>> good morning, this is "bloomberg daybreak europe. these are the stories etc. agenda. chinese stocks resume gains after a volatile session as officials outlined support for businesses today.

a weekend stimulus briefing was short on specifics. the u.s. is sending an advanced missile defense system, and the troops to operate it, to israel to deter iran. the humanitarian toll deepens with a drone attack on israel and fighting in lebanon and gaza. u.k. prime minister keir starmer vowed to rip up red tape and pitched his vision to britain to executives at the international investment summit in london. we will have coverage. we will be speaking exclusively with the prime minister later today. tom: happy monday. european futures currently in lackluster territory after ending last week in positive territory, fresh records coming

through on wall street by the end of play on friday, the earning story out of the banks particularly jp morgan lifting sentiment. another big week in terms of the earnings story with the likes of goldman and citi fleshing out their details read in europe, asml later in the week you have economic data in terms of retail sales out of the u.s. we have that decision from the ecb on thursday expected by markets to come through with a third cut. let's check on the markets in terms of how futures are positioning. european futures down 0.1%. s&p e-mini's off by 1/10 of a percent, nasdaq futures down 2/10. cross asset, maybe we have got some technical issues but i will tell you what is happening in terms of euro-dollar, we lead up to that ecb decision, at 1.09, a 10th lower on the single currency, the pound at 1.30. the bloomberg dollar index is up a 10th of a percent.

we are building up to this international investment summit in the u.k. and that conversation with keir starmer, the prime minister, will he give details in terms of the planning for the longer-term vision and will it attract the investment this economy desperately needs? worth mentioning in the commodities space, i will touch on this because it is important, brent is down 1.2% at 78 point and. part of that is down to the china story, talking of which iron ore is up 2.3%. let's cross over to singapore. avril hong standing by for a deep dive on the asian session. the focus is on china. details over the weekend and today, avril? >> those details from the chinese finance minister. that briefing, there was a lot riding on this but we didn't get that headline dollar figure in terms of additional for skill stimulus, but something that optimists are riding on is how

they were pledges of support for the property sector for local governments. these are the pain points of the china's economy. a bit of a positive signal coming out from chinese authorities today. initially, we saw equities not quite knowing what to do with themselves, but eventually in the morning session headed into gains. csi managing to build on that as the afternoon session kicks off. we see how the hang seng today managed to pair those declines of 2.6%, about 0.4% lower into the lunch break. that's what we see in terms of what investors are gleaning from the event over the weekend. tom: avril hong, with a check on the asian markets. the msci asia pacific as mentioned in positive territory, up 0.1%, slightly more activity

on the csi 300, up 2% in the session. china's highly anticipated finance minister briefing on saturday lacking some of the firepower some investors had hoped for. beijing promised more support for the struggling property sector and local governments, but economists aren't yet convinced it is enough to defeat deflation. we have more details on the inflation front out of china. let's bring in our china correspondent minmin low. what were the key takeaways from saturday's briefing that we would have a drumroll of expectation leading to this ministry of finance briefing? it seems at least on some fronts they under delivered. >> we are seeing quite our range of market reactions coming out right now. some investors are disappointed by the lack of that magic number. the 2 trillion yuan in additional stimulus investors were hoping for. i would say that is possibly still on the table given that

any fiscal budget revision, as well as additional bonds that are issued above this year's quota, that has to be approved by the legislature, so we might hear after the mpc spending committee meets in late october. but the other measures laid out include one-time injection of rather raising the local government debt quota in the form of a hidden debt swap rate that is key because local governments have been lagging in spending. this would take the pressure off from local governments from repaying that debt and focus on reviving the economy. markets were disappointed there was not any specific stimulus targeted at consumption, aside from the doubling of the quota for scholarships for college graduates, but nothing to the tune of the massive scale of cash transfers investors were hoping for. one important commentary from the former pboc advisor saying that local government debt swap

is key because local governments have been so cash-strapped they had to delay payments for contractors for direct and indirect employees to the tune of 10% of gdp. that is a huge number and of local governments can pay out all the money they owe two people, that translates to consumption stimulus in his view. tom: that is interesting and the emphasis on the if is important in terms of whether local governments can act on this. we had a reminder of the last 12 hours of the challenges facing china when it comes to the deflation story that continues. what jumped out in terms of the inflation data out of china? >> it is not surprising that produces price index is in negative territory again. now the 24th straight month. cpi also disappointed markets. coensus was a 0.6 percent rise

but what he saw only a 0.4% rise after food and vegetable prices increasing because ofa typhoon weather, if you strip out those volatile, the core inflation is hovering just above zero, the weakest print since february 2021, and it indicates this worsening of th deflationary spiral that is reflected not just in these prices ualso new hire wages. third quarter that is down 0.6% according to the online recruitment platform. quarter on quarter this year it has been on the downtrend, so that deflationary spiral is more evidence that this fiscal stimulus is increasingly important for the government to pull off. tom: bloomberg china correspondent minmin low thank you for the data out of china. u.s. stocks hit fresh records on friday with the s&p 500 closing a record for the 45th time.

let's bring in bloomberg's valerie tytel has a finger on the pulse of the markets. talk us through the records stateside. how much of this was down to the banking story? >> big part of it had to do with the banking earnings on friday. it is the fifth straight week of gains now for the s&p. the longest run of winning streak since may. the 45th high for the s&p this year. plenty of that was powered by the wall street. we had bankirnings from j.p. morgan and wells fargo. both of those shares up over 4%o the highest it has been in over two years. to come on tuesday.bank earning e is still some angst in the bond market. reasury market volatility, it is at an elevated level, showing us that repricing that happened

over fed c doubts is taking market.e to shake out in th wall the equity market is on a good here, there is underlying angst in the treasury market as we reprice the fed's path. tom: almost a 20% chance that they do nothing in november. 82% chance that they will cut, but only by about 20 basis points currently priced in. talk to us about the ecb. to what extent is their lack of doubt about what the ecb does? to what extent do we assume they go with a third cut. >> it's funny, the in between meeting, it's only been five weeks which is sort of an average for the ecb but quite the head spin when it comes to expectations of what they will do this meeting. most on the street expect them to cut 25 basis points. it's all been down to the ecb fficials abandoning this recent caution they have given on lingering inflation pressures.

instspding to these forward-looking survey points,in to contraction. up on screen is also a picture of how the european economy has fared since covid compared to the u.s. the european economy is growing below trend. it appears ecb officials will do more to ads at problem. we had a survey out this morning analysts across the street are now protecting a quarter contraction for germany putting german output, that's the real or the whole of 2024.pe, flat tom: the need for catch up clearly there on that below trend growth. the heavy lifting may fall to the ecb. here is what else to be thinking about across this week. the focus today in the u.k. is this investment summit. keir starmer the prime minister will give a speech a little after 10 a.m. u.k. time, around 10:05 is what we're hearing,

then we will be sitting down for an exclusive conversation with the british prime minister. tuesday, this is something valerie touched on. we have additional earnings on u.s. banks. the likes of bank of america, citi and goldman all reporting tuesday after the solid numbers from j.p. morgan. and on thursday, it is the meeting from the ecb with that expectation of a cut, but it is what we hear from christine lagarde in terms of the outlook that will be important as how to think about the next steps beyond this meeting. later today, the u.k. prime minister keir starmer will be speaking exclusively with our head of economics and government stephanie flanders at the u.k. international investment summit. here is the timing. 2:30 p.m. london time for that exclusive conversation with the u.k. p.m. to get a round up in today's edition of daybreak, terminal subscribers go to dayb the terminal.

a lot of that focus is on the detail we have ha china, in terms of additional support that's come through in the last 24 hours. the u.s. is sending an advanced missile-defense system and troops along with that to israel in an effort to deter iran. the latest on the middle east, next. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak europe." the u.s. is sending an advanced missile-defense system, including the troops that operate it, to israel. iran's foreign minister says

charon has no red lines in defending itself from threats, and that the u.s. is butting lives of its troops at risk. our horizons middle east & africa anchor joumanna bercetche joins me. there has been a lot of news flow out of this region over the weekend free let's start with this missile-defense system. the thaad defense system the u.s. is sending to israel, what does it tell us about u.s. support, about potential vulnerability in israel as they weigh up retaliation against iran? >> that's right, tom. the news came out yesterday. pentagon said they are supplying israel with this high technology advanced missile-defense system, known as thaad, terminal high altitude area defense battery, alongside that they will be sending 100 u.s. soldiers to help equip and support with the launching of the system. this would be the first time

u.s. army is deployed to israel since october 7. notable in that regard. president biden said he ordered the pentagon to deploy the system to help defend israel. this is in the run-up to israel's widely anticipated response to the iranian ballistic missile attack on october the first area there were two such incidents of iran firing directly onto israel. most of the missiles that were intercepted by israel's standing air defense system in the form of the iron dome, also, david's sling. over the weekend, israel revealed that there was damage sustained to private property from the october 1 attacked in the range of 43 to $50 million raid on fairweather whether it came from the rockets or from debris but the point is right -- damage being sustained, hence, why the west felt the need to help both israel bolster their

defense system but also worth flagging that over the weekend, hezbollah fired for drones into central israel. idf reporting that four soldiers were killed overnight. seven severely wounded. just another example of how critical it is from israel's perspective to support the air defense system. given that these attacks are ongoing. hezbollah have said that they will continue firing rockets, so long as israel's ground incursion in lebanon continues. tom: the death and suffering continues in the region in israel as you just outlined. in lebanon and in gaza, as well, over the weekend. >> as we have been speaking about, the conflict has been expanding in several areas. it's not just iran and israel we are talking about. northern gaza it is worth mentioning now that a military ch has been going on for 10 days

paid 400,000 people have been told to evacuate as the idf expressed concerns about hamas regrouping in that part of does a. -- gaza. northern gaza also subjected to airstrikes that have killed over 20 people. central part of gaza overnight. here we're playing images from overnight attacks in one of the hospitals and tense crowding displaced people also reported the killing over 20 palestinians who were sheltering there. the idf say there were signs that hamas militants had been regrouping in that part of central gaza. we talk about further ground incursions in lebanon. idf are saying they have been successfully dismantling some of hezbollah military infrastructure along th south. ter is 120 kilometers of border that separates lebanon from israel. israel has ceunder criticism recently for the injuries

sustained to some of the u.n. peacekeeping troops along the border, they are known as unifil, they have been deployed since 1978. there are 10,000 at the border. several got injured the last couple of days. the israeli prime minister send a message to the u.n. peacekeepers telling them to evacuate their positions. he went one step further, saying they had been providing a human shield to hezbollah because the idf state they found tunnels linked to hezbollah very closely located to some of those u.n. peacekeeping bases. this has blown out into somewhat of a diplomatic issue with the italian prime minister giorgia meloni giving a call to the israeli prime minister over the weekend. italy have more than 1000 peacekeeping troops deployed in lebanon. the risk is that more injury and harm could be sustained to those peacekeepers. as far as that base is concerned, they have withdrawn,

but there are plenty of others still situated on the border. tom: rises middle east anchor joumanna bercetche, thank you. taiwan's science and technology minister speaking to bloomberg about how tengion's with china and the u.s. election could affect the island's chip production. that conversation is next. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak europe." china's military is holding drills around taiwan that it says are a warning to the self-ruled island's government to thwart what it calls separatist acts. maybe, air and rocket forces. taiwan's defense ministry

dispatched forces to's bond. taiwan's president lai ching-te said last week he would stand up to the challenges posed by china. washington's support for taiwan amid china's growing assertiveness is one of the diplomatic flashpoints the next president in the u.s. will have to confront. we spoke to taiwan's national science and technology in the start -- minister about how the u.s. election may affect the island's chip production. >> i don't worry about whether the republic or the democrat parties. i believe that we all agree on continuing the same direction. i don't worry too much about that. >> do you see that putting further pressure on taiwanese companies to expand production facilities in the u.s.? >> is an issue, i believe yes.

but short-term, maybe it is painful for the taiwanese companies, because it is more expensive if they move over there. but in the long run, maybe it's good for them, from a point of view because they can improve themselves. >> i do want to talk about the other areas for cooperation between the u.s. and taiwan. drones has been highlighted as a particular area. >> drones, yes. >> where would you look to partner? >> we are working on a model that may be we service a local supply chain in taiwan from ships to other components. we would like to work with the u.s. based on the innovative systems that have been developed in the u.s.

because in the past, we don't have this kind of industry. >> china has really established a lead in the drone market for a variety of different uses. how long will it take for taiwan to catch up? >> that is why we are working on this project now. we don't want to use drones from china anymore in the future. our intention is to gradually replace all the components from china. as a matter of fact, most of the components may be made by taiwanese companies in china today. but in the future, we would like to invite them to come home. >> returning to semiconductors for a moment that speaking about china, people will talk about the technological advancements china is making in its chip technology.

others would say, actually, you need to think about how far is china behind tsmc? that gives you the true indication. >> when we talk about the most advanced technology, i think china is behind quite a lot. if we are talking about mature technologies, they are not behind. >> how many years? >> talk about the most advanced manufacturing technologies. 20mm millimeter. i openly say that more than 10 years. >> you need it takes a full decade to catch up or it can be done sooner? >> not any sooner. impossible. tom: taiwan's national science and technology council ba minister speaking exquisitely to bloomberg.

president biden announced a six hundred million dollars in recovery aid. the founding will go towards strengthening the region's power stations. damage from hurricane milton loan could cost 15 million -- $50 billion. spacex has achieved a world harvest after it starship rocket booster was successfully captured on its return to the launchpad. more details of that huge development in the world of the space industry, private space, and elon musk's role in it. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change.

so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works.

tom: good morning, this is

"bloomberg daybreak: europe." these are the stories that set your agenda. chinese tech stocks receive gains out of a volatile session as officials outline support for businesses today while a weekend stimulus briefing was a little short on specifics. the u.s. is sending an advanced missile defense system and the troops that operated to israel to deter iran. meanwhile humanitarian told defense as fighting continues in lebanon and gaza. u.k. prime minister keir starmer will vowed to rip up red tape and pitch his vision for britain to executives later today at the international investment summit in london. we will be speaking exclusively to the british prime minister later in the day. the european future is currently flat, u.s. futures are in similar territory.

across assets above and beyond equities, euro-dollar, a focus on oil, the off by 1%. iron ore is up in the session up 2%. fitch ratings has put france on a negative outlook after michel barnier's government announced tax increases. fitch had already downgraded friends to a minus and now expects a steep rise in government debt toward 118.5% of gdp by 2028. it has been a brutal year for european carmakers with sales slumping in the face of fierce competition from chinese competitors. so how can they turn things around at the paris auto show? sounds unlikely, but let's bring

in oliver crook who was there. maybe it is the messaging, the four look, the pipeline of models. what is their mission in paris? >> i mean, this is really what it is all about for the car industry. we can talk about positive deliveries and all these figures of the abstract of the macro, but this is where you sort of display the models, the actual cars, the technology coming to market, and the paris car show is all about electric vehicles despite the fact that there is this sort of perfect storm for a lot of these european auto players, which is the demand for ev's is not there. global demand in general is winning. increasing regulation by the end of this year and into next year, they need to be selling 20% of all the cars they sell in ev's, otherwise they get billions of euros worth of fines. this is front and center for all executives you're trying to bring these new products to market, and really to focus on these smaller cars, and the key is the price being for european players to try to start to compete with the likes of byd

and others were now entering the market over in europe and trying to get the prices incrementally down. we have to let is offering new cars under 25,000 euros. renault has another under $25,000. that is basically going to be the focus for these ceos, and remember these the cards that they have been developing for the last couple of years. with the ev demand falling how is that going to skew their strategy going forward? these are the conversations we will have with a couple of interesting concept cars behind us. tom: i was going to ask what is that monstrosity behind you? >> it is a delivery van. tom: it is not you next vehicle. >> the istafet it is called. tom: i'm chinese automakers, they are facing the tariffs, 20,000 euro ev's or products,

models coming through from europe. that is lowering the price point. what is the situation for chinese automakers on the ground? what is the mood there? >> listen, right now you have renault find me and you have into the making accused bush into the european market. they have a few things including the drone. at those flying drones are going into use in dubai. they caused $150,000. for chinese automakers, this fundamental premise of the european market are being key and important for them is not change, and for them even though they will have to do with higher prices, be they will be making a lot less money in this market for years to come. for them it is all about printing -- building brand awareness. if you see a company unveiling a new car that will be a first for the european market, but what they also bring a market is not just sort of the technology of effective car itself, but the digital side of the car. this is where the chinese are

strong, so they are flaunting ringing ai into the car and all of these sorts of things, and for them they have got about 70% market share in europe right now. they want to boost that up, but they are playing the long game, despite the fact that there are these terrorist and all of these conflicts going on with china particularly economically, for the years to come eventually lead to production will be here in europe, and they need to build the brand awareness within the european consciousness. tom: they already have 70% market share. you talked about the price point, and china is looking at playing this market. what else are you watching in the days ahead at the paris auto show? >> i think one of the things we cannot avoid end there are couple of interesting individual stories with the carmakers. renault is clearly the smallest within all of the automakers within europe. they are the only carmaker that is positive in terms of the stock move your given everything that has happened and all the difficulty they have had across the board. it will be interesting to watch

is where these partnerships evolve. if you think about potential consolidation in this sector, it is a small player. when we speak to the ceo, and how do you basically defend against the possibility of potentially get takeover at this point in the future, and to think that everyone will be talking about a stellantis. carlos doing a full management shakeup of arrest electors, and frankly get investors were not terribly impressed by that. this duckling even further down. we will speak to him later to see what his strategy is to turn the carmaker around. tom: that is an interview you definitely want to tune into. thank you. later today, we will be speaking with ceos of renault as well as a host of other leading figures at the paris auto show. the party of chancellor olaf scholz is considering subsidies on electric vehicles is a cornerstone of its economic policy ahead of next year up us

because elections. documents suggest the centerleft social democrats are looking to boost tv sales by reintroducing a purchase premium for attry-powered cars. it also calls for special tax incentives for companies with a made in germany agenda. now to the banking space, it shares a jp morgan close higher after the lender supported data reported a surprise again for the third quarter and raised its forecast. jp morgan kicked off u.s. bank earnings alongside wells fargo with the bank of america and, citigroup, morgan sachs, and morgan stanley said the report. let's bring in charlie wells who has been following this. jp morgan, net interest came in better than expected. what stood out to you? >> she did not like all the focus on it, and this is a

metric important for the banks and was positive for them in the hybrid environment. now that the fed's ticket rates down, it more difficult, but if think about jp morgan they defied the lower gravity. the expectation had been a slight decline, but i think a really positive indication for them here is their investment banking fees of 31%. that is the kind of development on that that you want to see going into this lower rate environment, because that could help pick up for potentially lower money coming in from the net interest come -- income side. tom: we got the business investment summit in the u.k. certainly the government is spending a lot of folks on this. do we hear anything from these bank executives about their investments here? >> all you have to do is walk around bank station in an hour

and you will see a banking commitment with all of the swag. citigroup, jp morgan, etc., but if you look at to investments they have made here in the u.k., i think that jp morgan to retail unit is striking. slowly but surely that has become one of the largest digital banks in the u.k. they have 20 billion pounds in deposits, at which is larger than other challenging thanks. they are investing in credit cards, and their wealth management unit has 200,000 customers, so you see this faith in the u.k. retail space, which counters narratives we are staring at the short term. tom: what will you be looking for in terms of other bank earnings laid out later this week? tuesday is a big day with the likes of goldman, citi. >> for goldman it would be a big

focus on trading. we had their ceo talking last mon about how it could be worse than expected, so let's see how the rubber meets the road there. bank of america, it will be interesting to see with the consumer does, because they have more exposure to the u.s. consumer. we saw a strong and resilient consumer showed through in some of these jp morgan earnings. let's see if that matches at bank of america. tom: charlie, thank you very much. here is what us to look up for this week. today is the paris auto show. oliver crook is bringing us the latest headlines. tuesday, goldman sachs, bank of america, citigroup, the earnings come through after some ofthe big hitters after jp morgan came through o. u. implemented it drops as well. wednesday, u.k. inflation.expecl go again with another cut in november. the inflation print could be

informati in terms of position thursday is the ecbrate decision fully expected by market again. u.s. ret dro on important indicator as well as there are significant question marks over the next steps. chinadp data. it retail sles, industrial production and u.k. retail as well. a data dump of china as we continue to pass the detail of the stimulus efforts. u.k. prime minister starmer ching to cut red tape as it the international investment summit begins in london. we will break that down for you as well as looking for that swag that charlie was mentioning. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak: europe." bloomberg has been told that dp world has reversed a decision to pull out of the u.k. government investment summit that starts today in london, and a source says the company is set to announce a $1.3 billion investment in its london gateway port that will create 400 jobs.

we are told the ceo will stick with the original plan to be part of the event after u.k. prime minister keir starmer walked back criticism of the company from some of his own ministers. more details will be coming back from that summit where keir starmer hopes to announce millions of pounds of investment in ai, life sciences, into structure during that event. joining me now for a preview is lizzy burden. what are they are they expected to announce? how much of this will be precooked or reheated announcements? how consequential is it really? lizzy: this is not your first radio, is it? they preannounced money and re-announce money.

the top economic priority is growth and investment is the pastor that, and to the spotlight on london today. we are expecting them announce 50 billion pounds of prsctor investment into the conomy 24 billion pounds of that has gree advancement -- investment announced last week. we also expect customer doing en in his power to galvanize growth, but the problem is undermining the sales pitches they are going to tell us about their industrial status today, but we will not get the full plan until the spring. it said that is frustrating. what a business wants his stability and clarity. the government has been mired by the infighting, having to let go of his chief of staff, the slew of donations accepted by government officials in exchange for access. you have seen keir starmer

return 6 million pounds of donations from himself and only just managed to secure an investment minister desk at the 11th hour before the summit, because of the first choice candidate pulled out. keir starmer already reaching for the reset button, and it is just 100 and a couple of days into his administration. tom: the other source of uncertainty is the budget coming up at the end of this month. to what extent but that uncertainty around the chancellor's plans overshadow this event? to what extent might she hinted which he is going to doing this budget? lizzy: there was frustration that they put the investment summit before the budget. would it not it made sense to of the budget and then to get investment summit so you could give more detail? the labour party is hoping to get investment gathered drives growth, which eases pressure on public finances, especially given the doom and gloom around the fiscal picture and potential

tax rises needed to plug the hole, and that is been spooking investors and consumers. at one of the potential tax rises we can get on october 30 is a rise in employer contributions to national insurance. jonathan reynolds yesterday refused to rule that out in an interview with sky news. the controversy about this is labour has told us they will not raise taxes on the working people. if it does this it would not be a breach of its manifesto. the conservatives would say this indirectly has workers if you were going to raise taxes on their bosses, but either way analysts say it could raise 16 billion pounds, which is a chunky portion of that 22 billion pound whole -- hole. tom: 16 to billion is a big number, so we will wait to see if that detail comes through with this investment summit.

lizzy burden with the fantastic review, and today we will be speaking exclusively to the prime minister, keir starmer will be sitting down with stephanie flanders as of 2:30 p.m. london time. spacex's starship completed a major test flight that included entering the vehicle's booster back at the launchpad. the pictures are incredible, a milestone as the company readies the rocket for commercial operations. you can see that booster coming down there and it will be caught by what the team describes as chopsticks. this is the moment spacex has been waiting for. it has never been done before, and here it was being successfully contained, held by the platform. the vehicle is the centerpiece of elon musk's ambitions around

sending people to the moon and mars. it still has a long way to go before it launches crew and cargo to distant destinations, but a major step forward. boeing is planning to slash its global workforce by 10% about announcing it will take a charge of about $5 billion. the cuts will affect 17,000 roles underscoring the debts of the playmaker's financial woes i made a crippling labor strike. it talks collapse last week with no clear path to resuming. boeing plays you delayed the introduction of a jetliner and separate the announced that it expects third-quarter sales to commend will below wall street estimates. let's check in on these markets, china once ahe focus of our attention. we had a framework coming through from the ministry of gional governments, theirsed on ability to borrow and spend on the real estate assets, but no dollar numbers

you had a positive session so in mainland china. the read across not pronounce. european futures flat, ftse 100 futures up 1%. s&p futures flat as well after a 45th record high on friday, boosted by the banking stocks. j.p. morgan earnings came in stronger-than-expected. nasdaq futures off by 22 points. les fip the board in the c asset with a focus on the currency space. euro-dollar, 1.09. we will see if there is any more detail coming through from the prime minister when he gives his peec around 10:00 a.m. london time. rent at 78.11 -- brent at 70.11.

lenty more coming up. stay with us. this is bloomberg. ♪ i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars.

oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

tom: welcome back to "bloomberg daybreak: europe." the earnings story and focus, jp morgan, it was ranked on friday. on tuesday, getting earnings and numbers crossing from bank of america, citigroup and goldman sachs to see if we can build on that story. in terms of the context as to what their stocks are on heavy lifters being -- been coming through. you can see that mark on the friday session. you are still off the highs of 2021, so there is work to be done there, but in terms of the last two years up to two year highs. across two years you have gained

around 50%. on friday, it give a lift to the s&p that had the fresh record high for the 45th time so far your today. jp morgan, net interest income coming in higher than had been expected and pushing back. jamie dimon did sound a word of caution. we will see what happens in terms of the get investment banking piece, because that was positive at jp morgan another transpires for other u.s. banks on tuesday and this week. let's let the board and have a look at the medical history around europe and the doldrums it is and i want to focus again shifts to the lift they can come through and the drive, the catalyst of the ecb fully expected by these markets to get again on thursday for the cycle. here is the context in terms of where europe lags. still below trend growth. the u.s. is the white line. the u.s. exceptionalism is there. that is the dip of covid, and you are back above trend growth but still below in europe, and

that is a key challenge and no doubt with the squabbles in europe it will fall to the ecb to ride to the rescue. let's flip the board and have a look at the u.k. story. we will hear from the prime minister. there is the u.k. investment summit, a lot of emphasis in terms of growth and not as much of a mix as policymakers with my. it is science and technology driving the growth in the u.k. we will get more details in terms of industrial drivers going forward. coming up we will get a full coverage of the ok'd investment summit including the exclusive conversation with the prime minister and also speaking to the ceo of barclays at 9:15 u.k. time. stay with us. this is bloomberg. ♪

anna: good morning from london, i am anna edwards alongside guy johnson and kriti gupta. we are one hour away from "the opening trade." chinese stocks rally after a volatile session after that we can briefing into the grid the