >> spending in the u.k. is at very high levels. it has grown at very high levels even in real terms after the impact of deflation. any commentary or accusation that is what is happening is unfounded. kriti: israel and hamas looked to extend the temporary truce beyond today to allow for the release of more hostages and prisoners. joe biden backing the move saying allowing the delivery of critically needed aid to gaza. plus on the economic front record online black friday sales. shoppers spending almost $10 billion. we have crosscurrents from geopolitics to monetary policy. we will check how the markets are faring on this monday morning. you are seeing red across the

screen here. lower risk sentiment. what is interesting, it is coming after the thanksgiving day holiday. i wonder how much light volume rally we saw last week is actually getting paired back today. perhaps in a little bit of caution going into some of the data we are going to get this week. we have pmi's. we have a lot of fed speak. not to mention the other data points around the world. euro stoxx 50 futures down to 0.4%. ftse 100 futures lower. it is a similar story across the pond. s&p futures down 0.3%. some real underperformance in the nasdaq 100. down by almost 0.5%. the winners of last week against a very low trading volume is actually going to be the pullback. your losers at least seem to be the early indication. you are seeing a little market action seep into the bond market

as well. this is important when you look at the two year yield. 496 on the front end of the curve. higher by two basis points. it is supposed to push the dollar higher. you are seeing dollar weakness broadly around some of the g10 currencies. euro-dollar one hundred nine on the cusp of 110 and 126 on the cable rate. brent crude on the other hand trading at $80, down by 0.7%. a lot of which is going to have a readthrough on geopolitics in the middle east. israel and hamas have signaled that a temporary cease-fire in gaza could be extended beyond today. that is to allow for the release of more hostages and prisoners. in a wide-ranging exclusive interview with bloomberg, rishi sunak explains the role the u.k. can play. he also condemned all forms of anti-semitism in a careful criticism of elon musk that stopped short of a full throated condemnation by joe biden

alongside several others. take a listen to what rishi sunak had to say. >> i do not tend to get in the business of scrutinizing what every person says. of course i abhor anti-semitism and we have been unequivocal from the start of this situation that that is not acceptable in our society. i have personally been very firm about that. it is very sad what is happening. >> but are you condemning elon musk? >> it is not about anyone personality. i condemn anti-semitism in all its forms. >> he has a big platform, prime minister. >> and as i said i condemn anti-semitism in all its forms. it does not matter whether you are elon musk or someone on the street who shouts at somebody who happens to be walking past you. anti-semitism in all its forms is wrong and we have strong laws in place to tackle racial hatred. some of the scenes we have seen have been unacceptable. the police know they should be

using the full force of their powers to bring those people to justice. that is what we have been clear about and that is what we will continue to do. we will make sure the jewish community gets funding to ensure the safety and security and we will continue to do that. >> what plan do you have for gaza? when do you think the fighting will stop and can the u.k. be involved in peacekeeping? >> we have been clear during this awful tragedy that israel does have the right to defend itself. it should do that in accordance with humanitarian law. we have also called for sustained humanitarian pauses where aid can get in but also hostages can come out. i am glad that is now happening. all of us will have seen some of the scenes over the past day or two. it is very important that everyone honors the agreement and we can continue to see more progress. we will be continuing to talk to all of our partners in the region whether that is the americans the israelis, the

egyptians, the qatari's, to make sure we can see this through. >> is the u.k. for a two state solution? >> always has been and we need to redouble our efforts. i spoke to the palestinian president when i visited the region specifically about this. the u.k. will do everything it can to help the palestinian authority. we need to look to the future of gaza post hamas and make sure everyone in the region can look forward to a future where they can live lives of dignity and security and opportunity. that is the vision all of us share. we have to redouble our efforts to bring that about. >> rishi sunak speaking exclusively to our very own francine lacqua. a lot more from that conversation later this hour. let's really zoom in on the key things he was talking about. the conflict in israel with hamas. something both parties are now signaling a possible extension to the temporary truce after that four day agreement for a cease-fire. we are joined by bloomberg's

henry meyer. talk to us about the likelihood of an extension in the context of the fact the word suspicions these four days would not last. henry: good morning. i would say the chances are at the moment the cease-fire, temporary cease-fire which is in its fourth day, will be extended. these are the signals we are receiving. the israeli government has said it is willing to consider it. hamas has said it is ready to continue this arrangement. obviously, the last several days have been difficult. at one point, it seemed like it was at risk. there was a delay in the release of hostages. so far it has gone according to plan. as far as the international community is concerned, it would like to see this extended because you are getting aid into gaza. you are trying to sort of engineer a situation which potentially you could end the hostilities. that is what everyone is hoping for.

kriti: talk to us about the global repercussions. you have joe biden, even hillary clinton, other leaders talking about the initial need for a cease-fire, then concerns around it in terms of how much time that gives hamas to regroup in particular, what goes through the amount of pressure the united states can apply to israel when it comes to the humanitarian story? henry: it is interesting. democratic senator chris murphy suggested you could tie u.s. aid to certain conditions. respect for international humanitarian law. president biden was asked about this and did not entirely dismiss it. i think that's going to be difficult for the u.s. to do with such a close ally and there is bipartisan support for israel. this arrangement with the release of hostages represents the best opportunity for the u.s. because the longer it goes on, the harder it is for israel

to resume full-scale hostilities. you see pictures of hostages coming out. there is a huge public opinion in israel absolutely riveted by what's going on. there's a lot of support for getting the hostages out. i think that alternately is going to be the main pressure point on netanyahu as he decides how long to continue the truce. >> certainly something i think a lot of. not only regional powers getting involved, but markets are watching closely in terms of how prolonged with the ripple effects of this conflict are. not to mention humanitarian tragedy as well. henry meyer joining us from dubai. from the middle east we come to europe. it is not just israel we are paying attention to. we are paying attention to the war in ukraine. russia has seen one of its biggest drone attacks in several months. the defense ministry said drones were shot down overnight and early sunday morning across at least four regions including

moscow. ukrainian intelligence sources report to have sent a total of 35 drones as a response to moscow's drone barrage in kyiv on saturday. there is a lot to watch in terms of the war situation in ukraine and israel as well. you can get a full round up of those stories, plus our top story, an interview with rishi sunak, all in your edition of the bloomberg terminal. diy bigo is where you can find it -- dayb is where you can find it. let's talk about how markets are trading in asia and what precedent it sets. avril hung standing by in singapore. avril: stocks not setting a good tone at the start of the week as we see a gauge of the equities in the region, the csi 300 is pairing losses. by as much as 1.3%.

it is about chinese industrial profits numbers. the decline year to date is easing. it is not as bad as the 9% from of the prior meeting. if you look at the october number it is 2.7% and much lower than the double digit increases we saw in october and september. raising concerns about week momentum in the industrial sector. let's look at what is causing the drag in greater chinese stocks. we are watching byd very closely. it slumped almost 6% earlier. there's all this talk about price cuts but tv makers in china are coming under pressure on the back of huawei. the news they are setting up a smart car system unit soon. we are seeing that stock rallying in the property developers are a bit of a drag today. given what we saw last week, how they rallied. let's flip the board because we are not just watching equities. we are watching the chinese

currency on the back of those industrial numbers. we saw it hovering at 7.161 against the greenback. weakness there. we saw a weaker fix from the pboc today compared to the friday fix. that is really causing that concern about the chinese currency. whether it can break past the 713 level against the u.s.. support level we have been watching, the 200 day moving average so far, it has failed to overcome. kriti: something that's going to be feeding into perhaps the dollar weakness story. and at a time when a lot of people are pulling back on their loans for a lot of those asian currencies. we thank you so much for bringing us that crucial market dynamic. coming up, ahead of cup 20 and kicking off this week, -- cop 28 kicking off this week, the outlook for esg next year. we are going to dive into that next. stick with us. this is bloomberg. ♪

kriti: nigeria's central bank is planning changes to get a grip on inflation and steady its currency. in his first speech since taking office, the governor hinted at a return to orthodox policies. joining me now, -- what did the governor say about the economic outlook when it comes to 2024? >> he had quite a positive outlook. we are seeing 2.5% and this is a slight growth from what was seen in quarter two. we are seeing quarter four of the year with a very optimistic

outlook on the trajectory of the nigerian economy. he attribute it several sectors to this, among them agriculture and industry. this comes with its own challenges. industry poses a real threat, disrupting productivity and reducing output. we are also seeing growth in all sector production expanded by 0.85%. the production barrel in a day has increased from 1.2 million. it is important to know they are still not hitting the opec target. we are waiting to see how the economy takes shape. the government is looking to bolster agriculture and also make the environment more conducive so foreign investors can going to nigeria and stabilize fx. kriti: is there any signal of the next meeting after the delay?

ondiro: well, for this year he said the central bank has already met the threshold for meetings but next year we are looking at possibly two rate hikes because that is what is needed to be able to rein in inflation. it is currently at 27.3 percent. food prices and gasoline prices are high. the easing of forex trading restrictions has led to the nigerian naira slipping against the dollar, losing 40% of its value. we are likely to see tight on a terry policy. the government said they will mop up excess liquidity in the market. kriti: something we are watching closely as the pressure builds on the nigerian currency. bloomberg's ondiro oganga, we thank you for bringing us that report. it is reported president biden is going to skip the cop 28 summit.

leaders and officials from more than 200 countries are expected to attend the climate event that begins later this week in dubai. the source did not give a reason for the decision but aides have suggested the united states president is focused on the current conflict in the middle east. let's make that translate to your portfolio though. this week's mliv pulse survey has a green feel to it ahead of the u.n. climate conference. the team asked market participants with their outlook is for esg next year. joining us is alastair marsh. walk us through what investors had to say on the more traditional esg plays. alastair: the survey makes quite ugly reading in the lead up to cop. the investor outlook, they are suggesting the green stocks lf left we have seen this year on

the back of higher inflation -- green stock selloff we have seen this year on the back of higher inflation is going to continue into next year. which is going to mean lower valuations for ev's. tesla according to estimates from these participants, they suggest four out of the top 10 companies on s&p in terms of valuations. tesla itself and the ev sector more broadly. kriti: do people actually pay attention to these changes given it is such a long-term thought? even climate change for example, there is that urgency to it, but in terms of traders and their portfolios, is there a real role? alastair: well, the energy transition yes, it is a long-term multi-decade activity

which is supposed to generate positive investment over a long period of time. on that basis, sure. the market should be financing towards ev's which decarbonize transport and energy stocks which allow for the replacement of fossil fuels. short-term, the u.s. has made quite a toxic environment for investing in esg stocks. the financial arguments do not add up, then that also undermines the flow toward esg. what was the darling in 2022 seems to be fading away now. kriti: it is something we are going to keep a close eye on. when we talked about the esg push originally, it brings me back to 2020. you saw people kind of dive into these, esg, etf's with massive inflows. at the end of the day they were trying to get exposure to tech. the readthrough is not as clear

3.5 years later. alastair marsh walking us through the key survey results from our mliv pulse survey. coming up, china attempting to ease concerns over the respiratory disease outbreak spreading across the country. we look at what could be behind the surge. stick with us. this is bloomberg. ♪

kriti: china's health commission says a combination of pathogens is causing a surge in acute respiratory infections. influenza being one of the main causes of a spike in cases predominantly seen in children. for more we go to bloomberg's allen one joining us from shanghai. walk us through what is causing respiratory diseases, how severe the situation is. there is global worry 3.5 years after covid.

what do we actually know here? >> this is the first winter after the end of pandemic restrictions. studies show the incidence of pneumonia was above normal. it has been low the past two years. right now we are seeing a convergence of several pathogens, all known pathogens. mycoplasma. rsv. the addenda virus, and the flu. but it is the mycoplasma that is a concern. just because that pathogen has been found to be resistant. resistant to a class of antibiotics. that is why a lot of people are concerned. there were reports of taught pediatric centers in beijing in the north being overwhelmed with patients. we have heard about kids waiting

several hours to see doctors. china is now saying as far as mycoplasma related infections are concerned. we are seeing ebbing there. the number of cases related to flu and more well known pathogens are going to increase in the weeks ahead. kriti: what is the government response? has there been any sort of move similar to that of covid-19? how seriously is china taking this? allen: china is more cautious than usual. thankfully so far there have not been any deaths. but the local governments have been told by state council workforce to increase -- to do more to open more clinics and prevent further outbreaks. also, you've got people wearing masks, more people wearing masks on subway stations.

you have some schools now they have started to talk about closing, shutting down. for even using zoom because of the number of children who are getting sick due to a variety of pathogens causing these outbreaks of diseases. kriti: it is certainly something we are going to be keeping a close eye on. there's a lot of investor worries in terms of, could this be something bigger? just given when covid-19 first came about it was shrugged off at least by the global investment community from a peer markets perspective. we thank you for that crucial perspective. other stories we are watching, foreign ministers from japan, china, and south korea have agreed to push for a trilateral leaders summit. the gathering has been on hold since 2019 due to the covered pandemic as well as political tensions. the three countries have drifted apart in recent years as japan and south korea strengthen ties with the united states.

from asia we go to south america. the argentinian president-elect heading to washington to meet with officials from the u.s. treasury and the white house as well as the imf. according to a spokesperson from his office the purpose of the meetings are to explain the incoming administration's economic plans. president lula da silva was invited to the inauguration in argentina. we know in the last 48 hours or so, or 72 hours, the number two person chosen for that move was actually denied by -- denied the position given to heavier melee because of the policies he was putting out, they did not make sense. another chart coming to the top of my mind is the bond market. we are looking at the twos-tens curve. we can see it flattened to some extent but making a bit of a comeback. this is going to be important when we talk about the bond

market moves we are seeing across the cross asset story. it's going to have a real impact to the stock market as well. the idea here simply being that the amount of money on the sidelines is not feeding into the broader story when it comes to the stock market and what kind of declines or gains you are going to see there as well. borrowing costs are going to be a big part of the story so we will bring you more market analysis after the break. plenty more from our interview with rishi sunak coming up next. this is bloomberg. ♪

kriti: good morning and welcome back. let's get the top stories that

set your agenda. rishi sunak denies the u.k. is headed for austerity. we will bring you are exclusive interview. pm sunak: government spending in the u.k. right now is at very high levels, in this parliament it has grown even after the impact of inflation. i think any commentary is unfounded. kriti: israel and hamas look to extend their temporary truce beyond today to allow for the release of more hostages. president biden backs the moves. record online black friday sales, shoppers in the u.s. spending almost $10 billion in the kickoff to the holiday season. plenty of data ahead as well to really digest this week. right now we are seeing a little paring back some of the gains from last week, given it was

thanksgiving in the united states, so last week was a light trading environment. when you see people come back to the trading desks it is natural to see a massive pullback. euro stock futures down. the nasdaq down about 4/10 of 1%. i would argue the action is the bond market. when you look at the two year yield, you are seeing it slightly increase, but the readthrough into the currency picture not as strong. in fact, a weaker dollar pushing the euro and pound higher. keeping that bid, the time we are talking about fiscal issues. let's come back to the fiscal conversation in europe probably. it brings us to our exclusive interview we had with the

british prime minister. rishi sunak says investors have committed nearly 30 billion pounds to new products in the u.k., as the leader hosts the global investment summit in london. he spoke exclusively to francine lacqua, denying that we can expect a fresh bout of u.k. austerity. pm sunak: we are excited to be hosting our global investment summit, it is also our welcome to business meet. we have committed almost 30 billion pounds of investment, more than double if not triple what we had when we last held the summit so it is in a norma's vote of confidence in the u.k.. --an enormous vote of confidence in the u.k. we are poised to have a positive day. francine: the forecast for next

year and 2025, do you think the ob are is being too conservative? pm sunak: the story of the u.k. is an economy that has real momentum. since i've been prime minister, we have have it inflation -- halved inflation. we are still forecast to outperform major european economies. crucially, business investment has grown faster than any other g-7 economy in the last few years and if you want to drive growth in the economy, you need businesses to invest in we have more mental than anywhere else. i feel very positive about the long-term growth outlook. francine: do you think the opr is out of touch or do you think the numbers will come in so you can keep cutting taxes? pm sunak: when i became prime minister, the opr and imf and all of them predicted the u.k.

would be in recession this year and that hasn't happened. we put in place policies to ensure it didn't and i'm delighted we have outperformed and grown better than anybody thought. our track record outperforming what people think. the u.k. economy has real momentum now. inflation and has come up business investment has grown at than elsewhere. we have almost 30 billion pounds in commitment. i think that shows investors and companies are voting with pounds and dollars and that shows there is confidence in the economy and that makes me think we are poised for strong growth. francine: if you look at inflation and exclude energy, it has been down by about a fifth. i don't know how much credit the government can take on that. pm sunak: if you look at core inflation, it's pretty much middle of the pack for european economies. forecast next year to be lower than the euro zone and i think the u.s. last numbers i checks.

it is coming down faster than peers. we are making sure we are disciplined with borrowing. investors are making sure that fiscal policy is sensible. we are being sensible in the public sector. you will see that feedthrough to the economy and we are also improving labor supply. if i talk to businesses, they are keen to have access to labor, we want to make sure we are moving people off welfare and into work. all those things are contributing to downward inflation. francine: if the opr is right, where can you find some spending freeze or cuts? pm sunak: what we just delivered a significant tax cuts for business and for everybody in work. that's what our autumn statement last week did. the biggest since the 1980's. we are making full expensing

public, you will get a total right of against your taxes for capital investment, that is incredibly generous to attract business investment and it is on top of the fact that our corporate tax rate is lower than any other g7 economy. when it comes to individuals and work we've just delivered a significant personal text but that will put 450 pounds extra in the bank accounts of a typical person in the next 12 months. francine: will it mean you have to find money in department where you know voters want you to spend more? are you comfortable possibly being prime minister of austerity? pm sunak: that's not the case. government spending in the u.k. right now is high levels. historically over this parliament it has grown at high levels, even in real terms after the impact of inflation. i think any commentary or accusation of that happening is unfounded. we are at a point now, given how

people are feeling and the amount being spent where i think the priority has to be lowering the tax burden. government is already spending a lot of people's money and what we need to see moving forward is more productivity out of the public center, it needs to match the private sector post-covid and i would rather focus on efficiency and prioritize cutting people's taxes rather than the government spending more of their money. i'm very clear that's the choice we are making. francine: you've taken a hard line on rising anti-semitism in the u.k.. the white house has denounced elon musk on what has happened on x the last few days could do you do the same? pm sunak: i don't get in the business of commenting on every person, of course i have poor -- i abhor anti-semitism. i've personally been very firm about that. it's very sad. francine: are you condemning

elon musk? pm sunak: i condemn all anti-semitism. it's not about every personality. francine: he has a voice that is outsized. pm sunak: i condemn anti-semitism in all of its forms, it doesn't matter if you are elon musk or you are on the street shouting abuse. anti-semitism in all of its forms is wrong. we have strong rules in place to tackle racial hatred. some of what we've seen have been unacceptable and the police know they should use the full force of their powers to bring those people to justice. that's what we will continue to do. we will make sure the jewish community gets extra funding to ensure their safety and security and we will continue to do that. francine: what kind of plan do you have for gaza? can the u.k. be involved in the peacekeeping role afterward? pm sunak: we've been consistently clear during this

awful tragedy that israel does have a right to defend itself and it should do that in accordance with humanitarian law. we've also consistently called for sustained humanitarian pauses where aid can get in and hostages can come out. i'm glad that is now happening, i think all of us have seen some things the past day or two and found it heartening. it's important everyone honors the agreement and we can see more progress. we will continue to work with our partners in the region, to make sure we can see this through. francine: is the u.k. still for a two state solution? pm sunak: always has been and we continue to be. we will redouble our efforts on that. i spoke to the palestinian president when i visited the region specifically about this. the u.k. will do everything it can to help the palestinian authority. we do need to look to the future of gaza post-hamas and make sure

everyone can look forward to a future where they can live lives of dignity and security and opportunity. i think we need to redouble our efforts to bring that about. kriti: the u.k. prime minister speaking exclusively to francine lacqua. stay with us for live coverage as the uk's global investment summit gets going, including key interviews with key executives. i want to come back to the main topic that francine ended on with the prime minister, the tensions in the middle east. israel and hamas have signaled the temporary cease-fire in gaza could be extended beyond today to allow for the release of more hostages and prisoners. speaking on sunday, president biden backed along the pause. pres. biden: eight is going in and hostages are coming out. we need to keep building on these results. that is our goal, to keep this

pause going beyond tomorrow. kriti: henry meyer in dubai going as with the latest. walk us through the likelihood of the extension. henry: good morning. i think it's looking as though that could happen. israel has said it is willing to consider extending the truth, which is in its fourth day today. hamas has said it is ready to do so. under the condition that each additional day that israel refrains from hostilities, another 10 hostages would be released. as you mentioned, president biden has called for this to happen and i think the hope is, in the u.s., the longer this goes on, the greater the hope there is of bringing an end to this war. israel has said it wants to resume fighting but it remains to be seen how this plays out. kriti: do we have any indication

of what that extension might look like? there has been notable pushback in terms of concerns that any prolonged cease-fire or humanitarian situation only helps hamas restock and heal almost, to only repeat perhaps further attacks on israel. are there any boundaries or lines or indications of the extension might look like? henry: it doesn't seem as if it would be open ended. 240 hostages were taken from israel into the gaza strip so if you do the math, it won't take forever for them to be released. the issue, the dilemma that israel faces is a lot of domestic pressure to get these people back, away from captivity. at the same time there is a risk that you are giving hamas breathing space to rebuild its military capability. it's a very difficult issue for

israel. kriti: we know that in the process of this four-day truce, there was a hick over the weekend. hamas said we need humanitarian aid to come to northern gaza, it was only coming to southern gaza. walk us through the humanitarian situation in gaza. where the united states falls in relationship to helping. henry: that was one of the goals of the arrangement, to allow more aid to come into gaza and that is happening. of course it is not enough because there has been a basic blockade almost four over seven weeks. the humanitarian situation has been dire. people haven't had enough water or food. a huge amount of residents have had to move from their homes in the north to the south. i think the position is the

longer this goes on, the more aid gets in and you try to reestablish some kind of livable conditions for the people who were there. kriti: something we are keeping a close on on as the humanitarian tragedy becomes more and more dire. perhaps good news if we can see this humanitarian truce extend. henry meyer joining us from dubai, thank you. perhaps in addition to the truth, this week we have other big events we will watch out for. starting at 2:00 p.m. u.k. time, christine lagarde set to give her quarterly testimony to the european parliament committee on economic and monetary affairs. 60 minutes later, we get data out of the united states, home sales on the docket. the data continues tomorrow as well. earnings from a chinese e-commerce giant. on wednesday, fresh german cpi data in the morning, and u.s.

gdp later in the day as well. thursday is the heavy hitter. opec-plus scheduled to hold an online meeting after a gathering was delayed last week. u.s. pce data, that is the preferred gauge for the inflationary front. and copper 28 kicking -- cop 28 kicking off as well. on friday, we will get more. stick with us, this is bloomberg. ♪

>> we are able to get new categories into the marketplace

that is now online for bloomingdale's and macy's. i bet on department stores and i've made my career doing this. it is still very relevant and we will be ready for what the customer is evolving and we have strong assets to do that. kriti: the macy's ceo speaking to bloomberg on black friday. the stalwart of a lot of american spending -- beautiful windows i have to say. americans spent a record on black friday. can the shopping frenzy last into christmas? with me, a fellow shopper, charlie wells. walk us through some of the data we got. a lot of people watching this as a litmus test to see is the consumer still consuming? are they? charlie: out of the gate is looking positive. sales growth of about 7.5%

compared to last year last year was a really bad year. this is one of the situations where good news out of the gate could be bad news for retailers going forward. adobe analytics are projecting about 5% growth this year, which is better than last year, but when you compare that to pre-pandemic, growth in 2019 in the holiday shopping season was 13%. we are looking at potentially sluggish growth this holiday season and it is a crucial time for retailers and there is concern this could be softer than hoped-for. kriti: we have the jcpenney ceo on last week and he was kind of bombastic, they are not talking about price hikes at all even though they have major price hikes going into 2022. are the retailers winning out with margins or are consumers getting good deals? charlie: we know the consumer has been under a lot of strain with inflation. that was a huge concern last

holiday season. i think they are looking for big discounts. our retail team fanned out across the country, to malls across the united states. kriti: i want that assignment. charlie: sounds like fun. but a lot of consumers were disappointed by discounts. the past few years, we've had inventory issues and retailers have had to cut a lot of stock because of supply chain issues. when you look at some of the numbers, adobe is expecting discounts of 35% this year and that is a record. i think the consumer might come out ahead. kriti: we are talking about the consumer coming out ahead, and the foot traffic numbers were abysmal, no one is lining up anymore but they are shopping online. does that work as a macro recession indicator when it feels like the holiday trapping may dipping into savings?

charlie: on the digital it is striking, adobe found more people shopping on mobile than desktop, which is not something i would do, maybe i am old school. this is the key thing we are looking for. is the consumer going to keep buttressing the u.s. economy? consumer spending in the united states accounts for 70% of gdp and the consumer has been rescuing the u.s. economy. as we see some foot traffic falling, i think the concern is can online make up for it? we will see going into christmas. kriti: to your point, it's interesting, and i can tell you maybe do not use coupons. charlie: not organized on that front. kriti: me either. do we see this spending frenzy get cut short? is this holiday season the last hurdle? charlie: it's really difficult. one thing we've seen a lot is buying now and pay later popular reputed potentially the consumer is under strain.

instead of using some of the cash they saved during the pandemic, they are paying later. are they using credit cards? for bank earnings and the third quarter, there was an uptick in credit card spending and that seems to indicate that maybe the consumer is not in as good of a position as the past few years. kriti: it will be really interesting, again, a litmus test i think people are watching for. kpmg, their chief economist said, a lack of foot traffic is a little concerning but then you have adobe saying the online makes up for it. some varying views. charlie wells all over that story and we thank you for bringing it down for us -- breaking it down for us. also, bloomberg has learned that bytedance will unwind products under development and way sales of existing titles.

this marks the biggest retreat from a booming gaming industry that was once dominated by tencent. more after the break. this is bloomberg.

kriti: if i can leave you with one chart, it is this. is this the time you hop into the stock market? there are couple of logics why you should and should impute i will start with the bear case. we've seen a lot of green on screen. global stocks, not just the u.s., on a four week rally. that's what all of this green is about. if you are a bearish investor going into the holiday season you will save we've already seen some green, maybe people cash out at the end of the year, the month. the bull case is simply that

there is very low trading volume and that will be something to watch closely. it could create the indication of a santa rally. the vix hitting very low levels and this could be an easy win if you want to hop into the holiday season. this will be a big story going into the u.k. global investment summit that gets going today. we will renew key interviews. the chief executives of hsbc, lloyds and blackstone will join bloomberg programming. next, markets: today. this is bloomberg. ♪

>> this is "bloomberg markets: today."