citigroup opening a new branch in new york city. citigroup's u.s.of consumer banking joining us to talk about the banking giant's strategy in this space. he just moved over from europe and asia to the united states. we will get a global perspective. that is next. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, dana peterson, commerce board chief economist. this is bloomberg. ♪ president biden is facing pressure to decide how to address the surge in gasoline prices. officials will be looking at new energy price data tomorrow. opec+ has ignored requests from some of the world's biggest oil consumers, including the u.s., japan, and india, to increase supply to meet elevated demand. the pentagon has increased orders for specialized chips used in gps dependent systems. israel is set to allow some tourists to enter the country even if they haven't had booster shots, according to the country's health and tourism minister. testing will be required. each group will remain in a so-called capsule and be kept away from crowded areas. global

citigroup will also apply for a futures license in the next few weeks.hear credit suisse will cut its prime brokerage business further. the unit was at the center of the archegos capital scandal. the ceo has moved to reassure banking staff ahead of the meeting. sources tell us the job cuts number is less >> breaking news, governor phil murphy has won reelection over his republican challenger. perhaps a sigh of relief for democrats. this as virginia elected a republican as governor. we have seen stunning blows against democrats, and in virginia, were president abiding joe biden won a year ago. new jersey governor phil murphy has won reelection in the garden state. the last two-term governor was 1977, and now we have confirmation governor phil murphy has beat his challenger. it was a big fed day today. let's get the highlights from jay powell's speech. >> it is time to taper because the economy has achieved progress towards our goals. our decision today to begin tapering our asset purchase does not imply any direct signal regarding interest rate policy. i

joining us is the head of commodities research at citigroup.et me start off getting your initial thoughts. was it a political statement or a statement of economic reality? >> it was a political statement and a statement they have sustained for the last few months. three months ago, turning back, they would have said, "we are the central bank of the oil markets. we are going to be providing liquidity when it needs it," and now all of a sudden, the argument is we are going to regulate.it is a combination ofy funny factors, the funniest of which in a way is that they did what the u.s. and china and japan and india did not want them to do. they helped steady the output and prices went down, not up. yvonne: what does it mean when it comes to, first of all, demand? when do you expect demand to start peeking? >> it depends on what you mean by peaking. opec last week said demand was going to be very slow in growing. we got the pandemic ahead of us. actually, the reverse is probably more true. we are seeing an uptick in demand, particularly in air trave

i still have a position in citigroup.till have goldman sachs as well, and i do think the space is going to continue to do well because i think interest rates will slowly rise, plus an expanding economy particularly with infrastructure spending should increase demand for commercial industry alones and the absence of stimulus will cause credit card balances to continue to increase so i do like the space this is spike to citigroup i have to respect what the stock market is telling me you're right, scott. i was supporting this for a long period of time and i have -- i said this conversation was going to bring me to bryn. weave had patience on the top. good to see you, as well i understand that you will be buying paypal in the next couple of days. am i right >> yeah. well i already own paypal. welcome aboard, jim, the waters are warm over here i already own paypal, and i think that the sell-off in the stock which was caused by the commentary around ebay and the challenges there has been overdone and so when you have a company

how do i do that if i want to bank with citigroup? >> today, we don't allow that.gy but it is a nascent technology. we are trying to proceed with caution. we are trying to protect our clients. we are looking at this closely and that is where we are today. haidi: let's take a look at some of the stocks were watching this hour. sophie: keeping an eye on chinese education stocks. beijing may provide for some licenses of classical school tutoring. listed firms may not be eligible. switching out the board, property stuck in china. best ability is a question mark. local media report cities have taken over should reopening optimism is coming to southeast asia with singapore and malaysia set to establish a quarantine free trouble lane. we have philippine gdp data due today hong kong time. economics expects gdp growth slows to 5% in the third quarter as the rebound stays constrained. haidi: that is it for daybreak asia. our markets coverage continues as we look ahead to the start of trading in hong kong, shanghai and shenzhen. bloomberg markets china open as -- china open i

andrew hallman horst of citigroup -- andrew hollenhurst of citigroup.&p futures are just about positive after a record close yesterday and a third day of gains. yields basically unchanged to 1.55% on tens. front ended focus going into the fed tomorrow. wti down 0.7% on the session. tom: some of the other commodities up 100% on a nominal basis as well over the last four or five years. javier blas joins us now. this is your energy conversation of the day. the movie rights have been off the charts. "the world for sale" winning all kinds of business book nominations and awards this year. i want to talk about the professor a rareness -- professor emeritus who did the research on energy input into food. i want you to walk away from opec and tell us what these energy prices due to wheat, to rice, to corn. javier: you are making a very good point. it makes food very expensive to produce because the price of fertilizer right now depends on the location you are looking at, but it is around an all-time high. with american farmers and farmers elsewhere needing to p

kailey: jimmy conway of citigroup global markets, think you so much for all your time today.ntinue to count you down to the european close. stay with us. this is bloomberg. ♪ ♪ guy: really big volume today. a huge day, a day we weren't expecting come with the news of the latest variant throwing equities out of bed. the ftse 100 down by 3.5%. the dax down by over 4%. the cac 40 is down by nearly 5% coming into the close. we will deal with the details in just a moment. the close is coming up. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. guy: wrapping up the friday session we thought would be quiet what turned out to be nothing of the sort. europe a sea of red. hard to tell the d

citigroup's alicia yap joins us to talk alibaba's singles' day.g is set to deliver the first resolution in communist party history and 40 years, giving him the mandate to rule for life. the landmark document is expected to be announced thursday asked a party wraps up a four day meeting. only mao zedong and don dropping have done so. most used -- evergrange looks to avert another default in its biggest debt hedge since the crisis began. customers have received overdue interest on three dollar bonds. two investors that hold two of the bonds confirmed they received the funds. evergrange needed to make a hundred 40 million dollars in coupon payments by wednesday before the end of a 30 day grace period. elon musk has sold stock in the company shortly after his twitter vote. regulatory filing shows musk exercised 2 million options at two dollars -- he subsequently sold 934,000 shares to collect about $1.1 billion. the filings say the shares were sold solely to fulfill tax obligations. johnson & johnson will have its baby powder bankruptcy moved to new j

even citigroup saying, don't get too excited. we aren't seeing that much euphoria. the u.s. is taking a big leap. yvonne: they are still up here this morning, is this still investable. it may be seen as an investable because of the stressors. they made sure to actually mention that in this financial stability report, not just talking about asset prices, also when it comes to evergrande, the contagion risk we are seeing in the high-yield market has spread with higher-rated names. rishaad: let's see what we are looking out. have a look at what else is going on in the markets. people -- are people in the fed trying to burst the bubble? that's your question mark. >> i think they are talking a lot, but they have no intention of bursting a bubble is the short answer. traders know that the winning bet since the global financial crisis has been to assume that central banks in general, the fed will be behind the curb when it comes to raising interest rates are tightening policy, even when they see assets in theory, or however you want to say they are in the bubble or too expensive, o

we will talk the fed and all about it with dig parson's, the city citigroup chairman on the spendinghat as lawmakers reconvene. lawmakers reconvene. we're back after this. so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go! your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> the house of representatives is scheduled to meet at 8:00 a.m. to meet on president biden's social and climate package. the build back better bill after kevin mccarthy held the floor for 8.5 hours delaying that vo vote >> this is the longest one-minute i've ever given it's the longest one-minute ever given in this body there is a reason why. this is a tipping point. this is a point of not coming back from. the american people have spoken, but unfortunately, madam speaker, the democrats are not listening. >> earlier this week, biden signed the infrast

one among the other big bank is we have barclays with $13000000000.00 citigroup with around $12000000000.00. and then he bought the french bank with around $11000000.00. that $1000000000.00. sorry. and then investor wise, the leading the ones leading the pack back rock as per usual, black rock is always, heavily invested in the oil and gas industry. we also have been gods and the french, i'm wendy, which is also a big player in the arctic. of course, there are many more in total we counted around $270000000000.00 invested in those 20 companies that are currently developing new oil and gas projects in the attic. so why is it that they're allowed to continue doing this? have they been challenged about the investments and what is their response? that's a good question actually. i mean the response has yet to come. officially, they're not actually contradicting their policies. they're not, you know, we can't really full success. we can't really. we can't say that they're doing something wrong based on what their policy says. the problem is, the policy isn't effective and designed to be ineffect

citigroup is liking hydraulic the most there. given that u.s.rs make 5% to 6% of the revenue base. heidi: let's talk more in terms of what it means for markets and investors. joining us now is dana, the co-chief investment officer with the wealth management platform invest net. in terms of investable things around the bill being passed, what are you watching? dana: for sure. it was a major victory. it came a little late for the democrats, but, it is certainly something that speaks to increasing productivity. we have seen that with the pandemic. productivity increased at a higher margin for companies. now with the infrastructure bill, we should expect that. i think it is good for cyclicals. i think it is good for reopening. heidi: what is the one set are among cyclicals you need to pay particular attention to? dana: expected earnings for shared growth in 2022. financials do not have the edge the way industrials, discretionary. i don't know it is -- if it is something you should shy away from so much, but you will have to contend with the yield cu

tom: the good news is also home depot, citigroup raising the price group on home depot. that to me is linked to the ports in los angeles. it is all linked into recovering america. over to the united kingdom, the dollar stronger, euro weaker. look at sterling off the inflation statistics. what does it mean? jonathan: maybe a rate hike at the bank of england. we are frontloading christmas. that is the story. tom: the big story for me is, do you go with the big turkey or two small turkeys? jonathan: are you going with a smoked one this year? tom: know, i am going to a restaurant. [laughter] jonathan: i have done that with you before. we have about two points, no drama. yields unchanged. tom: the euro is drama. jonathan: i am getting there. [laughter] jonathan: having a look at 1.12. a seven-day streak. tom: idiosyncratic. the euro weakness is an elegant chart. it is a 2.4% euro weakness, 63%, that is an abrupt move. jonathan: i am having a look at 1.12. lisa: tom keene is not always the most predictable. his smoked turkey is terrific. today, 8:30 a.m., housing starts expect

we are told citigroup will also apply for a futures license in the next few weeks. beat estimates in the third quarter boosted by big buybacks and fewer loan provisions. shares rose to records on the news. net income surged 67% in the three months, for just over $1 billion. its retail loan group grew 15.2% year-on-year. this company will pay $6.5 million for if plot along hong kong's victoria harbor. it will include mixed-use, buildings, office space, and retail areas. for the first time, the government looked as design -- looked at the design and price. this comes as hong kong's market struggles with diminishing demand and falling rents. shery: policy direction and the outlook for the asian markets with nancy davis. we will also have more on the potential energy standoff between opec+ and washington, with the van insights ceoda and cofounder. standby for bloomberg markets china open. this is bloomberg. ♪ ♪ david: this is my kitchen table and also my filing system. over much of the past three decades i have been an investor. the highest calling of mankind , i have o

ebert humor bari -- you brahim are bari at citigroup critics stronger dollar. it is all over the map. mohamed el-erian came out last week and said he thinks lael brainard would be the best choice. frankly, it is all over the place when it comes to this selection. at the end of the day, is it really any difference? kailey: it is not just about who biden picks. that person still needs the votes in order for that to actually become the next fed chair. it is not just about the nomination. given some of the push backs on progressives like elizabeth warren on chairman powell, if we don't get a chairman powell pick , do you end up with a kind of battle in the legislative branch no matter what the executive decides? tom: a data check here. dxy 96 is the level. bloomberg dollar index elevated as well. yen 114.09. you should have seen it. it was really good. they got fired up. they were terrible. lisa: i heard that managers left and came. lots of news that i can't really help you on. tom: a really invigorating talk here. [laughter] the tots slept walked through the first

citigroup backed -- investment banking business in china in the next couple of days.would join some of its wall street rivals. the lender planning to submit an application for licenses for you on denominated chairs and compliance on the chinese mainland. credit suisse will cut its prime brokerage business further rather than make drastic changes to the wider division. it was the center of the rk ghost scandal. the strategy review expect thursday. a movement to reassure stocks -- numbering less then 500. uber is set to record a loss of more than $3 billion on its stake in dd global. the $1.4 billion it made after the chinese ride-hailing giant went public in june. the u.s. traded shares have plummeted since chinese regulars ordered it to be removed from online stores in its home market, pointing to privacy and security risks. land development will pay $6.5 billion for a plot on hong kong's victoria harbour. plans include mixed-use buildings, office space in outdoor areas. the government looked at designs for the first time as well as price. good on them. yvonne: a reco

i heard an interview this morning regarding jean frazier at citigroup, and she's wrestling with all of these same types of issues, and it's quite innovative, what she's planning, so it might be worth looking at her remake of citigroup in these post pandemic times. >> okay. thank you. >> yeah, it was interesting. if there's no questions -- joe, go ahead. >> one question. >> okay. >> yeah. jay, i know the building owners contract with the janitorial service to do all the daily cleaning. i'm just wondering, do you think they're as thorough and complete and appropriate for all of our staff at sfers, but whether we want to go back over ourselves and wipe down with a very powerful disinfectant? >> we, as part of the safety provisions provided by the city over the pandemic, have the lysol wipes and materials that we can wipe down common areas, kitchen machines, and other areas, so the protocol for staff returning as it stands right now on november 1, is we would urge people to wipe those areas down before you use it so you don't count on someone wiping it down after they used it. the cleaning

economist of citigroup, what is your view on the path of this rate hiking cycle?a that if the fed hikes sooner they cannot go for that long, it will be a shorter cycle. andrew: in terms of where they get to in terms of a terminal rate, now it looks like a terminal rate will not be that high. if you look at the last hiking cycle we only got real rates up to about 100 basis points, which means the nominal rate should not be going much past 2% to 3% then you think about rates back down. real rates around zero basis points, nominal rates around 2%. the destination is not too high. on the other hand we have a flexible average inflation targeting regime. that means you allow inflation to overshoot before you start raising rates. it means when you start raising rates you should have a lot of confidence about proceeding with rate hikes. even if the destination is not too far i think the fed will be delivered about raising rates. one rate hike every quarter to about four rate hikes year, only getting up to 2% nominal rates. i would not expect one or two rate hikes a year.

tom: i mentioned rahbari at citigroup thinking it would be a powell selection, but many from the leftaying this is a fed that needs to address political and social issues around climate change. dovetail those issues together, and you get lucky with your booking sometime. javier blas joins us now. i guess we have to change your title to chief energy and inflation correspondent. i want you to dovetail the stresses of europe, the special administration in the united kingdom. spain -- tie that altogether with your energy world. javier: what we have seen is a significant increase in commodity prices over this year, but particularly over the last six months. that is really fueling the inflation surge across the rest of the world. energy is one of the biggest factors with oil prices, gasoline prices. we saw a big spike in power prices at the beginning of october, and it is coming back. it is putting a lot of pressure on retail companies in the energy sector in the united kingdom. lisa: you are basically saying this is essentially nationalized at this point. what is the political pressure in

citigroup and morgan stanley are saying you can get to 250 basis by 2025. the market is underpricing the terminal rate. do you agree? how can you position around it? do you position around a rates market for that type of underpricing? >> if i was there in 1994, i was a bond manager. that is another discussion. we have booked good evidence from this from the 2017-2018 fed hike. we got to 2.5%. it did the opposite, it really tightened financial conditions. it closed at the time, and it was a very tough time. so i would say 2.5% in the anglo-saxon economy is actually the maximum. the fact is, the days of getting a premium real interest rate are gone forever. we are talking about inflation getting to 2%, 2.5 percent, and you get to zero real yields. i would say maxing out, in terms of rates. manus: on the equity side, which is obviously where the majority of the allocation comes from, a number of notes have come through saying trim back your u.s. equity, go longer on japan, we some more stimulus in japan. and go longer of europe in a relative sense. does it mak

we will get more on the outlook in the coming hours, when we speak to citigroup's global head of commoditiesource, ed morris -- commodities research, ed morris. paul, we have seen these inflation pressures coming also from the commodities side of things. weather really not helping here. we are getting the latest you one -- u.n. a gauge of food prices move into 2011 highs. with global food cost jumping last month, extending towards a record, we are continuing to see governments really more worried about with the future holds. -- what the future holds. paul: the planets are really aligning and not necessarily in a good way for food prices, with the head of other variables here in australia thrown in the mix, not limited to a mass plague in new south wales, and also labor shortages. the borders have been closed for so long here, there is now a plantar draft in civil servants to help with the harvest -- plantar draft in civil servants to help with the harvest -- a plantar draft -- a plan to draft in civil servants to help with the harvest. hopefully that will ease some of the labor shortages and

there is a citigroup analyst that points out if you look at the u.k.s, which is that arrivals have to quarantine, self-isolate until they return a negative test, will they see the headwind to air travel in europe in the holiday season but also a precursor of things to come in continental europe? they say easyjet is exposed in that travel between the u.k. and europe. they expect european nations to follow suit with that kind of restriction. morgan stanley out with a note saying volatility in airline stocks will continue because we don't know anything about this variant. we will take time and news flow to learn more. this is a chart of global airline indexes. we know asian airlines continued to selloff monday, interesting given the rebound we saw here in europe. you can see it is a pretty profound move lower. this was supposed to be part of the recovery trade and it has not panned out that way, specifically with the outperformance you see in asian airlines. we ha are in wait and see mo. -- we are in wait and see mode. this will grind to a halt the recove

citigroup talking about the u.k.particular, who has reintroduced pcr testing and mentor he isolation until you return a negative test. they look at the industry and say continental europe is going to follow suit. that is a headwind to demand going into christmas, demand that was waning already. we got a rebound in europe, but if you look at airline stocks in europe, we fell for a second consecutive day. if you look at some of the measures being enacted in japan, singapore, and the philippines, the move very quick and severely. it asian airlines have outperformed relative to the white and blue lines, so we don't know much about the variant, but there are different reactions with different pace in different regions. hard to keep up. and alix: alix: and hard -- alix: and hard to make booking plans. guy: that is the new normal. the airlines generally are getting better at it, but if you want to book ski lessons, transfers, all this kind of stuff, that is money you are basically putting at risk, so people are become a muc

i know that is citigroup's call. but this is the question you have to answer.uy: one of the things i think the market is beginning to pick up on is the fact that food price inflation is starting to rise rapidly. i think you've got a situation where you've got coffee hitting a seven-year high. that is a major crisis. when we think about deere, i was looking at a chart as well of used tractors. i think they are up by 25%. input costs are up massively for the food industry. there's a wheat futures story. in terms of what the near term effect of a deere strike is -- a deer strike sounds like something you do to your car -- what is the translation effect, the input cost story? because people are starting to feel this in the grocery stores. joe: deere union workers were very aware of this point. i've heard so me times, people say this was a perfect storm. you have global supply chain issues, companies trying to ramp up production to meet the unbelievable demand they did not see coming in 2021. you have a rising commodities. you look across the board, everything is up

begin at this moment, as we will for the coming days and maybe even stretching out to two weeks, as citigroupishes they believe mr. powell will be renominated come our fed coverage with michael mckee. we look forward to advising you with the best guests we can find over the coming days and weeks. we start strong with william dudley, bloomberg opinion columnist, the former president of the new york federal reserve, and for years with goldman sachs as well. you mention in your essay on the fed with some degrees of constraint, i would say, a path forward. is the powell and brainard path all that much different forward into 2022, 2023, and 20 24? william: i don't think so. i think they are pretty much on the same page in terms of the inflation pressure we are seeing now is mostly transitory. the entire fomc has supported the current policy path. there have been no dissents for many meetings. the chair can't just do what the chair once. they have to bring the rest of the committee along with them. i think the difference between powell and brainard is pretty slight in terms of what monetary policy

given the powell/brainard decision and who will leave the fed in the next four years jpmorgan chase, citigroups the under perform your, but each of these stocks up. financials the best performing in the sector behind only energy one other place to watch as well in the marketplace right now with regard to the stocks, it is always the time of year around thanksgiving and christmas when we talk about the retailers. it is holiday shopping season, black friday is coming up. best buy is up 2.5%. etsy is down 4%. costco is up 1%. home depot is up about three-quarters of 1% etsy is a crazy move along the line of the tech sell-off we are seeing however, kelly, each of the stocks at one point today s&p 500, consumer discretionary stocks that hit record highs in today's session. retile always a big focus. back to you. >> especially this time of year. thank you so uch >>> bond yields are rising after the president renominated jay powell as a second term as fed chair. rick santelli with more on the move and rates today hi, rick >> hi, kelly indeed, not only are we seeing rates move higher, and that, of cou

citigroup is saying what they have seen is it is overdone. now is the time to buy bank stocks.ng the pboc to ease their policies towards the real estate sector. we are seeing some strong third-quarter results and credit demands that should be strengthening towards the year-end. rishaad: good stuff. just having a look at morning calls. having a look at chinese markets. there we go. minor gains for some of them here. just having a look at what we have been talking about with annabelle. the new prime mr. will replace their party number two. part of that is these parties leave the seat. i stand to be corrected on that. that is crossing right now. getting back to china markets. this was down to the pmi numbers from china over the weekend that showed the second month in a row of contraction taking place. we had these figures come out as well which showed some expansion which we are seeing again some weakness here for technology. we will also have a look at what else is going on. it could be a storm in china almost over with with those rising commodity prices pushing input costs and w

in 2019, he joined the board of citigroup. so, he got of a lot of experience in the u.s.. on the other hand, colm kelleher at ubs is 64 years old. he spent three decades at morgan stanley where he served as cfo and ran the trading business before he became president. he grew up in ireland, county cork and an oxford university graduate. they have both had very extensive experience in the u.s.. shery: do we know when they will get started? nabila: it is not expected to take place until the annual shareholder meetings. for both of those banks, those will be in the spring. both banks have their candidates in place what ahead of time. so they are well prepared for how they want the transition to work out. shery: villa ahmed -- nabila ahmed in sydney with the latest. risks are growing with european virus restrictions. there are questions whether that will impact inflation and demand. let's look at how we are seeing the start of trading this monday warning in asia. some downside. a big week when it comes to eco-data and central-bank action. australian shares lower by .5%. we are

the banks are saying, they are saying that the losses might have peaked -- that is according to citigroupet's have a look at what is going on with all these hurco companies as our next guest has a stable outlook for six out of eight chinese tech companies, lina choi from moody's. what prism do you look through with what meituan is going throughout the moment? lina: good morning, everyone. actually for meituan, when we said we had six out of eight companies on the stable outlook, this is actually one of the two that is on the unstable outlook. we did note that the core business, the food-delivery business has been quite stable, and the user base continues to expand. so we do see steady performance from the core business, and will continue to monitor it in terms of the investment that they continue to make in the new business and whether it will continue to track the overall story. of the company. when it comes to regulation, the company has already been penalized because of its past practices. . after that, the company has adjusted its practice and been compliant. it has a very stable bala

yvonne: citigroup saying when it comes to consensus right now, it may be too optimistic when it comesrtising fintech paid maybe we will see more clarity in this earnings report of how bad the damage is when it comes to the revelatory crackdown. saying we have to wait until next year before all the mightiness -- all of the cloudiness. rishaad: opacity when we want transparency. tliv on the bloomberg terminal. you can get all the commentary and analysis. you can get context when we have the tencent earnings call. this is bloomberg. sophie: ♪ >> it is almost 11:00 a.m. in singapore and shanghai. welcome to bloomberg markets: asia. >> let's have a look at our top stories. most asian stocks slipping after china's factory gay prices surged to a 26 year high. >> fantasia plunges after it six-week trading halt while evergrande faces a key repayment deadline. rishaad: materials shortages playing out in india. we speak to a ceo. haslinda: following the market inflation, we have china's ppi surging to a 26 year high. you took but still higher than expectations. talk about higher commodity p

just at the moment, seeing a gain having to take the brunt of what's going on there with citigroup followingheir ceo and ramifications for the whole industry. 40% down. chinese markets looking make this as we head to the lunch break in the mixed shanghai trump is it. mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 >> i wouldn't expect this to change their opinion on what's happening in local economies with labor market still tied. in the near term, the disinflationary effects of a resurgence in the virus would be larger than the inflationary ones and things like supply constraints. >> if there is going to be a repeat of the winter lock downs or lack of ability, then it would be a surprise if central banks continued on course. instead, more likely, they will delay the pace or the start of their

let's check individual market movers citigroup is shutting down the korean operations costing $1.5 billion. the bank announced to close 13 overseas markets to focus on core locations and the stock is up about 2% best performing at the big banks today and seeking a buyer for the overseas consumer business and quicker and easier to shut the korea business down rather than wait and even though there's a write down charge it is seen as a positive because of the sort of action that the new ceo is taking ripping the band aid off. and the stock is as i said the best performing big bank today newegg commerce. a computer hardware and electrics maker. it's soaring on reddit wall street bets and surging because of that and up 54%. >> e retailer. >>> time for a news update with rahel solomon. >> here's what's happening airports not the only place to see a surge in new travelers as restrictions ease. land crossings into the u.s. from mexico and canada are busy including here in san diego. the mayor saying the end of the travel ban will help the local economy. >>> four astronauts on the way back to eart

this company says it is keen to increase investment in its joint venture with citigroup in china to capitalizeunities in the markets. he or mike wells told the new economic forum that the firm is open about its plans to invest more. prudential is increasing its focus in asia, particularly mainland china and hong kong, having spun off operations in the u.k. and the u.s. the mastercard ceo told the forum that the labor market recognition that has become known as the great resignation may stay for some time. he says have competition in industries in great demand, such as hospitality and health care and finance. he says staff a.i. and, digital identity or separate case skills know that they can do better -- cyber skills know that they can do better and that is why they are looking elsewhere. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne: we are live at the bloomberg new economy forum in singapore. haslinda: is with our next guest, focusing more on vietnam no

citigroup creating new jobs to deal with cryptos. to create 100 roles focusing on digital assets including glock chain additional currencies, the latest by a traditional bank trying to establish a significant presence in the growing crypto sector. goldman sachs launching a crypto team, jpmorgan chase allowing wealth management client access for crypto currency funds. it is here. stuart: it is not going away. hold on. more for you later on. one more thing to add to your thanksgiving checklist. covid tests. the cdc calling on people to rapid test their guests before you sit down for dinner. one city got so fed up with rules and regulations in california they declared themselves a sanctuary against covid mandates. the mayor of that city joins me in the. ♪♪ i just want to break the rules ♪♪ ♪♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. to run a growing b

bank of america up almost 1% citigroup up, goldman up as well banks, oil and trade central to the moveguys >>> thank you for being with us this morning let's start with the level of alarm or concern you feel about this variant given when we know about it right now >> good morning, meg let me start to tell you what we think we know about the virus. a lot of mutations have been reported to remind people, there are very few muations on the spike. i don't believe many people would have predicted such a big jump in one variant. we know it is taking over delta in south africa very quickly it took about four months for delta to take over beta. it seems to be just a few weeks for this variant to take over. we know it is in several countries already. we believe this virus is highly infectious, more than delta. i think what happened, coming from south africa over the weekend. i believe most with direct flights from south africa within the last 7 to 10 days already have cases in their country they may not be aware of. two key things one is the vaccine efficacy. it is highly possibility that effic

look at the arts and crafts people, where but bush raising its prey target to $310, citigroup raisingto their bills, they need to offset supply-chain issues and inflation. the former ceo of c ke restaurants joins us. is this just the beginning? will we see more in the coming weeks? >> a lot more. inflation is so out-of-control, so much higher than you are hearing with top line numbers from the department of labor, businesses can't adjust their prices enough to offset the cost increases. inflation, 6.2% but from the eggs, food products, 10.5 and if you look at it individual meat products, pork is up 30% to 40%, chicken up 20%. and cost increases, they are going to use vehicles like this to let people know we don't want to charge more, terrible government policies driving prices up and they have to offset it but when it is over we will try to take this fee away. it is great until the works because a lot of businesses are on the line of failure and this could help. ashley: talking of the failure of the administration, what do they need? >> the problem with the supply chain, we have a lab

jpmorgan chase you've and bank of america and citigroup as well and that's the one thing checking outchmark and world benchmark prices falling. you see wti crew down between $75. $73 for wgi. many of the energy stocks obviously moving on the heels of oil prices to the downside, apa corps, occidental, exxon mobile. some of the decliners. that's another thing to watch. then we have to look at divergence we talked about the work-at-home stocks that benefit from the pandemic and some of the resulting kind of economic situation that have resulted well, we talk about the vaccine-makers, like moderna and pfizer, maybe no surprise they are spiking higher zoom video is up 9%. pell lotop has been a laggard as people go back to gyms d docusign, people have more limited movements, those stocks are benefiting pacoima, all of those stocks a part of the reopening trade, travel and leisure, live event, they are all declining carnival corporation from cruise lines down 10% expedia is down 7% on booking, marriott international down 4% live nation down 4 percent as well if you look at the opening trades

each up 1.5% citigroup as well. becky, financials in focus with j.retary janet yellen >> with the ten-year under pressure as well >>> when we come back, we will speak to bridgewater founder and investment officer ray dal yoav this break before we head to break, dow futures indicated down 350 pointssh believe it or fought, that is some improvement from where we were an hour ago. nasdaq off by 85 "squawk box" will be right back. xfinity rewards are our way of thanking you just for being with us. enjoy rewards like movie night specials, xfinity mobile benefits, and the chance to win tickets to see watch what happens live. hey, it's me. plus, get holiday gifts for everyone on your list with great deals on fan favorites from today. join over a million members by signing up for free on the xfinity app. our thanks. your rewards. >>> welcome back to "squawk box. looking to the lessons of history for hipts of the future, our next guest, the latest principal, bridgewater's founder and coach, ray dalio joins us. dalio's new books principles for understanding a

say final analysis of their covid pill is 30% effective, and then a downgrade of cut to neutral of citigroupso bad news. stuart: that's a double whammy right there, what about devon energy, diamondback energy. lauren: we're looking at the energy plays and they are sharply higher because oil, as you know, fell about 13% on friday, so the players in this field are bouncing back not in a huge way but they are bouncing back. gas buddy said before thanksgiving sunday to wednesday , that was the most demand we've ever seen for gasoline. stuart: the most demand ever? lauren: yeah, leading into the thanksgiving holiday. stuart: is that right? lauren: uh-huh. stuart: cost me an extra $30 to fill up my tank. lauren: i think i read the average bill each time you fill up is now $20 more than it was. stuart: actually i tell a lie it was more like $20 high. lauren: but certainly higher. i actually look at the receipt i never used to look because it was cheap. stuart: now look at hyatt hotels lauren: they got an upgrade at jpmorgan, to over wait. look everything going on with omicron as this new variant to