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♪ >> good morning. this is bloomberg daybreak europe. the dollar drops. treasuries continue their rally on growing bets the fed is done tightening and may start cutting rates next ye. israel said hamas released another 12 hostages. charlie munger who helped warren buffett transform berkshire hathaway has died at age 99. welcome. it is the 29 of november. futures are pretty flat on both sides of the pond this morning. euro stocks currently just in the red down 1/10 of 1%. ftse down 3/10 of 1%. really you have to ask yourself whether this november really a ji running out of steam. whether we're going to see a rally as we get to the end of

the year. if the data don't conclusively show that a recession is already here. we have lots of fed speak to digest. we'll be doing that throughout the program p and most note establishing waller sounding dovish and balance to bialready considering cooks. a dollar negative bull steepening environment. at the short end of the curve, you saw it break through that 4.8% elle. the yield is down five basis points at 4.68%. you saw the dollar yesterday dropping to its lowest level since august. currently the dollar is weaker. we the dollar rallied above the 110 level after lagarde confirmed talks are coming in the not too distant future. we remain around that level now.

around commodities, the opec meeting delayed until tomorrow. brent at $82 a barrel and gold solidly back above $2,000 an ounce. there are bets that the fed is done with hiking. 2089 is the level we're looking for if it wants to set a new record? can we get there before year end? we'll keep an eye on that. let's get over to asia for a check on the markets there. tell us how the dovish fed speak is being received where you are? >> yeah, that dovish commentary not quite benefiting for the asia pacific gauge of stocks. it is slightly softer because the preoccupation is really there after soft guidance. it got the price tag cut as

well. it fell to its lowest since march 2020. the other big story we're watching among chinese tech the is the alibaba founder jack ma saying it is time for a course correction. just consider how it has been upfleefl the company this year. earlier we heard how it was going to break up into six different division and eventually those plans to spin off its cloud unit was scrapt scrapped. with saw it already under pressure. that memo came out. sliding a bit more negative now. he went as far as to say they are getting things right. also knocked things out of the park. let's take a look at what else is dragging the mscia asia pacific. not good for the japanese banks.

timeline perhaps pushed out further. let's take a look at other asia fx as well. on the back of those fed expectations that is benefiting the offshore currency finally breaking through with 200-day moving average. we're keying is kiwi rallying on the back of that hawkish call. lizzie? >> thanks. now i want to get into the meat of that fed speak next. the narrative of the fed pause gaining further traction. you have had dovish comments from fed officials driving the dollar. fed if governor chris wallace says we're in a good spot on rates. >> i'm confident the policy is well positioned to slow the economy and get inflation back to 2%.

>> let's bring in bloomberg's paul dodson for more. when are we get to get these fed cuts? >> good morning to you. that is the preoccupation of the markets. when are we going to pivot towards that fed cut? it seem more and more the momentum is building towards us. the comments are significant. one of the more hawkish members of the fed committee and the fact that he is now seeing the rates are high enough to bring down inflation would be encouraging to the market. that said, whether the fed will be minded to cut as soon as the first quarter still very much remains to be seen. the market is placing that first

cut in the middle of next year, maybe as soon as may. depends on the economic data. i think the fed will want us to pound in the idea that it wants interest rates to stay higher. it is not just thinking about another couple of months or just the other side of christmas but thinking about deeper into next year. to so the beast or monster is vanquished and it is safe to start reduce inflation rates without letting inflation out of the bag. >> thank you for that. we're going to get a load more of economic data today. it is a busy day. 10:00 a.m. u.k. time the latest consumer confidence reading. it is likely resumed the recovery from its 2022 lows but remains subdued by historical comparison. then at 1:30 london time we get

uspc personal consumption expenditures. a third inflation gauge for the pedestrian. fed officials want to see sustained signs of cooling and finally at 7:00 p.m. u.k. time we get the fed's beige book. when you have data quality deteriorating as it always does around economic turning points this anecdotal evidence really all important. will this beige book change the outcome of the fomc's december meeting especially as we have been discussing on rate hikes in the labor market? the impact of that could be what we learn from this beige book. ultimately the question, the market is right to be priced to a soft landing. i want to get back to the geo politics. israel says hamas has turned over 12 more hostages to red cross. 10 israeli and two from thailand.

they have accused each other of violating the deal. will the violations be enough to derail the troops? >> i don't think that looks very likely at this stage. what we understand, the israeli army yesterday said that they were -- there were three separate explosions that took place that lightly injured some of its troops and then the exchange of fire and hamas also said there had been some violation but the qatari mediators who had been spearheading the talks described the violations as minor. so no, i think that we will continue to see the truce hold. but of course it is due to expire tomorrow at 7:00 a.m. local time unless it is extended. >> of course we are expecting a visit if the u.s. secretary of state antony blinken. what is expected to come out of this visit? what is he hoping for?

>> of course the big focus is on whether or not the two sides can agree to prolong the truce and the arrangement for the release of israelis held in the gaza strip palestinian prisoners held in israeli prisons. those talks are being held really more at the level of the c.i.a. bill burns got to doha yesterday and has been meeting and we will see whether or not that is successful. the u.s. is looking to extend it by several days, not just 48 hours at this time and to expand the category of hostages that can be releusd including men and -- released including men and members of the military. >> thank you for joining us. you get a round of the stories you need to know in today's edition of daybreak. an early fed rate cut and

charlie munger's death at 99. finally panama being poised to -- a copper mine. coming up, we'll bring you more on the life to have investment titan. charlie munger. the alter ego to warren buffett. he died at age 99. that is coming up next. this is bloom ♪

lizzy: welcome back to bloomberg daybreak europe. sad news overnight. berkshire hathaway has announced the death of long time chairman charles munger. he was 99 years old. warren buffett said his inspiration, wisdom and par e i

guess the paition helped shape its life. for anyone unfamiliar what was so special about charlie munger that made him warren buffett's right hand man? >> he really was an architect. also in shaping this firm and taking it from the moment that he and warren buffett met at a chance encounter in omaha in 1959 to one of the most successful conglomerates in american economic history. what he really did here is sort of helped shape warren buffett's thinking moving him beyond looking for cheap companies to looking for wonderful companies at fair prices. that steered this firm's investment from investing in see's kan candy to am and coca-cola. lizzy: he in his own words had a lot of groupies. what were the other principles

that made him rich? >> what people really valued about munger was his ability to talk straight and say it like it was. he literally could look the man, one of the greatest investors of all time in the face and say you're not thinking straight. it was the ability to cut through a lot of the noise. i think they valued his ability to make a lot of money. lizzy: what does his death mean for berkshire hathaway? >> this is going to be difficult. he was such a pivotal player. he had such a relationship with warren buffet. they spoke almost daily for hours on the phone. one of his philosophies was trust first, ability second. that has shaped how they have tried to play the succession playing game. the next generation of leadership for this firm has been tapped. there is no one really who can fill the shoes of charlie munger.

lizzy: i'm sure you will hear plentior quotes from charlie munger. my favorite is mimicking the herd. what a guy. this is bloomberg.

lizzy: good morning to bloomberg daybreak. 6:18 in london. we're going to go to africa now. nigeria's president is set to deliver his first presentation to the national assembly today. it is an early opportunity give his development plans. what are some of the key economic issues that we should be looking out for in the president's budget address?

>> inflation will be one of the key things we should be looking out for. how does his administration intend to bring down the cost of living. inflation is currently at an 18-year high. this was exacerbated by some of the policies he introduced coming into power in may. one was easing restrictions on trading. we're keen to hear what he says about funding for the budget. where will the money come from? is it coming from oil or will they try to explore things like solid minerals? we're keen to know where the funding from the visit will come from? is it from domestic borrowing or the bull market? and some clarity on infrastructure. his predecessor invested a lot in rail. it will be interesting to hear where the president will fall. lizzy: the national budget

increased be a fifth is meant to stimulate the economy. how feasible actually is that? >> well, it is a double edged sword. on one hand a bigger budget means they have more money to invest in infrastructure which chris jobs and injects liquidity in the market. they can increase public wages. the cost of living is skyrocketing. food inflation is at 31%. they will have resources to invest in security. the government said insecurity is affecting agriculture, industry service and oil. they are looking to boost up security and ensure more productivity. on the other side, 30% of that budget will go into debt servicing. the budget might be bigger but it is smaller in dollar terms. lizzy: excellent reporting as

always. thank you. now staying in africa. south after ka is to shut its long steel products business cutting as many as 3,500 jobs which deals another blow to the continent's third biggest economy. what is behind these job cuts and the scaling down of operations? >> well, it is really a combination of factors looking weaker demand over time for steel products. the company has seen steel consumption go down 20%. beyond that, mining and industrial firms have been affected by logistical challenges brought by state-owned railway and they have made it difficult to

transport from pit to port. add to that the country's energy supply issues and rising elect prices that have just increased the cost of doing business and has curtailed profits in the sector. many are forced to -- jobs. lizzy: this seems like a massive blow. another massive blow to south africa's industrial sector. how does it deal with that? is there any hope on the horizon for when things are going to start to improve? >> it is going to be very difficult to reverse the effects of these job cuts. they are essentially brokennen and need major overhauling. more job losses are expected. as much as 10,000 jobs may be shed by as early as january next year. we saw in the third quarter last week, the mining lost a lot of

jobs. the government itself is collecting less corporate taxes and is missing revenue because of waning productivity. there is very limited potential for significant cuts ahead of an election that is said to be hotly contested. lizzy: thank you. now i want to get to some more news from south africa that we had earlier this morning. one of south africa's biggest companies reporting its earnings, the first half it had an operating loss of $426 million. the expectation was in fact the last year, if we do a comparison to the previous was a loss of $111 million year-on-year. so not so great news there. they own a stake in 10 cent.

we learned that the c.e.o. bob van dyke is to step down. that news also coming out of south africa. also making news, spanish infrastructure and construction giant has agreed to sell its 25% stake in an airport for $3 billion. the pif will acquire 10% of shares in company. a paris-based firm. ing 15%. elsewhere, uber has struck a deal that will see london's iconic black caps on the platform. london cabbies vehemently protested uber's arrival in the city with 8,000 taking parts in protests. it is part of an expansion by uber.

we're just a day away from the start of u.n.'s latest round of global climate talks, political business and environmental leaders jetting into dubai. bloomberg's senior executive editor for equality has a rundown what to watch. >> number one, this is what is called a stop take here. governments from around the world will show up and show the progress they have made in terms of getting closer to net zero by 2050. climate fans finance. how can we get more money from the richer part of world to invest in green technology. number three. a lot of controversy around the fact that this is run by an oil and gas super power but they are super conscious of that making a big push to get oil and gas companies to commit more to cutting their methane emissions and the fourth one we're looking for is to be getting countries

to commit to tripling their investments in renewables by 2030. those are the four main points that we're going to be looking at. lizzy: that was our senior executive editor for energy, climate and equality. full coverage here on bloomberg tv. i mentioned about euker teams up with the black cabbies talking of staying relevant. we have a new report on the impact of a.i. on u.k. jobs. it looks like management consultants and people who work in finance are some of the most exposed to changes in the workplace because of a.i. the robots are coming for us. now this is according to this government report. the emphasis really on the need to upscale and reskill. the fight has already begun. the big four ranch up investment in a.i.

this is a moment where a little more wisdom is appropriate. lifelong learning is paramount to long-term success charlie munger says. some advice for the management consultants this morning. let's look at some of the events we're watching out for today. we have started getting regional inflation data out of germany this morning. at 1:00 p.m. u.k. time we have eyes on the national headline print for germany. the cpi could get to 2% this month before a rebound in december. before that spanish cpi due at 8:00 a.m. u.k. time and we'll get the euro area consumer confidence index and then the u.s. core p.c. and lastly for more on the u.s. economic outlook, look no further than the fed's beige book at 7:00

p.m. u.k. time. well, it is 6:27 a.m. in the city of london. let's get a check on where futures are pointing. at the moment you have euro stoxx 50 futures pretty flat. s&p, nasdaq up 1/10 of 1% as we head toward the wall street open. plenty more to come. lots of ecodata and geo-political news as well. we'll get the november prelims out. all crossing the terminal soon. stay with us for that. this is bloomberg. ♪ hi, i'm jason. i've lost 228 pounds on golo. so when my doctor told me i needed weight loss surgery, i knew i had to make a change. golo's helped me transition to a healthier, sustainable lifestyle. i'm so surprised just how crazy my metabolism has fired up. i have a trust in golo 'cause i know it works.

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>> good morning, this is bloomberg daybreak: europe paradigm in london, these of the stories that set your agenda. dollar drops near a form low and treasuries continue their rally on bets. the fed is done with tightening and may start cutting rates next year. israel says hamas has released another 12 hostages despite earlier claims from both sides of violations of the temporary truce. charlie, who helped warren buffett transform brookshire hathaway into an empire, has died age 99. good morning, welcome to wednesday, the 29th of november, and you are looking at futures on both sides of the pond pretty flat this morning. euro stoxx 50 futures are currently pointing to a higher opening, very, very flat just in the green. ftse 100 futures down 2/10 of a percent. s and pe minis at nasdaq futures up nearly 2/10 of a percent.

you have to ask whether this november rally is running out of steam, but we have lots of fed speak to digest from yesterday, most notably they usually hawkish while are sounding relatively dovish. saying it is all really -- already considered cooks. a dollar negative. being environment at the short end of the curve you saw the choose breakthrough the 4.8% level in the yield on the two-year treasury is down six basis points at 4.67%. so the dollar yesterday dropping to its lowest since august. currently the dollar weaker 2/10 of a percent. here in europe, euro-dollar did rally above that when 10 level after christine lagarde confirmed pep talks are coming in the not-too-distant future. euro-dollar currently still at that 110 level. commodities keeping an eye on brent in flex ahead of that opec-plus meeting that has been delayed until thursday,

tomorrow, currently brent pushing towards $82 a barrel and go solidly above the $2000 level . the end of the year is usually a good time for the yellow metal, but it's really getting an extra boost from these bets that the fed is done with hiking. can we get to a new record high. it have to be 2000 $89, will we get there before the year end? or breaking news. we have the cpi numbers crossing the terminal and year on year, it is down to 3% from 3.1% in october. the new figure at 3% for november. this is germany's most popular state, traders watching closely as this reading can often be a signal of the trend in the headline figure, which we are expecting a 1:00 p.m. we expected to take a further step down if it could be another rebound in december. for more analysis we will speak

to bloomberg's oliver crook on standby in berlin. what does the data tell you? oliver: we are looking at the number down to 3% in north right west, which is the most popular and the biggest industrial region here in germany. look at the month on month figure and we are in negative territory, minus zero .3%, consistent with what we are expecting later out of the broader reading from germany. expecting your inflation in germany, 2.5%. if the reading comes in, that will be the lowest print on cpi in germany since june of 2021. only look at the drivers because we get a more detailed breakdown later, what was driving things in november -- in october. was driving things higher is the culture, recreational, food and beverage vending. what was driving at lower was energy. we expect a slight rebound in the energy in terms of inflation in december, but this is all moving in the right direction in

germany is doing better with the expectation in november for france and spain. what does it mean for rates, not a great deal. we have it out yesterday saying it is way too early to think about talking about interest rate cuts. so for all the bliss traders not getting what they want from the top. lizzy: it's the same message from the bank of england. the question is will the market listen. let's turn now to the fiscal, how does the budget crisis impact inflation in the broader economy? oliver: this is an interesting question, not a lot of people know but there are brave analysts who decided to do a little bit of forecasting. we should say we expect a contraction in germany. we expect a technical recession for the second half of the year and deutsche bank is looking at these budget cuts and what are the direct effects in terms of growth. what they say is economic

uncertainty and budget cuts reduced growth by 0.5% at least. that is enough to bring growth into contraction. they expect them to contract by 0.3% as a direct consequence of the issue. if they need to resort to expenditure cuts in revenue increases to fill the gap, that can be more than 1% shaved off of gdp. this is a material impact on german growth at a time where it is already limping along in terms of the readthrough and inflation, they think they can have a slight impact of 10 day basis points overall on inflation, bringing that slightly down. the headline number for 2020 for expect a 2.8%, a more positive picture for inflation, at least. lizzy: oliver, our germany correspondent has a fantastic interview for us coming up with the ftp member, a member of the budget committee, also the parties budget spokesman on the german budget crisis coming live

from berlin at 7:30 a.m. london time. don't miss that one. let's turn to the u.s. economy because this narrative of a fed pause really is gaining traction. we've had dovish comments from fed officials driving the dollar and treasury yields both lower. fed governor chris wallace says we are in a good spot on rates. >> i'm confident policy is currently well-positioned to slow the economy and get inflation back to 2%. lizzy: let's bring in bloomberg's jill disis for more. do these remarks change the expectations for the next fed meeting? it feels like a watershed moment given how historically hawkish he is. jill: i think that while the narrative has been building for quite some time, we were slated for a -- four in extended positive the december meeting. you are right to focusing on the

comments. as you mentioned, he is incredibly hawkish and has been a driver of the fed tightening cycle we've seen over the past couple of years. i think him say the fed is in a position policy-wise where we are on the track after 2% is very significant. we have heard from others, including bowman, who is traditionally very hawkish leaving the door open for the idea of the pause, so it does feel like the fed dot plot from september feels like forever ago, an idea we could get one more rate hike before the end of the year feels like it's over and done with and seems like we are set for that pause. lizzy: thinking about the next fed meeting of feels like the beige book could be more colorful given the importance of anecdotal evidence when the data is pointing in all sorts of directions. >> i think that's true. notches fed policymakers, powell

himself has made the point that this is a very data driven decision in a tricky time where the fed is trying to gauge how successful they have been at tempering inflation through policies that have been enacted that you have to see that transmit into the economy. i think the beige book is a really important point to look at as we head into gearing up for this december meeting, any additional data we get on the labor market in particular is incredibly crucial for the federal reserve to look at. it's all about that data. as you been discussing, it does seem like we are pretty secure of a pause for now. if we start to things -- see things heating up there may be additional considerations made as they try to navigate this into next year. lizzy: bloomberg's jill disis, thank you. everybody wants to know when the next fed cut is coming. this veteran investor has semi-to yeah. he says he sees the fed cutting rates as soon as the first quarter of next year.

the founder and ceo of pershing square managing spoke to david rubenstein and asked him whether the u.s. could avoid a recession. >> i think it's really hard to predict, i think the economy is weakening, we are seeing evidence of that in some of our companies. i have some concerns. there's been a huge subsidy in terms of low-interest rates. most companies fix their rates or their debt at very low rates and real estate investors did the same. that works until it doesn't work. what will be interesting is to see what happens when people have to reprice their debt and i think that can have a cliff like effect. you are certainly seeing that in real estate. david: the markets are assuming that there will be a fed discount cut sometime next year. as we talk now about the end of november, it's not clear with the fed will do, but some people say if the fed were to cut

interest rates next year, it would help the democrats and be seen as very political. some people say the fed cannot wait until after the election because the economy might need a stimulus. you have a few on what the fed is likely to do? they will cut rates sooner than people expect. what's happening is the real rate of interest, which is what impacts the economy, keeps increasing as inflation declines. if the fed keeps rates in the middle five and inflation is trending below 3%, it's a very high real rate of interest and i think that is having a returning effect on the economy, and then of course, many businesses and many individuals have the benefit of fixed-rate debt and that fixed-rate debt, for companies and commercial real estate starts to roll off. i think there's a risk of a hard landing of the fed doesn't start cutting rates pretty soon. i think the market expects sometime middle of next year, probably as early as q1.

david: sounds like the fed missed inflation initially. they said it was transitory but played catch up and increased rates considerably since that time. do think the fed made a mistake in not handling inflation differently in the beginning and howdy think they have done since they started increasing interest rates? >> they made a mistake. the fed would admit that. i think they caught up effectively, so you give them credit for acknowledging the mistake and being pretty aggressive. i think you want to make sure that chairman powell's desire not to have a legacy of causing or contributing to long-term inflation doesn't cause him to make the opposite mistake. keep rates too high for too long. i think the market expectation is the middle of next year were july for beginnings of easing. i think the economy will likely demand in earlier move. i don't think of the fed, or at

least this fed as a particularly political institution, think they are trying to do the right thing. lizzy: you can watch the full interview with bill ackerman in full on the david rubenstein show, peer-to-peer conversations. the episode debuts on december the sixth next wednesday. amazon is rolling out a workplace chatbot called amazon q. it's designed to help corporate customer search for information, write code and business metrics. the company's cloud computing division is adding generative ai into more products to reclaim ground in a field that is led by its main rivals. microsoft and google have announced similar rooms already. bloomberg understands that miriam adelson, the widow casino magnet of sheldon is buying a majority stake in the dallas mavericks nba franchise. the family said it already has a binding purchase agreement.

the mavericks franchises currently owned by mark cuban. they are selling $2 billion in stock in las vegas sons to fund the acquisition. morgan stanley is fighting to overturn a french court ruling after was ordered to pay 1.4 million euros in bonuses to a former banker who bit. the former employee, its lawyer argued the clients bonus should be paid with the bank, arguing there were only collectible if you had stayed on. the case that could affect attempts by investment big's trying to prevent their best performers leaving their jobs. more on our biggest stories of the day coming up next. this is bloomberg. ♪

lizzy: this will be holes -- hosting next summer's olympic games. the city's mayor spoke to francine lacqua about her green agenda and hopes for the green grant -- green transition. >> the study just carried out by the sea 40 cities, a global network of mayors, shows that cities have succeeded in meeting the objectives set in the cop 15 paris agreement. 75% of cities are in a head targets. in cities are responsible for 70% of greenhouse gases. so if you don't support cities, we don't give them freedom, access to credit to be able to act, this delays the whole process of fighting against climate change. everywhere we are producing air pollution, planting trees,

providing most of the action to respond to climate change. i also learned a lot from my colleagues. what i do and peers terms of mobility and cycling, for example, i was inspired by copenhagen. i know that today paris inspires other cities on mobility issues. with the mayor of malan -- milan, i discussed the referendum i organized on electric scooters, we are faced with the same difficulties in different contexts. >> paris will also be the host city to olympic games. congratulations, it's very exciting, what are the challenges? >> i made those games and accelerator of the green transition. i've done two terms as a mayor but i feel like i've done for because the energy this gives, we have a common goal. we move forward better and faster. this goes from the transformation in the village on

the island, which would be the athletes village, with low emission's, natural ventilation, 50% of housing will be public housing after the games. also, it will be clean, we will be able to swim in it. the legacy for paris will be very important. we are ready, we are ready to welcome the whole world. lizzy: that was the paris mayor speaking of francie laquan the sidelines of the un's general assembly in new york in september. that conversation ever more interesting because we are about to have cop 28 in dubai starting tomorrow, 70,000 people descending on dubai for those talks. although, we have to wonder whether those fights are exactly what the climate needs. sticking with the climate, virgin atlantic has flown the world's first commercial aircraft powered by aviation sustainable fuel. the flight landed in new york

and on ward was british billionaire richard branson and the u.k. transport secretary, vice says more investment is needed for the industry to adopt a greener fuel made from sources including waste oils and nonfood crops. the u.s. at subsidized production of clean fuel with tax breaks. maybe that will give us hope for all those jetting into future cops. as we have been telling you, the week is going to be a busy one. we will bring you all of the lines from the united nations climate change conference happening in dubai. we preview discussions on the zero, climate finance and much, much more. let's take a look at the other events coming up today. we've already started getting the regional inflation data out of germany this morning, the cpi coming down year on year from october, 3.0% down from 3.1%. this is the new november number.

at 1:00 p.m. u.k. time we got our eyes on the national headline print. as we were hearing from all over crook earlier, bloomberg economics at the cpi number could get to 2%. there could be a possible -- possible rebound in december. spanish cpi prints are due at 8:00 a.m. and 10:00 london time. we will get the latest read. at 1:30 p.m. u.k. time we get a second print of u.s. core pc. this is crucial for the fed, plus wholesale and retail fed data. for more on the u.s. economic outlook, look no further than the feds beige book today. as jill disis tells us, and might be colorful. it comes out at 7:00 p.m. london time. coming up, we bring you more on the life of the investment tighten, charlie monger. the alter ego to warren buffett sadly has died aged 99. that's next. this is bloomberg. ♪

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lizzy: welcome back to bloomberg daybreak: europe. sad news broke overnight. berkshire hathaway announced the death of charlie monger. he was 99 years old. warren buffett honored his right-hand man saying his inspiration, wisdom and participation help shape berkshire hathaway. here's a look back on his life and legacy. >> charles monger served as sidekick to warren buffett for almost six years as they transform berkshire hathaway from a failing textile maker into an empire. a lawyer by training, he help them craft of philosophy and investing in companies for the long-term.

in 1962 the two men began investing in berkshire hathaway, a massachusetts company that made men suit linings, even after the mills close, they stuck around us the corporate vehicle for a growing conglomerate of companies, focusing on businesses with strong brands and pricing power, he nudged buffett into acquiring see's candies in 1972. the success of that deal inspired is $1 billion investment in coca-cola stock 15 years later. at the company's annual meeting in omaha, nebraska where he and buffett had both grown up, he was known for his role as straight man in's gold corporate excesses. he often curved buffets enthusiasm that buffett referred to him as the abominable snowman. for many years monger was more bullish than buffett when it came to investing in china. his purchases of stock in china and make her byd resulted in

burch are becoming that company's largest shareholder. even as his partner became a worldwide celebrity known far and wide as the oracle of omaha, he believed berkshire success would outlast his star power. >> in my opinion berkshire will flourish after warns gone. i don't think anybody is essential given the momentum. >> he didn't overstate his own importance, sharing his vice chairman title in 2018 with two next-generation senior executives. in affirming the company's commitment to a succession plan. lizzy: a man who personified american business this past century. charlie monger. i want to take you through some charts that really illustrate what we have coming up today. at 10:00 a.m. u.k. time we will

get the latest consumer confidence reading that's expected to stay subdued by historical comparisons. on this chart you can look at the outlook for the ecb as things stand. markets pricing for cooks next year and talking of central banks after 3:00 p.m. today. bank of england governor andrew bailey is set to speak. right here on bloomberg tv yesterday we heard from his deputy, dave, the markets man. he said that rates need to stay restricted for a sufficiently long and he's especially concerned about homegrown inflation. you see rate hikes weighing on retail sales and it begs the question, when does the boe cut rates. coming up, markets today, i leave you in that safe hands of tom, mark and anna. this is bloomberg. ♪

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