alix: it is really guy's. guy: it is ours. alix: more coming up. this is bloomberg. ♪ i did have hearing aids from another company... i was just frustrated... i almost gave up. with miracle ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new... someone happy... it's really made a difference. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. guy: our question of the day. i keep trying to get it right. inflation reacceleration. steen, what do you think? this debate is difficult. the degree of uncertainty is massive. steen: it's difficult to get accurate data. mckee nailed it. it's hard to get. consumer is being hit. big companies, apple, borrowing money. it's all confusion. lesson itself is i am more concerned about growth forward then the interest rate. with the nominal yield i can get right now, investment grade 8.5%, aaa mortgage scandinavia,

alix: this is bloomberg. ♪ alix: it is 23 past on the west coast.e cover the top tech stories from the bay area and beyond. ed ludlow joins us now. it is a gloomy day for apple pay the stock down 1% over the last two days. what did you make of yesterday? ed: overall, it was an interesting launch. the first thing we should say is that everything that mark gurman reported would be announced was announced. we went in knowing that was the case. the surprise was the price on the iphone 15 promax. $1200. the debate we all have with ourselves as consumers is where the technology upgrades enough that we are willing to part with $1200 the top end smartphone? the reaction has been interesting. in the street it seems to be, yep, that is driving topline growth. even if they cannot drive unit volumes, there will be buyers. guy does not have an iphone, but if you are a photographer or want to play video games, the 15 pro max offers a genuine upgrade that makes it attractive. guy: yeah. i am not sure if there's anything in here that will convince me to buy. the pr

alix: i don't.r's school, the bottom floor is flooding. this is not a good thing. we will talk more about spending coming up next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh when people come, they say they've tried lots of diets, nothing's worked avalarahhh or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to los

alix: there is a plan.le are watching, we got this new benchmark, basically everywhere that alix shops is now a short. and everywhere she doesn't shop is going to be a long. if you discount, she shops there. if you don't discount, you are going to make some money. alix: there should be an index for this. guy: can't believe you called me the old guy. alix: this is bloomberg. ♪ that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. ( ♪♪ ) morgan stanley is partnering with the women's tennis association to remove boundaries... ( ♪♪ ) because this game is for everyone. ♪ alix: stocks trading a little heavy, abigail is tracking the news for us. abigail: these sections are higher, but the s&p 500 and the nasdaq are both down. the nasdaq down closer to 8/10 of 1% and you can see that these two sectors are under more pressure, communication equipment. think of

alix: that is true.n you wind up merging and looking at the labor force, are you tempted to hold onto labor because we don't know what any real bounce back will be in the europe and u.s.? ken: tweet recognize the town that exists at the westrock team . that doesn't enter the equation for most of the businesses and it is about retaining talent. guy: do think you will have any regulatory issues with the deal? there are areas where you will have a big footprint. you have to offload anything to make the regulators happy and maybe mexico could be a prom for the markets as well? ken: we have limited overlap in the countries that wait operate in and don't necessarily have competing products. we don't currently see any issues from a regulatory issue. alix: it was so good to catch up with you. i do think how company is wind up treating their labor force and dissecting it whether or not they are merging will be interesting. you have to wonder how much this will start the jobs data. guy: it seems to signal that com

alix does not want to talk about sports. this is mna. alix: but it is valuation.to the auto sector in just a moment. is i bloomberg. ♪ own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into (jennifer) the reason why golo customers have such long term success when you stream on the xfinity 10g network. is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar levels between meals so you aren't hungry or fatigue

alix: guy is always right. let's put it out there. ♪ alix: stocks are higher.ut it feels like we are winding down this week where there was a lot of action. >> here is a lot of action. we have the best stretch of the bloomberg dollar index ever or the longest winning streak on a weekly basis for the dollar index. up eight weeks in a row. we have been tracking it week after week. it feels kinda stout the idea that it is been up eight consecutive weeks in a row. this week if you take a look at what is happening on the week we are going to see that stocks are lower. s&p 500 down 1.1%, the worst week since i believe august 18 and nasdaq 100 down about the same amount. the vix at 813 handle and take a look at the next act of 100 at a 19 handle so a five point spread. that suggest there could be more volatility i had for stocks especially for big tech stocks . we're going to see the sox underperforming of the week. the chips index down 2.7% on the week. i think that is the worst week since early august so chip's getting hit little bit harder, having a lot to do with

alix: look at this.you definitely have to go.y digging up videos, concerning about the rest of the show. this has been the story. the best pictures are the ones where they are there in the snow . these are the live pictures. alix: apparently the zoo pays an annual fee of about $500,000 to $1 million each. that is crazy. guy: these are expensive bears. precisely. whenever we will talk about bear markets from now on, you have carte blanche to show pandas. i will give you that. let's talk about what is happening within the markets right now. it is quite bearish today. these are the 52-week lows. lowering its target oil stocks having a great day. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carrier

. -- and alix steel. ♪ tom: dear.tocks -- european stocks set for a fourth straight day of losses. concern about luxuries that again. the bond market has taken something of a pause, but you get the sense investors are adjusting to the higher for longer narrative from the fed. fed officials saying further hikes are likely. the focus on the auto industry in europe on the back of continued discussion about this probe by eu officials into chinese autos. a couple of individual stories -- barclays a stand out in terms of the upside in the banking sector. this bank listed in the u.k. upgraded by morgan stanley for the first time since 2018. prospects for that lender despite concern about the slowdown in terms of the u.k.. pound down 3/10 of a percent. we keep an eye on the benchmark 10 year in germany. yields of come in, money has gone in to the benchmark on the back of the news the german government will be reducing issuance. for the fourth quarter, you did see money coming into the back end of that curve in germany. alix:

alix: you are welcome.o do to that supply chain issue, every company got hit during the pandemic, but on the flipside it becomes about how quickly you can transform your kitchens which can take a long time and is very expensive. when you are a franchise model, you have to commit your franchisees to paying for it versus a company that runs all of their own stores like starbucks. tom: that is the serious part of this conversation. alix: he's like, i've got nothing. tom: i am genuinely quite hungry now. i know it is going to be bad for my health. i don't think we have this in the u.k.. there was the popcorn chicken thing, but i will look out for it. you can add that to the twinkie box with the dingdong's and the crustless sandwiches. always in education with alix. a couple defense names i wanted to bring to your attention. there is news on the very serious matter of nato and some of the most expensive exercises between that alliance that are going to be happening. some of the defense names hitting this 52-week

alix: we are there. ed: i look at the 15% making a difference like what nvidia said about data center and gpu's. apple is critically important for electronics. if you draw the parallel between the iphone 15 and what nvidia is trying to do with ai, it basically is that it is 20% of both company's businesses. for nvidia, 25% on the data center side and 25% for apple in the greater china region. it is not a short-term question. hardware upgrades draw refresh cycles. tim cook talked about switchers being the drivers. does the sudden change of government policy in china stop consumers from going out to buy the iphone? we don't know. what they have in common is investors are worried about it long-term because of the geopolitics. basically, it is the most dynamic market for electronics and u.s. players are now worried that in five, 10, 15 years' time, they will be cut off. alix: that makes india all the more important. you are seeing i die with alix. fair enough. hedge funds have been piling in on tech. i wonde

alix: that leads me to cost.able to do whatever he wanted right now, where is the cost sticky? are you having labor issues? rick: labor issues are tight. you can get people but sometimes the quality is not exactly what you would like. that becomes problematic. for us, generally speaking, we are addressing labor in a thoughtful way at these levels. any increase in activity becomes problematic. alix: even if you wanted to produce more, the labor part is hard. what about the cost profile? what input costs are sticky now? rick: we have seen nice movement in things like steel. we have seen some contractors. and what was our last year it was when natural gas prices really went up with the invasion of ukraine, a lot of the gas producers really went to work. they ramped up the added rigs activity. that the pressure on everyone. we have seen that pressure drop pretty dramatically, as we have seen rigs lay down. for us, drilling rigs are in good shape. simulation surface says, those companies, still some tightness there, b

alix: why?oanne: it's attributable to consumer reduction with people with very high inflation expectation. about a year ago one third of consumers thought inflation would be 10, 15 20%. that is down to 15% of consumers now. consumers feel as if inflation is coming under control. they could still turn around depending on economic development but they are starting to firm up there expectation and feeling better about that. guy: what about a gasoline price how will that change consumers? in what sense could these numbers change? joanne: it depends on how much this passes through gas prices. consumers continue to be concerned about oil and gas prices. the number of consumers that mentioned it during the survey increased. consumers are not expecting these increases to process but if they do, then consumers will adjust accordingly. alix: how to consumers feel about the job market right now? joanne: they are starting to show signs of vulnerability and labor market expectations. unemployment sentiment h

alix: 2007 for the 10 year. when we start to talk about options, ctas and gamut, that is the stuff we go to when we cannot explain the moves. do you think the options and ctas are explaining the move? ellen: they move in the short-term and it is whether they reinforce is happening in the long term so if you have a pickup and active volatility bit -- that is so fulfilling. self-fulfilling -- and all, you have credit spreads helping -- you have companies on a financial precipice not be reflected in market pricing now. guy: what is the real issue in terms of the rolling over of debt start to hit? is it now or is at the end of this year or next year? you said some of the bankruptcies we are seeing, you could argue that some of the banker sees what a bit than this and some of the zombie companies would have gone to the wall but they haven't. where does the moment come up when we see this rollover risk becoming a much bigger problem? simon: next year, there is a big rule -- ticket happen before that -- it could happen

alix: affordable. mr. mitsotakis: it is affordable. alix: reliable. mr.k on its own. but greece is one of the top 10 producers of renewable energy from the wind and sun. we have 12 gigawatts of installed wind and sun energy and greece and much more to come. in the short to medium-term, we will also need to rely on natural gas as a transition fuel. there's a case to be made that greece is playing a very important role in the european energy system because we are also an entry point for natural gas to serve not just eastern europe but even pumping gas up to ukraine, so greece's role as a pillar of geopolitical and energy stability has been enhanced after russia's invasion into ukraine. guy: prime minister, one of the other effects of climate change could be that we face, within europe, even greater pressure from migration. how destructive could that be to the forces that bind europe, the eu, together right now? how damaging could it be to institutions such as the european union? could we see those institutions once again fraying at the edges because of the

alix: thank you so much.up, we have tesla trying to juice sales slashing prices in the high-end vehicles. those details next. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. alix: stocks slowly losing steam. pretty much in negative two metairie -- negative territory. simone: still higher for the week. we are watching the nasdaq 100 that has had a bit of r

alix: you are welcome. think it raises the point that the product market is tight if you take russian sanctions of certain exports were is off the table. that's where the market is supertight which is bad news for the airliners. this is where the nerds stay. did you get sardines because there is a shortage of fancy sardines in the u.k. right now? guy: there has been an issue with acquiring sardines that i like in the u.k. but there are lots of tin sardines here. my producer and i went out last night and we got tin sardines, they are delicious and they look absolutely fantastic. the only downside is it is not sardines season. fresh sardines are not on the menu here but the tin sardines are freely available. i'm looking forward to sampling them. i get sardines and you get that crack spread. alix: thank you very much. more with guy from the aviation festival. stay with us for these interviews. more on the question of the day -- are you getting paid enough to take risks and where? this is bloomberg. ♪ >> we are

alix: this is bloomberg. alix: this is bloomberg. wn online store. i sold that.e it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. encore energy, america's clean energy company poised for production in south texas, energizing america with reliable and affordable nuclear energy fuel with an environmentally friendly extraction process. encore energy. explore endless design possibilities. to find your personal encorstyle.gy. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. alix: u.s. stocks still trading heavy, tech is being hit the most. abigail: there is quite a degree of fallout. you don't always get this kind of volatility but today we have seen some big declines in we will see some underperformance. nasdaq 100 down 100 down 1.5%. in the russell 2000 is down 1.1% on the week. this is shaping up to be a bearish week. one of the pressures is yields which are a little today. but if you put in that context we have the two year yield above 5% climbing higher and higher. because it is

♪ alix: it's 30 minutes into the u.s.rading day. friday, september 8. here are our top stories. biden heads to the g20. we get the latest on the ground. and hawaii adds a phone as congress questions ship technology it within it. and a big week where the dollar has a six-month high and the tech sank. welcome to bloomberg markets. i'm tired. everything else feels tired with me. even volume is not that great in the equity market. guy: it's a little light we have that in europe as well. short weeks always feel like long weeks. this week has felt absolutely exhausting and felt like it lasted an age. tech selloff, new dollar rally. the tech selloff feels newer than the dollar rally, but we feel like there is little rally in tech and a little selloff in the dollar. it feels more like a pause rather than something significant. i think everyone is tired. alix: and you see it next week when you have cpi here and ecb. those two events will maybe move the narrative with what we started changing in the narrative. maybe it will advance

alix: which is odd.the same time, europe is fighting china, saying we don't want you to dump your cheap ev's in our market. on the flipside, isn't the answer that if you want to compete, you have to make it easy for companies to make affordable ev's? this does not tell us that is the priority. i'm with you. i find it confusing. talking to companies in general, they are doing business in the u.s.. guy: the mixed messages out of europe are fascinating. there isn't a consistent and clear message. politicians say there is. look on the ground, it is clear there isn't. it looks more confusing. the quarter we just had in europe. indices in europe flat. a story of rotation this month. better and worse performing stocks. rolls-royce right up there. up 50%. hallstead down. that is the payment company, down. there's been real rotation within the market. we will deal with that in more detail. this is bloomberg. ♪ only the new sleep number smart beds let you both sleep at your ideal level of comfort. your sleep numbe

alix: it is alix in new york. great to meet you.hen you take perspective, then, where are the worried points? where is the risk being compensated the least for an investor. victor: it's really hard to -- the more nearly -- narrowly we look at sectors or companies, is hard to analyze the expected returns, or at least i think it is. looking at one stock, you have to have a great familiari [no audio] ty and expertise -- but when we look at broad indices we get a better picture. the cyclically adjusted earnings yield on the broad u.s. stock market is, you know, is right around 4% or a little bit lower than that, and that could be compared against the real interest rate offered by, say, inflation protected bonds, which is over 2% right now, so the long-term expected extra return or risk premium that u.s. equities are offering looks to us to be less than 2% right now, and that is not a lot of compensation to get for taking 15% or 20% risk in the short-term, taking the risk of big drawdowns, you know, in the medium-term. for long-term inve

alix: particularly with oil rising.lmember told us yesterday. >> inflation is full of surprises. we cannot say for sure we have reached the peak. the reason is inflationary pressure is still on. in recent days, we've seen how much energy prices have surprised. alix: remember, he is one of the more hawkish members. germany cpi tomorrow. what are you watching? >> thank you for having me. it is good news for markets. we see a 3% drop and that comes from the base effects. a key for us is what do we need to price from ecb? in the september meeting, the majority want the fed's playbook. no change for the october and december meetings. market focus in europe has changed from inflation numbers to broad numbers. inflation is on his trend down. it will be slow. that is where ecb seems satisfied. the financial conditions are doing their work. dani: what is the growth picture telling you? stagflation i daresay? pooja: there has been pessimism in europe. will it be that bad? we've been hearing about german recession. ecb voted in se

alix: wrap in a potential auto workers strike. about lower income consumers already struggling and we will have 100,000 people out of work because of the strike. how do you think of that in terms of the economy? tiffany: the strike has many dimensions in terms of potential economic implications. on one hand, if they are able to get the wage demands they are asking for, that is symptomatic of the fact labor markets are tight. people are able to bargain to get back some wage gains they lost since the pandemic. that is good for the welfare of those folks. there will be some volatility as you have negotiations happening. there could be disruptions in the auto sector. that will put upward pressure potentially on inflation and downward pressure on growth. economists have to smooth through noise, not to say that this is noise but this will probably be temporary. dani: what about higher gasoline prices? to what extent does that represent a threat to rebuilding inflation again? tiffany: i think the bigger picture for inflation, energy pric

alix: thank you minister, the economy minister of israel.rum in london. we will speak to michael gaddy. >> we take our job as fiduciaries seriously. we are long term capital partners. sweat isn't sweet. it's salty. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. alix: we now had back to the global credit form where dani burger is speaking to miguel aroughedi. miguel: when rates are high in capitals restrained that's a good time to be in the lending part of the market. >> while we are talking about growth. let's get into the nitty-gritty where the the products. we hear blackstone talking about investment grade. how are you thinking about those products? miguel: the growth in asset-backed structures are real and this trend has been growing since the gmc. if you think about what i said earlier about this consolidation and shift in the liquid cred

. ♪ alix: 30 minutes into the u.s.rading day. here are the top stories we are following at this hour. we're going to speak with the chevron chairman and ceo on triple digit oil prices, strikes and more and the impact of that $100 oil price that could put a dent in the soft landing scenario. we will speak with bruce richards, marathon asset management chairman and ceo. we are going to speak to the mercedes-benz ceo on the state of the auto industry. welcome to bloomberg markets. there is a knot of news flow but equities going equity -- equities going absolutely nowhere. guy: you must have read those headlines with a spring in your step. alix: if we are looking at a new range, 80-100, that also might be a little different, but different for who? investors or the fed? guy: i'm wondering how much jargon -- i said it, you are not allowed to. you are banned from using any oil jargon. no oil jargon. i can do it, you can't. alix: that's fine. you can't say esaf. guy: sustainable aviation fuel is what she is talking about. does

alix is joined by the oxy ceo. alix: thank you.contin vicki hollub. my once a year catch up, so thank you for joining me. $90 oil, doesn't get to one hundred, is it sustainable? vicki: we all have an opinion on oil prices and usually we are wrong. i would say that, the fact is, since china, brazil, india, russia really had their growth in gdp in 2004, real wti prices have averaged more than $80. that indicates to me the midcycle price of oil is around $80. the reason the prince is doing what he is doing is to balance the markets. there was a time of overspend followed by a period of underspending the industry, then the pandemic. now to balance the markets, it is best for all of us. if he was not doing that, the prices could potentially go way up to over $100. in balancing the market, you protect the downside so you have a healthy oil and gas industry. also without damaging economies around the world. alix: some of the undersupplied was because of you, shale players. are you doing anything differently? vicki: certainly, our industry

alix: definitely makes sense.we let you go, what do you think the fed is going to do on wednesday, and do you care? >> i don't think the fed is going to be hiking much more, but i do think you are going to see a really hot cpi print and i think you are going to see wages continue to move. if i were an auto worker, i would be looking at ups saying they got what they wanted. the u.s. government has said that inflation over the last few years is up about 16%, 17%. you and i both know that housing and rent are actually up 40%. you look at apartment rent, 18.5 in 2022. the average worker in america is just trying to break even, and the fed and the academic elite are trying to decide whether the phillips curve is in the right place or not. in reality, what they have done is underreported inflation and service workers are just trying to break even. i don't think hiking rates does anything for the service workers. you are going to get wages that are going to be sticky, that are going to keep moving higher. i think we are

alix: we really do. guy: i hate to say it. alix: i know you do it is painful.e-does that set expectations too high for q4? i can go back and say i made this argument for the past year and it did not pan out so there is that also. guy: the u.s. looks like it is in a different place. the upside is that maybe you will come over to europe and a for the holiday in france once again. alix: not with the jet fuel prices but that is a different story. guy: that is definitely true. we talk about next we talk about san francisco, lost out in london, singapore, dubai, because of hostile u.s. government policy this is according to the cofounder of the crypto pioneer chris larson. we will talk more on that next. this is bloomberg. ♪ - [mo] if you're thinking about going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire

alix: simon? simon: hello. alix: what is a trough look like then? is an interesting question. just because you are in the europe, it is one thing. i think the story is not to similar in many centers, mixed centers around the world. the adjustment in pricing has not come through in the way that perhaps would have been expected, given the interest-rate shock we have seen. the endgame here, it probably is not going to be quite as grim as we have seen in the past. i know this has been discussed before, it may sound like an old story but i think everyone's got a look at what happens in the jobs market, one has to look at how that plays out in distressed selling. the major adjustments in housing markets, not just in the u.k. but u.s. and elsewhere, typically come when you find a lot of distressed sellers in the market. we will see some, we had data in the u.k. earlier this week showing the numbers creeping up but they are historically low with three sets on mortgages still to come through the year. that will go up and possibly will be less of a problem in

alix: 100%. guy: the canadian thing highlights inflation is going to be sticky and central banks are going to struggle to bring inflation under control without jacking up rates. that will be an interesting question. you see the reaction in the bond market. but i think the story -- and this goes to the inflation story out of canada -- is oil and whether or not oil is the story that breaks the consumer. the consumer is using buy now, pay later credit cards. student loans are about to kick in. all kinds of factors coming together. savings rates have been run down. now you get higher oil prices. is that what forces the u.s. consumer to finally back down? alix: weirdly good news for the fed. oil is helping them do what the rate hikes have not accomplished. guy: absolutely. i am not sure they will see it that way. it depends. i don't think we know the answer to that yet, but we have two perfect people to get to the bottom of that. this is your christmas present early. does $100 oil crush christmas? is

alix: the job is done alix: but they're putting a six handle on core inflation -- alix: the job is doneut there putting a six handle on core inflation in the u.k.? chris: if you look at it in terms of monetary aspect which i think this has been the first proper about of monetary inflation we've had for a long time. if you look at that supply is telling you it will dissipate quite fast. if you look from the way the central banks think about it, inflation expectations or wage price spirals. they've come down a ton. even a labor market softening across the west now. i think the tightening's in the tank. it's working its way through the system and they don't need to do anymore. maybe they will do one but it's really not where the debate is now. i think the debate is going to move on. guy: if we are there, where is there? we like to claim ownership on the story. is it the matterhorn or table mountain. if we are there is it the matterhorn or table mountain. will we stay here for a while or will we be cutting hard and fast? nour: it's -- chris: it's table mountain until they have to switch to

alix: you need to start from zero.ikki haley: let's prioritize what we need to have an there are a lot of problems we have and when we do that and let's look at, you are seeing a government shutdown conversation happening right now. it is a fault -- false narrative to save the freedom caucus is holding things hostage because they want to cut or do you allow the government to go forward? first of all, you cut and you allow the government to go forward. you can have both, not either/or. think about this, congress has proposed a budget on time, four times in four years. four times in 40 years. we have to go back to no budget, no pay, if congress cannot produce a budget, congress does not get paid. we should not be in this scenario but because they wait and they don't work and they don't produce results, we end up in this is -- situation. alix: it has been shown that remission don't hurt both parties, heavy talk to leadership at all -- have you talked to leadership at all? nikki haley: i have talked to all of congress sayi

alix: it was gentleman we were there first. alix: we did this last week.were gone. >> i was in tpwraoers. we were like look at the mountains, matterhorn and table top. guy: i'm not going to say he may have gotten his idea from here but i will say maybe that could be the case. thank you very much. insta alix: here is a fun story. this is the swiss owner of certain brands said that inflation is starting to hit high under consumers. it was said at the meeting in geneva and well heeled consumers are scaling back. it doesn't help that demand started to sputter in the u.s. and china and they are tacking down other luxury names. i don't shop at cartier but i told you i'm 100% on a budget. see, proof. guy: this is the alix steele effect but everyone expected them to be insulated from inflation ands saying that is not the case and 10 years of excess and with he is talking about is the q.e. era will take a long time to unwonder. this is not just a short hit but takes a long time to roll over. the european luxury sector is taking it hard so one is hard. and others ar

alix: this is totally shopping.y want people like you to talk about shopping and this is geared towards a guy johnson in this world. guy: hopefully not. the original speed master is a much nicer watch and a very nice watch. i would love to be able to wear one of the original ones. that's the classic speed master there. they are very nice. to your point it was really interesting to hear what richemont had to say about the fact up her ring consumers in europe are stirring to feel the pain. i cut back to this whole idea that swatch had a huge -- in their -- from a shareholder view happy about this. a decent bump today on the back of an upgrade from bank of america. this stock, they got the highest rating of 43 euros on that stock. novo nordisk is out with a big bump as well on an upgrade as well. that stock is rising, the closes next. ♪ the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can sta

alix providing more evidence of that. alix: you have the s&p down .7%.daq 100 off a full percentage point. disney one of the worst performing stocks in the s&p, down 3.5%. they will spend tens of billions to upgrade some of its theme parks. the question is about the business model. four they doing with abc and espn? one of the best-performing stocks in the s&p is royal caribbean. an upgrade to a buy from hold from truest. we hit the bottom and things can get better for the cruise line. maybe we will still go on vacation. the five-year yield is of three basis points. i one point it hit its highest level since 2007. it is all about inflation. that comes in hot. it brings in the thesis that we will see higher for longer and they pause does not mean a stop when it comes to rates. inflation can re-accelerate helped by gasoline prices. guy: helped is an interesting choice of word. interesting to see how that impacts europe as well. the latest data out of the euro area suggesting now that we have the final read on the last set of data, inflation is falling. a l

have we found a sport that alix steel actually likes? alix: i like gymnastics. or beach volleyball. but i do like tennis. guy: this is a huge moment for me. i thought you just hated all sports. this is a step forward. gymnastics, beach volleyball and tennis. we will feature all of the sports strongly going forward. it's very nice to be back in the office and they understand more people back in the office as well. i have to say there are many people out there that are not here five days a week. not in this office but more broadly. we will definitely see a difference in the return to office habits in the post-pandemic world. apparently americans are less likely to come back to the office than us here in europe i thought it was europeans who took all the time off to chill and relax elsewhere. asia even higher. the u.k. apparently one of the highest rates of remote work out there. i was in greece last week there were plenty of people that appeared to be basically working from home at a greek hotel enjoying themselves. alix: maybe we are already accustomed to individ

alix: thanks a lot, we really appreciate it. coming up, we will look at lessons learned from the collapse of spx in the digital dollar. then we will go back to london, to the credit for them. >> some element of concentration is necessary. we are still young firm. lisa: can you elaborate on that? ♪ i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. ♪ (captivating music) ♪ (♪♪) the first law of thermodynamics states that energy cannot be created or destroyed. (♪♪) but it can be passed on to the next generation. (♪♪) ♪♪ we're not writers, but we help you shape your financial story. ♪♪ we're not an airline, but our network connects global businesses across nearly 160 markets. ♪♪ we're not a startup, but our innovation labs use new technologies to help keep your information secure. ♪♪ we're not architects, but we help build stronger communities. ♪♪ we're not just any bank. we are citi. ♪♪ alix: this is bloomberg markets, this is a live look in the principal

alix: it is all interrelated.evision about what the doe should do. >> the bank of england is sending dovish signal which of the policy rates are well above the fed. inflation is well above the united states. what they should be doing is hiking rates all the way to 575. they are not sure whether they want to hike more. if that happens there could be a be anchoring expectation. alix: he is saying go to 5.75%. i know we do this as a day ahead, the main event is going to be the fed. do you think the boe will go to 5.75? >> we have come from an era where all central banks were synchronized. i think this week is fascinating because of the bank of japan is in a completely different place. the fed has accomplished quite a lot on the inflation front. the u.k. hasn't peered to be specific to your question, we believe the bank of england still has serious work to be done more than the ecb and definitely more than the fed. more than one hike to go there. guy: how far does the link of england need to go and attempt the economy

. ♪ alix: it is 30 minutes into the u.s.rading day. here are the top stories we are following for you. the dovish height. ecd hikes one more time. inflation higher for longer. no bonds, yes to cash. yields will go higher with more government borrowing and start cash short terms instead. and arms test. the company prices. i'm alix steel of guy johnson. here is some unwelcome news for central bankers around the world. wti just hit 90. this is the highest since november of 2022. guy: i think this is having an impact on both sides of the atlantic. retail sales numbers out of the united states clearly driven by the oil price right now. how much longer can the consumer keep going? how much longer, if oil stays where it is, does that ripple into the rest of the retail sector and hit spending elsewhere? then you look at the ecb. maybe the ecb was pushed into one last hike with those energy costs rising once again. alix: morgan stanley had a note yesterday, it takes a long time for that filter through oil price to actually affect the

from new york, i am alix steel with guy johnson. i should point out that bank of america ceo says it is hard to see a recession because of stronger consumer spending. i wonder if we will see any of that from the fed today. >> it will probably have to change something about next year. i do not think alix steel is all in on the fed today. i do not think she is excited. i think she is struggling with finding her mojo. if you wrap the back end of the week together, it looks like a coin toss. the boj may not be an event. there are things to be excited about, alix steel. >> i was literally digging. what can i start with the show with because i really want to get through today. he called me out and it is a true fact. >> we will find a way to make it exciting. i think there will be some nuggets to be discovered. is powell going to deliver the smooth performance that he has up until now? they would try to find that last little gem that will set us up for something interesting, come tomorrow morning. we have all heard this before. are we ther

alix: 200 oil?l continue to see volatility in the $80 to $100 oil price environment. i think the higher praise is the reality we are going to have to deal with as we think about our investments and the energy needs of the globe and the fact that we know today it is being more broadly recognize the oil and gas is going to play a key role in our sources of energy and energy stock over time. alix: help me understand. the idea is that you guys want policy to be supportive of oil and gas because we need it in the energy transition. but then you are still going to be capital disciplined. what gives? what is the problem? if production is almost near a record high and you are still producing? what is the problem? doug: i don't think there is a broad enough recognition that this is a depleting resource. we still have a strong need for oil and gas to power the energy needs of the entire globe. we know by all projections whether they be government or by industry or research associations, the oil and gas is goi

alix steel joining us. bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh jon: franklin templeton filed an application with the sec for a spot midpoint etf as the sec chair continues to share doubts about quick dosing at a senate hearing. he says the industry is fraught with fraud. kailey leinz joins us from d.c. this was an event that many within the crypto industry especially in the rulings on ripple and grayscale against the sec originally were looking for how the industry would play out from here what the regulatory roadmap might look like. kailey: i'm not sure we got any clear answers from the chairman's hearing today. franklin templeton has thrown their hat into the race with blackrock and the others who have seen decisions on this spot etf filings just deferred. the sec deferred them after the labor day holly and chairman gensler was asked by republican senator bill hagerty from tennessee about the gra

kriti: hayman capital management cio kyle bass speaking there with alix steel.is talking of the distress story and apple and that is what is driving the narrative right now. we put a lot of emphasis on tesla's the last 24 hours. a massive 10% move up the big upgrade from morgan stanley. they are talking of the supercomputer. apple is a hidden talent in the idea that it is a multitrillion dollar company that seems to have this relationship with the s&p 500. every time it hits the trillion dollar mark, one showing dollars or $2 trillion, you are seeing a selloff in the broader market. that is due two weightings as well and that is significant when you look at where the macro takeaway is. the end of the day, you see a pullback in apple shares rally because of the fundamentals. we will talk about iphone sales later today. we are also going to be talking about just how much that means about the consumer. apple is a luxury company. the biggest market is the united states. if you are not see momentum from the united dates, then -- united states, where is momentum in th

in the 14th year, when he alixed crimea , he himself is in a sacred position in relation to his own elite . everything is fine destroyed now he has such a situation as if it were visible to the whole world and the situation during the war he has, as it were, a large group of generals is accused of disloyalty, it is investigated by the fsb, the military prosecutor's office, and so on this is to say that the clarity of management is part of the resources because not only economic resources determine the war but also human resources in this sense . this portrelization of the economy is happening quickly, that is, leaving for the inevitable drop from the dollar and the euro, and from global currencies. increases but this increase is not strong enough to compensate for all the losses that the kremlin and the russian federation are carrying, so this is the third factor. the key story is that we are talking about a rebellion from prigozhina that it did not end in swan lake. that is, everyone expected that certain actions would be held. instead, prigozhina was buried with certain honors. putin is

both sides have a great to meet on thursday over the reintegration of the region into us or by sean alix bad reports. the asterisk lightning offensive, and the gold know cut of boston. as the vice jones president claims full control of the disputed region with this and the median forces, agreeing to lay down the weapons, do not mean us as a result of the status of the anti terrorist images. azerbaijan has restored sovereignty. the events that occurred yesterday, and today the same time we'll have a positive impact on the peace process between armenia and us. advice on i want to hope that out the results of anti terrorist midges will eliminate the obstacles that will put forward. express, proposed, quote, what you want from the median side. and this will create a new reality. long 10 piece in the south. cool. because this enclave and self declared breakaway territory is internationally recognized as positive as a by john bus. it's being controlled by if the comedians and his close links to the median governments. it's perceived failure to support the territory, particularly after a war an

this is bloomberg markets european close with guy johnson and alix steel.om: let's check in on these markets. tom mackenzie in the london hq on this labor day. the china stimulus optimism has faded across the european space. we started with some upside for european equities and we are closing out the session across the benchmark down a 10th of a percent. never mind that you saw material impact from some of these policies coming through over the weekend in cities like beijing and shanghai with a tick up in home sales. not enough to maintain momentum across the european space. we also saw yields on european debt taking higher. -- as you look to the restart of trade on tuesday after the labor day holiday, so downside of a 10th of a percent but a context that last week was the best week for u.s. stocks since june. euro-dollar, 1.0 seven, flat for the single currency and we continue to hear both sides of the spectrum on whether or not the european central go further in its rate hiking trajectory. the next meeting and decision, september 14. close to $89 a barrel

haidi: the occidental ceo speaking with alix steel.an forecast, next. this is bloomberg. ♪ belle: we are 30 minutes into the session for seoul, sydney, and tokyo. what is standing out as we get underway are the moves we are seeing in the debt space this morning. yesterday we really saw the selling pressure continue in the treasury space in particular led by the long end of the curve. you can see the u.s. 30 year yield, a little bit higher, yesterday adding 13 basis points. the 10 year yield, at the bottom of the screen, at a level we haven't seen in about 16 years. that is playing out in. the session today particularly noticeable as we get underway. at a level we haven't seen as well in about a decade. moves into bonds, treasuries, that also leads to a firmer dollar as well. today we do have currencies under pressure broadly against the greenback, the korean won for instance, down .2%. around a 10 month low again against the greenback. the japanese yen, still around or near the 150 level that we would typically watch for signs of inter

. >> haman capital management cio kyle abbas speaking with bloomberg's alix steel.an get the stories to get your day going on today's edition of daybreak, terminal subscribers, go to dayb. you can customize your settings so you get the news on the industries and assets that you care about. this is bloomberg. ♪ let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. stop waiting. go to innovationrefunds.com clink! >> jp morgan's ceo is again taking aim at higher capital requirements u.s. regulars have proposed for banks. jamie dimon says he would love to know what they would love to accomplish. he also questioned whether regulators have learned reasons from this year's regional bank failures. >> it wasn't the federal reserve in general. it was each one of them independently. it was each central bank. they might have a little more humility over stuff like this. >> staying on banks, bloomberg has learned ubs is cutting hundreds of asia wealth management jobs

alix steel has that interview. says the company plans to keep reduction study -- production study. >> we all have an opinion on oil prices, but usually, we're wrong. i would like to say, the fact is that since china, brazil, india, and russia had their gdp spurt back in 2004, real wti prices have averaged more than $80. now that indicates the midcycle price of oil is around $80. the reason the prince has been doing what he has recently is to balance the markets area there was a time of overspend follow by a long period of underspend in the industry. now, to balance the markets is best for all of us. if you wasn't doing that, prices could potentially go over $100 paid in balancing the market, you protect the downside so you have a healthy oil and gas industry but without damaging economies around the world. >> some of the undersupplied was because of you guys, shale players. >> certainly, our industry has gone to the point where we are practicing much more discipline than we used to to practice. you see that prices

rishaad: that is the occidental ceo speaking with alix steel at the american energy summit.ot more coming up right here, as we see the hong kong market with 35 minutes of trade left. 29 degrees celsius, looking to trade data out of the city a bit later on today. this is bloomber >> china markets less than a minute away from their lunch break. we are looking at the pressure being on these equity benchmarks in the country as we get these problems in evergrande, certainly at the center of pessimism zapping investor confidence. we have about three trading days left before we get off on that week of mainland holidays. evergrande is saying one of their units failed to repay an onshore bond and that has moved things lower. we have a record fix in terms of where the estimates were but 731 is the figure and very little change currently. it is really all down to, they are off for lunch. as they do so you can see the hang seng gauge there as well. just about 1% down and we are looking at levels we have not seen for this gauge which is about 30% lower, 29% down this year and it just sli