tom: these are the stories that cite your agenda. treasury secretary scott bessent tells us he backs a strong dollar as he looks to project a sense of stability in u.s. economic policy. we preview today's key jobs data from the world largest economy. amazon falls post market as sales forecasts fail to deliver.

the ceo warns the cloud computing business can't keep up with ai command despite plans to invest $100 billion this year. investors raise bets on more u.k. rate cuts after the bank of england downgrade its growth forecast. we bring you our interview with the governor andrew bailey. we have the earnings crossing from the spanish lender stop adele and it's a beat on net income. coming in at 532 million euros. the estimates have been for 428 million. solid beat in terms of net income for the fourth quarter. the key line on return on tangible equity and the projection around 2025 seeing an increase of 14%.

increase of 14% above the estimates of an increase of 13%. this stock up around 130% just in the last 12 months. solid beat when it comes to the net income, the forecast also raised in terms of returns on equity. 2025 cost of risk at about 0.4%. that's a stop to watch at the open. 8:00 a.m. u.k. time. a spanish lender that has performed very well and the earnings coming through with a b. let's get to the market story again. it power european stocks to fresh record highs yesterday. notching gains of more than 1% across the stocks 600. the story today seems to be a bit of weight and hold before you get that key jobless data out of the u.s.. european futures pointing to losses of three tons of 1%. ftse 100 futures currently pointing at three point -- adjustments around it. inflation being digested by these markets. s&p futures pointing lower by

1/10 of 1%. gains of 4/10 yesterday. nasdaq futures pointing lower by a 10th of 1%. the focus on amazon and the forecast around the current quarter disappointing. yields currently up around one basis point. the benchmark 10 year is the focus for the treasury secretary of the u.s.. it's not about pressuring the fed. it is focused on the 10 year and moving the yield lower with increased energy costs. energy production lowering costs around the energy story. saying he wants to see a strong dollar. the pound at 124. down 1/10 of 1% after the weakness of yesterday, given the mixed results that came through from the boe. the mixed messaging for some out there, given the changes from the hawks to adele this -- dovish position. $74 per barrel on brent. up 4/10 of 1% on oil. let's have a look at the asian markets where the tech story is front and center. deutsche bank putting out a note

saying that investors will have to move pretty aggressively into chinese stocks given the innovation that's happening in ai, the innovation that's happening in electric vehicles. the hstech index is close to a bull market. added about 50% since september. that gauge up 1.2% so far in the session. mainland stocks also gaining on the csi 300. the benchmark across asia up about three tons of 1%. the nikkei feeling pressure. in japan, losses of 209 points. let's get to our conversation then with the u.s. treasury secretary scott bessent saying he favors a strong dollar. he has no plans to alter the government debt issuance plans. showing a cautious approach then towards financial markets from an administration that's elsewhere rapidly upending the status quo. >> first of all, the strong dollar policy is completely intact with president trump.

i'm very happy at his economic speech in august when he reemphasized the importance of maintaining -- maintaining the dollar reserve currency status. tom: ok. let's get more with mark graham field from our mliv team. how are bond traders reacting to his comments on the dollar? he seems to be walking back some of his previous criticism around the issuance at the front end. >> generally speaking, there's a bit of relief about what we've heard so far from mr. bessent. particularly happy to hear that he's got no big plans to change the quarterly refunding issue for now. there was some concern once the new president came in that there would be higher issuance of long-term bonds. the u.s. treasury would be looking for ways to fund the expansion. particularly some of the revenue they may get from taxation or

other measures. they need to issue more bonds. that doesn't appear to be the case for now. he's saying that there's no need to do anything with the long end. that's music to the ears of the bond market. they are happy to hear that. there will be plenty of issuance in the short end. we are seeing a flattening of the yield curve. that's been the major theme for the past few days, that's continuing to happen. we've seen revival in interest in the 30 year sector for example in the treasury curve. there's not so much that he can actually do. he would like 10 year yields down lower. presidents and treasury secretary's web. a lot of this is out of their hands unless they are able to conjure up a fiscal surplus which doesn't appear to be on the cards for now. in fact, that's the one thing that investors would like to hear more from mr. bessent. how is he going to address the current deficit in the u.s. on the physical side and the current-account side? those are problems for the medium term. for now, investors can be

reassured that he's not playing around with the quarterly refunding. tom: when it comes to the job stayed out later today, markets currently pricing in about 42 basis points of additional cuts by the fed by the end of the year. what will you be scrutinizing when it comes to the jobs data and how that informs our understanding of the next steps for the fed? mark: this is a complex one today. there's going to be a lot of revisions. people may be spending so much time going through the revisions previous data that the net effect on the market might not be that great. it would be hard to get a substantial picture. overall, once you digest all the changes, there will be fewer people employed. the revisions will be to the downside. probably at the end of the day, the thing that matters the most is the end of limit rate itself. expected to stay at 4.1% which is a very strong situation for the jobs market. probably soon after the data

comes out, people will be looking ahead to next week's cpi inflation report. that's more significant. overall, that's what the fed is concerned about. that's where people are thinking there could be an uptick in inflation again as the new policies from the white house come through. that probably carries more weight. in the meantime, we've got a lot to digest on the payrolls today. tom: ok. mark cranfield from our evelyn -- mliv team as we lead up to the job sprint out of the u.s. today and inflation data arguably more important next week. besson says he personally vetted the treasury employees on elon musk government efficiency team. the treasury secretary says those members will have limited access to federal payment data. >> there's no tinkering with the system. they are on read-only. they are booking. they can make no changes. it's an operational program to suggest improvements. we make 1.3 billion payments a

year. this is to employees who are working with a group of long-standing employees. tom: from the u.s. treasury secretary to the bank of england right now which has warned that inflation will rise sharply this year and has downgraded its u.k. growth forecast. the bank cut rates by another 25 basis points, as expected. yesterday, to mpc members voting for a bumper cut. that was not expected. it also added the word careful to describe its approach to future cuts. governor andrew bailey warned against reading too much into that. >> it's meant to say, there's more uncertainty. don't take from that a particular directional message other than i still think the path is down. but the world is more uncertain. tom: let's bring in our u.k. correspondent lizzy burden.

assessing and reporting on all of this for us. was it makes messages from the bank of england? how have traders been reacting to the decision around the vote? lizzy: mixed signals is how i would summarize this. the decision itself is what we expected. the vote split was not. you actually had two members wanting to do things by half. catherine man to go from the our stock for joining was a shock to many. the markets today live blog, watchers know that catherine man of -- is an activist at heart. markets initially took this as a dovish cut. then we heard guy johnson talking to the governor, asking whether that was the right interpretation. notably, the governors saying that this is not a signal for vote split in itself. notably, where previously they had used the word gradual, they've added the word careful

to that. the question now is whether march is going to be a live meeting for a cut? if they are going to speed up passes quarterly cadence of cuts. markets were confused by the signals. first they added to easing bets. then they came back to over to cuts this year. long-term government borrowing costs up by the end of the day. perhaps you can say that bailey got the market right where he wanted it by the end area tom: not so much of a gift for the chancellor. pretty dire warnings around both growth and inflation. this looks like a stagflationary forecast from the bank of england. this is bad news for the u.k. chancellor. lizzy: kind words but cruel forecasts. the governors saying that he's very supportive, strongly agrees with her plans to boost growth. indeed, the cut itself is a boon to the chancellor. the bank also having its gross work -- growth forecast and raising its inflation forecast

which they now see peaking at 3.7% later this year. it's difficult for reeves because growth is the government's top priority. she announced this raft of measures last week to boost the economy. they won't take effect for decades. in fact, this rise in the payroll tax in her october budget has weighed on the growth outlook in part. it's not just that but that's a part. the boe pointed the finger at the public sector. money has injected into the nhs but the plan has been delayed. they are saying that perhaps i could be part of the productivity problem. reeves herself said she is unsatisfied with these forecast. it's important because yes it's up to the office for budget responsibly to decider headroom. it suggests if the growth is like the boe say it is, she's going to have to make that difficult choice between spending cuts, tax rises, or breaking her fiscal rules. tom: thank you very much indeed.

let's get to the tech sector. the major corporate in terms of how we think about the spending, the demand, and a drag on u.s. tech stocks today is amazon. shares falling in the trade after a week outlook in his latest results. the e-commerce giant warning investors that it could phase capacity constraints in its cloud computing despite plans to invest some $100 billion this year and ai. here's andy jassy on the ai outlook for the business. >> ai represents for sure the biggest opportunity since cloud. probably the biggest technology shift an opportunity in business since the opportunity -- since the internet. both our business, our customers, and shareholders will be happy, medium to long-term, that we are pursuing the capital opportunity and the business opportunity in ai. tom: joining me is bloomberg

intelligence. what did investors not like? on one level, this is a nice problem to have. so much demand yet they cannot meet it. >> the fickle nature of the markets at the moment. they've gotten used to amazon and big tech companies beating and raising a now we have a be just about in line with expectations for the next quarter. as you say, it's a good balance of problems. it's not a demand problem. it's a supply problem. it's one that they don't expect to change until the second half of 2025. may have another couple of quarters. growing 19% year on year. the biggest business out there. not too shabby. there may be some lumpiness in that number until we had the second half. perhaps that will unleash a wave of new supply across the markets. tom: we look to the second have to see some clarity on that front. how does amazon's strategy

around ai differ from its rivals? matt: if you line amazon up against its rivals, there are similarities there. amazon is all-encompassing. described as the ai supermarket. whatever your flavor of ai is as a company, whether you want to build your own models or you need the chips and technology, they can provide that. if you want to use other peoples models, you can add that on top of that. they've even got deepseek into that portfolio now. if you just want to pick agents off-the-shelf, amazon has their own agents there. you can get full service. i think that's quite unique compared to what all the other players are doing. that's what has been on the cloud business. that sets them apart. i think they are in a good condition to continue to be the dominant force in that cloud and ai market into the future. tom: excellent breakdown of the earnings coming through from amazon and their slightly differentiated strategy when it

comes to ai. coming up, president trump doubles down on his controversial gaza proposal. as well as his opposition to the international criminal court. the details, next. this is bloomberg. ♪

tom: welcome back. president trump has authorized sanctions on international criminal court officials who investigate the u.s. and its allies. that's after the court issued arrest warrants against benjamin netanyahu late last year over the campaign in gaza. meanwhile, the president has doubled down on his vision for this trip, reaffirming he wants the u.s. to take control of gaza. horizons middle east & africa anchor to monitor veggie -- joumanna bercetche joints me

now. this is a president who is not backing down from possibly one of the most controversial geopolitical policies that he has in his armory. >> yeah. that's right. the past couple days, even his aides tried to dial back some of the language that came through from trump at that press conference a couple days ago. but last night, he put out a post on true social where he did double down on those comments vis-a-vis taking ownership of gaza. he said in the true social post, the gaza strip will be turned over to the united states by israel at the conclusion of fighting once palestinians had already been resettled. he said the u.s. would then work with development teams from all around the world to slowly begin the reconstruction of what would become, in his language, one of the greatest of elements of its kind. he also added, no soldiers by the u.s. would be needed. of course, this is echoing some of the comments i came through from the secretary of state marco rubio who said that any transfer of gazans would be

temporary. the press secretary saying that there was no plans to actually send u.s. troops to the ground. of course, the initial announcement was somewhat of a diplomatic earthquake throughout the region and throughout the international community on several grounds. number one, it undermines the notion of a two state solution between israel and palestine. a forcible displacement of palestinians contravenes international law. in fact, it's a crime under the icc governing rome statute. the third point is that it also undermines and doesn't take into consideration what many arab nations have been saying and repeating which is that they do not want to take on more palestinian refugees. so yes. it has set off a domino effect in the region. many of the big names from egypt to jordan are saying that this is a proposal that is dead on arrival. alternatively in israel, it has actually been met by several members of the israeli cabinet

including those on the far-right who have welcomed this announcement. in fact, the is really he has now instructed the military to formulate a plan for palestinians to leave gaza. which of course, has been ravaged by 40 months of war. the plan doesn't appear to be going anywhere from trump's perspective. tom: ok. you mentioned the icc, international criminal court. it doesn't seem like president trump has much affiliation with the icc. u.s. is not a signatory. what's the consequence of the executive order? joumanna: it's important to emphasize here that the u.s. isn't technically part of the icc. it doesn't recognize the icc. the announcement yesterday from president trump is significant and symbolic. he's now issuing sanctions against key officials involved in issuing that arrest warrant against the prime minister benjamin netanyahu. back in november, the icc ruled that not just the is really

prime minister but also the former defense minister had been involved in what they said were crimes against humanity over their military response in gaza. netanyahu subsequently accuse the court of antisemitism. trump has now struck back with this is -- this executive order. applying sanctions on key officials which bars them from entry into the united states and from purchasing property and assets. i should also mention that the u.s. has a checkered past with the icc to begin with. trump labeled them a kangaroo court. they launched an investigation into u.s. practices in afghanistan. there's a whole lot of history behind this. ultimately, it reinforces the fact that u.s. and israel's strategic priorities seem to be allied in the region. tom: all right. thank you. switching focus.

in the next couple minutes, we will be focused on european companies that are struggling to access proper funding to grow. many are choosing to list in the u.s.. that's the subject of your big take today. we bring you the details later this hour. this is bloomberg. ♪

>> the impact will be negative.

compared to other things in the united states, we are better positioned. we are vaccinated earlier. the u.s. restriction on tech imports for a couple of years actually makes us expedite the deployment of the production base from china outside of china to other areas. china plus one policy has started quite earlier. tom: vaccinated against tariffs. the governor of the bank of korea speaking to us exclusively about how that country is thinking about potential tariff impacts from the trump administration. welcome back to blumer daybreak europe. other stories to bring you to attention. donald trump has outlined plans for sweeping tax changes including interestingly ending the carried interest tax break used by private equity and

expanding the state and local tax deduction. that allows private equity miniatures to pay lower rates on their own earnings from investments. the texting -- tax change was not mentioned on the campaign trail. he held a meeting with the ceo of u.s. steel at the white house amid growing questions over the company's future. the meeting comes before trump is due to welcome cigarette toshiba. joe biden blocked nippon steel takeover bid and trump has said he supposed to a deal. the south african president says his nation will not be bullied. using his date of the nation address to decry the rise of nationalism and protectionism. he spoke after marco rubio said he would not attend the g20 summit in johannesburg this month. earlier this week, president trump falsely accused south african authorities of seizing private land. >> we will not be deterred.

we are as south africans a resilient people. and we will not be bullied. [applause] tom: coming up, european companies struggling to access proper funding to grow with many choosing to take their listings across the atlantic. that's the subject of our big take today. that story coming up next. this is bloomberg. ♪

tom: good morning. this is bloomberg daybreak: europe. these are the stories that set your agenda. scott bessent tells us he backs

a strong dollar as he looks to project a sense of stability in u.s. economic policy. investors watched today's jobs data from the world's largest economy. amazon forecasts failed to deliver. the ceo warns its cloud computing business cannot keep up with a i demand despite plans to invest $100 billion this. investors raise bets on more u.k. rate cuts after the bank of england downgrades its growth forecast so we will keep an eye on yields. earnings coming through from denmark's largest lender, seeing and forecasting 2025 in terms of net income 21 to 23 billion danish kroner. at the high end, that's above estimates. in terms of the forecast and outlook for 2025, which we know

is crucial for investors, coming in above estimates. the share buyback plan is going to be scrutinized as well. they see that around 5 billion danish krone. it is up over the last 12 months. net interest income in terms of the fourth quarter coming in with a beat. it's a beat on net income for the fourth quarter for danske bank. and on net interest income also a beat, 9.2 billion krona. in terms of net income, net interest income and the outlook for 2025, decent numbers coming through from danske bank, a stock that has already performed relatively decently the last 12 months, up about 26%. we will speak with the ceo at 8:45 a.m. u.k. time. it was the earnings story in europe that powered fresh record highs yesterday. as we check the markets, you're

seeing a bit of a pause and hold as we await the jobs data out of the u.s., but reflecting on the fact that you have gains of more than 1%. a lot of that was down to the earnings story. futures are pointing lower in europe. the ftse 100 in the u.k. down .3%. s&p futures softer by .2% after the gains of around .4% yesterday. nasdaq 100 futures down and it could come through from amazon given the disappointment for the current quarter. cross asset, scott bessent telling bloomberg he's focused on the 10-year yield and wants to see a strong dollar. 4.44% on the 10 year, relative stability across the treasury curve, a print expected of 175,000. the pound softer again, down .1%, the bank sending some mixed signals. $74 a barrel on brent.

gold also eking out further gains. we checked the asian markets as well for you. the gains that have come through on the tech index, which is closing in on bull market territory, have eased. currently, up 1.2%. you had seen gains of more than 2% prior. deutsche bank analysts saying money will move into chinese stocks on ev's and ai innovation. across the benchmark and on the region, gains. the nikkei down by .7%. the japanese prime minister meeting with trump later. a u.k. payments firm is weighing listing in the u.s. instead of his hometown of london. that will put it in the growing ranks of companies chasing higher valuations in new york attracted by cheap financial conditions.

joining me is jp barnett. this is about a number of companies looking for a deeper capital markets outside of europe. it is not just a london story. it is a frankfurt story. it's a paris story. what is so different right now? jp: good morning. i would say it goes beyond the startups into european bellwethers and established companies. the difference is the prices of european capital markets and its decline has become an existential threat. we don't have a google and an amazon and that has been well-known but there's a trend emerging over the last couple years not only that we are losing 300 billion dollars in money that had been invested in europe before but more companies, new ones it established ones, have the feeling they cannot grow in europe as much as in the u.s. there is some evidence too. if you look at the rare chip

companies we have in europe, the u.s. depository receipts rate it much more than in europe. it speaks to a market struggling with liquidity and valuation. you have companies that move listings, or even like last year when a software maker hit a record. the headlines were not this is great. the headlines in germany were like, when will the time come that sep thinks about leaving germany -- that sap thinks about leaving germany? it goes beyond ipo's and innovation. it goes deep to the markets. it's become a threat to europe. the companies have a feeling this is not the place to be and move elsewhere. tom: as you say, partly, it's a sentiment story as well as the mechanics of these markets. what is the fix? what are regulators looking at to change that dynamic? >> there or a couple

things that need to be done. the first is regulators are working on a bigger market, bigger overview of liquidity, because if you look at europe, you have 30 exchanges, a dozen clearinghouses, a slim and streamlined infrastructure. the needs to be consolidated so people have a better idea of where liquidity is. that is one thing. the other thing they are working on is making a listing of companies easier so you remove the bureaucracy and paperwork and give companies a chance to go to the stock market, maybe even earlier. overall, i would say that is the biggest issue. you need to change sentiment and have the broader public have a feeling that the stock market is not a casino, that it's a good thing to invest and create wealth, that there are good opportunities in europe and not just the u.s. we need to change the sentiment

in the c-suite of corporations that they feel like europe is a good company. we can grow it. we have valuations in support. that is something we are working on. is it too little, too late? time will tell but the gap is pretty big and it will take some time to close it. tom: yes. yes. mr. yoshida: depressing -- jp: depressing maybe. tom: a little but european stocks hit record highs so let's see if we can change that dynamic. jp barnett, good work. you can read the big take on bloomberg.com and the terminal. they say there's an urgent need to turn the country around. it ties into the big take. the ceos of commerzbank and others spoke to me at a roundtable event in frankfurt yesterday. let's could a sense of what they had to say. >> there's hope that, if we have

a stable government after the election, that we will quickly see a shift in sentiment. >> i have never experienced the sense of urgency as that high. there is the pressure to change so i'm optimistic it will be addressed. >> we think in the next few years german industry will perform better based on having that pressure at the moment, but the short-term view is not positive. >> we are unfortunately a country of savers and not investors and we need to change that. >> i don't see it as a threat. it's probably the start of a negotiation. we have seen what's happening with canada and mexico. we are prepared to counteract and then we start negotiations. tom: marcus and others speaking to me yesterday in frankfurt. staying on germany now, porsche has warned it will take an 800 million euro hit this year as it revamps its lineup.

the carmaker is pulling back ev's, saying demand has been overwhelming. it's at a more combustion engine models and plug-in hybrids, but that means it's already disappointing profit margins will be at the lower end of its forecast. back to the u.s., where treasury secretary scott bessent has defended president trump new tariffs on china, saying they are only designed to ensure fair trade. he dismissed concerns the levees will be inflationary, telling bloomberg that china will pay the higher price. >> china is the most imbalanced, unbalanced economy in the history of the world and they are in a deep recession now. they are experiencing deflation and are trying to export their way out of that and we cannot allow that. we want fair trade and part of that is taking a strong position on the currency and terms of trade. >> what about the inflation

concerns stemming from the tariffs and terror threats? >> look, i'm not sure where this narrative that tariffs are inflationary for the country putting on the tariffs. we could have a small, one-time price adjustment, but as we saw in trump 1.0, the d regulation and other policies will stay around the fed's target level, so i am unconcerned about that. i think especially that china now, given their excess capacity, will, no matter the level of the tariffs, end up eating quite a bit. >> there's uncertainty around tariffs. we see them threatened or signaled and than they are taken back. it appears as if this administration might be unfriendly to businesses. is that right? >> i think it is the opposite.

i think this is the most pro-business administration in history, and everything we are doing is going to increase the return on capital and, as a result, working americans will have very high real wage growth, that what we have seen over the past four years is the government and government adjacent sectors providing employment, and why have we experienced this affordability crisis? first, there was massive spending met with increased regulation, which caused inflation, and then government and government adjacent jobs did not cause real wage growth because they moved up with cpi, so i think we are going to not only be business friendly but very, very friendly for working americans. tom: u.s. treasury secretary scott bessent speaking to bloomberg. coming up, medical tech startup

robotic raises 28 billion dollars for surgical robots. we will talk brain surgery with the company's co-founder. that is next. this is bloomberg. ♪

tom: welcome back. taking a pulse check of the hstech index in hong kong, closing in on a bull market, adding since september, up 1.5% in the session, and to which a bank's analysts -- and deutsche bank's analysts saying their investment in ev's in china is underappreciated. that note is spinning around social media circles in china.

that's a pulse check of the tech story in china, listed in hong kong. from the software of deepseek to the hardware of ev's and china to startups in europe. robeauté has raised $28 billion in its latest funding round. it makes microrobots the size of a grain of rice. they say it will transform how brains are treated. its backers include plural, cherry ventures and kindred ventures. joiningjoining me from paris ise cofounder and coo -- >> thanks for having me. we are developing neurosurgical

robots to diagnose, treat and monitor the brain. today, brain intervention is invasive, so to be able to change the way we minimally invasively dialogue with the brain to diagnose, treat, and monitor by attaching different extensions to the microrobot is our main goal, so today, we are in preclinical stages and the first application that we are going for is tumor advanced biopsy to be able to understand what's going on locally in the brain, and the beauty of a micro bought is it can move -- a microrobot is a can move through the brain tissue to address different areas. we are starting with a tumor biopsy and then afterwards we are going to deliver the treatment exactly where it needs to go in the brain. tom: so what is the timeframe? you start with the biopsy. what is the timeframe and what are the regulatory hurdles?

are regulators open to this idea of robots crawling around in our brains? joana: regulators are familiar with the limitations of current standards of surgical tools and so they are welcoming. we have multiple conversations with the fda, early conversations with european regulators also, and there's real appetite for change in this space. there are one billion people affected by brain disease so stakes are very high, and today, very little works in the brain. it's not like other organs where access is not a real problem. here, you cannot just take an extra slice. if you do that, you might be taking away the patient's ability to speak, to walk, to recognize their loved ones, so precision is a key element, and microrobots will be able to do just that. we are working with regulators both in the u.s. and europe

closely. tom: when do you expect patients could benefit from this? joana: we see our first application, tumor biopsy, in operating rooms by 2028, and then drug delivery by 2030. tom: so drug delivery is another function of these robots potentially in the years to come. talk to us about the importance of the u.s. market. is the u.s. market your primary market at this point? joana: yes, it definitely is. europe comes with more regulatory constraints for the category of devices that we are developing, so a class three device, and generally, even as a market, the u.s. is a lot larger. it's a more important market in terms of volume. today, 10% -- even higher, around 15% of surgeries are robotically assisted in the u.s. where it's 3% and the rest of the world so we have some catching up to do in europe when

it comes to the adoption of innovative devices, so we will start from the u.s., the keep in mind we want to be able to treat european patients as well and we are building a global company. the stakes, as i was saying, are very high. we were born in europe and we want to be able to bring this technology back to european patients too. tom: is europe conducive to that? you talk about the importance of the u.s. market, the lead they have been automating some of these surgeries. we have discussed the challenges around raising long-term capital in europe, the challenges around listing in europe, the regulatory burden. his europe doing enough -- is europe doing enough to support businesses like yours to grow and thrive into global businesses? joana: honestly, we can be doing more. we can do a lot more on those fronts you mentioned. from a regulatory perspective, there was a change in device regulation that made things a lot more complicated for

companies like mine. i believe we have a new generation of investors and backers like the ones that joined us in this round, plural, cherry, that really believe in creating and supporting european champions in category-defining industries. so i think we are going the right way. we can accelerate -- we should accelerate if we are to keep up. tom: you have raised $28 million. do you raise again this year and would you ever consider listing in europe? joana: very good question. thank you. honestly -- so, we are very early stage. we raised for the next 2.5 years. this will take us all the way to our human trials, proving that navigation of a microrobot through brain tissue is safe. this is a critical inflection point to secure partnerships, because we are developing a

device into which you can plug multiple extensions to address different pathologies. so that is a critical point. this funding that we managed to raise brings us to that inflection point and beyond. so we are not raising now and definitely our indicia and is to create -- our ambition is to create this global brand and explore different verticals so we would consider an ipo but for the moment, we would come if we had to choose, go more to the u.s. market than the european one for sure. tom: that underlines the challenge for the thriving started community we have here but looking to the u.s. you are not the only one. joana cortocci, thank you. raising $21 million and that ambition. thank you. there's plenty more coming up. stay with us.

this is bloomberg. ♪

tom: welcome back. here is a story you may not have expected. the cac is back to levels pre-the call of that snap election in june of last year. it's recover the losses. you saw a drop of almost 10% from june 10, when the snap elections were called, to july. that's largely down to the earnings story, banks in particular and luxury coming back supporting the cac. the prime minister has managed to get his budget through but faces more challenges. let's look at the macro in terms of the data print today. nonfarm payrolls out of the u.s. the number expected to come in at 175,000, slightly softer than the december print. unemployment and wages and focus. unemployment expected to stay at

foregoing percent. that will be key for the fed. traders pricing in 14 basis points of additional cuts by the fed by the end of this year. does the data today change that? let's flip the board and look at the university of michigan sentiment survey and how it's diverged from the broader political view stateside. real clear politics showing a move up in u.s. and american expectations that their country is going in a right direction. well the survey play catch up to that view? americans are feeling more bullish that their country is on the right footing. hold onto your coffee. it is of course coffee morning. it's about to become more expensive. the pricing around coffee is in focus. find out why. we will speak to the chairman of a coffee company at 9:30 u.k. time.

president trump's tariffs and geopolitical moves this week will be discussed with the former u.k. ambassador to the u.s. stay tuned for that. how should the u.k. position as it straddles that relationship between the eu and washington? the opening trade is next. stay with us. this is bloomberg. ♪ a sleep number® smart bed is perfect for couples the climate360® smart bed is the only bed that cools and warms on each side and all our smart beds adjust the firmness for each of you and now, save 50% on the new sleep number® limited edition smart bed. shop a sleep number® store near you.

anna: good morning from london. i am anna edwards alongside guy johnson and kriti gupta. u.s. treasury secretary scott bessent backs a strong dollar as he looks to protect a sense of stability around economic policy. amazon work has failed to deliver. the ceo warns its cloud computing business cannot keep

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