>> good morning, this is bloomberg "daybreak: europe." asian stocks fall to the lowest in two months on concerns that donald trump's agenda could start price pressures. we will look ahead to u.s.

inflation data later today. the president-elect picks entrepreneur vivek r.i.m. a swami lead the charge to dismantle government bureaucracy. plus vermin ease -- olaf scholz making his case later today for another term as german chancellor. tom: to the early story right now, lines crossing, the asset manager over germany, elian's coming in with our core operating profits, beating the estimates. 3.90 4 billion euros, operating profit for the third quarter for alley on's, above the estimates just shy 3.8 billion --

fourallianz. the focus is on pimco, the asset manager. enclosing to that part of the business will be scrutinized as well and see a um for allianz. we will continue to watch that story through the day and see how that stock reacts. the dutch lender the focus on net interest income in the search for new ceo. the stock is up about 22% year-to-date. in terms of third-quarter operating income, coming in as a beat, 2.5 2 billion euros. in terms of cet, one ratio in the third quarter also coming in higher, 14 point 1%. the estimates had been for 30.9%. we will speak with the cfo of that dutch lender at 7:00 a.m. london time. let's check on the markets with

investors taking calls and questioning to what extent the policy agenda of the incoming trump administration will be inflationary, to what extent the tariffs and the deportation plans of millions of migrants in the u.s. because a push up in prices. we'll look at cpi later today with a topline number expecting to come in edging up higher. looking at you .6% versus 2.4%, the estimates. european futures pointing lower by .4% after a significant drop in european stocks yesterday. losses were pretty pronounced in terms of repricing around the equity market and potentially the vulnerability of europe to those potential tariffs from the incoming trump administration. s&p futures looking to notch a loss of .2% after modest losses for the s&p and the nasdaq 100 yesterday. let's click the board and look cross asset.

more calls in terms of her the yields go on the tenure. linking to that trump policy agenda with the likes of templeton joining the likes of j.p. morgan, suggesting 5% is in the cards in terms of yields on the 10 year. will seek to what extent that are just around the cpi print today out of the u.s.. euro-dollar at 106, a little softer by about .10%. bitcoin paring some of the gains we saw yesterday when it reached 89,000. still the softness you see in the markets overall, just up .3% payment let's cross to singapore, it's been another challenging session for the asian markets. avril: it is pretty ugly, you look at the regions benchmark, it's hovering near the two-month lows. the bleed is for to match across the board. same for the csi 300. today the underperformance in markets coming from those with economies that are either

falsely tied with the fate of china or that of run-up huge trade surpluses with the usp look at south korea, japan and australia already down today. the hang seng off to the fourth session of declines. let's split the board and before i talk more about what were seeing on the hong kong benchmark, take a look at this chart where it shows you the pressure the renminbi is facing against the strong greenback. there is caution ahead of the u.s. cpi and this really played out in the yuan just a few days ago, three month lows. the pboc is voicing its displeasure and indicating its discomfort. it was for 40 plus point stronger than what traders had estimated and traders had been banking on the chinese authorities perhaps using weaker yen as part of a tool to fight trump's tariffs. firming up in the renminbi, let's look at the board again

and look at this next chart which will show you the hang seng, the fourth session of declines and is broken through a key support level and is just about to erase all the gains since late september. it looks so bad that mark cranfield was saying if 10 earnings today come out and show it sustained are accelerating revenue growth, that will not help lift the mood very much. the hang seng is related to the chinese mpc disappointment. that data on the mainland as well as the trump trade. tom: a check on the asian markets with a focus on hong kong. staying with asia and the yen, begin weakening to 155 versus the u.s. dollar. raising the risks of intervention by the ministry of finance or the bank of japan. currently 155 on japanese yen versus u.s. dollar, down .3%. the currency is down about 10%

since september versus the u.s. dollar. at 140 on september 9. you're now at 155. it will not be the boj, it will be the finance ministry if it does intervene. weaker yen once again in focus, the yield differential is markets place a 50-50 bet essentially on whether or not the fed cuts in december. the yield differential and expectation that rates will be higher for longer in the u.s. with the incoming trump administration pressuring the japanese currency. speaking of u.s. politics, let's get the latest in terms of how the new team is shaping up under incoming president elect donald trump. he's named elon musk and vivek ramaswamy to lead a new department of government efficiency. let's bring in kriti gupta for the latest. the trump administration is keeping you busy with all these different names to that incoming team.

not a big surprise that musk has this role, but what is a mean in of government efficiency? what does it mean about the cuts it may come through? >> this is the business piece that's coming through. the idea that the expertise from the business sector is what they will provide. vivek ramaswamy actually ran as a presidential contender and was in early disqualifier basically for the republican primary, quickly throwing his weight behind trump and being very vocal and support in that endorsement. elon musk a similar story. where they bring value contradicts some of the other picks the president elect trump has chosen. a lot of that has anti-china rhetoric and stance. elon musk and vivek ramaswamy could balance it out because elon musk has several business ventures in asia across various sectors and in ukraine as well. this will be a big deal, but

vivek ramaswamy has significant business exposure as well. the, nation balances out the other side with marco rubio or the other chosen candidates. tom: elon musk has the closest ties to chinese leaders so that will be a fascinating potential source of tension for the trump administration. we got an ambassador to israel and an the middle east. a new secretary state the pentagon for defense. what are the names we are seeing in terms of the team being built out? >> let's start with the ambassador to israel, this is an important one. mike huckabee was also a presidential contender, former governor of a state called arkansas in the south of the united states. not many people are familiar on the international stage. his daughter served as the press secretary for donald trump and has been very vocal in terms of a pro-israeli stance.

that's a little bit of a concern from the current biden administration. the cease-fire talks in terms of rennet could completely change and it's important to keep in mind that in the last seven days or the past weekend, qatarii officials evicted some away from the country. the idea in terms of cease-fire negotiations, with with qatar no longer one should be an intermediate or. -- intermediary. mike huckabee makes the prospects of a cease-fire deal on the surface a little harder from the early, tease mate in the past two months or so. that's one example. the famous fox tv host chosen to be the secretary of defense. he has no government exposure but he does have military experience. he's never worked in politics before. that one is coming with a little bit of concern, but it's one

that comes to the theme of loyalty among donald trump's picks. tom: let's meditate on that a moment, a fox news host as defense secretary for the u.s.. some of these key appointments for the incoming trump administration. kriti gupta following more of this for us. larry summers has more of the trump's campaigns policies including tax cuts in tariffs triggering more inflation. let's get more views and analysis in terms of how the markets are adjusting to this news. what is the latest in terms of the view across his markets about the inflation impact of trump's policies? seems in the last few days this will be happening, higher prices. >> the debate is still out there on whether trump's mystic policies will be inflationary or not. we heard from the front runner for the treasury secretary position saying he thinks any notion that trump's policies is

inflationary is absurd. still a lot of debate out there on whether the trump policies could ignite inflation and maybe complicate the fed's fight ahead of this u.s. cpi data we have later today. tom: could it move the dial in terms of the fed markets? it's a 50-50 split on whether we get another cut in december. >> the u.s. cpi print today is expected on the street to come in a little bit hot. we're expecting a repeat of that .3 month on month core reading. the core inflation has been sticky and has resurged on month-to-month and year on year, tempting us to price out more expected cuts from the federal reserve. we can take a look at how the fed pricing has changed recently . we are now expecting over the next two meetings less than 25 basis points of easing from the federal reserve's which means

who could have a fed on pause before inauguration day in january and that could attract more heat for the president-elect. tom: the ripple effects with japanese yen, what would you make of the moves we are seeing in the yen? >> it could all be related. celeste katz we had from the fed going forward, the more elevated front in yields are in the u.s.. the stronger the dollar is in the more can extend the dollar strength run and the more weaker the yen can go versus it. tom: thank you very much for the check on the markets and how they're readjusting to the prospects potentially of an inflationary policy agenda from the incoming trump administration. here's what else to think about the minutes from the riksbank, in terms of how sweden central bank is thinking about inflation there and the path for rates. 10:30 a.m. u.k. time to get the

german tenure bond sale, will see to what extent the market is able to absorb that. again at a time of political uncertainty in that country. 1:30 p.m. u.k. time, it's the big one on the data front for us today, the october cpi print out of the u.s.. estimates year on year at 2.6% versus 2.4% in the previous month. again, will that change the calculus of the federal reserve? we will round up all the stories you need to know in this edition of "daybreak: europe." and midterm targets as infrastructure demand rose. we will discuss earnings and the outlook with a cfo. the stock is up more than 220% year-to-date. this is bloomberg. ♪

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tom: welcome back to bloomberg "daybreak: europe." demand for grid technologies help offset the losses and is challenged a wind turbine division. the german company share price has more than tripled this year.

as it turns the page on long-standing problems at the unit where 40 turbines led to massive losses and shattered profits elsewhere. the stock was challenge in recent years but it has had a run so far year to date. maria, thank you for joining us. i want to start with the cfo -- with the margin story. it's a profit margin of 12% by fiscal 2028, that's versus 8%. how confident are you that you reset target of 10%-12%, or is that a conservative target given the turnaround you are seeing in business? >> thank you for having me. i'm very pleased with fiscal year 24 as you rightly mentioned, it was a very important year for us. i think it showed across all our businesses that we had strong demand. we have a backlog now of 123

billion, for midterm targets, it helps fuel the future. were very confident not only with how much we have in our backlog and what were serving with our customers but also the margin quality. to your point, how are we going to get there? it's really step-by-step. we are pleased in terms of our targets this year. we've either met or exceeded in all areas and this fuels the basis for the future. tom: is at 10%-12% target conservative in your view? >> it's a target we stand behind, and of course we see that looking back again to this year, grid technologies, our business continues to really outperform in terms of demand. electricity demand continues to rise year-over-year and that underpins that midterm target. again, we're really happy with

how things went this year. it's a lot of hard work, where all the businesses show turnaround. siemens has stabilized over this year and we have a profit of $345 billion are 1% this year. it's really the basis for the years to come. tom: which parts of the business do you see the strongest growth next year? >> as you can see in our outlook for next year, we see an 8%-10% growth and 3%-5% profit. of course that's really on the back of the growth we see in services, we see high single growth there in terms of technologies. double-digit growth continuing and it's really this mark -- positive market momentum across the businesses. you see it in the outlook for next year, this year it allowed us to meet or exceed all of our targets and that continues into next year. tom: are you able to put a

number on the demand for electricity linked to that ai play in the years ahead? how significant do you expect that to be? >> electricity demand roughly speaking, depending on where you look, we are looking to double by 2050. again that's on the basis of growing population. is data centers, you can debate whether's 50%, it's going to grow. that is beneficial for us, that's a market momentum that we saw this year that showed significant growth across our portfolio. when it comes to grids, in certain parts of the world that have to double the capacity to meet that demand. here at siemens energy, whether it's our guest services business or technology, which continues to grow in light of the demand for base load and secure supply,

together all of that we see well-positioned to meet that electricity demand. of course we see demand growing exponentially. tom: does a trump presidency change your plans for that key u.s. market? >> it's exactly what you said. the u.s. is a key market, has been and will continue to be for us. we are in the u.s. very proudly, we produce in the u.s. for the u.s. and we have over 13,000 people. we have over 11 production facilities, actually manufacturing in the u.s. for u.s. customers. " -- have committed to an investment of over 150 million dollars to produce power transformers in charlotte for the u.s. demand. so again, we are perfectly positioned for the u.s. market

and with our broad portfolio, no matter what the new administration comes in with, there will be puts and takes but we have a broad portfolio to address all parts of the energy transition. so we are very confident with our plan. tom: the cfo of siemens energy, thank you very much. the stock up 230% year-to-date. coming up, more from our exclusive interview, next. this is bloomberg. ♪

tom: welcome back. the citigroup ceo says clients are focused on moving forward with mergers and acquisitions driven by the need for scale to compete. he told bloomberg -- she expects of progrowth agenda for the incoming trump administration.

>> i view this not just from the perspective of our own operations but from that broader perspective from our clients around the world. i think the first one is the tempering of regulation, second would be taxes, third would be tariffs, and the final one would be tightening immigration. as we look across the board, i will put that in the perspective of a largely progrowth agenda. >> you are also the most global bank in the country. how are you preparing for the world of global finance to potentially be shaken up by some of these policies, the tariff policy in particular? is something trump is made clear it's a key policy will be implementing. >> when we look at trade, you're right that there's going to be changes. but trade is not going away. as we look at this around the world, i think we've already seen major changes in the global lanes in the last three years,

driven by geopolitics and technology transformation. energy, technology, security, cyber, finance, green, all of these different lanes changing around the world. this just puts one more into the mix. it will take a bit of time from trade and the tariffs to see what grows from that rhetoric to the actual agreements and the policies and then into execution. we will have some time to work out what that makes is. >> another reason i bring up trade burst is because a lot of prominent economists have brought up the idea of inflation that could be brought on on the heels of terrace. how concerned are you about inflation? >> certainly there are elements of this that could be inflationary, at the same time we've seen particularly here in the states and ability to have productivity improvements and driving changes through.

i would say we've got to wait and see. people decide policy and determine policy, let's see what the policies are and then we can work out what is the response to it. tom: that was the citigroup ceo speaking to us exclusively. european futures pointing lower by .6%. modest losses across u.s. stocks yesterday. coming up we're live at the ubs european conference in london to discuss europe's outlook and what another trump presidency it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again.

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♪ >> good morning.

this is "bloomberg daybreak: europe." i am tom mackenzie in london. these are the stories that set your agenda. asian stocks fall to the lowest in two months on concerns that donald trump agenda could still price pressures. we are going to be looking ahead to u.s. inflation data due later today. the president elect picks elon musk and vivek ramaswamy to lead the charge to dismantle government bureaucracy. germany's snap election campaign ramps up with olaf scholz making his case later today for another term as chancellor. checking in on these markets right now. risk off across the equity space. a stronger dollar, high yields once again part of the story as investors again reprice around expectations of an inflationary trump policy agenda. some of the names as well being picked to lead that new administration causing some concern around the hawkishness on china and what that could mean for global trade. european stocks pointing lower by 0.7% after european stocks

fell 2% yesterday, a very challenging day for the european stock equity space yesterday and looking to build on losses today. ftse 100 futures flat, s&p futures looking towards losses. nasdaq 100 futures looking lower by 85 points. you got softness across the nasdaq 100 yesterday, modest selling pressure ending in negative territory. yields up again in session after yields rose about 10 basis points across the treasury curve yesterday, yielding you 4.43. is 5% the next benchmark? euro-dollar at 1.06. bitcoin, some profit-taking in the space, $86,000. brent up. opec cutting their forecast on softer demand out of china.

let's go to the politics of germany. olaf scholz set to make a public address today setting out his case for another term as german chancellor. let's bring in bloomberg's oli ver crook in berlin. what are we expecting to hear later today? >> a day of reckoning for the german chancellor who just coming after a week -- a week after he fired his finance minister, now goes to parliament to do a 30 minute speech where he will lay out his plans and why things, first of all, to address the political crisis but also have a platform to talk about what he would like to do. that will be followed by a two hour debate which will be intensely fiery truly speaks to some of the political and economic issues in germany. what he will focus on is likely make some of the same refrains he has made over the last few months and has disagreements with the finance minister, saying basic of germany is now hamstrung by these very stringent borrowing limits. this is something he wants to do away with, the debt break, sing

he wants to bring the economy back to life with more economic support. the real contrast between what he is saying and what the cdu is saying is he wants to do it in a more equitable fashion by not cutting back pensions or benefits. for many germans, there's a sense of weariness with this coalition that has failed to resolve its differences, particularly with donald trump sitting on the horizon, where olaf scholz has made no secret of his favoring of joe biden and the fact that it took them almost a week to speak on the phone after he was elected, that does not bode particularly well. >> that may be part of the strategy potentially of his opposition partner of the cdu, you cannot really call them partners, opposition party leader. how is merz looking to position himself? looking at >> merz, by far the favorite candidate.

there was a short gap in the polling when the actual last election was held monday spd managed to win. the cdu has been number one in the polls for the last five years generally speaking. where he will be distinct from angela merkel's this is a much more conservative figure than angela merkel was. he spoke yesterday and i will give you a summary of some of the issues he is looking to prioritize. number one's major tax reform, he wants to be a low tax chancellor, particularly for corporates. he wants to cut on the plummet benefits, pensions -- he wants to cut benefits, unemployment benefits, pensions. he wants to cut up bureaucracy and regulation. have we heard that from the german government? yes, everybody says they want to cut bureaucracy, and yet there is still a ton of bureaucracy. he's been much more restrictive on migration. this is a great difference between him and angela merkel. he hopes to cannibalize some of

the vote from the extreme right and extreme left who have really been very concerned with the issue of migration. he's much harder on those sorts of issues but also wants to boost defense spending, more support for ukraine, he says there should not be all these limits we are imposing on ukraine with these missiles striking in russia. he wants to start deliveries of those taurus missiles to the ukrainians and wants to boost defense spending to $80 billion. how are you going to pay for it? that will bring us the main issue, which will be the debt break and that will be the interesting political debate in germany going forward. >> some pretty fascinating policy divergence from the two leading candidates. oliver crook in berlin with the set up. great stuff. thank you. the significance of trump's election win for europe is of course a big topic of discussion, that's an understatement. eu officials are preparing for more protectionism and a possible tariff war on top of existing trade tensions with

china, something filtering through domestic politics and germany -- in germany. the relationship with the trump administration is one of the talking points at the ubs conference been hosted in london. francine lacqua is on the ground for us with a guest. francine? >> i am delighted to be here with arend kapteyn, chief economist of ubs investment bank. it's a good conference that brings a lot of the big thinkers in europe. later on, will also be speaking to yen stoltenberg, the former nato chief. this is all about what donald trump does next. thanks so much for joining us. if you look at the world economy, u.s. was doing great, one of the best economies in the world. and so many questions on what happens to inflation and what happens to europe because of trump policies? >> yes. the number one thing people want to talk about his tariffs. i think even the ecb officials, i think tariffs are viewed as this uncertainty shock that is really the last thing they need

right now. are they going to be able to get to their forecast? i think they are already wavering on their own outlook. i think they are at the point of almost throwing in the towel on the forecast and downgrading things, which would sort of give you the next leg down monetary policy pricing. the tariffs are one of these things that impede the ability to recover. not that the tariffs would necessarily happen immediately but the threat could create an uncertain environment in the first half of next year. >> base case could be 10% to 20% of tariffs. they could be much higher. what kind of time from we be looking at? arend: we did a scenario before the election talking about those tariffs. we thought the china tariff is definitely going to happen the rest of the road tariffs are not on our baseline because we thought the -- the rest of the world tariffs are not on our baseline because we thought legally they would be difficult to put together. i don't think the u.s. has a global bilateral trade problem

it has a problem with china and europe and other countries. it's more likely you get something more european specific. i think they are actively still debating and considering it. the critical thing for us is, so we don't know whether it's 10 or 20, but timing wise, i don't think it's very likely we see this in the first half of next year. whereas for china, you have legal authority, there's actually retaliation because in the phase i agreement which allows you to immediately start discussing these increases, you are sort of starting a little bit from scratch with the authority for a global tariff and they will have their hands full with china. this is more of a 2026 event event 2025. >> what is your up to? if you have immediate 10% to 20% tariffs, is an automatically inflationary or initially deflationary? arend: that's the critical thing when you model this, so we sort of asked the team, what is your retaliation assumption? if there is no retaliation, it's

actually not that inflationary the worst thing that happens is your currency depreciates a little bit. does that way up against the growth impact? tariffs are inflationary if you raise tariffs. for europe, the question is, what do you do? we don't know, right? my team has sort of come back with the assumption that we will only get partial retaliation. that's along the lines of maybe it's for everyone, it's not just tariffs against us, so politically, we may be don't need to react as strongly. we are also not angry economic shape so why don't we may be partially respond? my view is i cannot think of a single instance the last 15 years where the commission did not fully retaliate against any kind of u.s. trade threat. >> what does that mean for the economy and for investment? arend: well, so, the way we sort of think about it is if you raise prices, in first instance, demand goes down. we call that unit elasticity.

it depends on how much of the tariffs go up, how widespread they are, and how much your currency moves. it would depend on the size of the tariff. we did not publish the european specific numbers but on a global level, 10% tariffs, if you do that, the 10% tariff is more damaging than the china tariff. if you take the two combined, you're talking about something five times larger than what happened in 18. -- 1819. that's super disruptive for the global economy. it's inflationary for the u.s., very inflationary. for europe, it really is going to depend on what then happens on the currency and how they retaliate. >> i guess the million dollar question is, what would the tariffs before? is it a tit-for-tat to show who's boss? or is it actually to hurt the other side? arend: i think the way the china tariffs are framed compared to the european tariffs are quite

different. when you sort of this into people who are sort of in let's call it trump's orbit, they, you know, like china seems like this generational struggle where the notion of having a quick deal on everything will be fine. i just don't buy it. they view them not as an ally, but as sort of a strategic opponent that they need to constantly keep fighting. europe, they talk about it very different. europe is our friend. they also do have a fundamental problem with a few countries which have for decades been running surpluses. >> germany. arend: germany on they also talk about ireland, there's tax evasion. where they really have an issue is with a narrow set of european countries, not with the whole world. because europe is united within the eu, you have to start ago after the eu. >> you also see the personalities of different world leaders and how. they interact with donald trump

i think emmanuel macron managed to get certain caveats to the tariffs. he was putting on europe how difficult is it for germany to go through this in the midst of political turmoil? arend: the unusual thing about europe is trade is with the commission, not so much with the member states. it's one of the frustrations that the trade representatives that were in the left trump administration had. with europe, you never know who to strike a deal with, because it's a commission. they are really still frustrated about it. years later, they still talk about it, we could not strike a deal with anybody. in that sense i think it is a little different. the political leadership and the personalities will matter. i think it's too soon to tell. what germany, we don't quite know -- with germany, we don't quite know who's going to be in charge. >> do you see a lot of the forecast for the world economy, the european economy to go down, and what happens to the u.s.? arend: yeah, so global growth right now looks week as it is. we are as of q3 at the global

median you are sort of running out a half of historica growth levelsl. you can say surely it's going to get better because we've got central bank easing and the inflation shock is going away but now you have uncertainty on the tariff threat and the consumer outside of the u.s. still not spending. normally when i do an outlook, we have sort of our forecast which drive the markets and then we have a story. i think it's going to be the opposite this time. i think actually it's going to be uncertainty and whatever happens with the u.s. administration is actually going to drive the markets, which is then going to drive my forecast. i really do not feel i am in the driver's seat. i think the theme for next year is just incredible uncertainty and volatility. that may shakeup positively, right -- shake out positively, right, we don't know, but the type of stuff been discussed does not make me confident that growth will pick up. >> arend kapteyn chief economist at, ubs investment bank.

i will send it back to you in the studio, tom. tom: francine lacqua, thank you very much indeed, on the ground for us at the ubs bank with the chief economist. we will have more including an exclusive interview with yens still to berg. you can imagine that will be -- jens stoltenberg. you can imagine that will be very interesting. softbank's supercomputer. nvidia says the japanese tech company will get their latest chips further ai venture, as softbank -- for their ai venture, as softbank jumped to the top of the queue. that is next. this is bloomberg. ♪

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(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. softbank will get the first of

nvidia's latest grace blackwell ships to build japan's most powerful ai supercomputer. nvidia's ceo announced a partnership at that chipmaker's ai summit in tokyo. >> i have a very big announcement to make. today, we are announcing that we are partnering with softbank to bring and to build an ai infrastructure for japan. tom: ok, let's get more from bloomberg's min jeong lee. how did the partnership between these two come about? min jeong: they do go along way back when he was interested nvidia, he thought the camp and he was undervalued -- the company was undervalued, although he divested that stake early. the two have always maintained a

friendly business relationship and the partnership with softbank as part of nvidia's broader efforts to further strengthen its dominance in the ai chip market, striking does with a number of companies in the region, not just softbank. tom: what else is he planning for japan? what else did he talk to about the plans for nvidia and building out their footprint in that country? min jeong: sure. jense mentionedn jen -- sthey announced a number of partnerships with a number of companies across various industries including cloud, so companies like saqqara internet, kddi and also toyota, the automaker, health care, and even olympus. so really, nvidia's going out of its way to strike a a lot of

deals with a number of companies to basically increase its dominance in the country throughout. tom: softbank is a company you know very well indeed. what is in it for softbank? >> right. with this deal, as you described, softbank's building what it says will be japan's most powerful ai supercomputer using nvidia's dgxb 200 product. this is in line with ambitions to take part in whatever way he can really to make artificial general intelligence or artificial super intelligence become a reality. massa and his executives have repeatedly said they have ambitions for data centers, robotics and also energy and power generation. this is all part of his ambitions to make ai a real tool for everyone everyday. so this partnership with nvidia is a part of his big ambitions.

but definitely more to come here going forward. tom: ok. great context in terms of what we see in the partnership between nvidia and softbank, casually very consequential indeed. min jeong lee in tokyo with the details, thank you. apple readies a new product category. it's putting to announce a wall-mounted display that could control appliances, handle videoconferencing, and use ai to navigate apps. bloomberg understands the device will spotlight the new apple intelligence ai platform. -- has taken its first step towards a u.s. ipo. the swedish payment platform is confidentially submitted a draft registration statement to the secured is any change commission -- securities and exchange commission, the sec. the number of shares to be offered on the price range have not yet been determined per car and a has refocused itself -- klarna has divested itself ahead

of the ipo. greek prime minister kyriakos mitsotakis says he things a trade war on terrorist would be bad for europe and the u.s.. he remains -- war on tariffs would be bad for europe and the u.s. he also spoke about why short-term climate solutions are just as important as short-term -- long-term goals, which are being missed left, right and center, by the way, in conversation with joumanna bercetche. >> as long as we focus on long-term mitigation and greece is certainly doing its part, we need to place more emphasis on short-term adaptation on helping our people cope with climate disasters, which we know will happen with increased frequency. when we think about funding, this is not just about, you know, helping the poor countries with an energy transition, it is also helping more mature companies giving with the impact of climate change today. tom: greek prime minister kyriakos mitsotakis speaking to

joumanna bercetche at the cop summit in azerbaijan. i am going to give you a preview of that u.s. inflation data. is a going to move the markets? we have a nowcast update from bloomberg economics. they think it may come in hot that's next. this is bloomberg. ♪

>> they are not going to act until they actually see a trump agenda actually take form so don't expect any near response -- near-term response from the fed. if trump says he is what to do what -- if trump does what he say he's going to do, it will be a definite economic ride. tom: bill dudley on what may lie ahead for the fed with donald trump in the white house. it could be a difficult ride. it's already improving a difficult read for other currencies -- it's already

proving a difficult ride for other currencies and markets. the bloomberg dollar index year to date up more than 4% versus the euro. you see the pressure on the yen today. the last time i checked it across 155 level. intervention back in the cards potentially for officials over in japan. this is on the back of higher yields, you saw the move yesterday once again across the treasury curve, yields up about 10 basis points. the calls for 5% on the 10 year coming through from the likes of t. rowe price, templeton, and j.p. morgan hall calling on expectations that maybe you get to 5% on the 10 year yield in the short-term. let's flip the board and have a look at what we can expect in terms of the inflation data out later today. topline, headline year on year the forecast is 2.6% compared to the previous month of september of 2.4% so it is expected to take up the nowcast from bloomberg economics though month on month sees the inflation print coming in hotter than the estimates. the estimates month on month,

0.2%. the nowcast bloomberg economics take is you can see 0.3%. does that adjust the views around the fed's next steps and rebuild expectations around this trump trade? higher yields, higher inflation. markets currently split 50-50 on whether they go in december. that inflation print dropping 1:30 p.m. u.k. time. more coming from the ubs conference in london, including former nato secretary general jens stoltenberg. coming up, the ceo of abn amro on the dutch lender's latest earnings. that interviews up next. this is bloomberg. ♪

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♪ anna: good morning from london. i am anna edwards alongside guy johnson and kriti gupta. here's what you need to know paired president-elect trump takes picks elon musk and vivek ramaswamy to lead the ch