good to have you with us, the allianz cfo. giulio terzariol our guest from allianz.teresting to hear his views on the curve and where we go. dani, good to have you back. i was here for two weeks on my own. dani: i promise i will not do it to you again, i promise. "bloomberg markets" is up next. this is bloomberg. ♪ ♪ anna: good morning. welcome to "bloomberg markets: europe."

tom: virginia maisonneuve, thank you, global equity cio at allianz.et's get the business flash now. >> snap is planning to lay off 26% of its staff. the social media company is going to start the layoffs today. teams working on small applications made by third parties will be among the most affected. u.k. government officials have estimated that gas producers and electricity producers may make excess profits of 170 billion pounds the next two years. the assessment will be delivered to the new prime minister who takes office next week. cameron smith, the second highest ranked player in golf is joining the saudi-financed l iv league. the telegraph reported that the deal was more -- was worth more than $100 million. that's your bloomberg business flash. tom: alice, thank you. two big wall street banks remove some of their last covid 19 protocols, paving the way to the return to the office five days a week. this is bloomberg. ♪ tom: welcome back to the open. 23 minutes into the regular pay and training day. gains of .30% across the benchmark. nasdaq futur

allianz, this is a story not going great, pimco clients pulled another 20 $9 billion as rate hikes haveit some of the bond funds. we will see what happens the next couple of quarters but it will be tough as the market positioning means maybe they go less for some of the bonds to look at, some of the more active management. the london stock exchange group, a big one we saw with that height, 1.74% higher for their share price. started a 750 million pound buyback after a strong first half, one of the biggest gainers is deutsche post in today's trading session, gaining 5%. with inflation continuing to dominate, let's get the outlook with seema shah, strategist at principal global investors. if you look at interest rates, a lot of banks should benefit but they have not that much. where do you find value? seema: it is delay tough -- really tough market at the moment to find buying opportunities. you do have to be on the lookout, we are looking for any kind of strong opportunities. we are looking increasingly at mid-cap. in the u.s. mid-cap space they have less exposure to that european market

there are job federal law allianz. yeah, we've got our crime scene embargo e electric tci who needed a seabrook on 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 mass is less potential village as you get a guarantees and all of it of dental illness is comalla, who is most complicated, but i'm a federal level dentalgenius for k i laser cinemas mother gonna be that i was it's i, you know, look dora my like my fiancee of, i love the all the good old dental script bussey in c m, we just berlin. but as if the 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 a night justice or claire. it could reduce caught back cloaks, improve efficiency, increase access to justice. you can brazil, i mean they put a pattern of millions of cases and what people languishing in pre trial detention for

so they are protecting the allianz as such. right? and if you look at the, the wider context. so b as probably rushes closest ally any human. does any of this have a connection to the war in ukraine? it certainly has in terms of that. russia has 4. g, us use the rest of the balkans, s a hot stop for trouble making for making problems for the international community or disrupting the piece and the process is leading to peace here. on the other hand, the next rushing border is far away. there are no russian troops nearby and by the soviet is really an ally of russia is a good question. so yes, completely dependent economically on the european union. the russians in west, in westland here, is down to 1.7 percent. so it's basically not important. and i think this is more so propaganda battle than anything material. and you've got to wonder they're given all these, given all these tensions and given that russia is sort of looking over everyone's shoulder at this. why did cost of our choose this moment to impose this when this was this, besides this notion of changing the driving li

joining me, the chief economic adviser at allianz. always good to have you.ng. the fed is dealing with this dual mandate, right? price stability and maximum unemployment. but the real question is what's the cost of bringing inflation down to, you know, the target 2%. and economists at rsm just put out this analysis this morning that says it will be difficult to get back to a 2% inflation target in the near term without triggering a recession that results in somewhere between 5 and 6 million job losses. that's a staggering number in the united states. i just wonder, do you agree with that analysis? >> so i think that that is the tragedy of the situation we're in now. inflation has been allowed by the fed to get out of control. and rather than just hit the brakes, they could have done that last year, they're having to slam on the brakes. when you slam on the brakes, you cause collateral damage. the risk here is that indeed we do go into recession and there are many lost jobs. it's sad, poppy, because this was not inevitable. we could have avoided this, but unfo

of various degrees of preservation, the most notable luxurious three-story house of merchants of allianzccupied by a local history museum with a rich exposition for more than 100 years. the whole area, as it were, twists around the cathedral of the highest and most spacious temple in the kassils of its decorations by the married architect connected russian and tatar motifs straight lines stretch straight from the cathedral square. the central street of the city, sovetskaya, the former cathedral street or large houses on it are built in such a way that any regional center would envy many mansions decorated with balconies, columns bound by railings, intricate stucco molding and platbands on windows, so kasimov merchants and industrialists. they tried to surpass their neighbors in the luxury and unusualness of their homes. now the old mansions are cafes , shops and museums dedicated to various kasimov crafts of the local inhabitants. from time immemorial, they have been inventive and skillful. and even relatively recently, a very bright and beautiful craft of painting on wood was born here.