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kriti: good morning and welcome to "bloomberg daybreak: europe." let's get to the top stories. israel and hamas extending their truths just ahead of a key deadline as negotiations continue for the release of more hostages and prisoners. meanwhile in the markets, november's everything rally. asian stocks in the green as global bonds had for their best month since 2008 all on bets that the federal reserve may cut next year. former u.s. secretary of state henry kissinger, who defined american foreign policy during the cold war, has died at the age of 100. coverage on his legacy throughout the show. a quick check on these markets because it is kind of a sanguine sentiment picture across the assets story. euro stoxx 50 futures following the asian narrative. s&p futures in the same boat, also higher. you look at the 10 year yield, 4.28, already higher but two

basis points. it is significant within itself because her member the days of a 5% terminal rate being the peak for policy rates across the curve, those days are in the rearview mirror. you kind of see a little bit of a bounceback in yields relative to the move you have seen lower in the past couple days. gas going to be significant in terms of the report effects throughout the rest of the world. the one asset that -- in terms of the ripple effects throughout the rest of the world. brent crude trading at about $83 handle. opec will be a big part of that story but right now not really influenced by the risk on dynamic to the same extent as some of the other risk assets are. avril hong in singapore standing by with that story. walk us through the markets there? avril: this week has really been about the treasury yield. we still see that bond rally in asia, save for perhaps japan. we saw an auction for two-year

notes showing poor appetite and a gauge of demand slammed to the -- slumped to the lowest level in more than a decade for those japan two-year bonds. we see asia shares poised for their best month since january. let's take a look at chinese stocks because we cannot say the same for what we are seeing in assets in the greater china region, especially on the back of those pmi numbers for manufacturing and nonmanufacturing worse than expected and worse than the prior month's reading. and while worryingly, underlying services -- measure of services contracted for the first time this year. csi 300 and hang seng both turning tail. that positivity earlier on in the session on policy support potentially unwinding. i want to show you just how far these chinese stocks have been left in the dust. let's take a look at this next

chart that shows you the performance of the csi 300 and hang seng this month. this gauge poised for its best month in three years. cannot say the same for chinese stocks. kriti: something we will be watching closely as china the exception to the rule that you see in global commodity markets. avril hong in singapore, thank you so much for that update. israel and hamas have agreed to extend their truths for at least another day, along for the release of more hostages held by the militant group in gaza. joining us now for more is bloomberg's paul wallace. a last-minute deal for another extension after you had both hamas and israel exchange blame in terms of breaking the guidelines of the initial truce. how long does this last? how long do we really know, slash get out of it? paul: pretty much went down to the wire.

it was only announced minutes before this latest truce deal was meant to expire at about 5:00 a.m. u.k. time this morning. it's only been extended for another 24 hours along the same terms. that means that hamas is meant to release another 10 hostages from gaza and israel will free about 30 palestinians from israeli jails. this will extend the truce to [audio drop] it is sticking to its lines that this war will continue, that this cease-fire is only temporary, that this is not going to be the start of a broader wind down of the war, let alone any kind of permanent cause -- pause in fighting. israel is saying hamas must be destroyed and nothing will stop it from trying to achieve

that goal. it looks like fighting must restart at some stage. that's despite the efforts of the likes of qatar, the main mediator in the talks between hamas and israel, trying to broker some kind of permanent deal to permanently, fully wind down hostilities. kriti: this truce is kind of music perhaps to some of the ears of the leaders in the region. at the same time, antony blinken making another trip. can we expect any progress or any sort of rhetoric coming out of that? paul: we will be watching those very closely and i think global markets and analysts will, too. this will be anthony black and's third trip to israel -- antony blinken's third trip to israel since the war with hamas erected. the u.s. has been pretty consistent in recent weeks. it has welcome to the extension of this truths but at the same

time, it is backing israel's line that the gaza strip needs to be demilitarized and hamas needs to be ended as an organization. the u.s. is not saying that it wants to see a permanent cease-fire. it is still behind israel and its goal of continuing this war until hamas is no longer a threat. but itthreat. but it is possible that he will help to push the israelis into accepting further extensions of this truce. hamas is still holding roughly 150 hostages, some of those are soldiers, we just don't know how many israel has announced -- how many, israel has not announced or that the negotiations will be different to the civilians, that's for sure. many, israel has not announced or that the negotiations will be different to the civilians, that's for sure. that means even more fraught talks between hamas and israel. the fact remains that there is

still civilians in gaza. kriti: it is something we will be keeping a close eye on. paul wallace in dubai, thank you as always for keeping us updated in terms of the situation. i should bring you some headlines as we talk about the conflict between israel and hamas. it looks like israeli police are reporting that there have been reports of gunfire on the entrance road to jerusalem. they are saying suspects in that shooting have been "neutralized." that coming from the is really police -- from the israeli police. it is unclear whether or not this is related at all to the conflict with hamas but something to put on your radar. looks like about six are wounded in that shooting. we are talking about the market read through of the geopolitical conflict. the first place a lot a people go to to look for that readthrough is going to be oil. it is steady at the moment after a two-day advance as traders countdown to today's opec-plus meeting. saudi arabia pressing some members to join it in

restraining output but facing pushback from nations including angola and nigeria. anthony dipaolo joins us from dubai. walk us through the significance of this meeting, these divisions you see within the members of opec+, does it really all just come down to meeting quotas? anthony: good morning. significant meeting to get over those divisions. what we have seen in recent meetings is a lot of discussion before the meeting actually starts so that they can get to a consensus and get to an agreement and get through those meetings quite quickly, look at the numbers, and then agree. we see discussion around keeping with what's already in place. what's already in place is the saudi's have a unilateral cut in place. the rest of opec+ has some quotas that they have agreed to more or less respect through the end of next year. some of those quotas are up for

discussion because some of those african countries that you mentioned were going to have to take a slight cut in their quota for 2024 because they have not been producing as much. that uae is supposed to get a bit of a bump up. are they going to continue that saudi unilateral cut into next year? a lot of analysts say that is the expectation, that they will continue that cut, and that perhaps the saudi's are looking to bring some of those other opec+ members on. there is this concern that the market is weak, that it needs a little bit more, and it is those issues around those numbers that is what's keeping on down to the wire. kriti: keeping a very close eye on it. you talked about those cuts, $83

handle right now on brent crude. we talk about the breakeven price for saudi arabia, which has been making those one-sided voluntary cuts. do they start to feel more pressure to meet budget obligations? something we will keep a close eye on. anthony dipaola in dubai, we think you as always. -- we thank you as always for joining us. we will be monitoring the oil price very closely. let me bring you to some of the other things will be monitoring in our day ahead. starting at about 10:00 a.m. u.k. time, euro area cpi to be coming out. you get u.s. pc and jobless claims as well. that is significant. that will be the fed's [audio drop] at the same time, we should say christine lagarde over at the ecb will be speaking as well so a lot happening in the 1:00 p.m. our. we will have live coverage on

bloomberg television. in addition, by the way, to our full coverage of the cop summit. the eu climate conference officially opening today in dubai. what you need to know to get your day going in today's edition of debris terminal. type in dayb go on your bloomberg terminal. you will get the macro information, chinese pmi's. not to mention a lot of the top stories and legacies of someone that has been crucial to american foreign policy, i would argue global geopolitics in the last century. henry kissinger rose to become secretary of state and defined american policy during the 1970's has now died. . he was aged 100. he won prays for his role in opening china -- praise for his

role in opening china to the west and bringing back détente with the soviet union. [audio drop] he also earned the wrath of many for supporting bombing campaigns in both vietnam and cambodia. after leaving office, kissinger remained an important voice in global affairs, also -- often warning of risks of conflict between the u.s. and [audio drop] china. in july, at 100, he met xi jinping in beijing to discuss the relationship between the world' biggests. -- biggest economies.

♪ >> [indiscernible] we have this strong expertise to make investments, which is very

important for industry, things like evolving new developments, continued investment. continue to invest. we are confident -- kriti: the new binance ceo discussing the future of his new team after the $4.3 billion settlement with the department of justice over the united states that forced its cofounder, cz zhou, to step down. we will bring you the latest coming out of binance. let me bring you the latest on asml. news crossing in terms of management there at the chip equipment giant coming out of the netherlands. the asml super advisory board attending -- intending to name a new ceo and president, christopher fouquet. this is significant because he is going to be succeeding the copresidents at the moment. they are both do to retire from

asml upon completion of their current appointment terms. it looks like christopher fou quet will start to lead asml as of april 2024. simply a changing of the guard that is doing the spring of next year. i want to bring another top story. robinhood making its international debut, launching commission free stock trading in the united kingdom. silicon valley firm has started rolling out trading of more than 6000 u.s. listed stocks and other securities to british retail investors. ceo vlad tenov sat down with tom mackenzie. >> what we are washing his commission free share trading. we are also watching 24 hour trading, which is a unique proposition. we launched a project in the u.s. earlier this year called 24 hour market, which was the first, we became the first major broker to allow round-the-clock

trading of individual stocks. i think that's particularly useful for consumers here because there is just less overlap between waking hours and u.s. east coast working hours. that would just make it a lot more usable and a lot more welcoming for customers to invest here. we are also launching 5% aer on invested cash on invested cash. the intention -- aer on on invested cash -- on un-invested cash. we believe we can fill that need better than everybody else. tom: for example, out of the u.k. in terms of customer acquisitions, in terms of total numbers or volumes, what are you looking at? what other targets? vlad: the way we think about it is this is a long-term opportunity for us.

we have spent time building the platform, a technology platform that will expand. we hope to expand internationally. we build new things. customers in the u.k., 24 hour market being a prime example, along with the high-yield offering. this product that we are launching now is probably the best version of robin hood. we intend for it to keep improving. and since we are expanding is a technology company and we are building all of this in-house organically, the actual cost of making the platform available in each market should continue to decline. we will be able to get more leverage as a result. i think over the longer, we intend to do quite -- over the longer run, we intend to do quite -- over the long run, we intend to do quite well. i am thinking less about the targets over one month or one year. i aspire for robinhood to be a global company. that's been the plan from the

very beginning. tom: you mentioned the fact you are a decade old, 2013 is when you are founded. why has it taken a decade to break into the u.k. market, vlad? vlad: i think the reality of it is the u.s. is so big and there is so much to build that it is a tricky proposition. we were about to launch a couple of years ago, it was march of 2020, and then we had a little bit of a curveball, billion we, with a global -- curveball, didn't we, with a global pandemic? we did not know how things were going to shake out, how long it was going to last, how disruptive it would be to the economy. what we did see is a tripling of activity in robinhood within a very short amount of time so we had to make the difficult decision to postpone this launch because we were putting in all of the resources we possibly could to dealing with the surge in demand and making sure our infrastructure was scaling in the way we needed.

and we made those changes, made those improvements, invested dramatically in the service quality, the infrastructure offering, now we are in a much stronger place to actually serve the market with not just a better product, with all the new features are mentioned, but also a much stronger infrastructure. kriti: robinhood ceo vlad tenev speaking to tom mackenzie. i want to bring you some of the other tech stories from around the world. sam altman has been officially reinstated as ceo of openai. the startup says microsoft is now a nonvoting observer on its new board of directors. the announcement coming after some woman's initial ousting asher after sam altman' initials ousting -- the announcement coming after altman's initial ousting. elon musk saying advertisers are boycotting x, the social media platform formerly known as twitter, saying it could lead to the death of the social media

company. he says companies pulling out our "trying to blackmail him." musk also apologize for endorsing an anti-semitic -- on x earlier this month. musk making those comments to the new york times deal book summit over the last two days. [indiscernible] now in the crosshairs of regulation. from the european union's authority as well. this is significant because not only is adobe trying to reach a small business consspecificallys kind of their specialty, but they are having a massive retention package for the ceo. the criticism of this deal is they are just trying to remove one of their major competitors, 170 per -- when 70 per percent

-- 74% of their revenues comes from -- they have had 25% exposure [audio drop] right here in europe. that's going to be something that we will be watching in terms of what kind of concessions they have to make in terms of removing figma from their key product and moneymaker suite. we will bring you all that coverage here on bloomberg. cop his on. the u.n. climate conference kicks off today. we take a look at bloomberg nef climate policy scorecard and what to expect from the talks. that conversation, next. this is bloomberg. ♪

kriti: the u.n. climate conference kicks off today in dubai. the first global stock take on

progress toward the paris agreement's goal. bloomberg nef has published a report assessing priority areas for climate action at the conference. senior associate at the bnef sustainable finance team joins us now for a breakdown. let's start off with cop28. it has kicked off today in a year where the effects of the climate crisis have truly never been more clear. what are your expectations here? >> are expectation for cop28 are pretty modest actually. we think that it is going to be the end of the first global stock take and countries will have to report on their achievement towards achieving the paris agreement. we think that progression is going to be pretty low actually. they will also have different parties will have to agree on recommendation on how to ramp up climate ambition. we think these recommendations are not going to be very bold. however, there is still room for optimism. for instance, we think we might

come out of cop28 with an agreement on how to triple renewable energy capacity by 2030 globally. kriti: a big part of the equation is kind of phasing down some of the support for fossil fuels as well. it does not seem like it is rated very highly thus far. how do we get things going in the right direction? >> so, effectively, yes, fossil fuel support has been stable over the past 10 years within the g20 19 individual members. it's been around the $500 billion mark over the past 10 years. but it has actually gotten worse last year. that number rose to $1.3 trillion across the g20 individual members. that is money that could have gone to renewable energy. there will be need for government action and pleasures around phasing up -- pleasures -- pledges around phasing out these subsidies.

these are supposed to alleviate the impact of the energy crisis on low-income consumers. research has shown it has disproportionately benefited wealthy consumers actually. kriti: it's an interesting dynamic you see in cap. we know dubai has come across a lot of heat i want to say for lack of a better term for being this major oil [audio drop] feeding country to the rest of the world, yet kind of leading some of the energy summits as well. . there was a bbc investigation terms of what their proper kind of thinking [audio drop] we thank you so much for bringing us the crucial things you need to know about the cop summit. will bring you all of the live coverage from dubai this time around. you'

♪ kriti: good morning and welcome

back to "bloomberg daybreak: europe." i am kriti gupta in london. let's get to the top stories that set your agenda. in the middle east, israel and hamas extending their truce just ahead of a key deadline as negotiations continue for the release of more hostages and prisoners. meanwhile in the markets, november seeing an everything rally. asian stocks gaining as global bonds head for their best month since 2008, all on bets that the federal reserve may start cutting rates as soon as next year. geopolitics and the loss of a big figure. former u.s. secretary of state henry kissinger, who defined american foreign policy during the cold war, has died at the age of 100. the heavy behind a lot of the policies in terms of opening up china to the rest of the road but also famously détente with the soviet union. we will bring analysis of his legacy in the coming hours.

i want to get a quick check on the markets because it is kind of a sanguine story when you look at what is happening in the futures market at least. euro stoxx 50 futures higher, ftse 100 futures higher by zero. pond -- higher by 0.2%. a similar dynamic across the pond. this is significant as we talk about what is leading all of this. that's where i watch to bring. you the cross exit story. the bond market seems to be the dog wagging its own tail or the tailwagging the dog, whatever matter for you want to use -- whatever metaphor you want to use. 10 year yield only higher but three basis points. 4.28 on that 10 year yield at a time when a lot of people were wondering, does that just means the 5% terminal rate has gone completely out of the window, even 6% in one day? that will be weighing on the dollar, which is creating a tail wind behind euro-dollar and the cable story. 1.27 on cable.

brent crude trading just shy of an $84 handle as well. all of that in anticipation of the opec+ agreement later. opec+ meeting and the agreements that come out of it later today. that is where i want to start. taking a little bit of a breather. a normal move is somewhere between 2% and 3%. [audio drop] we are not seeing that today. the countdown to the opec+ meeting does indeed begin. saudi arabia pressing members to join it in restraining output but facing pushback from angola and nigeria. anthony dipaolo brings us the latest from dubai. pleasure to see you on the show again. walk us through the expectations of the meeting. >> it is cuts. [audio drop]

that they expect that's going to continue into the first quarter. a lot of the analysts that we have been hearing from do expect saudi arabia to continue that. there has also been discussions of speculation around any additional cuts, whether the saudi's push the other members of opec+ to go a little bit further and take some more oil off the market. we sell reports history of the stockpiles rising in the u.s. so that is a drag on the market. they will be looking to reduce that and to get these prices up above out of that range of the low 80's and get some more price there for them for the budgets of these opec+ countries. kriti: talk to us about what that upset actually looks like. we know the saudi's have voluntarily done a lot of production cuts on their own and brought the price up i would argue to kind of a little higher than what is typically thought of as their breakeven point at about $80 a barrel.

where does it go from here when you are dealing with countries who a lot of their quotas? >> that's a struggle. -- a struggle for the group and that's what they are dealing with right now. some of those countries, many the african countries, that are resisting a little bit going ahead with this decision from what we are understanding. is because those countries have not been able to [audio drop] produce what they were -- what they had pledged to the group. [audio drop] their quotas have been slightly reduced. some of that quota given to the uae, which [audio drop] we are waiting to see that as well. will they forgo that increase and make -- [audio drop] some of these other countries are going to. it's really about for opec+, get

ting some of the market and price up. they will need to look back into the market so they are not losing market share and eroding earnings potential. they are saying we think we can earn more by selling fewer barrels at a higher price but the higher price has been elusive so far, kriti. kriti: we are certainly going to be keeping a close eye on it. you're starting to see a ladder wall street banks bring to us those conflicting price targets. anthony dipaolo in dubai, we thank you so much for bringing us the crucial context of this morning. when i think about oil, i kind of think a lot about it as a gauge of the global consumer as well, but it also has a read into the inflationary dynamics we have seen. economic activity in the united states has slowed in recent weeks. consumers pulling back on that discretionary spending.

that is at least a key line from the fed's latest beige book. i want to get a few more details. jill disis joins us. she is over that story. what has been the take away [audio drop] from the beige book? joe: i think you nailed -- jill: i think you nailed it. it's that consumers look like they are pulling back on spending. we certainly saw those in discretionary spending, durable goods, some of the spending on furniture. [audio drop] as you and i know, they are so, talk so much about being [audio drop] i thought really gives them more data that feels forward-looking, a little more present than what

some backward looking official data make look like. as a labor market starts to cool, you're starting to see those price sensitivities among consumers. that's where you see that slowdown, that pullback among consumers. kriti: that's going to be something i think measured perhaps quite well with the pcw deflator as well -- pce deflator as well. a lot a people view that as this really important for not only the federal reserve but traders. jill i: think that at this point, the fed's preferred gauge after all is that core super court pce inflation gauge, stripping out housing, rents. it looks like bloomberg economics is thinking will see a pretty big slowdown one that pce report comes out, at least compared to the third quarter. just adding on to that idea that consumers are pulling back a little bit more. we are starting to see some of that cooling off transmit into the economy here. i think this is all really useful data to have, especially ahead of the jobs report we are

expecting next week, and obviously ahead of the final fed decision of the year in december. kriti: it's going to be something we will be watching very closely. final question to you on simply some of the pricing that is baked into this market. we are looking at a 10 year yield, 4.28, this massive move lower. is the market doing the work for the fed in reverse trim some extent -- in reverse to some extent? does that create more of a need to hide from central banks, what do you think? jill: i think at this point, we have certainly heard from policymakers over the last several weeks. they do think that some of the action you see in the bond market is doing a little bit of the work for them. i think that is a factor here. we will have to see how the trend pulls forward going into the final month of the year. at this point when you've got those the biggest fed hawks talking in recent days about how we are done for now, they think

the work here is finished, it really becomes more of a conversation about when the first cut is going to come. kriti: and that of course is going to be something we will see if the market even gets this right. the criticism is the market is already way too ahead of the federal reserve but may be, just maybe if the data points to it, may they might be right this time. jill disis, thank you so much for your analysis and reporting this morning. the readthrough from that is going to be that is going to be significant, not just in terms of the u.s. consumer and global consumer as well, but in particular the banking sector. that will be really important, not just in the u.s., but of course we know the ecb will be following that lead. that will have a real readthrough into european banking broadly and what kind of m&a action that actually pulls across as we talk about loan growth really drying up in the continent. i want to bring you some sound on just that topic. andrea or so says his ultimate ambition is to make unicredit the union -- leading bank in europe. he is set on transforming the

lender and european banking broadly. the chief executive speaking exclusively to francine lacqua about the challenging space and then dynamically are in. take a listen to what we had to say. >> the hardest thing was firstly to convince everybody [ audio drop] that we were an organization -- >> that it was going to work? >> and that it was going to work. it was particularly difficult. our performance had been lagging for years. the second thing -- leaders in the market, you look at leaders in the market with a great [audio drop] and how do you get something

from their that makes sense for everybody and extract value? that was our most important point and we did that. i think today, people talk about we are pan-european and people talk about what that means internally. the second thing was to reignite the passion. i think it was the most important. behind that vision and the strategy that goes with it, reignite the passion and their drive and the belief of people. throughout my career, francine, i have always thought, not everybody agrees with me, that when you spend so much time professionally or at work, you know, life is too short, people want to be in a place where they agree on the direction of travel, they understand the vision, they are given the tools to xl, and ultimately, they work with people with similar beliefs and they went. life is too short -- and they win. life is too short to be --

you are tagging along or you are failing, etc. have everybody piled behind one quarter after another, now it is 11, and hopefully there will be 12. there is an energy to the organization that has made [audio drop] the rest the detail. that we are versus what we were unrecognizable. >> you also have a lot of cash that you could use for acquisitions, may be something transformational. how will you use that cash? >> if you look at our strategy, it's easy to see what fits and what doesn't fit. i doubt that if we ever did an acquisition somebody would look at us and say that's weird. does it fit from a valuation standpoint? if you do the wrong

acquisition and it doesn't add value. we feel we are working for three stakeholders, investors, our people will fail in the integration because we cannot deliver what we want, and our clients are going to be in the middle. the bottom line is if it's not the right terms, if it's not the right way, it's bad enough to do it and. we still have a ton more to do. it is true, however, francine, that yes, we do have the cash, and yes, now more than ever, we know what weekend, we have shown in on ourselves. if we were to do something, we are extremely confident that we can extract the value from it. >> what size acquisition are we talking about? could this be a big cross-border -- >> for us what counts is reinforcing where we are. this is still a phase where we have plenty to do in the markets where we are. you never get what you want at the time you want it. what really counts is

translating our market position, client franchises, in certainly are factories and -- in certain way our factories and most of the things we look at are within range with the usage of cash alone and very limited shares. as we said before, we believe the valuation of shares is well undervalued. cash is better than shares. kriti: unicredit ceo andrea orcel speaking with francine lacqua, bloomberg businessweek as well looking at orcel's set on transforming. you can read the latest on the strategy, just type in mag go on your bloomberg terminal or check it out on bloomberg.com. also, some of the other top stories we are following from around the world. n indian government agent on directing it toward a plot to assassinate a sikh separatist

with american sedition ship in new york -- american citizenship in new york. it is waging a campaign to target seek activist overseas. it mirrors a killing in canada and risks inflaming already delicate u.s.-india tas following the saga with canada. united auto workers union is launching public organizing campaigns in over a dozen automakers. in the cross hairs are firms including toyota, volkswagen, as well as tesla. the union is aiming to organize nearly 150,000 employees. a spokesperson says many have already signed up. this comes after the uaw strikes earlier this year secured historic concessions from the big three, ford,, gm and stellantis. disney has appointed outgoing morgan stanley chief james gorman and veteran media executive jeremy derek to its board of directors ahead of an expected proxy fight. billionaire nelson peltz and his fund management are planning their own nominees to the board next year.

he has amassed a stake of more than $2.6 billion in disney. from the united states to write back here in europe, austrian real estate group sigma has filed for insolvency in vienna. their former chairman and austrian tycoon was dealt a better blow yesterday after a last ditch attempt to raise emergency funds felder. it makes the co-owner of new york' chrysler building the latest ands one of the most prominent casualties of europe's property crisis. let's take a quick look at some of the events we are watching out for. more inflation data on the docket in the euro area this money, including cpi print from france, italy, and the bloc as a whole. we will bring your coverage right here on bloomberg television. at about 1:30 pm u.k. time, that seems to be the hour that matters for traders. we get a check on the fed's preferred inflation gauge, pc deflator, jobless claims, and keep an eye out for the fifth banking supervision forum in frankfurt.

some crosscurrents perhaps from what the federal reserve and the ecb is going to price in off those headlights. at about 3:00 p.m. u.k. time, u.s. pending home sales data for october closely watched, given home prices estate site hitting a record high. how much appetite is there really? we will find out. coming up after the break, we're going to look back at the life of former u.s. secretary of state henry kissinger, who has died at the age of 100. this is bloomberg. ♪

♪ kriti: henry kissinger, the german born american diplomat, has died at 100. a child refugee who rose to become secretary of state and winning praise for his role in opening china to the west and bringing back détente with the soviet union.

kissinger passed away at home in connecticut yesterday. a look back at his life and legacy. >> henry kissinger rose to become secretary of state during the nixon and ford administrations. kissinger drove and defined american foreign policy during the 1970's, his strategies to end the vietnam war, contain the ussr and open china to the west. >> america has never been true to itself unless it meant something beyond itself. >> born in germany to a jewish family in 1923, kissinger fled with his family to new york just months before the start of the holocaust. in 1943, he returned to germany as part of the u.s. army and state after the war, working in army intelligence tracking down former nazis. returning from germany, kissinger obtained his bachelor's and doctorate degrees from harvard. he first entered public service as an advisor to new york governor and presidential candidate nelson rockefeller

before joining the nixon white house in 1968. working closely with nixon, kissinger engineered the withdrawal from vietnam by u.s. forces and pioneered a policy of détente with the ussr, leading to the signing of arms control agreements between the nations. perhaps kissinger's lasting legacy will be his work opening china to the west, which began with a secret trip to the country in 1971. >> he knew very little about china but he knew a lot about us, negotiators had read everything i'd ever in. >> his diplomacy led to the historic president nixon summit with mouse adani in 1972. despite these successes, kissinger has remained a pulled arising figure in american politics. his adherence to a policy of reality, engagement with commonest countries and a secret bombing campaign in cambodia while being awarded the nobel peace prize opened him up to

criticism from both sides of the aisle. throughout the second half of his life, kissinger continue to have an active presence in both policy and business, advising presidents and secretaries of state, starting his own consulting firm, and serving as a director on corporate boards. he remained an important voice in global affairs, often warning of risks from conflict between the 21st century's two strongest superpowers. >> let's say in some places for some cooperative action to slide into a catastrophe comparable to world war i. >> prior to his death, kissinger was the oldest living former u.s. cabinet member and tlast surviving member of president nixon's cabinet.

♪ kriti: let's talk about the

market dynamic in the moment. a lot of the green you see in the futures trading over in asia arguably a little bit of that sentiment comes down to one story and it is the bond market, the idea that yields have come down so significantly. in the last couple of months, we have seen a massive selloff when we look at the 30 year yield. took a look at the drop in november, that redline, 65 basis points in the biggest bond move in about 15 years. i think a big question here is going to be in terms of the best month that it said. it's best month in about 15 years as well. where is that push coming from? when you talk about what the market is pricing in, this is where i want to show you in terms of the positioning story where it's coming from. is the smart money, hedge funds are boosting not only their treasury shorts to a record in light of the fact that the rest of the market is talking about the fed cutting rates in 2024.

the fact that you see these treasury shorts down to a record tells you the smart money is saying the market is fundamentally wrong, that is higher for longer narrative that the fed has been peddling for a while will stick. do they then get stopped out? we know a lot of the downside move in yields had to do with short covering, again, coming from these very hedge funds. is that going to be the story that continues into 2024? is it more a positioning story as opposed to something driven by fundamental narratives? i am sure that will be a big question on our next program. markets today begins in a few seconds. anna edwards, tom mackenzie, and mark cudmore taking us through the market stick with us. this is bloomberg. ♪

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