>> the euro area special bank expected to deliver its

forthright cut. we're live in frankfurt ahead of today's ecb decision. and maximum pressure on iran. donald trump national security advisor vows to bring back the policy. the president-elect invited china's president to his inauguration. ♪ tom: happy thursday, the european equity markets closed higher yesterday and the u.s. session was solid with the nasdaq 100 closing up 1.8%, a fresh record for the tech heavy index. notching up gains as well, companies like tesla and alphabet led the surge. it was a tech heavy day on wall street. we reflect on the fact that cpi

and the u.s. long thin for traders, that cut next week from the federal reserve is the expectation as cpi came in line. the ecb expected to cut, what is the trajectory into 2025? s&p futures softer, down .10% after the gains of yesterday. nasdaq 100 futures also lower by 26 points. let's look cross asset, the focus on the treasury curve as we digest inflation data, largely unchanged on the 10 year. euro-dollar 105, little softness for the bloomberg dollar index. we will see out since it of the currency is around the ecb decision. our ghibli the projections from ecb or what we hear from christine lagarde. did she say anything about where earnings are on the neutral rate for eurozone in terms of the policy-setting?

maximum pressure policy on iran from the incoming trump administration. another solid session over in china. let's crossover right now to avril hong, standing by in singapore for check on the asian markets. a pretty decent set of numbers, but some equity reaction to what worse hearing from expectations on the policy front out of beijing. avril: we are waiting for that readout from china's economic work conference. optimism surrounding some concrete details around stimulus running really high, chinese stocks are enjoying a bit of a bounce. we also saw some local media reports related to some consumption vouchers lifting retail stocks but the rest of the region also seeing a lot of green as those bets of the fed cut next week solidified. so tech leading the way but what i really wanted to talk about today's what were seeing in the

chinese currency, there is a lot of speculation that the chinese authorities would be more tolerant of the weakness of the yen next year, it led to the sharp decline. the pboc pushed back quite hard today with reports of the pboc come saying they don't want to see one-way bets. if you look at the risk from currency depreciation they include capital outflows, knock on effects to other assets and that's perhaps why the likes of morgan stanley beverly compared to 2018-19 where this 12% decline. this time around it might not be so severe because of the risk. you see how it's nowhere near the six handled by thin. the idea that this time around chinese authorities because the currency is already week might not have to see further depreciation on that much of it to begin with. keep that in mind as we see

relative weakness on the renminbi. tom: absolutely, they may also be reflecting that short depreciation back in 2015, the ripple effects of that decision. thank you very much for that i on the chinese currency and the equity market, set for three straight weeks of gains in terms of chinese stocks. the non-us inflation numbers have cemented expectations for a fed cut next week. december 18 is the decision. let's get a gauge and how markets have reacted and positioned around inflation data. >> the inflation data came very much in line, all four of the major components came as expected. we getting very good at predicting where inflation is coming these days. it cements a fed cut for next week and now the intention -- attention shifts to the infamous dot plot. back in september they penciled in four cuts for next year. the market is pricing in less than that, just how much lower

will they ship that 25. in next week's decision? the inflation report also have the equity market a full steam ahead. we can take a look at how the nasdaq closed at all-time highs yesterday, of nearly 2% into that close. another closing high for the nasdaq, the s&p 500 is not far behind. tom: we've also been hearing from the u.s. secretary janet yellen, she's been saying about the broader outlook for the u.s. economy. >> she spoke on many topics here when she spoke exclusively to bloomberg yesterday. she did mention the softer oil market offers the possibility to amp the sanctions on russia. she also urged to open a dialogue with china talking about the tariff situation, this tit-for-tat tariff war that we could possibly enter. she warned that open dialogue with china was necessary.

she also talked about how the tit-for-tat tariff war can complicate the inflation fight. take a listen. >> broad-based tariffs almost all economists agree that what they will do is hurt us by raising prices, possibly substantially, and making it more expensive for firms that need inputs from china to be able to acquire them and harm our competitiveness. >> she talked about another warning on the u.s. fiscal situation. she warned outright that if the trump tax cuts are extended, if they are not funded it could pose a serious fiscal low to the u.s. government's bottom line. tom: thank you very much indeed. let's get to what's happened with the ecb. a big day for the european central bank on its final policy meeting of the year today.

what -- it was expected to deliver its fourth rate cut of 2024. traders will be looking for clues on the path ahead. lizzie joins us from frankfurt for preview. is there case for this ecb to go big today? not 25 but 50, given the economic and political challenges of the euro zone? >> off the back of that u.s. cpi print, the changes on fed easing, you've seen a shift in that ecb easing. there have been added to off the bat by the end of 20.5. in terms of today, the latvian central banker says 50 is on the table because just think about as you allude to all the developments that have been since last meeting in slovenia, you've got the collapse governments of france and germany, you could see less fiscal tightening and therefore less help for the ecb in the

mission of fighting inflation. i doubt christine lagarde will want to wade into the politics when we get to the press conference. but then you've got donald trump back in the white house in january, and the euro area area much in the firing line when it comes to his tariffs. there could also be an impact from his domestic economic policy. all of that creates uncertainty and potentially the ecb would want to preempt those risks with a jumbo cut. the reasons why we don't expect that they will, there's only seven weeks until the next meeting. trump will be in the white house by the end and there should be a little more clarity on his intentions. for the hawks, you have this rising negotiated wages in the third quarter and then the doves are not even calling for jumbo cut valley. so it looks like is on the table but it's only jp morgan who sees it actually happening. it's not looking pretty likely. tom: so jp morgan holding onto

that call around a jumbo cut for the ecb. what will you be scrutinizing when it comes to the press conference and the signaling there for christine lagarde? >> it's going to be interesting because we will get updated forecast. given all that uncertainty i just laid out, it's hard to say how much clarity it will actually provide. the time horizon is out to 2010 seven. i would inspect therefore an emphasis on scenarios rather than a base case. since last meeting we have seen a darker outlook for growth and inflation. remember those pmi's back in november. at the press conference the last time, christine lagarde said the risk on inflation work tilted to the downside. maybe we get that upgraded in the same at this time. further out, the big debate is where rates settle. where is neutral and do they need to go below it? economists a 2% is where rates will end up.

traders reckon 1.75% roughly and all comes down to the fundamental question of the limitations of monetary policy. mario draghi laid out so boldly the problems of the euro area economy, the poor productivity, the lack of financial integration, the dearth of skilled workers. really what can monetary policy do to solve all that? this is what isabel schnabel said in her interview with her and makes the case to start cutting rates sooner. tom: lizzie, thank you very much indeed with a preview of the ecb. we will have live coverage of that ecb decision and coverage starting at 1:15 p.m. u.k. time. the strength of the frank in focus as well. despite the threat of stiffer tariffs on china, u.s. president elect donald trump has reportedly invited xi jinping to his inauguration in washington dc next year.

how kind of him. bill, let's start there. why has he invited china's leader to his inauguration, and what are the chances that he might accept? >> i think it could be an olive branch out to xi jinping after obviously a tough campaign in which he's promised to put a whole range of tariffs on chinese imports. it's likely to be a tense relationship so this may be a way to break the ice. is it going to happen? i'm having a hard time picturing xi jinping sitting in a folding chair on a field in washington in january. if you remember the last inauguration, you had memes of bernie sanders covered in a big jacket with his gloves, huddled over in the cold. seriously, foreign leaders do not go to u.s. presidential inaugurations. we've looked at the records back to the 1870's. it just hasn't happened.

it would be highly unusual it would be politically risky for xi jinping to be sitting there all donald trump perhaps goes off script during his speech and talks about tariffs or talks about china, and xi is sitting there unable to respond. remember this week president elect donald trump referred to prime minister justin trudeau of canada as the governor of the great state of canada. those jokes don't always land well with foreign leaders. i have a hard time seeing xi jinping wanting to sit there and risk that kind of thing happening to him. tom: so maybe an olive branch more than an opportunity for xi jinping to dust off those hand knitted mittens for the inauguration. or seriously in terms of what were looking at in terms of the middle east, a key trump advisor or nominee for key positions suggesting the maximum pressure campaign on a ran will be revived.

>> might wall to was his pick for national security advisor, that will be who is in the white house on january 20, no confirmation needed for him. he said the maximum pressure campaign is coming on. what that means exactly is hard to say. he mentioned talking about going after iranian assets and stopping their oil. the biden administration has largely looked the other way as iranian oil experts -- and of search. those are almost exclusively going to china to meet if the trump administration does do something to try to rein in those exports, he's going to have to deal with china and potentially deal with rising fuel prices in the united states. if you have prices increased that will certainly reverberate. that may be a chance he is willing to take but he certainly is signaling a trump approach heading into his inauguration on january 20.

tom: coming up, south korea's president speaks out, saying he will fight until the last minute to defend himself. we will speak to our east asia government editor next on the korean story as a south korean political show continues. of course tensions remain at the top. stay with us. this is bloomberg. ♪

tom: welcome back. south koreans president has spoken publicly and said he will fight until the last minute to defend himself following a short-lived declaration of martial law. >> dear citizens, the opposition party is accusing me as a felon and sound trying to remove me from the presidency immediately. i will not give in to their

demands. tom: let's bring in our east asia government editor. was he able in anyway or measure able to win over the south korean public with what seem like a defiant speech? >> you are right, it was a defiant speech and probably a divisive speech as well. the people it appealed to most were his base of hard-core superb -- supporters were very wary of north korea. the speech provided kind of a defense for his actions on national security grounds. it may be his argument if the case goes to impeachment in the constitutional court where there's also another truck with the noumenal matter where he could be facing an investigation for treason which could lead to possible charges. the key for this is our the raw numbers in parliament?

it takes 200 votes to enact an impeachment motion. there are 300 members, his party has 108. if there are eight members who are key to this who will determine whether the impeachment motion goes forward and not and how the speech affects the members of his party remains to be seen. six are looking like they will try and make a motion for impeachment, leaving two needed to get it through, the impeachment measure could go forward as early as saturday. for the broad public that's one thing, but the key thing is how will the speech affect the people sitting on the fence of his party, whether they go forward with an impeachment vote or not. tom: so scrutiny is certainly on those two lawmakers as we count down to saturday. what happens beyond that, what

kind of timeframe are we looking at in terms of how this all plays out? >> if the impeachment vote were to happen and be approved on saturday, then it would go to the constitutional court which has 180 days to decide on the matter. there have been two impeachments before and they have taken two or three months to decide. during the interim, the prime minister steps forward if the constitutional court agrees the impeachment motion is lawful, it kicks off an election 60 days after that for their new leader. that's one track. for the other track with the criminal and possible resignation, there is no specific timing for that. but the impeachment is well-defined, if the vote goes forward to the constitutional court, there is 180 days to decide.

then 60 days to a presidential election. tom: our east asian government editor, really important in terms of how we understand the next steps politically for south korea and its leadership. some other stories making news this starkly, the u.s. is warning that russia may fire another intermediate range ballistic missile at ukraine, similar to what it used in the attack last month. this as the russian defense industry promised to respond to ukraine. it's a military airfield, with what it says her u.s. supplies missiles. both sides have recently ratcheted up missile attacks in the nearly three year work. a petition requesting a confidence vote on monday would trigger a snap election in late february. he surrendered his majority last month over a budget dispute,

pulling the plug on his three party coalition. coming up, the first rate decision as the swiss central bank grapples with the rising currency. we will give your preview, next. this is bloomberg. ♪ like that.

you'll tom: welcome back

bloomberg "daybreak: europe." positive interest rates could be about to edge closer to potential in central bank likely to cut barring cost later today. confront new era of speculation in the front. let's get more in preview. could the -- could they

surprised with a jumbo 50 basis point cut? what is the expectation? >> that have survived a couple times in the past. it's off the table that they will deliver of 50 paces -- basis point cut. this would drive -- the currency markets are pricing in more than 25 basis points. if the only do 25 then we might actually see them appreciate, given all that pressure and speculation, this is the last thing they want. so i wouldn't say it's likely they do 50 basis point, but it is definitely on the table. tom: so it's on the table, not likely, if they go 25 basis points maybe you get appreciation for the swiss franc. what else are you going to be listing for, what is -- at what

is his first meeting in this role. >> we will see how much he wants to diverge from his protege who had built him up as his successor. it's a change in the times. we will see how present now she presents himself, i think what will be halting him from going forward from here is that all right have one the world's -- it certainly will go down to 5% but if they would go down to only .5%, they would give away half the space they have and i think

he will consider very well whether he wants to do that. tom: and the expectation that maybe you get to zero possibly by the end of 20 25. talk to us about the swiss franc, the strength we've seen versus the euro since the end of may, it's up about 6%. what is it -- underpinning that, is it a safe haven trade? >> exactly, and realizing there's so little easing space. i'm sure there's a fair bit of speculation going on. we have geopolitical stress, political uncertainty in the west and a fair bit of political uncertainty in europe in france and germany as we've heard. people are putting their money into switzerland to keep it safe because of the reputation the frank has as a safe haven. this will push up the currency further so were not expecting it

to subside anytime soon. they will have to react to that and doing a larger than expected rate cut would be one way of doing that. tom: thank you for that set up with that preview. as things go from bad to worse for u.k. stock market listing, will compare london and new york. that is next. this is bloomberg. ♪

tom: good morning, this is bloomberg "daybreak: europe." these are the stories that set your agenda. stocks in china and japan after benign u.s. inflation data

cements bets on the fed rate cut next week. the euro area central bank is expected to deliver is fourth rate cut this year with with policymakers also in action today. don't trump's paper national security advisor vows to return to maximum pressure on iran. this as the president-elect reportedly invites china's xi jinping to attend his inauguration. european markets and equity futures barely flatlining, maybe waiting for direction. maybe the update around the forecast expected the markets are cut again, an outside chance they could go 50. that is not consensus. p futures barely flat. the context is gains around 10% on european stocks yesterday and a strong session once again, the nasdaq 100 railing 1.8% driven

by alphabet and tesla. futures pointing lower, s&p futures little softer, dropping seven points at gains of around .8% yesterday. let's focus on the euro, a little bit of softness for the dollar and that's giving the single currency bit of a lift. we will see if that adjust around what we see from the ecb. the two year, the front end of the treasury curve largely unchanged. inflation coming in in line with the estimates. bit going back above 100,000 but currently down 1% in the session. now to a focus on the u.k. with the london ipo market dropping to 20th place in global rankings with the value of listings sure trading luxembourg and oman. across-the-board, the u.s. ipo

market is poised to rebound further next year. let's get an industry statement, someone with a finger on the pulse of the ipo market. we'll get your views on secondary listings. what has gone wrong with the u.k. market right now? >> it's been in the making for many years. there are some changes this year but definitely a need for a big overhaul and potentially some partnering with other european markets. tom: what would that look like in terms of the policy prescription to arrest its decline? >> to be fair, this point it needs to be very transformative. it can be to help more liquidity in the u.k. market. tom: does that seem realistic? >> it's just one of the options.

we're talking decisions that will impact the next few decades in the same way that london was way more liquid and had nearly two times more companies listed 20 years ago, then you want to make policies today that will impact the next two or three decades. tom: you recalled the session with businesses who have that proximity, what is your sense in terms of the ipo pipeline? ? looking to 2025 >> is very interesting because as you have seen a 2024, you had a real exposure and new markets in terms of volume. we see it as a way for companies to test whether there is appetite from investors, and to secure some investors to avoid

any selloff at an ipo. this has been happening, you have some strong names, so it's helpful for 2025 in that regard. tom: the activity around secondary office -- offerings which is about releasing liquidity. you see that activity as an indicator that maybe the ipo pipeline will unfreeze to some extent next year. >> it is a good step toward a potential ipo. tom: the bloomberg reporting around the shrinkage of the fundraising in the u.k., partly points it toward having m&a, the appetite for investors, a lot of that money coming from the u.s. to snap up cheap companies. you have 45 companies are around about being snapped up. is it a trend that continues at that pace? >> hopefully. you want an active m&a market to

give confidence to investors. so with that it has been healthy. you companies to come in and not just compete with those 45 listings, you want new qualities -- quality stock to come in and add up for asset managers. tom:? is it purely a valuation story? >> i do not believe this. it's also quality assets, it is many things coming together. but surely if there were more liquidity, if there were more growth in the u.k. and europe in general it would help. remember you want your investor base to be not too far from your customer base. if you're growing very fast in the u.s. but less so in europe, companies will be more tempted to go to the u.s. for their investor base. tom: does the world of private equity continue to have that oversize impact?

we've seen that pronounce in 2024. set a story that continues next year? >> it's healthy to have a strong pe. it helps the country -- a company go further down the line that it was 10 or 15 years ago. 15 years ago one billion was a large cut. nowadays is nearly 10 billion, especially if you look in the u.s.. we are not quite there in europe yes -- yet, but still you have a role for them to play to help that ecosystem continue growing. tom: what about the tech proposition in the u.k.? an investor capital said the mainly for axing right now is secondary offerings. is there an ai tech play for investors in the u.k. and can we scale businesses if they're going to be snapped up by u.s. private equity? >> as long as there's a healthy

dynamic, going to yield to some key investments and then come back in the market, it's very healthy. what you don't one is that companies are growing, and we've been pretty good in the u.k. as well as europe to build a scalable echo system. now we need to prop up the ipo market to go all the way. a. we've gone a long way over the past 10 years. the next 10 years will be about that growth and the ipo market. tom: thank you very much for coming to the studio with that analysis. to focus on the electric vehicle market now, i was told the company's new ev has a range of 450 miles, exceeding the initial estimate of 440 miles.

their plans to increase production for a 26 mass-market launch, and how they are addressing supply chain challenges. >> we are not here just to make high-end luxury cars. this is a complete misunderstanding. we are here to advanced technology which will benefit all mankind. the way we are doing that is addressing the big-ticket item, a building an electric car for a family. there's a cost of the battery. we can do a competitive range with much less batteries in competition and that will draw the cost down. and that is our commercial advantage, our technology advantage needs to become a profound commercial advantage. then comes the big one, midsize which is scheduled for start up production in late 2026.

we are readying tom: tom: our plant. the midsize is a mass-market proposition, if you can get it out ahead of 2026. >> i'm not sure what their timeline looks like, but let's see. tom: given the slowdown in ev adoption, would you consider a hybrid powertrain at any point? >> not for us, no. we are fully committed. i think hybrid is the worst of all worlds and i think that hydrogen fuel cells are just a dumb solution. tom: would you consider at any point a partner in this market to share costs, to share intellectual property? is that something that is being discussed and you would ever consider? >> i would welcome that and we already have a partnership with

sapphire technology. we are in talks at the moment with -- for such partnerships. it would be lovely if we could supply technology to a traditional car company to help them on their way to sustainability and perhaps we can leverage economies of scale with other aspects of the business. tom: any conversations along those lines? >> yes, absolutely we are having those talks. tom: that was peter bronson speaking to me about their potential plans of teaming up with an oem. the cars are pretty cool. janet yellen says a softer market might create an opportunity for further action against russia's energy sector. she spoke exclusively on america's effort to curb russia's oil drain.

>> we never preview sanctions and with constant -- we've constantly been tightening our sanctions on russia, our overall aim is to impair russia's ability to continue conducting this brutal war to try to deny it the military equipment it needs to be able to do that, and we've taken a variety of steps to do it. but we have been focused since the outset on russian oil revenue which is a critical component of the russian budget, and we been looking for creative ways to try to reduce russia's revenue. one of the most creative policymaking things that i've been involved in during my career occurred here in treasury

when we were able to devise a way to convince our allies to join us in this, imposing a price cap on russian oil, which was a way of avoiding price spikes when the war started for oil and actually succeeded in keeping russian oil flowing into the market. so we continue to look of course over time, while the sanctions have been effective, russia has invested a lot on its own fleet of ships to carry oil, new insurance that has been costly to russia to estimate those investments. what is unusual at this moment is that the yuan market seems to be well supplied. prices are relatively low.

global demand is down and there really has been an increase in supply, american firms have stepped up. we have expanded oil production, opec countries like saudi arabia have excess capacity at this time, so the global oil market is softer and that creates possibly an opportunity to take some further action. tom: u.s. treasury secretary janet yellen speaking to us exclusively there. traders russia outcome for a key policy meeting, we should have details later this morning. late morning u.k. time. that is the expectation. more market analysis coming up in the next couple of minutes. how to position if you do have exposure to those chinese markets. 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, focusing on china where stocks are heading for the third straight week of gains. chinese stocks are performing pretty well. the csi 300, the benchmark on the mainland, as traders resume that's on stronger growth from a key policy meeting that's expected to wrap up later today. i'm joined by a chief china equities strategist at bank of america. securities. what is your level of conviction at this point, that we have seen a marked, significant policy pivot from officials in beijing? >> thank you. we do think the policy pivoting has happened. as of the end of september we seen a number of strong policy signals, they change their

stance on the property market, they pretty much addressed the local government issue and in the latest politburo meeting in december they also talked about relatively loose or accommodating monetary policies. all those are pointing to quite different policies compared to the past two or three years. however, the market always wants better signals, so from an investor perspective the questions are, we've seen pretty much some effort, indication the going to help with the state of banks, but in terms of helping with the private sector, helping with the consumers, has there been a real pivoting in the since of those things, and are we going to see more with the focus on investors? tom: so some pieces of the puzzle have been put together, but other pieces remain lacking, at least investors are looking for those final pieces to come

together to have real conviction longer-term. will we see some of that later today on the back of this key economic meeting, at least in terms of guidelines if not specifics? >> the central economic working conference is not about specific numbers or policy measures. i don't think investors are expecting too high for that. however, continued statements along those lines will be important to keep the market competent. if they are committed to supporting economic growth, especially support of the consumer the private sector side, at least that will give the market more hope that next year especially after mid january when we see potentially external policy shots, that china will respond decisively with more policies. i think today it's still pretty much at higher levels than we want to see, continued

commitment and determination terms of focusing on the economy and rebuilding with more confidence. tom: if you're just buying the index, how fragile is the prospect of further gains in 2025? >> our view is that for 2025, the market might be trading down before he goes up again. reality is in the first quarter next year, and the first two or three months, where unlikely to see the earnings. we won't even get the first two months until the middle of march. so there's a period for two or three months where there is a vacuum of data and then that leaves the market down to a lot of policy signals and clearly on the u.s. side there's going to be a slew of new policies coming out after the inauguration. whereas on the china side, there's the chinese new year in the real major policy might only

come out in the two sessions in early march. so first quarter next year could be a quite chaotic time with a lot of noise and a lot of volatility. having said that, many investors believe for china the real challenge is still more domestic. there are a lot of challenge that china needs to address, with or without terrorists. how to support youth unemployment. if china can get their act together and address these things, i think the market can have another good year next year. tom: interesting, looking at the long-term structural challenges of that economy. for you let you go, in terms of reviews around, are there any parts of the chinese equity market that are more resilient to those tariff threats? >> interestingly, from an earnings perspective, asian

indexes have higher exposure to those like manufacturing, industrial related sectors which from a revenue perspective would be more impacted by the terrace. however from the stock market perspective, for the next three to six months, partially because the eight shares could see more flow positions, especially for ec more hawkish policy related to financial market decoupling or financial related assumptions. for example if there are further discussions about adr delisting, if there are any financial market related functioning, it's mainly reflected on adrs, where as the a share market, there's the national need to support on the downside, there's the pboc relenting and potentially chinese governments will also think about other ways to inject long-term capital, talking about the chinese version of 401k

personal pension funds, and also potentially encouraging the social security fund to increase allocation in the domestic stock market. so asia could outperform in the next 3-6 months. tom: really smart analysis on these chinese markets. we appreciate it, thank you. there is plenty more coming up. stay with us. this is bloomberg. ♪ i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business.

tom: welcome back. defying superlatives for the wealth of elon musk, closing in on a half trillion u.s. dollars. currently around 447 billion

dollars u.s., the first person ever to cross the $400 billion mark in terms of net wealth. partly as a result of that issuance of an offering around spacex, but also the rally we seen in tesla shares since the election of donald trump. in a single day, yesterday his wealth increased $67 billion, not to shoddy. let's flip the board to the macro front. bang in line across the board in terms of estimates, estimates getting better month on month, it has not budge for four straight months. with that because for concern among some fed officials and getting back to the 2% target will be more of a challenge? a bit of a? going into 2025 given some of the sticky components of the inflation story that bloomberg economic says they will push ahead with further cuts your.

the ecb is upfront next, they're expected to cut 25 basis points. given the economic political challenges, the consensus view is 25 basis points. from 1:15 p.m. u.k. time, we will have special coverage of that ecb rate decision at the news conference by christine lagarde. the opening trade is up next. stay with us. this is bloomberg. ♪

anna : good morning from london. we are an hour away from the opening trade. trader cement bets of a fed cut next week after inflation rises no more than forecast. the euro area central bank is expected to deliver its fourth rate cut this year with swiss policymakers also meeting today. we are live