francine: guilty. tom: francine is part of the problem.he summit is derailed over a row over poland's rule of law. we are live in brussels, next. this is bloomberg. ♪this is bloomberg. ♪ francine: welcome back to the open. 23 minutes into the trading day. a lot of equities supported by the coupon payment of evergrande . it will not default. this is the one thing we are looking at. the 10 year breakeven rate raising to its highest level in 25 years. and in the u.k., there was an important interview with the chief economist. he said it was not a done deal that they would raise rates in november. tom: the highest levels in 25 years in the ok we hurt -- in the u.k. instead of a rate hike in november, they might look at pulling back bond purchases two months early. european leaders gather for the second day of the brussels summit. the initial agenda was curtailed over a row over poland's rule of law however, an agreement on energy. joining us from brussels is our european correspondent, maria tadeo. what is causing the divisions? maria: this wa

francine: how worried are you about some of the earnings coming out because of the energy prices even if inflation is transitory? john: first sure the short-term will have tremendous pressure on company margins. we have had a decent beginning to the earnings season in the u.s. particularly the bank sector. there will be sectoral differences. rates will drift up which will favor more highly -- segments of the market but inflationary headwind will be a phenomenon economy wide. francine: what does it mean when you look at the earnings seasons, where do you find the best value? our bank still a hedge against inflation? will we see a real price of other multiples -- will we see a re-price of other multiples? john: there are pockets of value. consumer discretionary is less expensive. there is a shift towards more value oriented segments. we are multi-asset investors so we are allocating assets globally and we are neutral on directional equities. we are looking for nondirectional relative value positi

francine: that is good to know.e are in glasgow and a couple of days and we will have world leaders and a lot of chief executives. what are you doing for sustainability? i don't know if there is low hanging fruit such as recycling that you could accelerate on or whether you are looking at scope 1, 2, and three? >> we have taken important commitments this year, a reduction in greenhouse emissions by 30%. energy usage, as well, zero waste to landfill. at the same time, we are clearly looking into making a more important pledge next year. francine: thank you so much for joining us. the chief executive of campari. volvo cars also makes it stockmarket debut. we speak to the carmaker's's chief executive. send in your questions. this is bloomberg. ♪ francine: welcome back to the open. 26 minutes into the european trading day. it is a friday. we are still seeing an increase when it comes to stocks. we worry about margins. we worry about supply chains. we look at some of the yields. bonds are extending the decline. markets a

with francine lacqua. welcome to "bloomberg surveillence: early edition." it is friday, october 1. i'm francine lacqua in london. red october, stocks drop at the open. sept

this is bloomberg. ♪ francine: tom and francine here. welcome back to the open.e are 12 minutes into the european trading day. little bit of pressure on these markets. overall, there is a feeling that we don't know what the next thing for the market is. that could change very quickly. tom: unilever near the top of the pack on the back of this line that they are able to raise prices, even as input costs increase for the company. shares doing well in the first few minutes of trade. let's focus on what is happening in china. the real estate story with the evergrande evergrande, shares have -- the evergrande saga continues. evergrande said sales sank 97% during peak homebuying season. for more, we're joined by our china credit reporter in hong kong, who i cannot stress enough has been following this from day one. where do we stand now with evergrande? >> falling through of this deal is certainly a massive blow to evergrande and its investors. evergrande is really running out of time and it is facing this crucial test on a coupon, a dollar bond coupon originally due s

francine: the u.k.to replace the northern island plan. -- northern ireland plan. tom: we are expecting to hear from lord frost too. he was the chief negotiator. in about 20 minutes. there have been reports that he will threaten to trigger article 16 and suspend that northern ireland protocol. that would not go down well at all. we are also hearing that the europeans themselves are set to present their own proposals to the protocol at the conference next week. they are reluctant in brussels to renegotiate this northern ireland protocol altogether but this is an issue that remains unaddressed ultimately. the transfer of goods from the united kingdom into northern ireland and through to southern ireland as well. that question remains. and we will hear from lord frost we believe later this morning. dani: tom, thank you so much. tom mackenzie in manchester for us staying on top of the tory conference. we are reliably told that tom's choice of coffee is across the street and i'm going to send him a coconut la

francine: let's take a look at the futures. quite a lot going on today in the trading session, partly because of the inflationary pressure which could put a dent on earnings. citigroup realigning some of the earnings forecast. the worry about u.s.-china tensions is putting a dampener on some of these equities. they are almost up and running. tom: a very clear tug-of-war now between the earnings session we are seeing. 81% of s&p 500 companies beating the forecast versus those inflation concerns. it has really been underscored in australia. we will talk about that shortly. what you saw was the three year yield getting back to levels we have not seen since about july of 2019. let's see how this is going across the european markets. the futures pointing lower. losses of .2%. looking ahead to the budget and whether there will be any rabbits full out of the hat, we look at what will be longer-term, a more fiscally conservative stance from the u.k. government as we look ahead to the boe decision next

francine: they have. that had been there for years is gone, it took months for them to find someone. he knows this market. if you think of burberry, it is a luxury company. it is independent. the only one here in the u.k. -- it will be interesting about what he does. bitcoin, i love that jack dorsey tweet. tom: towards the 64,000 four bitcoin. it is getting close to the record. on the back of the strong demand for future. the crypto space is in focus. a lot of excitement there. burberry shares flatlined yesterday. francine: it is taking a couple of months. coming up, we will speak to anne finucane. this is bloomberg. ♪ tom: welcome back. european stocks just clinging to gains. joining us now, our live team. i want to talk about tightness and changes. >> i think it is a sign of how drastic things have gotten. they took really unusual steps to limit paying for futures. people like to pay for future contracts, but this is flipped now the people are desperate to get a hand on that metal. there are opposing ro

francine: one hunt percent.resident biden is set to hold a meeting with the french president at the g20 in rome. it's the first meeting after the major diplomatic dustup over submarines. this is the washington correspondent on the ground for us. this needs to go well for emmanuel macron because he is in campaign mode. >> exactly. it needs to go well for the president. he wants to smooth over that dispute with the submarines. there have been a number of meetings in washington. this is an important one. this is the first in person meeting. they did have a phone call following the submarine spat. the french were very upset, publicly upset and recalling the ambassador. when i spoke to the ambassador, he said there are areas that need to be fixed. he is meeting the prime minister. he is clearly behind schedule after taking 90 minutes with the pope. he is a little bit behind schedule. alix: and 80 car motorcade in rome? that's a traffic nightmare. i also wonder, there is a lot of chaos happening in d.c.. i'm wondering

francine: thank you so much.as going to ask about volatility and bitcoin and cryptocurrencies, but we will have to have you back on to talk about that. coming up, more coverage of the ecb. traders pricing in rate hikes of 20 basis points in december 2022. it feels like such a long time away. what can happen in 14 months? it is very clear the ecb is probably not coming under pressure as other central banks. tom: still a ways away, but we still expect percent lagarde to pushback even on that view because they don't want to be in a position where they are looking at higher rates even within that timeframe, so we will see how that conversation unfolds they do today. plenty more ahead. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive

so keep your eye on that, francine. francine: we are also getting a little bit of data at this time of day because you can see at have an impact on lot of the yields. it goes back to inflation, the strength of the u.s. economy. because it is september, it is a little bit backward looking. however, they spawned 72 point sent -- 7.2% compared to the previous year. it is a little bit backward looking. we did see a bit of weakness for the month of august and september. u.s. mortgage rates also jumping to 3.1%. i know we will have a full breakdown with michael mckee. alix: this is usually when i say something like, yeah, i got my 30 year at 2.75%, and guy would make fun of me. we want to focus on d.c. president biden currently on capitol hill, speaking to house democrats, poised to announce a framework of $1.75 trillion of a tax and spending package he believes will pass congress. some of those provisions include things look a 15% minimum tax on corporations and over $5 billion towards -- and over $500 billion towards climat

francine: 100%.ve a listed company that has change providers over the last couple of years and is doing ok per -- depending on the provider that it chooses and then you have companies like deliveroo. but the biggest question for regulators and their questions on instacart and how they treat gig workers is what rights do they have. there is been a huge movement in saying that i am an instacart shopper, and it gives me great flexible hours, but there has been a huge movement of asking customers to delete the app, because they are not doing what they should and worker payment and holidays. i know it is not further companies to figure out, but possibly the politicians and regulators might need to step in. alix: it is so interesting, and it is quite expensive, and overall costs are rising anyway. i feel like i really felt the increase in grocery prices and when we have things delivered from whole foods or instacart, i feel it now. the extra $10, i do not know if i will wind up paying that. do they pass th

francine?ine: time for etf friday and facebook's plan to become meta that left a mark on etf, proposed new name, and ticker symbol. here is dave wilson. i'm sure that they are delighted. dave: and why not? we are talking about the meta-verse exchange fund. meta is facebook's new name. there's definitely a tie-in. it was created by the money manager at round hill investors. matthew ball who is all in on the meta-verse. trading began at the end of june and has 100 42 million dollars in assets. yesterday was its busiest day in terms of trading, 2.2 million shares changing hands. on top of that when you go through the fund's holding, facebook, now meta-platforms, was already there. it was the fourth largest holding. microsoft and roadblocks, another company taken public, where the top three. facebook, meta-platform, call it what you will had company. there was definitely a lot of money flowing in. a whole lot in relative terms, at least. $18 million this week. you hadn't seen that kind of inflow si

francine: high energy prices?id: there is no question that we are going to go through a period where there is more inflationary pressure on commodity prices. this goes back to when we are talking about --, i said we had to balance good public policy with short-term implications. if we are too aggressive in the context of how we direct capital , that can be inflationary. that makes his way down to individuals -- the cost of energy, gasoline. if that goes too quickly, is something people are not going to be happy about. for politicians, that will be something they will have to rest with. francine: what do you say to climate change activists who say we have the energy prices but it is also an excuse for big finance to delay the transition, not be as aggressive? david: i have said clearly that goldman sachs is going to be in a position where we are going to be doing business with fossil fuel companies, financing fossil fuel companies, but it is a direction of transition. we want to be in business with people that are

francine: it could be.ok at what we consider stagflation, what economists worry about, you could have a prime example here in the u.k. one of the questions we need to dig deeper on is if you have this budget spending that was announced today that could be beneficial to sectors, what does that due to the sector when the bank of england is repricing some of their rates? it could be some of the yield buying on the back of what we heard on the budget, or it could be something more significant. alix: it is hard to parse out, and now we have some this kebab belated central-bank movement. lots more to discuss. this is bloomberg. ♪ >> it is time for the bloomberg business flash. there is growing clamor for robinhood markets to add the shiba inu coin to its platform. it has driven the cryptocurrency to new heights. it was 100% over the last week. robinhood says it is considering adding new coins to its offerings. the price of bitcoin fell below $60,000 a day, the lowest intraday price in almost two weeks. analysts s

francine: we will in a second.you look at some of what banking sectors are saying, what is the finance world in green finance? what needs to be changed, and what needs to be done, and what are you hoping will be achieved at cop-26? sam: i think the goal is to assist economy in transitioning to net zero. i don't think finance can be the driver. i think it can be the enabler, and it should be the enabler. and as with all things in our world of regulation and supervision, there is a bit of a push and pull with this. some of the firms are very forward leaning. we can learn from them and use what they are doing to bring the rest along. that is the approach we are taking to this. alix: it feels like low hanging fruit, that you say to a bank, don't lend to oil companies because there's going to be some kind of inherent risk. it can't be that binary, right? how do you determine that? sam: you are quite right. some climate activists are lobbying for us to directly target the causes of climate change, greenhouse gases, with

francine: i think we need to reconnect with you. understood what you said, which is that you are on track. governor, how should's central banks respond to the inflation outlook? they are at risk at the moment of really falling behind the curve. >> that is a possibility. we have to make judgments and we have so far done well. i think about, we must accept and execute in an environment -- it is appropriate for the environment we are in, but there are risks on the horizon. those risks have to do with utilities and they have to do with the risks to the realignment that happen with exchange rates. both of those combined together, you are to have a serious problem of the inflation actually. the rise in inflation -- there is no question that the policy will have to adjust. whether you are behind or ahead of the curve, it will always be an adjustment. but what you can't do is to act preemptively or hastily in a manner that chokes the economy. we must be cognizant that inflation brings dutch francine: what could be the consequences if centra

francine: nothing more? bill: maybe.ology, which is scalable, economic, taking care of the environment. whether with storage or developing hydrogen technology. out of the fossil fuel industry? i do not know. when we say we are hydrogen confident, consistent with net zero. dani: standard chartered ceo speaking with our francine lacqua. more interviews will come up. we will also speak with santander. let's go to first word news with juliette saly. >> hello. the house has approved a short increase in the u.s. government's debt limits, days before the treasury was set to run out. the u.k. said that protocol is harming the region and has to change. they call for the current agreement to be replaced. looking for a compromise saying that the u.k. is prepared for negotiation with that ea you without triggering trade wars. there is a counterproposal today. u.s. federal judges about cobit requirements in three separate discussions. the decisions are -- playing through the court system. meanwhile, the texas governor has out load ha

francine: the u.s.d line but find a, agreement when it comes to climate change. >> there are many issues in the relationship between china and the united states. it is one of the most consequential and complicated relationships in the world. there are different aspects to it. a competitive aspect that we know well, also cooperative aspects. we have to be able to deal and engage with every single one of these aspects of the relationship at the same time. climate is an existential issue that affects everyone in the planet, the united states, china, any other country. china has great responsibility when it comes to dealing effectively with climate change. we are 15% of global emissions, china is 36%, 37%. it is important for both of us to step up and meet our responsibilities. that means hitting our targets to curb climate change, making sure we are contribute into help others deal with resilience and adaptation. taking important steps, like moving away from gold. francine: there is a lot of focus on how t

francine: u.s.try to take a hard line but try to find a common ground when it comes to climate change. sec. blinken: there are many issues in the relationship between united states and china. it is one of the most consequential and complicated relationships in the world and it has different aspects. there is a competitive aspect we know very well. there are adversarial aspects. there are also cooperative aspects. we have to deal in every single one of these aspects of the relationship. climate happens to be an existential issue that affects everyone on the planet, whether it is united states, whether it is china, whether is any other country. china has great responsibility when it comes to dealing effectively with climate chains -- with climate change. we are about 30% of global emissions. this important for both of us to step up and meet our responsibilities. that means ambitious targets for how we will curb lime and shirt -- curb climate change and making sure we are helping others deal with that

francine: the u.s.o take a hard line, but find eight agreement when it comes to climate change? >> there are many issues in the relationship between the u.s. and china. it is one of the most consequential relationships in the world, one of the most complicated in the world. it has different aspects to it. there is certainly a competitive aspect we know very well. there are adversarial aspects. there are also cooperative aspects. we need to deal and engage with every single one of these aspects of the relationship. climate happens to be an existential issue that affects everyone on the planet. whether the u.s., china, any other country. china, like the u.s., has great responsibility when it comes to dealing effectively with climate change. we are about 15% of global emissions. china is 36%, 37%. it is important for both of us to step up and meet our responsibilities. that means having ambitious targets for how we will actually curb climate change. it also means making sure we are contributing to help oth

she spoke exclusively to francine lacqua.re not zero in her own operations, and how do we help customers transition to green? we need a common language. we call it taxonomy. what is green? we need to ensure stress tests are aligned across countries and regions. we need governments to have policies where you do not have unintended consequences, and others financing what some are not financing. we need that clarity of court nation across the world. francine: if you look at anxiousness in the banks now, how much more will be done in the next two months? ana: i think covid has helped us because we depend on each other. it is the same for climate change. some people say you are not seeing it, you see extreme weather a lot of the times we are in a dangerous path. it has to happen now working together. it is very much with us in the private sector, banks, governments, regulators. there is a real push for coordination, and having clarity. what is green? how do you measure it? what do we do about it? francine: that you changed some la

francine: despite huge growth in the esg market, we see emissions climb. what does it tell you about how capital is being allocated? ursula: it is true we are not on track yet, if we look at the paris agreement and the goals we set that are necessary to fight climate change. ahead of cop 26, the commitment by the different countries, we are not there yet. we have to be more ambitious, show more leadership. we need to transform our economy and the way we consume, and it is in our common interests because we know science is clear on that. anna: european commission president ursula von der leyen. let's get a first word news update. >> g20 leaders are preparing to pledge to stop funding foreign coal buying plans, but our wrangling over wider climate a jep shares. -- climate objectives. key deliverables have yet to be agreed. the gathering comes ahead of the cop 26 summa in the u.k. bloomberg sources say some holders of china ever grand dollar bonds have overdue interest payments within the grace period, the second time this month they have staved off a default

i'm francine lacqua.o asia, supply restraints from the world's top producers, it could spell an energy crisis that could upend the global recovery. the post-pandemic rebound collides with colder months in the northern hemisphere. avoiding a winter of discontent, governments warn of blackouts.

he spoke exclusively to flint -- francine lacqua.ia is that we do no harm. if you're doing harm to communities, indigenous people, biodiversity, it will not qualify. that is a defensive approach. the offense of approach is to say, what we want to do is create a market that is what we're are doing. there are also attributes that are important to you. climate, water resources, not just do no harm, but do good. people who are good in the climate investment, if you look you were happened to oil companies or large airlines, it is bad. if you're investing directly in projects to protect rain forests, but also local as well, employment, bow diversity, natural carbon, protect biodiversity. it is important to them in their business model. doing something good, but also about being transparent. francine: are we transparent enough? bill: right now, no. it is over-the-counter. we are trying to bring everybody to put the trains out onto the platform. we have created something called climate impact x, we have our first auction of high integrity ca

francine: north korea, russia, in the united states.cks, we don't know if they come from the military. can you make america feel good that we have cyber capabilities just as good as the ones attacking us, i assume nobody has better cyber capabilities than we do. is that fair? gen. milley: i would say that we are the world's number one capability in cyberspace, but i would also tell you that china and russia are very, very good, as well as many other countries. in terms of defense, when the internet and the cyber world first developed, people weren't thinking of it as a domain of war, in terms of setting up architectures that were robust for defense. those days are gone now. years ago we started working on that, and we have a long ways to go. but we need to make our critical infrastructure, our financial systems, for example, our electrical systems, and many other pieces of our national economy, much more resilient to cyberattacks, because our adversaries are very aggressive in cyberspace. david: you are about halfway through your four-y

francine: that's a -- julie: that's a great question.n the most import things, we always start with either the problem or the opportunity. we are very focused on repeatable solutions that get customized by the client but not trying to be the spolk. the old consulting has let me come in and bring a bunch of people and study it, but today, you can start with data. we serve 75% of the top 4500 companies. what we are bringing our solutions and we invest a lot. we will spend about 400 million and acquisitions, 800 million in r&d. we have over 7000 patents. patents pending. all of these things are assets to help our clients achieve their goals faster and with higher quality than they can on their own. that is really the test. sometimes we say clients don't hire us because their business cases are ambitious enough that they don't need us. david: if i call you up and say solve a problem and give me a solution. how long does it take? six months, a year, or is it five or 10 years? julie: one of the most important things that has come out of covid

♪ francine: i am francine lacqua and welcome to "front row."essor was ousted by the board and now he has to show he was the right choice to run the largest bank in europe the long history in china. noel: if you want to be an international bank serving the world, serving 60 markets, at times, it can be difficult and i'm not going to deny that. fr

eastern time, the big event of the day, fed chairman jerome powell and francine lacqua will moderate a panel on financial stability channel edges in the central bank. this conversation is at a moment were central banks are in a tough spot because we have inflation caused by supply-side challenges and monetary policy can't be much about that but they might be forced to hike rates anyway. jonathan: what a phenomenal panel stuff we need to ask that chow -- the chairman where he stands on rate hikes. tom: this is an important panel and not only the physical issue globally but how do we unwind from the physical access? do we grow our way out? i would love to know just what do you do about burgeoning bitcoin business they have to police? jonathan: that's 11:00 a.m. eastern time. i remember the morning in the summer in a note job from jonathan at credit suisse with a year and outlook of 5000 and many people just said here we go a in step they say he is too bullish and here we are at all-time highs. why do you think we can get to 5000 from 4500? >> earnings benefit from these shortages. i kn

manus: that was the banco santander german speaking to francine lacqua. third-quarter numbers. it is a beat. we discussed. this is bloomberg. ♪ manus: this is bloomberg daybreak europe. we have the numbers from tsmc and it is a beat. demand for chips stayed robust. we know that in spite of a worsening supply chain. let's get to our senior editor on tech. we have the numbers. what has driven the growth? >> yes, it looks strong across the board. tsmc has the largest contract maker of chips is really still enjoying from the boom and demand and everything from cars to smartphones to gaming consoles to personal computers. consumers are just snapping up gadgets and devices and tsmc is enjoying the growth and benefiting as a result. dani: if that is the positive, what is the negative? it has not all been rosy for the chip industry. >> there are certainly a lot of risks or a lot of things to look out for. margins has been one cause of concern and that is a result of capacity constraints in the chip supply system. right now, it seems like tsmc's margins for the la

francine lacqua will have a discussion. south africa reserve bank governor, and the chair of the fed, jerome powell. that is it for us sy "bloomberg daybreak: europe." u.s. stocks start to come down. anna edwards and mark cudmore will walk you through that, next. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. anna: good morning. welcome to "bloomberg markets europe." mark cudmore joins me to take us through the market action this hour. here are your top headlines. evergrande back from the brink of default, expected to make a last-minute bond payment. inflation fears away on the market. breakevens had a 16 year high.

tom: carson is there with chairman powell and francine driving that panel. what is so important, and loses coming up later, this dovetail of a bond dynamic into the equity market that cannot be ignored. jonathan: it is off the all-time high, and they fear the interest rate. in the bond market, we have heard that it is a little more nuanced, but it is interesting. how do you reconcile a bond market on the front end with higher inflation? how do you reconcile those two things? tom: pharaohs channeling his inner abramowitz. as we've heard from ups, there is an optimistic construction of economic growth and of markets that cannot be ignored. >> it is an earning story, too, tom. people are more bullish on this equity market. the reason why is always earnings growth rate earnings growth is going to continue to power equities. by and large, all of the warrior on supply chain issues and the potential for margins. companies have been withstanding it to a large degree. they have said they're able to meet demands. others, not so much. feel the burn. everyone is claimin

shery: bill winters speaking exclusively with bloomberg's francine laqua. first word news with vonnie quinn. vonnie: shery, thank you. the international monetary fund says the global economic recovery has lost momentum and becoming increasingly divided. but it still sees a robust rebound from the pandemic without expanding 5.9% worldwide this year. that's down just .1% from july's view. chief economist keith agope says he thinks inflationary forces are transitory although huge to the upside. >> we would like to see broad based inflation again at the kind of level we're used to seeing. now, the question is as that spirals out of control and end up with very high inflation numbers, much above the comfort range of central bankers and enough people in central. there we're not seeing that yet. vonnie: a race to buy supplies of merck's promising covid pill before it's even approved is raising concerns that poorer nations could be left behind. a potential repeat of the unequal vaccine rollout, countries including australia, singapore, malaysia and thailand have fo

tom: francine -- laura. dani: she will be here in an hour. tom: just counting down.ves another hurdle to an international accord. this is bloomberg. ♪ ♪ >> i don't think that is the current american situation in the way to compromise and a final agreement on all the technical parameters of this new international system. >> a lot of work has been done. we are very close. conversations continue as i stand here today. we are confident that we will be able to finalize an agreement. >> i share the optimism. this is a once in a generation opportunity. a once in a generation opportunity to make the international tax system fair. dani: some key voices on the final stretch towards a goal tax deal -- global tax deal. a big hurdle yesterday was lifted with ireland saying it is ready to sign up to an accord. joining us now is our reporter in paris, caroline. how important is this announcement from ireland? caroline: it is quite historical . ireland has had a 12.5% corporate tax rate for a generation. this is why u.s. big tech has been attracted to ireland. you have ibm in the 19

. >> this is "bloomberg surveillance: early edition" with francine lacqua. francine: good morning.urveillance: early edition."

francine: good morning everyone. welc

home and accommodation built for next year's world cup it last month, fee for president johnny and francine. i was a guest player at a coaching session that have been organized by cattle, 2020 two's generation. amazing legacy project. 23 year old saw eat works in afghanistan for an american c. v network. he right in toe hall in august, but had to leave his parents and younger brother behind cornwall has always had this effect on me. i don't, i know it, it has a fix on everybody that whole offspring footballers, just playing football when the boys were here before that they were depressed, there were thinking about what will happen to, to them, what are they going to do? and then we played football for a couple of hours actually for myself, for me. i thought everything is fine. i'm back home. i'm playing football since it began over a decade ago, castle 2020 two's generation. amazing project has reached more than half a 1000000 people in countries all over the world. and it's not just football facilities being provided here. setting up a routine for the children involving informal schooling

he spoke with francine lacqua in paris.y asking him about that phone call between president biden. >> they spoke on the phone a few weeks ago. they had a productive conversation covering a lot of issues. whether they will have occasion to get together, we will see. they are likely to both participate in some fashion in the g20 meeting, for example. but they had a good, productive conversation. we will continue the work that they set out. >> we've seen chinese planes in taiwan. is there a redline that you think president she will not crash? our tensions high? >> the actions we've seen by china are provocative and potentially destabilizing. so what i hope is that these actions will cease. there is always the possibility of miscalculation, of miscommunication. that's dangerous. in the past, we've managed to handle the issues surrounding taiwan. in a way that is actually sustaining stability. provocative actions go in exactly the wrong direction. it is very important that no one take any unilateral actions to change the status

coming up later we have francine lacqua speaking with jay powell. a conversation taking place from the research conference. david: just ahead, supply chain issues plaguing, mattel says they are working through all of these issues. that is coming up. this is bloomberg. ♪ >> the choice of doing nothing is not an option. >> we have seen an increase month after month, a surge in demand for goods driven by e-commerce but also a shift away from services towards goods. >> it is a market influx. unlike the recession or bankruptcies or the tsunami that has caused shortages in the system, it is a supply issue. >> it has gone up in the volume is up 20% right now. it will even be more as that year goes on. >> the bigger issue right now is the labor force in the united dates and specifically getting more truck driver and truck capacity and warehouse capacity to labor and distribution centers. david: talking to us about the ongoing supply chain squeeze. we also heard from the ceo of mattel who says that his company is working through a lot of these that are hobbl

dani: let's keep that investing conversation going and get over to francine lacqua.he is joined by barclays ceo jes staley. good morning. >> good morning. amongst the turbines and first engine trains. i'm delighted to be joined by jes staley a barclays. jes: it's great to be here. >> we are going to focus on climate change and some of the things you are seeing out there. what do you need for finance at cop 26? jes: i feel a little bit guilty we are surrounded by steam engines, which created this climate issue, barclays was the first financer of steam engines. it is a great opportunity to come together and focus on the climate challenge and the role that the united kingdom is taking and trying to be a leader in dealing with the climate issue is terrific. one of the assets that the u.k. brings to the climate issue is great universities and great scientists and new ways to deal with the climate issue. i was recently in glasgow, where we have a new technology center. it has also to of universities around it. cambridge, oxford. i think the investment in technology, innova

he told francine lacqua we need to adapt in order to prove the world. >> will have more jobs of higherlity, consumers will have better products, electric cars are better than internal combustion engine cars. we can do that in every sector of our economy, we can improve our agricultural systems, we can return the natural world to the way it was 500 years ago. caroline: he says governments, businesses and consumers need to adapt and countries need to be more ambitious with chemicals. facebook restricting sales of the amazon, the rain forest. they are banning selling ecological areas. they found huge trump -- chunks of the main force have been listed or sold. the company said it will block certain listings if they are in protected areas. and beijing finding a food delivery company because of anti-monopoly regulations. it has been ordered to improve its mechanism and ensuring rights of restaurant partners and it will step up protections for delivery writers. a special contingency against facebook, some looking for alternative social media. now a decentralized platform, how it aims to fix c

shery: -- haidi: antony blinken with francine lacqua.s great to have you with us to mcgregor. -- richard mcgregor. they are combating for desire for global.--dominance. how's the situation changed in light of what we have seen with the recovery in the united states and regulatory overhang in china? richard: i don't think leverage has fundamentally changed. i guess you me and has the u.s. leverage increased and has china diminished. i think if you look at chinese, it is overnight. they say we are not afraid of a long drawn out petition or a contest with the u.s.. the sorts of short-term problems you see in the chinese economy now, the u.s. recovery, which has been truncated by their own problems with covid, that fundamentally changes the course these two countries are on in competing with each other. possibly moving toward some form of conflict. haidi: it doesn't sound like you think share dominance is a likely scenario. richard: shared dominance? haidi: yeah. is that a possibility? richard: i guess shared dominance sounds like an oxymoro

francine: not rivals?ey are big parts of what have been our business historically that will be absorbed into convenience platforms. whether that is amazon, facebook, alibaba, or something like that they are platforms that are convenient for people to conduct day-to-day financial affairs. it can be difficult for a bank to compete. in some cases, in africa, we are setting up a competing platform and working with technology companies and mobile companies and others to create a platform of our own. for the most part, we will be on someone else's platform. guy: i am guy johnson, alix steel is in new york, this is bloomberg markets. i am still slightly perplexed by the gap between the readout from the university of michigan consumer confidence data and what we saw in retail sales. retail sales was surprisingly strong and free much across the board, which i think caught a lot of people on the hop. there was the expectation that inflation would be eating into demand and people wouldn't be spending as much. that lo

coming up, my good friend and colleague francine lacqua will be sitting down with the fed chair jeromed the south african reserve bank governor come and that is coming up shortly. it is interesting to date we've seen the russian central bank significantly outperform expectations when it comes to rates, 75 basis points. the expectation is that south africa will be following, the big question is what about the fed? taylor: and coming up the data we got this morning and the reaction of the five year the 10-year breakevens now going back to 15 year highs, and this idea that the markets are seeing inflation that might not be transitory, the federal reserve continuing to say it is and they are not behind the curve. you really wonder how we start to digest all of the inflationary data. guy: are we going to be in a wait, wait, hurry up scenario? we are starting to figure that out as a possibility. we will dive deep into all of this paired we are looking forward to this panel. this is bloomberg. ♪ >> the countdown is on in europe. this is bloomberg markets: european close with guy johnson and a