tom: this is bloomberg daybreak europe. these are the stories that set your agenda. asian shares tread water with china reported to be aiming for a higher budget deficit next

year. investors in the u.s. pile into ai stocks, driving the nasdaq to a record. germany's election campaign finally gets underway with olaf scholz calling for massive investment into infrastructure and defense. the bank of france cuts its growth outlook as the new prime minister looks to build bridges to heal the country's fractured government. good morning. european futures pointing lower by .3%. it was a different picture for the nasdaq 100 stateside. ftse 100 futures also pointing

lower by about .3% and the nasdaq 100 knocking through a fresh record powered by stocks like broadcom, which has posted gains of 14%. so the gains continue. s&p futures currently pointing to gains of .3%. i think there is something wrong with the s&p futures. nasdaq futures flat after a fresh record yesterday. cross asset, we focus on the yield curve stateside and treasuries as we look for the decision tomorrow from the fed but will it be a hawkish cut and what will be here from jay powell in terms of expectations building out into 2025? euro-dollar at 105. bitcoin also punching through fresh records now.

let's check in on the asian markets. you have had more selling pressure, the let's start broadly with the msci, down .3%, reports from reuters that there's a target for the deficit and growth out of china. modest gains of .6% the selloff continues. reports as well around trump tariffs or trump removing some subsidies from the electric vehicle sector. the yen at .154 as we look ahead to the boj decision later this week. reuters reporting chinese leaders have agreed to raise the budget deficit to 4% of gdp next year. let's get more from mark. what is your assessment of these reported targets being put in

place by policymakers traditionally not officially revealed until march of next year and the market reaction as well, which seems at the moment to be subdued? >> if these numbers are going to be correct, the headline number would be disappointing. we have seen a bit of a knee-jerk response in terms of the market, although they are losing some of that initial bounce we saw after they reopened. the markets were generally down. the csi 1000 was down more than 4% at one stage. it's recovering some.is still in the red . the thing is that this kind of knee-jerk bounce will need quite a bit more substance to keep it going and that's really what's been lacking with so many of these things as far as investors are concerned. they are not seeing a lot of meat and the headline number itself is also disappointing

because the market consensus was something more like 4.5% to 5%, so this number is not on the high side so once the dust settles people might feel this is not the shock and all number they were really hoping for but the time when people were thinking if we are going to get back into the chinese market it's because they are to go gangbusters and do whatever they can to make it work. it does not sound like it on the surface. we will need more detail about how the money is to be spent. the initial improvement could wear off quickly once we realize these numbers are not the big factor they were looking for. in september it sounded as though china would do whatever it takes to improve the stock market and its economy and even the gdp number is pretty much in line with what we have seen the last couple years. once again, it is not the kind of number that will set people back and think this is the

turning point for china. there could be more information to come and march is usually the time when you get a full rundown but this could fade quite quickly. >> so investors still looking for the chinese equivalent of the mario draghi moment and colliding with the realities, becoming a bit like groundhog day. you talk about the push into march, the need for more meat on the bone of this policy response story. what happens between now and march? >> a lot more on the central bank. the pboc have been doing a lot of the heavy lifting in terms of lowering interest rates in various ways and the markets have taken it well. and every time the pboc steps up and says something positive the response is generally good. they have said just in the past

few days that they don't plan to do anything more until next year. they may need to change that. they are more flexible and they have shown they are willing to take short-term moves. if it's seen as disappointing we could get a surprise from the pboc in the next few days. they have not done so yet but they have used a tactic they have used a few times. if there's a sense of disappointment by the weekend, once the fed is out of the way, if chinese markets still look soggy, they will probably help out with some kind of maneuver. that facility could be the one that is cut. it is steady but there's talk that it could be lower. >> thank you very much indeed for the context as we look ahead to the potential pose fed pboc action -- post fed pboc action.

let's take a broader look at the market in terms of sentiment and bring in valerie tytel. we saw the gains coming through yesterday, fresh records. what are we expecting in terms of a potential santa rally? >> santa needs to have some ai chip demand in his bag to keep this rally moving forward. we have had back-to-back record high closes for the nasdaq 100, which has now surged 31%. a lot of this recent rally was due to such a big surge in broadcom shares. they reported earnings on thursday and it jumped nearly 11% yesterday as well. nearly 40% for the share of broadcom. they reported a decent boost in demand.

flip on and talk about how this rally has been narrow recently, one of the narrowest we have seen this year, led primarily by big tech. the mag seven has been outperforming at the biggest margin that we have so far seen over and -- in over a year. >> when it comes to europe, a different sentiment. >> we are seeing it from the market and economists. we got some downgraded revisions from the bank of france yesterday. they originally saw the french economy growing at 1.2% for 2025 and shaved that down for 2025. for the markets, a lot of this pessimism has been reflected in positioning in euro-dollar. if we take a look at the cftc positioning, the euro-dollar pair has its most shorts since

march of 2020 so this pessimism with traders positioning for it, a lot of it's happening in the fx space, so keep an eye on how euro-dollar trades. we have those surveys dropping later. >> thank you very much indeed. a campaign has started in germany ahead of elections in february after lawmakers backed a confidence motion push by chancellor olaf scholz. let's get more from oliver crook. where do we go from here then? >> i was laughing when you read the headlines saying the campaign finally begins in germany because it has felt like it's been going on for a long time. it did not officially begin until olaf scholz lost the confidence vote yesterday before the parliament, which he did after a 30 minute speech and even before the vote it felt

like campaigning had begun because everyone was out on the floor laying out and criticizing each other. this was pretty vehement and spicy as far as german politics go. olaf scholz at one point talking about the finance ministry, saying they were morally unfit to govern. you have frederick mertz saying olaf scholz is a failed counsel -- failed chancellor. now you have the afd, the voice of the far right, now impossible to ignore in german politics. they saying that germany is on the brink of collapse and a vote for frederick mertz is basically a vote for war with russia. this was the rhetoric and the sort of temperature going into this no-confidence vote after he lost and olaf scholz went to the president, who will dissolve the parliament and set the stage for this campaign and later today we will hear again from olaf scholz

and the spd at 2 p.m. when they lay out their party platform and basically what their agenda will be and what they will be campaigning on for the next couple of months. >> an important day for them as they lay out those policies. at least on the surface, the german economy is facing a major problem. what is the policy prescription that each party's laying out to address the challenge? >> again, highlighted again yesterday when you had the german pmi data coming in yesterday, missing estimates and extending that streak of uninterrupted contraction and also looking at the surveys into next year, they released that across all the sectors. every sector is pessimistic and only one in eight companies in germany expect the situation to improve next year. one third expect it to deteriorate further. this highlights the pressure

point. what is interesting is we have now heard from the cdu. they say they are basically not willing to move on the debt break good olaf scholz wants to spend more money on infrastructure and defense and of course a preserve all that social welfare that exists in germany but when you look at the polls, what we will get basically no matter what is a no other -- is another coalition government, and part of the problem has been that ungoverned ability because you have disagreements on how to spend and raise money and that is pointing to the other elephant in the room. regardless of who gets elected, there's the presidency of donald trump. as we sort of marched towards inauguration day, you know, germany has been enemy number one for trump and there are questions as to how he intends to close the gap, and for germany that has been colossal

and now the u.s. is the number one trade partner. it is no longer china because they have pivoted away. that is something they will be dealing with very shortly. >> it is one of the startling stories of 2024, the impact trump is happening -- is having geopolitically across governments and nations. we have seen that arguably in what's happening in canada. thank you very much indeed. and fuest will be speaking with us to discuss the outlook for germany's business environment so tune in for that. always a finger on the pulse of that economy. now to budget constraints and fiscal spending challenges causing political fissures in canada as well. at least there are echoes of it. canada's new finance minister has just been sworn in within

the last few hours. justin trudeau's government has been rocked by the sudden resignation of the former finance minister over disagreements about how to prepare for the incoming trump administration. let's bring in bill for the details. this is a remarkable turn of events. and it mirrors to some extent what we are seeing in germany and south korea. what is behind this rift at the heart of politics in canada? >> you are right that donald trump is also looming over this situation. we know there's been tensions between the former finance minister's office and trudeau. that was bubbling last week and directed monday in a devastating day for trudeau's government with her resignation letter in which she accused the government of going after expensive political gimmicks to help bolster the economy ahead of the trump presidency that begins

next month. canada of course bracing for the potential of 25% tariffs on their exports to the united states. that has been a focus of trudeau's government. the government has also wanted to boost its popularity and that is at the core of her accusations. they have instituted a sales tax holiday, there was talk of mailing canadians checks and this all comes after the government reported a blowout deficit number of over 60 billion canadian dollars. that was more than the 40 billion more or less that was projected or promised by the government so a tough fiscal situation there turning into a difficult political situation for trudeau. >> is trudeau under threat at this point? >> he certainly is under threat. it is a low point. we believe the government wanted

to look for elections, maybe second half, late next year. there's increasing calls for members of his own party that he step aside in addition to calls from the opposition. the next few weeks will be a critical part of that. we will see if he is forced into calling those elections. his party still is the biggest bloc in the house of commons but they do not have a majority. >> excellent. bill on the stock rippling through the politics of canada. coming up, donald trump says ukraine needs to reach a deal to end the war with russia. we bring you his comets next. this is bloomberg. ♪

tom: donald trump says ukraine

needs to reach a deal to end its war with russia, downplaying the value of occupied ukrainian land , the latest signal he may push for a settlement that codifies russian territorial gains. >> he once piece. everyone is being killed. it's the worst carnage this world has seen since world war ii. i have pictures of fields with bodies lying on top of bodies. it looks like pictures of the civil war, where bodies all of -- are all over. if you saw those pictures he would feel more strongly about it. it has to stop. >> for more, let's bring in tony alpine. the incoming president says it has to stop. has he given any details yet on exactly how he would attempt to bring this conflict to an end?

>> good morning. not really. he has said and repeated again yesterday that he would like to reach a deal to end the war even before he gets into office next month and he did apparently indicate that part of any agreement might involve ukraine having to give up some territory russia has occupied since the invasion but that clearly will alarm kyiv because they have argued all along that they are the victims of the attack and they should not be required to give up territory to protect their sovereignty but they also want to hear from the u.s. what security arrangements will be made to repeat the invasion and we have not heard anything from trump on that so far. >> meanwhile, you put these kind of comments side-by-side with what we hear often from russian officials and there are certainly at the very least echoes in terms of similarities.

what is the response likely to be from vladimir putin? >> i think he will be encouraged. president putin has said repeatedly he is willing to negotiate but only on what he calls the grounds of present reality, which is saying we have the territory in eastern ukraine and we would like to keep it. russia has already changed its constitution so they will be somewhat heartened by what trump said, the idea that ukraine may have to give up territory in order to reach a peace deal and also the idea that they will be able to use long-range missiles to strike inside russia, something ukraine says it needs to do to defend itself and there are no such limitations there. >> give us an update on what's

happening on the ground in ukraine. there's evidence it seems that russia continues to grind out some territorial progress. what is the state of play right now? >> russia has slowly been advancing on the ground in eastern ukraine for some months. it's a huge cost in terms of casualties but ukraine is on the backfield and i think -- the back foot and i think they are recognizing that but a lot of that depends on the supply of weapons from the u.s. and european allies and if there's any question about future supplies that it would be harder for ukraine to continue to defend and russia will gain territory and will be encouraged to continue fighting. it is all very well to say the should strike a deal but at the moment prudent does not have much incentive to come to the table. >> tony halpin, appreciate your insights on this conflict and

later this hour we will discuss germany's challenges and part of that is linked to the lack now of cheap russian energy and how to spend around defense as a result of russia's invasion of ukraine. that conversation coming up. this is bloomberg. ♪

tom: welcome back.

now some other stories making news. local officials in a french territory fear as many as 1000 people have died after a tropical cyclone hit the archipelago off the coast of mozambique saturday. rescue crews have worked to rescue survivors with houses and schools destroyed and communications cut in what was the worst storm in the area in nearly a century. donald trump has lost a bid to throw it his conviction on presidential immunity grounds. a judge rejected his argument that his trial was tainted by witness testimony. it is not certain the case will proceed to sentencing as the president-elect continues to challenge the verdict. new york police are asking congress to give local authorities the power to neutralize drones following thousands of mysterious sightings over the u.s. northeast. the white house says the

assessment found nothing suspicious. president trump yesterday without evidence that the u.s. military knew where the drones took off. and morgan stanley is said to be offering loans to spacex employees who want to cash in without losing their equity stake we are told employees need at least $500,000 worth of vested stock to take part. the valuation really -- recently soared to three and $50 billion. the bank of france cussed its domestic outlook, citing political upheaval. we get the latest. this is bloomberg. ♪ ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites.

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tom: this is bloomberg daybreak: europe i'm in london. these are the stories that set your agenda. asian stocks treading water where china reported to be aiming for growth of about 5% and a higher budget deficit of 4% next year. investors in the u.s. pile and ai stocks driving the nasdaq to a record ahead of this week's key rate decisions. germany's election campaign finally gets underway with chancellor olaf scholz calling for massive new investment into infrastructure and defense. in paris, the bank of france cuts its growth outlet as the new france prime minister looks to build bridges to heal the country's fractured government. let's check in on european futures pointing lower after a little bit of softness ending the lower yesterday. european stocks off. looking to build on the downside pointing lower as we weigh up the politics of both france and germany.

here in the u.k. ftse 100 futures lower. nasdaq 100 after punching through a fresh record yesterday powered by the ai trade currently pointing to losses of just .1%. let's have a lacrosse assets. we zoom in on u.s. treasuries as we build that decision from the federal reserve tomorrow. fully expected by the markets to cut again by 25 basis points. the 10-year is yielding you for 39. euro-dollar, little softer on dollar strength. 105 on the single currency. bitcoin breaking through fresh record high now but 106,000 per coin. up .3% so far in the session. brent stabilizing at $74. let's briefly check in on asian markets where the brunch branch mark nfci asia-pacific index is currently down. mainland china csi 300 gaining .4 percent. reports coming through from reuters around the deficit target and growth aiming for 5% we will see if it's confirmed over and south korea further

downside pressure, 1.3% is the drop on korean stocks in the japanese yen at 154 as some traitors about verbal intervention around the softness in the currency. that could be determined by the boj and fed's actions later this week. in france, switching focus from asia to europe. the national assembly has unanimously adopted a stopgap budget bill intended to enable the state to keep functioning from january. adopt a full 2025 budget. the new prime minister faces similar financial and political challenges to the previous government. the far right leader, marine le pen says she left with a positive impression after meeting with them. let's bring in bloomberg's fell on the ground for us. what challenges does he have ahead of him and did the meeting with marine le pen and jordan bar della move the needle in any way? >> that was just the start of

the process. he had several meetings yesterday after the pen. those were preliminary, now the hard work of trying to construct a majority that will approve a budget. that's were brought down michel barnier, the last prime minister. i think you are still looking at several days of discussions before he can have the outlines of -- first of all he needs to appoint a government choosing his cabinet ministers with emmanuel macron and then put together a budget. there is a long road ahead and i think those meetings yesterday were just the very first step. tom: the bank of france cut his 2025 growth outlet. pointing in part to the politics and the political instability right now in france. what exactly did we hear from the central bank of france? >> i think the role of central banks in europe is to tell the politicians the things they don't want to hear and francois,

the governor of the french central bank, was very explicit, both in his statement and in an interview he gave last night to the figaro newspaper. he said unless france solves this budget problem, there's a risk of gradual economic of decline, which is not something anyone wants for him to hear. he also made the point that the solutions are easy, relatively simple. france just needs to cut spending and raise taxes a little bit. it's social system, which is the envy of europe, health care system retirement and system is spending 57% of gdp in france on those things whereas the average and the rest of europe is 48%. so france has been generous financially and now it can't afford to be so generous. that's a difficult message to send the politicians and it's

one that they will try to get across in the budget negotiations. tom: historically, it's difficult message to send to the people of france. 57% versus 48. that is quite the gap. excellent in terms of the challenges facing incoming prime minister or the new prime minister as he tries to align the parties there on that budget conundrum in france. later this morning we will be live at the annual conference that brings together leaders from business and politics to share their knowledge and ways to overcome the biggest global challenges, presumably france will be part of that conversation. interviews with the president of the paris region. the chairman as well as the bhp ceo. they are making it difficult for businesses to find staff,

leading some to close down. let's bring in bloomberg's -- in copenhagen. novo nordisk, the number one driver of gdp in that nation and job growth in denmark. it seems there's a bit of a downside to that. >> yes, danish economy is doing well, employment is at a record high and that's positive for denmark overall, but just not everyone who are feeling those benefits. denmark is a small country, we are about 6 million people novo nordisk is on a massive hiring binge that it's vacuuming the labor market for everything it can get. and it can get a lot. of attractive pay, good benefits, it's up eight -- place people want to go to work. for companies, especially those near where he was president and expanding hospitals, and now

repair shops. not only are they losing staff but they are struggling to recruit because there is no one left. we are seeing some visitors really feeling the pain. tom: a single company accounting for half of the gdp growth of an entire nation. did you say auto parts makers? that's pretty remarkable. what are the consequences for businesses and for the danish economy? it means that some businesses can't grow as much as they would like to her would have been able to. some are delaying expansion projects because the construction companies have enough staff. i spoke to a company that had to move production abroad because it was the only solution to the

problem. as i mentioned, and auto repair shop that had to close down because he was exhausted from having to look for stuff all the time. he was based half a mile from novo nordisk. unfortunately for those businesses, its meaning less growth and also for the danish economy means that all growth is centered around this one company and now at the expense of others. that create some sort of concentration risk that could become a problem for denmark down the road. tom: i wonder if they look at nokia. >> the number one solution that government and low -- local municipalities are looking at is opening up borders to attract more leaders from a from -- from

abroad. we seen initiatives easing restrictions. the opening of international schools in international colleges. ex-pat tax benefit schemes. this approach is controversial in denmark because across the political spectrum and also the danish population there are many people who don't want more immigrants, so there are limitations to how much the danish government can open its borders if denmark already has one of the strictest immigration policies in europe for that reason. in the meantime danish companies are really just left to figure out how they can attract staff. some are engaging with their employees on pay and benefits, but sadly we are probably going to see more examples of businesses that are struggling and maybe having to close down. tom: gloom group -- bloomberg's correspondent in copenhagen on

the impact of novo nordisk on that economy. fascinating read and reporting. thank you. bloomberg research has found the majority of britain's biggest listed companies will account for less than 3% of the revenue raised by increased payroll taxes. chancellor rachel reeves announced more than 40 billion pounds in tax hikes at the end of october. however, many blue-chip companies hikes -- have significant interaction companies and relatively few people with a tax eating smaller businesses like shops and other high street businesses. top executives from company including rolls-royce are to advise the u.k. government as it devises a new industrial strategy to drive growth. they will make up a 16 person counsel to advise ministers in the months ahead. the first meeting later today. prime minister keir starmer wants to make the u.k. one of the best places in the world to do business.

bloomberg has learned that cvc capital partners is exploring a potential purchase of vivendi stake in telecom italia. sources say cvc is in an initial talks to buy the 24% holding in common shares of italy's largest telco it was a full takeover over and try to break up the business. coming up we will talk to the german marshall fund of the united states that's campaigning begins for germany's february election. stay with us for that conversation. this is bloomberg. ♪

tom: germany headed for months of political deadlock. another federal election in february.

and with coalition negotiations potentially lasting several months after that. let's get some analysis and bring in the berlin office director at the german marshall fund of the united states. a very well-placed talk about in the months ahead. thank you for joining us. what are you going to be watching now that the campaigning is officially underway. we have an election date likely february the 23rd or 2025 for germany. what will you watch for between now and then. >> hello, good morning. elections will be on february 23 with the confidence vote yesterday, chancellor schulz did not receive a majority of votes. he only received 207 votes. 367 to have a confidence vote. that was a very orchestrated play. it has shown cracks for several months. everybody who is betting on

whether the coalition will last the whole four-year term. so what will we be looking for. will we be looking for whether the greens are the spd become the two-year partner for the cdu because the leader of the conservative christian democratic union is in a comfortable position so probably will be the next chancellor of germany but requires a junior partner to establish a governing coalition. right now the party landscape is so fragmented that it may also take three parties to establish a governing coalition. so we will be working with where it overlaps with the greens in the spd in terms of party platform to see whether a coalition could be formed it very quickly after the federal election on february 23. tom: what is your best estimate in terms of how viable those combinations would be in terms

of how sustainable they would be? you talked about the vulnerability of the coalition that has now broken apart. how sustainable could these different political makeups, these different coalition scenarios actually be longer-term for germany? >> germany is facing a very different environment than the last federal election. there is a war on the continent. the country realizes he needs to spend more on defense spending and also in light of an uncertain transit relationship. there is a lack of skilled workers. a lack of investment in infrastructure and innovation. so there's obviously choices to be made about how germany spends for the future. and there are differences in opinion, especially over the constitutional that break, whether that should be loosened.

they have said that they wanted a year to this debt break in the greens and the spd are for loosening the debt break to spend more on military and social spending on climate initiatives. so this is where the conflict where will have to happen after february 23, there is a lot of ground in this cdu, they are very hawkish on questions about china and the support of ukraine where is the spd is very hesitant. defense spending for ukraine and obviously wants to make sure it caters to its base and lives up to its working class and wants to continue social spending. these are the issues that we will see being hammered out after february 23. and for german voters the topics

is migration and inflation is front and center. tom: what if we zero into the debt break questions and certainly for investors, that is crucial when we think about a long-term trajectory. you have the greens on the spd and one side of this debate, but the cdu and the csu and others on the others. what moves the needle on a debt break reform question that for many outside of germany would seem pretty essential right now? >> you're absolutely right, not just for germany and also for its partners. in europe that are looking for germany to play a leading role to elevate europe's role in the world. for that, europe needs money to invest. not only in innovation but also on defense. so i think on the campaign, nobody, especially the fd pd and the cd are saying they're going to call for a debt break because a lot of german voters also want to make sure parties adhered to

fiscal responsibility. they are proud of not creating and this harkens back to historical reasons in germany. but during coalition talks, when parties are deciding on an agreement, there will probably be a move to loosen the debt break. the cdu, csu is unveiling its party platform today and many economists are asking how tax cuts could be made and also fulfill all the ambitions to spend on the fence. so, i have a feeling that the debt break will be looked at in the coalition talks. tom: where are the dividing lines between these major parties when it comes to how to respond to a threat of trump tariffs? >> i think there's going to be a concerted effort to work with brussels. brussels is come up with a list of countermeasures, but it's

going to salvage the transatlantic relationship no matter who is in the white house. the security policy is built on the transatlantic relationship as well as good relations with the european union. but the country exerts a strength in terms of its escort muscle. protections from the u.s. is not a good thing from germany and it's going to look out to make things with the united states or take a tougher line along with brussels. tom: berlin office director at the german marshall fund of the united states, giving us some important analysis as campaign officially gets underway in the german election campaign. thank you very much. we are expecting more details from the spd later today. you could catch our interview with claudia bush, ecb's supervisory board chair and

deutsche boone displaying vice president at 11: 30 am u.k. time to add some views around the politics of germany and the economic challenges of that country. stay tuned for that interview. there's a lot more coming up. this is bloomberg. ♪ i graduated from southern new hampshire university. i always swoul back to school when i had time. new hampshire university. i went on our website, i spoke to an admissions counselor. we applied right then and there. that's when the journey really begins. going through the program, having the support that i had, really helped me understand what i can accomplish. and i learned this just by taking classes at night while working a full time job. the resources at snhu were incredible. i think if i was back at the beginning, i would choose snhu all over again.

>> i think the dot plot will show two or three rate cuts in 2025. question of what would cause them to stop, that would be an economy continuing to do better than expected, inflation is sticky and fed revising up their estimate of what the neutral interest rate is. tom: bill dudley formally of the

new york fed, speaking to us. his expectations for the fed to cut into 2025 as well, two to three cuts is the expectation. one of the metrics will not change the decision for wednesday from the federal reserve. it's certainly a metric being considered by officials as they gain the health of the u.s. consumer. the retail sales data will drop later today. bloomberg economic saying this strengthen the stock market is a factor. their wages are giving consumers that ability big-ticket items in bloomberg economic saying that consumers will pull forward big-ticket items and expectation price here next year if you have tariffs in place by the incoming trumpet ministration. 0.6% is a relatively healthy number. bear that in mind. let's flip the board and have a look at what to expect from the u.k. where we get wages and jobs growth data as well.

the markets priced in increasingly few cuts from the bank of england not expected to get below 4% for november. my stash markets pricing in just around 70 basis points of cuts between now and november of next year from the bank of england. to what extent does the weight story and on and rick -- unemployment rates tie into a. weekly earnings over at three months will have increased to 4.3 when the data drops from 4% to 3%. unemployment at 4.3%. if you get those numbers presumably for the hawks. npc and boe saying and urging for caution. germany in terms of data. gains around expectations with political and lack germany will be consequential.

just bear that in mind in terms of the people business sentiment survey, is there any bottoming out or do we need to wait until after the elections february 23, even then you could have weeks, if not months of wrangling if you are looking at a rank -- a coalition scenario in germany. we will be speaking with the president of germany's institute on its latest business climate survey. tune in for that 9:00 a.m. 8:45 u.k. time on the opening trade, we will be speaking exclusively with the president of the paris region, valerie, at that conference day perry -- paris. live at the conference. speaking with guests. stay tuned with that. stay with us. the opening trade is next. this is bloomberg. ♪

♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month.

anna: good morning from london. an hour away from opening trade. first u.k. drops data crossing