in less than a week, at-home tonics, herbs, things that bloomberg doctor -- that doctors bloomberg talked are dangerous and maybe fail. we have seen these pop up across twitter, facebook and instagram. it is basically everywhere if you know where to look, or if you happen to be passively scrolling through your feet and have what doctors would call misinformation in your social media. ed: i get what you mean on twitter and instagram or any social media platform, something that doesn't seem to have substance and is packaged in a lighthearted way. david, how many times have we had this conversation about a number of topics? are you surprised the platforms weren't active in thinking about this kind of misinformation and how it is being shared? david: that is an understatement and as alex points out, we have all unfortunately gotten used to this pattern when it comes to any kind of misinformation. for several reasons, social media generally and meta's companies in particular have designed their systems in ways that make it very hard to detect and remediate any misinformation prints secondly, t

this is bloomberg. ♪ >> this is bloomberg martin -- this is bloomberg markets european close.berg tv at 2:30. this is bloomberg. ♪ angel: keeping up-to-date with news from around the world. confidence in the euro area economy has slowed the last 17 months. businesses with fears of energy shortage. the rate hike is more than -- a recession is near. the barnett administration to speak with russian counterparts over the trade of brittney griner. greiner pleaded guilty for cannabis cartridges. the bodies reflect a shortage of properties on the market. 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 angel feliciano. this is bloomberg. ♪ alix: thanks so much, angel. president biden and jumping held a two and a half hour meeting. speaker nancy pelosi -- ahead of speaker pelosi's trip to taiwan. what we know so far? >> from china, the fact that they said this call happen, we are waiting for the white house lead out to know exactly what president biden and xi jinping this caused. it is n

this is bloomberg. ♪ kriti: this is bloomberg markets. erlichman joins me alongside myself, kriti gupta. intel reported steeply lower second-quarter results, saying revenues this year would be as much as $11 billion less than projected, buffeted by a slacking economy. ceo pat gelsinger spoke to bloomberg earlier about the discipline numbers. pat: i think we deserve to be down today, and with the earnings we report, the guidance we gave, it is a little bit of a reset, and i think we have disappointed ourselves and our shareholders and that respect -- shareholders in that respect. at the same time, we have laid out a multi year path to the future, and we are getting more and more proof points along the way, such as our technology and process. that area is one everyone has said is critical. intel seven, intel four had positive reviews. we are ahead of schedule on other models. and with our leadership process and capacity, intel will do fine this year. we had neither. we will get those back going forward. it is a journey. caroline: what diffe

this is bloomberg. ♪ dani: welcome back to "bloomberg markets: europe."-"bloomberg daybreak: europe." president biden said he is doing great after catching covid. pres. biden: i'm doing well. getting a lot of work done. in the meantime, thank you for your concern. dani: let's go to bruce with the latest. >> this comes amid a rising wave of covid. where do we know about his condition? >> as we just saw, there is a video we just saw about him talking about his condition. we heard he has mild symptoms. he is fully vaccinated and has had two boosters. he has said the is expecting to continue working while he isolates. we also know that kamala harris, the vice president has tested negative. this is part of another wave sweeping through the u.s. at the moment. the january 6 committee, the chairman was not there. he could be there in person. dani: a perfect segue. the january 6 panel, we heard from insiders. take a listen. >> looked to me like the opposite, a de-escalation. that is why i said earlier that it look like fuel being poured on the fire. that is the m

this is bloomberg. shery: still ahead, one of the world's leading giants is pushing to go green. we will hear more from l'oreal japan. haidi: next, the risks and opportunities from the soaring u.s. dollar. this is bloomberg. ♪ haidi: there are several key rate decisions do this week, taking a look at some highlights. markets will find out if central banks can resist the global push for aggressive monetary tightening. most economists see the ecb limiting the hike to a mere quarter-point. that decision comes hours after the bank of japan and indonesia are predicted to keep policies unchanged. in china, banks are expected to halt lending rates. shery: we continue to watch the relentless rally in the u.s. dollar. our next guest says that strength reflects u.s. attractiveness. for more, let's bring in ryan. great to have you with us. let me ask you about consumer sentiment and spending. this chart showing how the university of michigan sentiment improved slightly but still around record lows. does this give

this is bloomberg. this is bloomberg.a main street bank, pnc has helped over 7 million kids develop their passion for learning through our grow up great initiative. and now, we're providing billions of dollars for affordable home lending programs... as part of 88 billion to support underserved communities... including loans for small businesses in low and moderate income areas. so everyone has a chance to move forward financially. pnc bank: see how we can make a difference for you. shery: rising commodity prices and supply issues are changing the economic power dynamic. how is the decision-making on these different power sources changing? reporter: we have seen costs rise. if you look at electric generation, capital expenditure, the running cost and calculate what would be needed, we have seen costs rise for renewable and power plants. cost for solar has risen 13.5% over the last 12 months. if you include china, we are seeing a continued decline. if you exclude china, the number would be higher. in terms of the relative c

this is bloomberg. yvonne: still ahead on "bloomberg markets: asia." we are joined by the society of publishers in asia and the economist intelligence unit. david: before that, deutsche bank will be coming on to talk us through the looming recession. why it might be mild if it does come in the path to recovery for china. that is all coming up this hour. stay with us. this is bloomberg. ♪ >> u.s. consumers remain quite resilient. consumers and businesses have been resilient so far. >> consumer spending remains above pre-covid levels. >> i expect there's going to be more volatility and uncertainty. >> lots of uncertainty. >> we see inflation deeply entrenched in the economy. >> we might head into some form of recession. >> the u.s. is on the cost of recession. >> it is unlikely to be a deep and dramatic recession. >> we will manage it again. i'm confident we will do well. yvonne: of course of u.s. banking ceos saying, consumer spending remaining strong for now, that risk of recession is going up. david: very contradictory, isn't it. i guess that's the re

bloomberg's muyao chen on this bloomberg big jake.up, netflix exit partner as part of a strategy to round up you subscribers. they are offering a cheaper subscription with another tech giant that has signed up to help. that story next, this is bloomberg. ♪ emily: welcome back to bloomberg technology. netflix has chosen microsoft as its tech and sales partner for its new ad supported streaming service in hopes it will reunite subscriber and revenue growth. joining us now is bloomberg's lucas shaw. what are we learning about this new deal, if you will? lucas: netflix is not saying an awful lot about how it will work. we do not know if there will be ads before a show starts, in the middle of a show, both of them, we do not know how many ads, the prices of the ads here. the only thing we know at this point is that they are relying on microsoft for a lot of the back and work, not anything that the customer will see, but it will be microsoft sales teams that sell and microsoft technology that will handle the apps that we all see -- the ads

this is bloomberg. ♪ manus: it is "bloomberg daybreak: europe."us cranny in dubai, dani burger is in london. credit suisse is cutting dozens of frontline roles in asia, this comes as they grapple with losses. for more on this story, we go to tokyo. go through the details in terms of the job losses, a couple of dozen jobs, but it depends on what kind of jobs are going. >> yes, these cuts have been taking place over the last few weeks in dealmaking and trading. those are the weak areas the bank flagged as behind the profit warning last quarter. they are forecasting a third straight quarterly loss led by areas of weakness and dealmaking and trading. that is what has borne the brunt of these cuts in asia. dani: why is it the investment bank and not the wealth unit? credit suisse has talked about clients when it comes to asset management. >> they are really sticking to their guns on this transition to wealth management and away from the dealmaking and investment trading. they have flagged short-term that clients are being risk-averse in asia. there is

this is bloomberg. ♪ how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. heidi: we have comments from the reserve bank of australia. he is calling the path ahead narrow and clouded and uncertainty -- in uncertainty. as pandemic policies contributed to inflation pressure and demand in the australian economy is pushing against capacity. the need to get equitable path to 2%-3% inflation. this is following a wide-ranging review of the rba. this is after the central bank came under criticism for its dovish tone and moving quickly to hike rates after saying that they would not b

by bloomberg.th specter the twitter transaction, there is a limit to what i can say publicly given that it is a somewhat sensitive matter. i like to be measured and my responses here. such is not to generate incremental lawsuits. >> that seems to be a risk you sometimes managed to overcome. >> yes, deposition minimization i think is important. [laughter] >> has twitter given you enough information? >> there are still a few unresolved matters. you probably read about the question as to whether the number of fake and spam users is less than 5%, as switcher claims, which i think it's probably not most people's experience when using twitter. we are still awaiting resolution on that matter. that is a very significant matter, so we are awaiting resolution on that. and then of course, there is the question of will be debt portion of the round come together, so i think those are the things that need to be resolved before the transaction. >> what about the general state of the economy? you described it as y

this is bloomberg. ♪ >> the bigger mistake to make would be to fail to restore price stability. >> make sure that the recovery takes hold and they are signaling through our monetary policy also saying -- outsourcing. >> uncertainty about the outlook. with the option to act decisively. >> downward pressure to the recovery process, is which of monetary policy would be an appropriate -- switching monetary policy it would be inappropriate. >> i do not think we are going to go back. >> we should be moving to inflation higher than the midpoint of our target. >> we are seeing it go forward. shery: speaking about the global inflation fight. look at bonds across asia following with yields above 3.5%. we are talking about the first day of gains for the yields in eight sessions -- aussie yields in eight sessions. two year yield jumped on the release of the fed minutes. the 10 year yield also above that 2.9% hike. haidi: risk of a u.s. recession is high, but it could be avoided. let us bring in a cio. market headsp

bloomberg, the founder of bloomberg.dent biden's problems at home are looping over a middle east trip that is about oil. the first stop on his agenda, later this week, we are joined by emily horton and ann marie. what is the success of this trip? what is everyone going to be watching for? >> we should first put the trip into two parts. many are asking why the president is in israel. the israelis' coalition collapse and they have an election is november. he will have a joint statement and a press conference, he is the caretaker and prime minister at the moment. the administration wants to continue with abraham accords and normalize connections with israel. they are not there yet. no major breakthroughs. the second part of the trip to saudi arabia. he will be the first u.s. president to flight directly from israel to the kingdom. everyone is watching when he meet with the crown prince. he was on the campaign trail and vowed to make the kingdom a pariah. he said there were no redeeming qualities about the government. he wil

bloomberg markets -- i am kriti gupta. bloomberg markets starts now. kriti: green on the screen not quite at session highs. that is good news for someone worried about how much mentoring we were at on friday. does it continue? i would not call it a fundamental rally the dollar is weaker. look at that inverse correlation where the flows are hitting. over one third of s&p 500 revenues from overseas. no wonder the stock market is exposed to what is happening to the dollar. the 10 year yield is higher. that screams risk on. not volatility in the bond market is not there either, almost seven basis rings. looking at outside growth, even brent crude is on the same page, up almost 5%. we will get back to the stock market and talk about what is driving the trade. there are two big stories, the bank story and the trip stories. goldman sachs coming out strong with earnings and intel perhaps getting a bit out of congress, perhaps chips are helping. we will affect all of it. the stick with the banks for now . we heard earlier from goldman ceo. >> given the challeng

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welcome to bloomberg markets. it's the range we are seeing in the recession calls that is even moving a lot of the price action. guy: it's everything today, isn't it? crude, a big downside move there. look at what is happening with yields, coming down shortly. equities under usher. if anything is going up, that's the economic data area we have an upside bump to contend with right now -- this is the main number, up 1.6%. the prime number .3%. it is well within the normal range we have been operating in here. transportation, 1.7, so even better. these are final numbers and again may data that you need to be aware of. coming to -- coming through slightly better, the capital goods numbers as well. also, a little better, but not substantially. the data at the moment is holding in there, a stark contrast to what we saw with the manufacturing friday. we get services data tomorrow and we also get jobs data, which we will be paying attention to as well. as kriti laid out, we are seeing the main story on the foreign exchang

this is bloomberg. ♪ kriti: this is "bloomberg markets."p's disappointing results had a ripple effect in the social media sector. $90 billion wiped out of stock market value after snap reported an increase in concerns about the outlook for online advertising. let's bring in mandeep singh. scott kessler. scott this is interesting. very macro issues when it comes to snapchat and twitter. the advertising sector really coming in and saying this is where all the heavens lie. is this a demand-side issue anticipating low consumer spending ability, or a supply-side issue where they need to protect cost and not spend? scott: it is more of the former. advertisers and marketers are spending less. that has been revealed in the context of conversations we've had with industry experts over the last number of months. snap basically concluded their first quarter in march. in april, they reported results. in june they wrapped the quarter up. in july, the results were below what they preannounced to. i think investor confidence and sentiment have been shaken

this is bloomberg. ♪ >> welcome to bloomberg markets.riti: red on the screen when it comes to the stock market. doom and gloom after the bell. ec yields lower. people pulling money out of the stock market. looks like they are putting it into the bond market. the dollar is stronger. remember the inverse correlation is very much in play. stronger dollar, weaker stocks. it stretches the brent crude. jon: as we swim to the earnings, how the profit picture looks today. it has been a key focus of investors. we have mixed results on that front. general electric getting the nod of approval from investors today. mcdonald's showing it had sales and pricing power. the stock is up 3%. we have been covering that fresh warning from walmart. though shares one of the worst performers on the s&p 500. as we get ready for the tech earnings tonight, shopify ready to report results this weekend today announcing a plan to cut 10% of their workforce. we had a conversation earlier with the long time growth stock investor tom marsico. here is his vantage point o

this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe."icrosoft has become the latest tech giant with the brakes on hiring. the company said they have many open jobs in the cloud business. microsoft look -- joined google, both pausing hiring. jobs report flashing about 80,000 jobs. we are talking to william hobbs. what is this hiring pause, what does it tell you? william: first and foremost, when you seek headlines slowing hiring, the first thought is that central bankers are trying to cool. with regards to tech, when we entered the year it looked to be a little bit of frost in some parts of the market. there was too much disinflation. i would not read too much into it. dani: i love this idea that some of the slight pain in the tech sector is above monetary policy. i love what you write about inflation in your notes. it has been an ongoing theme for some months. would you want to fade this inflation trade? william: if you look at the uncertainty, not preview you covered many of the inflation expectation swirling around. if you look at the

let's bring in bloomberg's will mathis. if anyone was questioning the climate crisis before this week, they would surely have had a rude awakening given what we are seeing and the devastation across europe. just how bad will it get? >> today in the u.k., we are forecast to have the hottest temperature ever recorded in the country. it is as bad as anyone here has ever experienced. and in the u.k. we are not used to these kinds of temperatures. there is very little air conditioning. the government says a maximum of 3% of homes have ac. offices have air conditioning. but that is hard because all of the trains in london and other places are disrupted because of the tracks are not safe for trains at temperatures this high. it is really bad. the authorities are really cautioning people to take as many precautions as they can to stay cool and stay hydrated to stay safe during the heatwave. it is just going to keep getting worse. this kind of heat, while unprecedented, will soon become more normal. the record we are about to break

this is bloomberg. ♪ ♪ tom: welcome back to "bloomberg daybreak: europe."m mackenzie in london. coming up right here on bloomberg tv, on the biggest earnings day of the season, we will be speaking to the ceo's of shell and plenty of other companies. top executives from dr, stellantis, accor and anglo american join us. don't miss those conversations right here on bloomberg tv. meta platforms, the social media giant that includes facebook and instagram, reported its first ever quarterly sales decline, setting advertisers shrinking budgets. joining me now, after he's had his nose powdered, is matt bloxham. what were the key takeaways when it comes to meta-? matt: obviously, a slight decline in revenue for the first time, which for a company that has been growing double-digit growth forever, is a big reversal. they cited slower ad spend. advertisers might be pulling back a bit on budgets. we have not seen the big pullback it. for facebook and instagram, it's more about rivalry, particularly tiktok. they said they are getting less traction against their kind of

this is bloomberg. is a clone -- ♪

this is bloomberg. ♪ shery: we have news out of south korea, the second largest memory chip maker after electronics. operating profits are gaining 56% year on year. it is a beat on expectations. consolidated net coming in at $2.87 trillion -- 2.87 won. it is growth of 34%. demand remains resilient for south korea and a week korean won may have helped these numbers. they are seeing 2022 market demand at 20% plus year on year. they will review next year's investment plan. bloomberg has reported that the company is considering cutting its 2023 capital spending by a quarter. we have seen in demand weakness as well. we are watching the latest from sk hynix. we expect growth around 10%. also second-quarter in the single percentage. demand for server memory is likely to slow in the second half as well. heidi: some interesting themes when it comes to trading 82 names going into the asian session -- going into tech names , going into the asian session. we saw resilient earnings out of alphabet, missed sales grow

this is bloomberg. ♪ shery: u.s.es under pressure extending the losses we saw on the new york session. 10 year yield trading below the 3% level, really trying to digest what that hot u.s. inflation print means. cleveland's fled president loretta saying the report for june 8 -- as a rate hike of at least 75 basis points is needed later this month. speaking exclusively to bloomberg television, crimes pressures have not yet peaked, but declined to back the full percentage point hike that many market players are now expecting. loretta: it was universe -- uniformly bad. inflation remains at an unacceptably high level. we at the fed have to be -- have to be very deliberate and intangible -- until we get and see convincing evidence that inflation has turned a corner and is on a downward path, sustainably on a downward path, and that we just have more work to do. >> if we asked you about 100 basis points couple weeks ago, two or three months ago, i don't take would ask you. is that something that you could see being discusse

this is bloomberg. jon: i am jon erlichman. welcome to "bloomberg markets." kriti: i am kriti gupta. this comes with the stock market. it is only down 1/10 of 1%. it was only down half a percent at session lows. how much participation is there in the market or is this anticipation for the fomc meeting? look at the 10 year yield, up nine basis points. not the volatility we have seen the last few weeks but a pretty big move as we see the yield curve inversion. we discussed that ahead and as we see the yields higher the dollar following suit. that is the key story, not just dollar strength, but euro weakness and pound weakness driving the greenback higher. with that you see the way of the commodity complex. that is the top line story with the crude picture down 1.7%. jon: below $100 a barrel and the recession risk a reality for energy stock investors. we have been watching this in the canadian market. the dominant energy trait for the first half where stocks were up more than 40% since the end of may have lost half their value. we are seeing that reflected on th

this is bloomberg. haidi: still ahead, why earnings season is better than -- even though clarity remains murky. he sees companies securing properties to head off a third arm's year. this is bloomberg. ♪ haidi: let's take a look at your week ahead -- the rba expected to raise rates by 50 basis points. the are b.i. and bank of england also set to hike their rates. economists are expecting 50 points for the boe. we will also get jobless claims this week. they will likely show fewer job openings as optimism on the u.s. economy to tear rates. the opec-plus meeting gets underway thursday. the biden administration is hoping saudi arabia can ease oil price pressure by pumping more crude. shery: we are expecting results from an -- a raft of tech companies. paypal, uber and airbnb are set to report. in asia, results from alibaba and toyota are due thursday. alibaba may give details on a move to seek a primary listing in hong kong. that is your week ahead. let's bring in our next guest who says the earnings season

this is bloomberg.aidi: ahead, digging into tesla earnings speaking to morningstar's sass alstom -- assess austin. how much more is there to the dollar rally and the likely impact of today's doj meeting -- boj meeting. this is bloomberg. ♪ shery: a look at the bloomberg dollar index holding steady after gaining for the first time in four days. treasury yields, the 10 year yield above the 3% level. on the other, the euro tumbling after italy's government is on the brink of collapse with prime minister mario draghi likely to resign soon. holding at the 102 level. haidi: haidi: let's get more when it comes to the effects of dollar strength said to continue. joining us now is todd elmer of fx -- intouch capital markets. significant weakness in the u.s. dollar complicates inflation. how much momentum do you see driving the greenback? todd: i think there is a lot of momentum left for the dollar. look at the macro factors. a lot of those remain. we are seeing a global slowdown. we are seeing other economies th

this is bloomberg. ♪ anna: welcome back to bloomberg markets: european close.'s have a look at where we are as we head to the close of the european market. the ftse 100 in london. we spent all of today in positive territory in most sectors across the economy have been positive territory. he was dominated by reigning in on policy. with that reigning in of expectations risk assets get a little more room to run. that continues to be one of the things that we are dealing with here. certainly for european economy notably coming through. as we get ready for the close of european trading. this is bloomberg. ♪ psst. girl. you can do better. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. anna: welcome back to

this is bloomberg. ♪ anna: welcome back to bloomberg markets. a half an hour to go before the close of the european equities session. the stoxx 600, down by .1% or so. we have not known where we are going and lacking direction this wednesday morning. the ftse was more positive than that early on, down by 1.7%. those worries about italian political leadership back in the headlines. you will hear from the prime minister later on today. and natural gas prices also in the mix. coming up, we will talk to john glen, reddish conservative party mp. we will get his take on the final two to go into the running to lead the conservative party to become the next prime minister of the united kingdom. we know he is backing rishi sunak. we will talk about that and think of england impotent -- independence. this is numbered. -- this is bloomberg. ♪ mom: how was school? dad: wow! ♪ vo: music can help you express how you're feeling. when you can't find the language, find the lyrics. anna: it is wednesday, the 20th of july. stocks are mixed. the countdown to the cl

this is bloomberg. this is bloomberg. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create shery: you're watching daybreak australia. the latest business flash headlines. ford is preparing to cut as many as 8000 jobs in the coming weeks as the automaker tries to fund its push into ev's. some of the cuts will come from units producing gas field vehicles. ford's jim bardi has said the company is hampered by too many people. he is planning to cut 300 billion dollars in cost by 2026. the latest tech companies to hit the brakes on hirings amid inflation fears and rising -- recession fears and rising inflation. the car rental business cut ab

welcome to bloomberg markets.t has been an intense week with not just the passing of former premier shinzo abe, but when it comes to the economy it feels like there is a lot to digest. guy: it has been a big week for politics, for the markets, and payroll didn't they support -- didn't disappoint? a swift response on the front end of the curve moving up sharply. the euro is hanging in there. we still don't have a move below parity. also, i heard them this morning. we are in a recession, we are here, this is what a recession feels like. we are already in a recession. the data simply doesn't support that argument. you look at the services ism number, strong, mid-50's. you have an unemployment rate that doesn't support the idea that we are in a recession. the payroll numbers don't support that idea. the question of the day is fairly straightforward. what recession? recessions are a matter of timing, aren't they? maybe we are not in one now, but is there one coming towards us? mike mckee is joining us to give us his ta

bloomberg's inc. airbus delivered about 55 jets in june, leaving it close to its for your goal. our sources airbus has ended fewer than 300 planes in this year against the 12 month target of 720. supply chain issues and material shortages are holding back deliveries, even as it seeks to lift production. those inflation concerns, we have an exclusive interview, dave, tell us a little bit about it. david: if you're just listening to us i will tell you right now, philippine central bank governor is joining us and about 40 minutes from now. live from manila of course, he is the newly anointed monetary policy chief there in manila. we will talk about what they plan to do about this inflation conundrum, that is next. plus the market opens. this is bloomberg. ♪ >> please welcome middlesex county volunteers, fife and drum

this is bloomberg. ♪ kriti: this is bloomberg "markets."isk to europe, as it pertains to italy and the ecb. let's turn to what is perhaps in the background, covid. a new subvariant is fueling a fresh increase in infections across the united kingdom and the continent. for more, let's bring in eric toner, a senior official at the johns hopkins school of public health. walk us through this perhaps increasing cases that we have seen. what is it attributed to an how do we combat it? >> thank you for having me. the cases all over the world are increasing, particularly seeing that in europe and new zealand and australia. we are seeing it in the u.s. cases have gone up several hold. we really don't have a good handle on how many cases there are because testing is not nearly as adequate. kriti: let's talk about monkeypox as well here. how worried should we be about that? is it on the shadows, the steps, or the heels of covid? how big of a deal compared to coronavirus? >> well, monkeypox is a very different disease. it is not nearly as transmissible.

this is bloomberg. ♪ shery: this is "daybreak asia". china and the u.s. working on plans for president biden and president xi. this as tensions over taiwan continue to rise. we are joined by the president of the national committee on u.s.-china relations. good to have you with us. what was achieved at this meeting? >> i think the mere fact that the meeting occurred was an accomplishment. we had speaker pelosi -- and i was derailed. the meeting itself, the fact that it occurred, the fact that there were reasonably positive statements put out by both united states and china is progress, because you have to start from the baseline that the relationship is deeply, deeply troubled. the elephant in the room to the conversation was speaker pelosi strip, the fact that it occurred , literally one week before was interesting. it's -- you've heard mentioned on this program that is likely between november 15 and november 23, president xi and president biden would meet in person on the sidelines for the g20 and apac

all day long the bloomberg crypto summit will be taking place in new york and we will have bloomberg crypto at 1:00 eastern. i will be moderating a panel at 2:30 eastern time. i know you will be tuning in. tom: i will break the surveillance snap. i'm looking at jack mailer. he has the hoodie on. do i need a hoodie? jonathan: i have no time for that. i will not comment. tom: this is the price of having kailey leinz on. we have to flog crypto morning. jonathan: i am happy to do that. the port folio manager for the blacklock global allocation fund joins us. you been conservative. you have not been constructive. has any of that changed? russ: i think the short answer is not really. we are still in an environment where we have had. we have had tightening liquidity which has been a huge headwind. you have a slowing economy. these have not gone away. i would say valuations are much more reasonable plays than they were 12 months ago. globally ec multiples compressed around 30%. i think we are close to a bottom. the market is in the process of making a bottom. all of the conditions that led t

jonathan: live from new york city, this is bloomberg

this is bloomberg. tom: let's get over to bloomberg's managing editor. you're looking at the fed on this job state, the survey is 260 8000. what is the goldilocks number, put it in context of the unemployment rate we are seeing there. mark: the goldilocks number is almost always the one that comes in line with consensus and doesn't scare the market. that is a glib answer, it is more so the case today were dollar strength is one of the issues squeezing conditions for many economies around the world. if we get number, will not to see yields rise, if we see bad numbers, dollars strength -- a number could be goldilocks today. the fed will definitely accelerate 75 basis points unless there's a shocking turn of events the next couple of weeks. the real issue is a credibility issue. they relate to realize inflation wasn't transitory, they were massively behind the curve. now desperately trying to catch up with that story, they can't turn dovish now or they will lose credibility. they talked about that in the minutes this week. that is why there will be 75 basis

this is bloomberg. ♪ >> the market pushing the fed right now. >> the fed wants to go to 3% in early 2023. >> they may need to slow down rate hikes than later. >> the deal is over 100 basis points below that level. it doesn't make any sense. >> how much longer is the rate hiking cycle going to last? >> the bond market saying taking at -- >> we know the fed will be -- >> 75 basis points baked in the cake for the july fed meeting? >> absolutely. >> 3.5, i think it will be hard for them. >> we have already seen that. >> the market has readjusted their expectations. >> the hawkish in us well ahead of central -- the hockessin us well ahead of central banks. -- haidi: asian stocks are poised to open higher, extending the thursday gains following the tailwind from the u.s. rally. policymakers pushing back amid fears of a recession and confident to get inflation under control without the downsides. bringing in loreen gilbert. we see risk returning to markets . is it because there is more confidence of a soft lan

this is bloomberg. shery: still ahead, the cofounder and ceo of taylor joins to share his views about the prime ministers policy to support entrepreneurs. up next, a deeper look at china's shock contraction. this is bloomberg. ♪ >> i think jay powell said things that, to be brent, were analytically indefensible. he cleaned twice in his press conference that the fed was now at the neutral interest rate, calling it 2.5. there is no conceivable way that at 2.5% interest rate in an economy inflating like this is anywhere near neutral and if you think it is neutral, you are misjudging the policy in a fundamental way. shery: former treasury secretary larry summers and plenty of other central banks to keep an eye on. the rba expected to raise rates by 50 basis points. the rbis and boe are set to hike their key rates. economists predicting a 50 basis point rate in u.k. and 25 basis point hike in india. haidi: we are still processing the shock contraction when it comes to china's pmi data. let's take a look at t

this is bloomberg. shery:. shery: and we will have more on japan. still ahead, what prime minister fumio kishida's election win means for economic policy. whether he will stick with abenomics or forge a new path. haidi: but first a look at market risks and they are plenty. captrust ceo michael vogelzang joins us. he says he sees a recession coming. we will discuss that in a moment. this is bloomberg. ♪ >> we have an inflation rate in this country, real growth at 2%. nominal gdp growing at 10%. 10-year yield at 3%. it doesn't make sense. it makes everything in the stock market look attractive. >> what part looks attractive to you? are you in the triple leveraged, all-cash fund? >> i am of the view that equities are the best house in the financial asset neighborhood, but i don't like the neighborhood, for a lot of reasons. i think that ultimately, the price of oil for the fed or maybe the strong dollar, will lead us into a recession. shery: ceo and founder leon cooperman, speaking with bloomberg's tom kee

this is bloomberg. ♪ tom: this is bloomberg daybreak: europe.st word news with juliette saly in singapore. juliette: russia again reducing the flow of gas to germany. gazprom says it will cut shipment on wednesday morning to about 20% of capacity, blaming maintenance issues. it says one of six major turbines remain in working condition. coinbase global said to be facing a u.s. investigation as to whether it improperly let americans trade digital assets that should be registered as securities. the fcc chair previously said trading platforms should do more to protect retail investors. a surprise cut to profit outlooks for the second time. citing the need for lower prices and bloated inventories. walmart said earnings will fall 13% in the current fiscal year. it said consumers are shifting to spending on necessities, hitting margins. global news 24 hours per day, on-air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom? tom: thank you. now to the u.k. leadership rac

this is bloomberg. >> australia is on guard. but next, discussing the increased likelihood of over session as we pray for this week's fed meaning and corporate earnings. this is bloomberg. ♪ >> i fully support another 75 basis point increase however my base case for july depends on incoming data. >> there is no reason to say that we need a smaller rate increase than last time. nothing moved in that direction. >> you are seeing the fed move quit aggressively. request the key thing that the fed worries about his inflation expectations becoming unanchored. >> whether they go to 50's or 75's, there will be a situation where we step on inflation. >> i think the fed will have to hold here as long as the market prices in cuts in early 2023. >> they have a tough road ahead of them. they can basically raise rates and change the balance sheet. >> the fed rate decision dominating global markets. let's look at the week ahead. that is our big focus. jerome powell has said that this would be a big mistake than pushin

welcome to bloomberg markets. numbers coming from many markets but those with big exposure to the consumer are going to be squeezed. anna: absolutely. that seems to be a transatlantic story. walmart numbers putting pressure on retailers in europe. also in focus is the gas story. that is where the squeeze is coming from in europe. alix: if you're looking for relief in consumer confidence in home sales, you are not getting it. michael: let's start with new-home sales, down 8.1%, a significant decline. they were up 6.3% in the months before. 590,000 annual according to the national association of realtors . housing taking it on the chin as mortgage rates rise. the confidence board, more important that it was in the -- then it was in the pastor 95.7 for the overall number. it was down from 98.4. the present situation is 141.3, a much lower number than 147.2 the month prior per the expectations outlook, down from 65.8. all of the numbers down, the third month consumer confidence has fallen and suggests people are seein

this is bloomberg. ♪ emily: qualcomm earnings is the latest signal that there is a change in consumer habits. the biggest maker of chips for smartphones reporting and earnings miss, reporting a lackluster forecast for the rest of the year. the senate approved a $52 billion bill to boost chip manufacturing in the u.s., which relies heavily on parts from overseas. but this semiconductor industry is in for a rough patch the next couple years. a research firm slashed its semiconductor sales growth forecast from what we saw in 2021. the pentagon is making contingency plans if house speaker pelosi makes that trip to taiwan, though they don't think china would attack her plane. they say the speaker is entering a hot spot. china considers taiwan part of its own territory, a long source of controversy for decades. our managing editor out in tokyo joins us now to discuss. there is a lot going on here. what do you make of this pelosi visit to taiwan? >> very controversial at this point. she has ended up in a very

this is bloomberg. ♪ dani: welcome back to bloomberg daybreak: europe.t was a profit beat from nordea in turbulent trading as rising interest rates heralded higher net income for the biggest nordic bank. let's speak to the ceo, frank vang-jensen. all of wall street and european banking is turned to net interest income which fell bang in line here. your full your outlook is unchanged, how have your expectations changed, with rising rates at both scandinavia and the ecb? frank: yeah good morning. it has been a volatile time period during the second quarter , and also concerning what is happening around us. we come in in line basically with our forecast. that is due to continued high growth within all areas, across all countries, and also a strong net interest income. all in all, we have cap things on a very high level during the quarter. looking ahead, higher interest rates will down economic activity in societies and nordics. it should also be seen as a healthy adjustment that will gradually bring us back to more normalized market conditions, and if we cr

cio for private wealth joining bloomberg in new york time. this is bloomberg.ou up to date with newsom around the world. boris johnson vows -- bows to the inevitable today. he resigned after a succession of scandals and rebellion of his own candidate. -- cabinet. he will serve as a caretaker role until the conservative party mp has a new leader. fbi director christopher wray is escalating his beef between the u.s. and china over hacking. china aims to she claims china aims to ransack. he told an event in london chinese pfizer snooping on everything from fortune 100 companies. 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. this is bloomberg. >> european electrically prices broke new record on energy supplies in response but france is moving to assume full control of its nuclear giant and germany is prepared to rescue energy companies joining us from moscow , a leading expert to the national energy security fund. he's in international relations researcher at the financia

some like janet yellen, who sat on bloomberg news and television -- who said on bloomberg news that sheants the trade representative to provide leverage against china. >> another big question, the secretary of state antony blinken's message to his chinese counterpart over the weekend, how powerful was it? jodi: they had a five hour discussion with the chinese foreign minister on the sidelines at the g20 foreign ministers meeting in bali. basically the message was we want our leaders, president biden and president xi jinping, to meet in coming weeks. and they hope that this will happen, even amid tensions over all kinds of issues. the u.s. has been particularly critical of china on its support of the ukrainian warm and russia's invasion of ukraine. and also issues like what is happening in the taiwan strait. but they were talking very seriously about having their leaders meet they say in coming weeks. >> so i want to turn to you now on shinzo abe's assassination. the impact it had on japan's upper house election. i can understand of the people of japan were shocked and saddened, but did

listen 80 via the apgar bloomberg radio. -- listen in via the app or bloomberg radio. ♪ heidi: the federalt is resuming for the first time since the election victory in may and nine years of conservative rule. it is also the most diverse parliament in the country's history. the current casino is opening after receiving a conditional approval. it has been on hold since late 2020 out for public inquiry uncovered fraud -- broad government failings. they are screening any packages from indonesia and china for blackfoot disease. shery: investors are weighing bids for the discount of 30% from the april value evaluation. i $30 billion loss in value, concern over the chinese fashion retailer slowing growth. weaker sales and criticism of the record may impact the timeline and the dollar value. quarterly profits, the impact of falling product places -- prices as it fell to $700 million. 19% from a year earlier. tata expects input costs to remain volatile. they share sank during the quarter, not helped by weaker chinese demand. fourth-quarter earnings came in short of estimates, costs rose 30% but re

this is bloomberg. shery: we are counting down to the store of trading. in japan, we are watching technique accounts including nintendo which could get a lift after the nasdaq surge. u.s. house speaker though they visit the country in early august for a trip that may coincide with a pulse. in taiwan that has anchored china. -- with a stop in taiwan that has angered china. the fed hike was in line with expectations and will have limited influence on korean markets, we are watching the korean won. manufacturers confidence has fallen from 83, further below 100 indicated the pessimists don't wait the number of optimists. second quarter earnings at any moment, we do not get those with the preliminary results. heidi: the impact of a strong dollar, it has been seeing recent weakness, and flow capital point us. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! fin