tom: claudia panseri, head of equity strategy at ubs, and ludovic subran allianz chief economist, they will stay with us. one line is breaking, and this is one corporate in focus. socgen, the french lender rising 8.2%, gaining 6.3%. it is paring some of the heavier spike we saw on the back of the news that it will sell its russian unit rosbank and will be divesting from its insurance subsidiary in the? a. they say it will not lead to an impact on the capital ratio. that is the line from socgen, up around 6% on the back of the ecb divesting from its russian business. we will bring you more news when we get it. francine? francine: coming up, the relentless rise in treasury yields across markets. all of that next. this is bloomberg. ♪ tom: welcome back to the open. we are 11 minutes into your trading day. losses of around 0.6% across the benchmark. the stoxx 600. the cac 40 in focus after that first round vote with macron succeeding. down 0.4% for the french benchmark. in terms of your sectors, two are in the green, banks and insurance. socgen will be part of the mix on the back of its ne

we speak with the allianz chief advisor and mohamed a el-erian. that interview is next.is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." let's get back to the ambrosetti forum. francine lacqua is still there with our guest. francine: i am glad to be speaking with the one and only mohamed el-erian, economist at allianz and bloomberg columnist. first on the yield curve aversion, what is that telling us? everything has changed. mohamed: it is telling us to pay attention, that the market is increasingly concerned that the fed will make a policy mistake and the markets are saying to just pay attention. francine: do you worry that a 50 basis point hike from the fed is the wrong message? mohamed: i worry that the fed now has to choose between one of two mistakes and has to define which one to take. go to fast or go too slow. i would go to to -- too slow. i understand that the fed may want to go too fast. francine: if they go too fast that they would have to reverse it? mohamed: i worry it would take us to recession, that they miscalculated inflation for too lo

>>> it's hard to believe, it (music throughout) >>> paramount allianz seem to feel very comfortable in one neighborhood. this evening, san mateo police are sharing this video of the big cats. they are warning residents, the lions have been spotted at least three times on king ridge drive. residents are being urged to stay alert and keep an eye on their pets and kids. >>> live out of sentences go, district attorney bernadine is taking legal action against what he says are taking advantage of targeting small businesses with disability rights lawsuits. saying potter handy has targeted vulnerable businesses that cannot afford to go to court. >> our instigation revealed that potter handy sues businesses regardless of whether or not there are ada violations present, and regardless of whether they have already gone through the certification process and had inspections done. >> boudine says the firm has filed thousands of fraudulent lawsuits under the americans with disabilities act. targeting a onetime house on chinatown, and accused the restaurant of serving food at tables that were too low

moreloop now produces tailor-made products for 150 companies -- like insurance firm allianz. >> i thinkucing the new fabric, why don't we just use whatever's already available? and that's good, because it means you also help all the factories in the country as well.” she's ordered 18-thousand polo shirts, masks and baseball caps -- all with the same design. that's a big challenge for the startup. >> we have to mix and match with many different types and shapes of fabric, because the quantity is too big and one leftover fabric could not serve the quantity.” >> yet major clients overlook these little differences to show their green cred. as an additional service, moreloop calculates how much co2 they've saved -- depending on the color, weave and production method of the chosen material. >> the short- term goal is, by 2024, we would like to prevent 1 mio kg of co2 emissions through our process. right now, we have done about 50 %in the past 3 years, so we have another 50 %to go.” >> but it's not just big companies who make purchases over moreloop. so does young designer tayida ounburanawan

francine: thank you so much, the global equities chief investment officer at allianz.ll have more a little later on. the fact the market is barely pricing in a surprise move and they are not moving at the moment. tom: we kickoff earnings week. big banks and big oil set to report. more on the outlook next. this is bloomberg. ♪ european market open. let's zero in on the earnings picture, big banks, tech and oil all due to report earnings against the inflation backdrop and the war in ukraine. joining us now is tim, our european equity intelligence strategist. what are you looking forward to in this week of earnings? >> it is a huge week. we have got 150 out of 600 companies on the stoxx 600 reporting either earnings or sales. number two, we have seen notwithstanding the angst, rising earnings estimates. there is a 3% positive revision so far this year in total earnings growth expected for the european market. consensus hasn't balked, notwithstanding the angst. specifically in q1, consensus is for about 21% earnings growth. remember part of that is energy and materials tha

they job federal law allianz. yeah, we've got our crime scene embargo e electric tease yahoo and needed a seabrook on which a board hillock on being the mass householder. good. luckily convene a mass easy la can be in a mass, hobbes. this is selena. look going for that of mass is less, but that's a very, as, as you get a guarantees and all of that it took dental illness, interest from whatever it must come together. but on the federal level, the indian you forget, i was just the name of the mother going to be that i was it's i, you know, your dora the rally, my fiancee. i love the all the good old dinners, good buffy and see, and we just put a little bit of it for today. the future. you think it's the future as of who to it's like a digital cold. so now operational in one way or another across 5 continents. and despite the questions raised yoke him, it's for, and that justice or claire, it could reduce caught backlogs, improve efficiency, increase access to justice, who can brazil, unable to pat, nope, of millions

there are job federal law allianz. yeah, we've got our crime scene embargo, e 11 t's yahoo a needle, b. c, brooklyn, which a board killer can be in the mass. l cold kid, locally convening mass. easy la can be in a mass. always this is selena. look going for that of mass. is less potential very as if you get your guarantees and all of that it took, dental illness, interest come whatever is most complicated. but on the federal level d, as in linear for good i was just the name of the mother gonna be that i was it's i, you know, you're dorothy raley. my fiancee, i love the all the good old dinners crit, buffy. and she and we just put a little bit of it for doodle, the future you think it's the future as of who do it's like a digital cold. so now operational in one way or another across 5 continents. and despite the questions raised yoke him, it's for, and that justice or claire, it could reduce caught backlogs, improve efficiency, increase access to justice. looking at brazil, unable to pat, nope, of millions of cases. an

they beat their nearest rivals borrussia dortmund 3—1 at the allianz arena.tle there forjulia nagelsmann. robert lewandowski, another stellar season for him, he was on the scoresheet yet again. nagelsmann celebrating a league title. they fail to a little bit in europe but still, ten league titles in a row for bayern munich, what a achievements. that you are up—to—date with the football. the formula 1 world champion max verstappen will be on pole for tomorrow's emilia romagna grand prix at imola. a sprint race was used to decide the grid positions and it was a difficult day for lewis hamilton, with mercedes way off the pace in italy. nick parrott reports. lewis hamilton isn't going anywhere particularly quickly at the moment. outqualified by his mercedes team—mate george russell and 13th on the grid for the sprint race. ferrari's fans probably had a better view of the main protagonists at imola, and they were roaring with delight as leclerc got the jump on max verstappen as his red bull made a stuttering start. the sprint turned into a stroll behind the safety

they brought a field kitchen with allianz and the soldiers came to us and said go to the kitchen . and he, oh, it was very hard of the horse with just didn't expect that something like that could actually happen. the chilean government has joined in on efforts to find a 54 year old julian, american journalist gonzalo lira who went missing in the ukrainian city of huck of a week ago. after openly criticizing his leadership and armed forces that he's english done off reports, he called out the ukrainian government funded skeletons in the closet. he reported from the ukrainian side of the front and now he's vanished or rather being vanished or so his friends via the ministry of foreign affairs, through its counselor section in moscow was informed that those close to the chillin gonzalo lear lopez who was in the ukrainian city of kirk if had lost contact with him since april 15th last time lire was heard from he was in the ukrainian city of hot, of, and the bell legation he was making could only have left key of very much unimpressed. there is constant shelling of b dumbass reach the b

this morning we already spoke to someone from allianz. it is clear that when you look at some of the things we need to watch out for, if there is an oil embargo, we have some shock and we could see rationing. this is something the market has not clocked on so it will be up to the governments in europe on what sectors they will shut down and what remains open. this will just be because of the energy prices. i had a great conversation earlier where a guest said that the markets have not priced this in at all. let's get over it to our bloomberg mliv managing editor mark cudmore. you are looking at installation -- inflation and other expectations. mark: what a week to be at that conference given the european inflation this week as all of the data is coming through and the changing scenarios because of the russia-ukraine war. we have the euro zone wide inflation print today. i want to look at how economists are forecasting inflation for the year. at the moment they have 2022 inflation coming through at 5.6% as the annual inflation number. only

with us now is a senior economist at allianz global investors.iven these lockdowns, where we see more downside pressure on the economy, unless china emerges out of covid zero? >>, i think so. you look at april -- yeah, i think so. you look at april, it is likely to be a week month for data to be reported. the good news is the situation shanghai seems to be getting better, right, and production is starting to resume. shanghai represents about 3.8% of the nationwide gdp for china. as you think about a month-long lockdown, and half of the gdp:, negative impact of it on china's growth is about 0.16%. it's not only shanghai, other places in china actually face lockdown or partial lockdown, and that's 0.2% or 0.3%, so overall, full-year this year, likely to be 0.4% to 0.5%. that needs to be made up by fiscal policy by the government if they want growth. >> we have been talking about china and japan. you have policy diversion -- the vergence -- divergence. what is that window for asian economies to ease? is it getting narrower? >> it is. in the sense th

take them out, feed allianz, delta connection, united and the so on probably leaves 20% for about whatrd eat between us divide between us? and i don't know how they can all compete. especially with jetblue where it is new york harbor $7 this morning. elsewhere in the country over $3.50 almost $4 a gallon a tough competitive situation out there from a cost perspective, and we talked before, sara, you and i, about labor costs going up you're seeing labor costs rising, fuel costs are rising, and fares are not keeping pace with that right now, and i don't know how you get on the other side of the margin in an effort to keep the trends going >> hmm do you stay away from airlines now or stick with some of the bigger, more scaled airlines that can deal with some of these cost pressures >> yeah. i would do that. stay with the, with the airlines that have deep pockets, good balance sheets can focus on paying down debt. obviously no one can return capital to shareholders until after the third quarter just because of the c.a.r.e.s. act but definitely focus on those airlines that are strong from a

. >>> coming up, allianz adviser mohamed el erian will be on right after.lievers. ice works fast... to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with pro-level contrast therapy. rise from pain. i'm dan o'dowd and i approved this message. you are watching actual videos of the tesla full self driving technology as recorded by the drivers. from turning too tightly and hitting a pylon... [ expletive ] to swerving toward a pole. jesus. watch the bicyclist on the right almost get hit before the driver takes over. sometimes it seems the tesla doesn't want the driver to take over. i'm trying. this driver had to hit the brakes when the tesla didn't understand a detour sign. ok. here it almost hit a truck. obviously, i had to take over. and here it swerves into an oncoming lane. look at that! often, the tesla doesn't know what it wants to do. what is it doing? or just doesn't know how to turn. jesus, oh my god! tesla's full self driving software for drivers and pedestrians, it's unsafe at any speed. tell co

allianz poised to hit 10%. sachs saying the fed may have to raise rates to the 4% plus range if the economy does not slow down. that is the global backdrop. you have a stronger dollar. china lockdowns are continuing to weigh on sentiment. the macro weakness that has continued to weigh on markets. csi 300 leading the drops. 2.5% lower on shanghai. jakarta standing out this morning. 1% losses in taiwan. hong kong nhs tech in focus. carmakers in china continue to deal with the struggles of global supply chains. lockdowns in china. nio the latest to say they need to halt production. we are on fx watch as well. we have seen some of the strength ease a bit. 124.87 this morning. commodities continue to hit the floor. steel is lower in china. wti also at the 2% lower or more. plenty more ahead. this is bloomberg. ♪ haslinda: let's do a quick check of the latest headlines. elon musk wents twitter -- one tos twitter to offer users to pay for premium features. the new twitter board member also says premium users should ge