that will do it for "bloomberg markets," today, this is bloomberg. ♪ just look around.digital age we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting. >> now keep me up-to-date with news from around the world. i am mark crumpton. this is first word. a person familiar with the investigation says nancy pelosi was the intended target for the -- intruder who beat her husband in her home. the assailant is in custody, and confronted paul pelosi with a hammer and shouted where is nancy. he attacked him. the attempted attack highlights increased concern among lawmakers over risks to their safety. the treasury secretary says that growing political pressure on the fed

this is bloomberg. ♪ >> anyone sitting on debts are going to be in trouble because of the interest rates. as interest rates in america .29% -- go to 9%, simply because if inflation is 8%, the playbook says you need to raise rates higher than inflation. of course, that will go out the window if the cpi goes down. i do not see that happening anytime soon. shery: that was mark mobius speaking to bloomberg tv. our next guest says corporate margins and earnings could be exposed to inflation's uneven decline. let us bring in gary schlossberg , global strategist at wells fargo investment institute. you are expecting labor and material costs are to come down as quickly as other sectors of the -- not to come down as quickly as other sectors of the economy? gary: we think wage inflation will be running at a pretty good clip. we are still dealing with shortages as an outgrowth of the pandemic. we do see inflation coming off of the boyle. it will be slow and choppy as it has been for the next couple of months. as o

this is bloomberg. ♪ >> this is bloomberg markets. 8.1% is the estimate from the bloomberg survey fors week's u.s. cpi year-over-year number that would be down from august. still extremely elevated and not sling that would stop the fed on hiking. earlier today, mohamed el-erian said "the economy is beginning to go through the windshield as the central bank likes to fight soaring prices". have a listen. >> that sequence we did not want to see happen is topped with interest rates and all central banks changing. the liquidity regime and that this migrates to credit risk and we worry about inflation. if we are not careful, it may raise liquidity risk. we have been saying be careful of that sequence because when we get to liquidity risk, all three are playing at the same time. we have to appreciate that navigating through this will be incredibly bumpy. >> mohamed el-erian talking about a liquidity story. he also talks about the moment when world leaders were gathering in washington saying the moment we have to worry. i'm curious to what extent we have to do something like intervention for

this is bloomberg. ♪ kriti: this is bloomberg markets.e just got some headlines that elon musk is potentially looking to close the deal on twitter as soon as this friday. that's boosting twitter shares to the tune of $52.81, just shy of that $54 a share. walk us through that timeline -- if he closes the deal friday, what happens next? ed: a very short timeline between here and friday, which is the data that court set. what is happening now is procedural. the debt financing is sort of end update. twitter will come as far as i understand, not trade on friday. essentially, the deal will be closed and done premarket friday. that should be that. we have a slight overhang of letter -- of whether the government does look at the deal after the fact. they have the ability to litigate after musk is close and whether twitter gets paid at the price agreed seems almost a certainty. jon: there is an interesting road ahead to watch with respect to where this debt land. you've reported extensively on that. can you explain what these banks are going to be

coming up the state street global advisors joining bloomberg television. this is bloomberg. you up-to-date with news from around the world, this is the first word. in germany chancellor olaf scholz will reverse a long-held position and support the issuance of european debt to ease the energy crisis. bloomberg has learned schultz singled openness to use common borrowing, but only of the money goes to eu members as loans and not grants. that follows news that germany's aid decision could trigger imbalances in the block. in the u.k. the chancellor of the exchequer is taking steps to calm financial markets following a turbulent period. ill announces medium-term fiscal strategy and economic forecast on october 31, more than three weeks before he had planned. russian missiles hit kyiv and other ukrainian cities today in the most intense barrage since the early days of the invasion. vladimir putin threatened further attacks, warning action would be harsh after vladimir putin played ukraine for an action that damaged a rail bridge connecting crimea with russia. global news 24 hours

this is bloomberg.hery: still ahead, we assess the domestic and international pressure on iran's leadership after weeks of protests over the death of a young woman in the custody of the so-called morality police. but first our next guest says it is hard to see a market bottom without a correction in your earnings -- in earnings. global advisor joins us in a moment. this is bloomberg. ♪ >> if you talk to our companies, they are becoming more cautious. their plans are being lowered. their hiring plans are slowing. we see this happening. i was talking this week with a developer of apartments whose building shares 15,000 units across the usp at major developer. next year he has cut his plans by 75%. paul: that was blackstone president and ceo jonathan grave. let's bring in our next guest, who says it is hard to see a bottom without a correction in earnings. with us we have juliette lee, aipac strategist at state street global advisors. julia, i want to return to those are marks from blackstone group was thi

this is bloomberg markets. yvonne: our top stories, oils surging after opec-plus considers cutting output by more than one million barrels a day at this week's meeting in vienna. that is giving a boost to commodity-length currency, even as bets are raised of further market intervention. plus, chinese property stocks getting a lift after beijing tells its biggest state owned banks to provide financing worst at least -- worth at least $85 million. rishaad: sentiment, not one where we are going to see much in terms of ultimately risk being put on the table. looking at that column, the nikkei is up now, we have a hong kong market which is in a bit of a turnaround. hang seng about flat, in fact, absolutely flat. we are looking at what is going on with some commodities with the prospect that we are going to talk about with yvonne about what happens next with this meeting coming up. i think it is the first time in two years or thereabouts we have had an and person meeting. yvonne: yeah, face-to-face. the fact we have

this is bloomberg. >> i am jon erlichman, welcome to bloomberg markets. >> i am kriti gupta. green on the screen with the stock market. a rally. 1.7% is potentially the best week going all the way back to july for the s&p 500. this is thanks to the tech names rallying even in the face of not so great tech names. don aaron men will dig in that just a bit. -- jon erlichman will deal with that in just a bit. you can see the bond market is moving in a very big way. the front end of the curve getting big and perhaps moving in the opposite direction of the dollar. the dollar is actually weakening against the yen quite a bit. the dollar-yen, 147 is what we are talking about. that is going to be crucial. the ripple effects of the yen and to the dollar commodity market is also crucial. this is how you know a big player is involved in the market. the boj. you can see this because of a giant job. we are going to die -- dive into all of this. >> we certainly want to talk about some of these different flavors we are getting out of industries that have been reporting earnings this week. on

mike bloomberg is no longer mayor.re has been a mayor after him and now we have a new mayor, eric adams. do you think new york is as safe as it was when you were in government? dan: it is not as safe as it was. a is clearly rising. it is not back to the dark days of pre-giuliani in the 1990's but we have to be careful because it is a foundation of everything. i know the current mayor is committed to reducing crime but we are going to have to be incredibly aggressive in making sure crime does not increase. david: are you involved in any new york city matters? dan: the mayor and governor asked me to cochair a panel or task force on reviving the commercial districts throughout the city. i have been in the middle of that. later this fall, we will produce the report, that hopefully will be pretty inspiring here and in other places. david: one of the other projects you conceived of is the shed. you were the chairman of it for a long time. what is the shed? dan: we wanted to put a cultural institution on the far west side of

if former ceo of bloomberg. i came to know dan a few years ago when he created target als to raise funding to help cure a -- care als, a disease that killed his father and uncle. recently, sadly, dan was also diagnosed with als. i sat down with dan at bloomberg and talked about his life, philanthropy and his desire to now do what he can to help cure als. dan, recently, about a year ago, you were diagnosed with als, which is a very sad, tragic disease. what was your reaction when you heard about this? dan: i was actually shocked , despite the fact my father and uncle died of the disease. and i did not expect it at all. i really had not felt many symptoms. but i went away on a trip to iceland with my wife. and i had breathing problems. and i could not climb rocks. i got exhausted climbing hills, which is really weird, because i was in pretty good shape. and so i decided to see a doctor not thinking it was als and he noticed my muscles twitching and brought in the head of neurology at the hospital i went to, and he

this is bloomberg. alix: thank you.ally today, second day in a row, investors pricing in the federal reserve, looking up dental cuts in 2023 and this comes at the us job openings in august dropped to a 14 month low. that question has led to the rba but the question if the fed can soften the accelerator, ease back on the accelerator, car metaphors are hard, ease back, a little bit, the ticket lily as the job status is rolling over a little bit, we see a looser job market. >> i think the data today deftly signaled the adjustment process in the innermost of what john williams talked about for inflation, it is deftly happening, so i think that the data today showed the pace of disappearance of jobs opening is happening fast and at this pace will continue the next couple months and i think it will because usually when the labor markets start to ease, it has this momentum that keeps continuing and snowballs. i think my first half of next year, we are going to see a significant weekend labor market. guy: so we go from 75 down

this is bloomberg. ♪ ♪ >> the u.k.ed with prime minister liz truss trying to rally her party and the markets. tom mackenzie reports from birmingham. tom: this speech by the u.k. prime minister was an attempt to regain the initiative. this leader has been weakened. weakened aftermarket turmoil that followed the many budget of her chancellor of the exchequer. we conductor a u-turn on a major tax cut proposal and also weakened by divisions within her own cabinet around her policies. but she stressed in the speech that she is sticking with what she describes as a progrowth center performs on policies. she said she wants to create a new britain. listen. >> i have three priorities for our economy -- growth, growth and growth. [laughter] cutting taxes is -- [applause] cutting taxes is the right thing to do morally and economically. cutting taxes means going for a better job or opening your own business. that is why we are cutting taxes. tom: liz truss, saying she wants to move the u.k. economy from a high tax and low-growth c

bloomberg. >> the south korean president promised a thorough investigation in support for those affected after a crowd crushed during halloween celebrations in seoul that killed more than 150 people. let's bring in bloomberg's you young lady. . in the narrow alley behind this hotel, how did this happen and what is next? >> authorities are trying to find out what happened on saturday night in south korea. the first emergency call was made at 2:21 p.m.. we are finding out that the majority of the victims were in their tens and 20's, and female victims outnumbered male victims. we are seeing that the alley that most of the crowd crushed happened in is really narrow. it is only 11 feet wide. you could probably fit five or six adults, typically. there were too many people there as they tried to celebrate the first halloween cents the pandemic related restrictions were lifted for the first time in three years. now, as you said, this is probably the most culturally diverse and internationalized distric

bloomberg markets china open is annexed. this is bloomberg. ♪

the bloomberg dollar index is flat on the day. a lot to look at the bloomberg commodity index. guy: energy is front and center in europe. the german chancellor is delivering his post summit press conference in prague. the commission is saying it's going to propose several gas price cap plans. let's goad -- let's go to prague now. what olaf scholz is saying is need to coordinate the price cap with asian customers as well. if it puts a cap on prices, and others might say we will pay more and they will get the gas. how is europe going to solve the problem? >> it's not just olaf scholz. as he speaks, others are speaking of the same time and they are painting a different picture. everyone agrees that gas prices have to go down, but they can't agree on the magic or miller. -- on the magic formula. battalions say the price is unacceptably high so you need to put -- the italians say the price is unacceptably high. the reality is, there is no consensus. there is a date and this is relevant. european officials telling us into weeks, the goal is that the commission at that point will have

this is bloomberg. paul: still to come, a review of tesla's earnings with david traynor, who is one of the very few to put a sell rating on tesla. our next guest says we are only in the first phase of a bear market. phase two is getting underway. we have clear bridge investments joining us, just ahead. this is bloomberg. ♪ shery: take a look at how asian stocks are trading at the moment. we are seeing the asx 200 losing groun about .10 .9%, which was sort of the case in u.s. trading as well with wti really shrugging off president biden's remarks about energy prices and we continue to see oil higher at the moment. nikkei futures also point them lower with kiwi stocks also down we are watching the japanese yen as well. narrow trading range after touching the fresh 32 year low. our next guest warns of head fakes on the way to a real market bottom. joining us now is jeffrey schulz, investor and investment strategist at clear bridge investments. good to have you with us. we have the bank of america fund mana

this is bloomberg. ♪ >> i am totally stumped, mystified, surprised that fed officials do not seem to acknowledge that it is focusing on the fed funds rate as part of the monetary tightening cycle. it is a mistake when you also have a slowing dollar. these are very restrictive monetary developments. one more rate hike through november and that will be it because of the financial stability issue. shery: the fed rate hike path. before we go to our next guest, a little bit more on the north korean missile. we are getting more details coming from south korean authorities as well. they're saying the north fired a mid range ballistic missile. this was around 7:23 local time. japan will be holding a national security council meeting very soon according to new sources. we have heard from the cabinet secretary in japan, the missile fell outside of japan's exclusive economic zone. north korea fired only one missile and south korean officials are saying it was a mid range ballistic missile. japan was ahead in warni

this is bloomberg. . ♪ kriti: this is "bloomberg markets."are awaiting comments from president biden and the roosevelt room about the spr release. it is something that has been priced into the markets. there is some expectation he will announce a ban on export oil. that is something we will keep an eye on and bring you live 20 his the podium. let's bring you to something that caught my eye. diesel, this powers a lot of farm and construction equipment. what i want to look at as prices. this is something that has become a canary in the coal mine where you see prices go so high, the highest-quality way back at least to the century. 450% above the 20 year average. that makes it harder to get access to diesel at a time when construction is ramping up, when farming is ramping up, given the food crisis you are seeing. what happens when diesel supplies come low or tickets too expensive for the american population to afford? that is something we will keep an eye on. let's get a check on the markets because it is still painful when you look at the stoc

this is bloomberg. ♪ kriti: this is bloomberg markets .ladimir putin is threatening more missile attacks on ukraine. for more impact on the markets in the u.s. response, let's ring in our agricultural market and covering the clinical side of things. walk us through the events over the weekend. we know the bridge to crimea actually connected the two pieces was bombed and then in turn you had some commentary coming from vladimir putin. walk us to the impact. >> it has been remarkable with regard to the sheer volume of attacks in response that we saw from russia. vladimir putin blaming ukraine on the attack on that bridge which has a real symbolic importance tying crimea and russia together. we have not seen this many missile strikes and across such a vast area of the country since the beginning of the war. we finally got a statement from president biden a couple hours ago, what you would expect referring to the utter brutality that included kyiv. these attacks at as you can see, have killed and injured civilians. this is what vladimir putin

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this is bloomberg technology. elon musk suggests a path to peace for russia and ukraine and gets roasted on twitter including by president zelenskyy himself. plus, tesla down more than 8% at the close. the biggest one-day drop in four months after announcing disappointing delivery numbers. how musk's plan to localize production may help. kim kardashian gets fined by the fcc after selling a crypto token without disclosing she was paid for it. i want to take a look at the market stocks. kicking off the week with big gains after suffering there were september in two decades. ed ludlow has been watching all day. take it away. >> welcome back. some green on the screen. that has been a rare sight of late. the s&p 500 with its best day since july. the nasdaq 100, best day since august. we have seen this callback in yields that have been surging so steadily, showing no signs of abating. bitcoin in this risk on mentality still cannot reach 20,000 dollars per token but in the s&p market, the worst quarterly run since 2002,

this is bloomberg.his is bloomberg. and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. ♪ >> i do not know if it will be a soft landing. i don't think so, but it might. mild recession or tough recession. in a tough recession, you expect to the market at 20% or 30%. i will not keep eyes across those three things, but for all of us that worry about risk, you should plan for those things. >> jp morgan ceo jamie dimon talking about a potential hard landing. the soft landing looks very difficult. our next guest is incredibly worried about a hard landing. let's bring in peter tchir, head of macro strategy at academy securities. it's good to have you with

this is bloomberg. ♪ emily: turning now to today's crypto report and the bloomberg big take.trillion wiped out has cut a path through the c-suite. two dozen high-ranking executives have vacated their posts. two names in the shakeup -- hannah miller joins us with more. who else? hannah: it has been a deeply unsettling flu announcement of ceos stepping down. alex at celsius, brett harrison at ftx us, and sam at alameda. a lot of big names making big changes and stepping back from their companies. emily: why is this happening now? there is a ton of volatility in the market. is that it? hannah: yeah, there are a number of factors contributing to changes in major crypto companies. yes, the huge downturn that is affecting the market and causing crypto winter is a major reason why ceos might be stepping back. some are companies that have had serious issues. and others are just looking to kind of save their sanity and take time off to see friends and family and spare their mental health. we have also seen growing regulatory scrutiny as well. emily: how are crypto venture capitalists

our bloomberg economics reporter. vonnie: the brazilian president bolsonaro has yet to be seen or heard from after yesterday's runoff election, keeping voters guessing on whether he will concede. lula da silva's victory has been recognized by the supreme court and some bolsonaro allies. the intruder who allegedly attacked u.s. bigger nancy pelosi's husbands with a hammer has been charged with assault and attempted kidnapping. the 42-year-old faces two counts, which carry maximum sentences of 20 and 30 years in prison. federal prosecutors allege nancy pelosi was the target. he broke into the san francisco home armed with a zip tie -- with zip ties, tape, rope, and at least one hammer. experts say crowd density above a critical level may have triggered the crush and south korea that killed more than 150 people. one academic told bloomberg once density rises, turbulence can happen without any specific misbehavior. 140 police were on duty saturday and the nightlife district. -- in the nightlife district. some of wall stre

this is bloomberg. haidi. haidi: we do have asian pmi's crossing the bloomberg now.w we are faring at the moment given all of the uncertainties broadly facing the region particular to when it comes to headwinds coming from fed tightening and the stronger dollar. thailand, we are seeing a real pullback when it comes to the manufacturing pmi's for thailand. we did really see -- potentially, we saw some moves from the tie central-bank when it comes to the macro side for property but we are starting to see that impact of potentially that slowdown. 51.6, slowing from 50 of 5.7. that picture of slowing down continues for taiwan as well. a little bit of softening when it comes to malaysia. don't under the 50 level, very much so separates growth from contraction. in vietnam, staying above the 50 level but only just. 50.6, slowing from 52 and more broadly around southeast asia, weakness coming through for indonesia as well. japan and south korea are quite is -- quite interesting. for south korea, just sort of another indicator to feed into what the bank of korea is grappling

i am mark crumpton and this is bloomberg. >> welcome to bloomberg markets. >> green on the screen when it comes to the equity market but the bond market up to .8% on the s&p 500. a fast and furious rally and the 10 year yield not far behind, only down to basis point. you see that bond volatility showing up in the market and with the yields that are moving, you have a week here -- weaker dollar circling back now only to the commodity space. ny crude up $.80 a barrel. >> the risk on load that we are seeing for equities is powering a lot of the technology stocks. we are seeing interest in bank stocks after the bank of america quarterly stocks. it was interesting that you had a company like roadblocks -- robloxs which had been hard hit has encouraging user data. the stock is powering ahead by 22% and some billionaire moves that are getting attention in the case of continental resources, a boosted offer to take that business private is powering those shares and we have been watching the story of foxx given the possibility of uber mark -- rupert murdoch recombining ox court with news corp..

kriti: this is a bloomberg markets.mained in certain over elon musk's takeover of twitter. for condition is back on the table over the deal's financing, as well as what twitter under musk could look like. for more, men deep, just as we were coming back, we see twitter shares down about 1.5%. the deal will actually get financing. this comes after reports that apollo is backing out of the $13 billion they promised. is this still going to get done? mandeep: he has the commitment letter from the bank from the debt component. the markets have changed from the summer. the yield spreads have gone up. you could argue financing around $13 billion for such a large bio is to have in this environment, but at the same time, he has a commitment letter. let's see what the banks do, but it was not a change of heart. he realized that if he goes to trial it will not be good pr. that to me seems to be the main reason why he is going ahead with the deal. jon: matt, you have done some exceptional analysis of this very issue of financing. th

this is bloomberg. >> welcome to bloomberg markets. grady: another rally on our hands, the s&p 500, look at this, equity of 2.5%. they sure are performance, a gain of over 3%. a start in a turnaround story in the asset classes. guilt only moving down three basis points. a big number. look at this, the special lows, adding to the boost. not far behind it, the commodities space up across the board. bloomberg commodity index is up 26%. jon: it is for the individual stock movers, a little bit of an everything rally. we look at transportation, the airlines and the cruise operators, and then the ev theme, for with encouraging electric vehicle sales. general motors are adding a former tesla executive to their board of electors. the reaffirm their production plans. investors are in a pretty upbeat mood. kriti: one more move, twitter shares by 13%. this is after months of legal battles, elon musk is agreeing to buy the company for the original offer price. the very latest and what has changed in the last couple of days? >> elon musk is throwing

let's get more from our bloomberg reporter.s like a bit of a lifeline for this lender. >> what we are seeing makes sense because it goes into the two directions investors want to see and wanted to see. the one thing is they are going to focus on wealth management core business and that means the investment bank has to go somewhere else. a sale or spinoff makes the most sense. there are some people interested in going into this business. that also makes sense. the other one and this is the european theme is that the u.s. banks are struggling to get a good footprint there. we have seen that with deutsche bank a couple of years ago. you're seeing it with bmp. and now it is credit suisse considering selling its u.s. management -- u.s. asset management. francine: you speak to a lot of insiders and say it is a bit of a ship wreck because a lot of talent has exited. what happens to the bank? >> what we want to see now is as the management is sure and decisive on the restructuring that they give the bank a new branding, new direction.

this is bloomberg. >> this is bloomberg markets: european close.e looking at a live shot of the principal room. this is bloomberg. >> keeping you up-to-date with the news all around the world, the u.s. along with u.k. has called for a special united nations security council briefing to talk about evidence that russia's iranian drones for its war on ukraine. the u.s. mission to the um sent in a statement that was actually open violation of a security council resolution. chinese chipmakers extended to gates today after bloomberg reported the country's top technology overseer could lead to a series of emergency meetings this past week. assessing the damage from the fighting administration sweeping chip restrictions. germinates interior minister any violence toward people fleeing will not be tolerated. 40 residents were rescued from the planes. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. guy: liz truss resignation leaves the current government policy in the u.

this is bloomberg. ♪ lisa: this is bloomberg markets.ard campbell, portfolio manager joining bloomberg. this is bloomberg. keeping you up to date with news from around the world, with the first word, i'm lisa mateo. ukraine's allies say them support them for as long as it takes despite russia's recent steps to escalate its war there. that is what the group of seven nations plan to stay in a statement today in a draft obtained by bloomberg. the group says we will continue to provide financial, humanitarian, military, diplomatic, and legal support and stand firmly with ukraine for as long as it takes. a videoconference is taking place one day after russia launched new missile strikes. the united kingdom is now at its lowest unemployment rate in 48 years, but many are not celebrating as the labor market continues to face turmoil. there are 300,000 fewer people in work than before the pandemic and more than one million jobs remained unfulfilled. afghanistan's taliban government is working to build closer trade ties with russia as it looks to

. ♪ >> time for the bloomberg business flash.redit suisse is planning a sweeping overhaul planning a capital raise and a carveout of its investment bank and thousands of job cuts. the most urgent attempt yet to prepare credit suisse after huge -- repair credit suisse after huge losses. that will create a separate advisory capital markets business that will revive. the world's largest brewer says consumer appetite is still resilient despite those higher prices. the maker of such beers as bad -- budweiser and stella artois. boosting the lower end of its profits. unilever is raising its annual surplus after pushing through the biggest price hikes in its history. the maker of consumer goods and food says they ramped up prices by 12.5% in the third quarter. the ceo told bloomberg tv earlier to address the difficulties. >> i think we are facing a difficult period in europe, where you're seeing some of the higher volume. and as we move into the northern hemisphere, of those energy bills start landing on people's doorsteps, we are expect

this is bloomberg. ♪ emily: welcome back to "bloomberg technology."mily chang in san francisco. global selloff and semiconductor shares continues, but one name in japan is bucking that trend. ed ludlow is back at a look. ed: we don't often talk about japan but let's look at them in the context of this big selloff we have seen in global chick stocks. -- tip stocks. jumping 15%. a lot of investor interest generating around ¥67 billion of proceeds. what is so interesting about this name, it is a maker of sisters on a chip or logic processors for one or -- for want of a better description. there is a lot of appetite for what it is offering in a market where we have a lot of questions about global chip demand. this was the biggest ipo in japan so far this year on a gross proceeds generated basis. the fourth ipo for a chipmaker out of japan this year. it is really interesting to see that name buck the trend. also getting data points out this wednesday that see retail investors taking a keen interest in the chip space even if we see institutional money sitti

this is bloomberg. ♪ dani: welcome back to "bloomberg markets: europe."'s get to the first word news with simone foxman's and ohana -- simone foxman in doha. >> we to exports have surged after russia exits a packed for the trade route along the sea. ukraine, turkey, and the u.n. have agreed that vessels carrying food from craney imports should sale on monday, pushing back against russia's decision. south korea's president has visited an altar set up to mourn the 150 people killed in a crowd crush on saturday. tragedy happened in a narrow alley as tens of thousands celebrated halloween, the first such festivities since covid restrictions were lifted last month. nearly 100 of those killed were women and at least 26 were foreigners. reports now say more than 140 people were killed when a pedestrian bridge collapsed in the western indian state of gujarat. hundreds were said to be on the suspension bridge when it gave way with many still missing. no immediate cause has been given for the collapse but local reports say the colonial era bridge had just reopened

this is bloomberg. shery: still ahead, national bank's says there's -- national bank of australia is avoiding any forecast revision for the pound. we will discuss their currency strategy later this hour. but first, we speak to city's chief global equity strategist to discuss his forecast. we're live from the new zealand investment conference just ahead. this is bloomberg. ♪ >> for me, the bar for such a change is very high because we have not yet seen much evidence that the inflation, the labor market, that that is yet softening. so i think we are quite a ways away from anything like that. haidi: minneapolis fed president neel kashkari there. our next guest says he is positive on financials, expecting higher margins increasing to offset balance sheet worries. robert buckland is here with me here in sydney at the city australia and new zealand investment conference where it is day two. great to have you with us, especially during these really unusual times. let's start with your call on financials. as we

this is bloomberg surveillance on bloomberg tv and radio. with equity futures up a little more than 1%. tom: you are going to say same week same whatever. jonathan: i was dr. to say anything like that. what an extraordinary week. all of the news in the united kingdom, you can brief us on that. all i need to know is i have restriction, restriction, restriction on the screen. the bloomberg financial conditions index is where it has been. jonathan: super volatile week. kitchen oops, goodbye crisis -- kit jukes, goodbye crisis, hello recession. lisa: we have talked about who blinks. jeremy hunt speaking today. the key question is what can he do to do is -- to restore credibility for this administration at the time there is a huge premium baked into the gilt market and the pound. jonathan: mike wilson of morgan stanley almost on the edge of constructive. lisa: he is basically saying things good look good and then they look really bad. he is saying there could be a 60% rally in you look at the downside and it is dire. jonathan: until companies ful

this is bloomberg. ♪ >> it is time for the bloomberg business flash, a look at some of the biggest biggestries. verizon will sell a pay-as-you-go wireless internet service for $45 a month exclusively at walmart stores in the coming weeks. customers will need to purchase a $99 in home router. as bloomberg first reported, the service will rival t-mobile's plan that launched in march. they have been ordered to stop selling lng to assure its own supply for the winter. they have been selling lng to europe. the deficit likely spurred the move by beijing. credit suisse has agreed to pay $495 million to settle the largest remaining case related to its role in selling residential mortgage-backed securities in the u.s. that contributed to the 2008 financial crisis. the swiss bank said on monday it is fully provisioned for the payment which will resolve claims tied to more than $10 billion in securities. that is your bloomberg business flash. guy: thank you very much. let's talk more about credit suisse. we have the story on the terminal talking about the idea we could see abu dhabi and saudi arabia

bloomberg markets starts right now. kriti: we started off the day with green on the screen and it was supposed the another rally but that has turned around. the s&p 500 is now in negative territory but it's not just stocks. 419 on the 10 year yield. the intraday volatility is perhaps taking its cue from what's going on in the u.k. you also have the bloomberg dollar index going in the other direction and weakening. also a story of what's happening in the u.k. will be crucial with ripple effect stateside. a function of that will be the bloomberg commodity index strengthening as a whole. all roads today seem to be leading to the u.k. and the contagion effect is what we will discuss throughout the hour. prime minister liz truss quit as a -- every brief and chaotic tenure, resigning after 44 days in office, potentially becoming the shortest prime minister in british history. here is look back at her time in office. >> i have a bold plan to goal -- to grow the economy through tax cuts and reform. it was becoming a distraction

this is bloomberg. ♪ >> welcome to bloomberg markets. scarlet: great to be reunited again.t's get a quick check on the markets right now. we look at the equity market. it is down. it is a big week in terms of earnings and the fed, and of course in terms of the jobs report. we're going to talk about all of that with lisa shalett of morgan stanley. last week's big moves now selling around 4% as the fomc plans to meet tomorrow and come out with the decision on wednesday. the bloomberg index higher for a third day. it is strong against all major currencies except the brazil royale. stocks up 1.4%. the former president is now the new president. does that matter at all or do investors only care about a peaceful transfer of power? we're going to check in at sao paulo for more. jon: looking forward to that. in terms of individual stock performers today, certainly the technology group has been lagging. within that group, some commentary on semiconductors off about 7% right now. a somewhat mixed outlook. that was the market reaction. we just got that update the ap report about a poss

"bloomberg surveillance: early edition" is next.on the chipmakers and we look at what we are seeing overall. we have a cross asset check. off share yuan slipping after china's foreign exchange reserves fell to the lowest since 2017. the yen is weaker against the dollar and that triggered direct intervention. and traders are trying to test japan authorities on depreciation. futures in the u.s. are declining, but this is subdued trading. we get the pivotal monthly payrolls report. we are expected to have earnings from chipmakers. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfini

this is bloomberg. shery: china's property decline is likely to continue. andrew joined us later carried a look at fx markets after the pound extends again following the u.k. tax-cut reversal. sean callow joins us next. this is bloomberg. ♪ shery: take a look at how currencies are trading at the moment, the yen very narrow trading versus the u.s. dollar. we are still talking about the two year lows against the greenback, traders are concerned about the possibility of intervention by japanese authorities, perhaps one reason we see a bit of stability for the offshore yuan as well. multiyear lows against the u.s. dollar. the onshore yuan volumes and trading, slumping to levels last seen during the shanghai lockdown. investors concerned this is not a good time to bet against a currency given the ongoing party congress and the need by politicians to keep markets steady. we are watching the british pound, we see upside given that we have seen the massive u-turn from tax cuts to potentially austerity measures.

this is bloomberg. ♪> still ahead, a look at where the u.k. government goes from here, as prime minister liz truss tries to rally the conservative party following her you turn on top level tax cuts. and coming up first, despite a major drop in u.s. job openings, our next guest says the fed will not inhibit until inflation is back in its target range. rebecca felton joins us just ahead. don't miss our exclusive interview with new zealand's finance minister, grant robertson, as they signal more big hikes ahead. he joins us at 10:30 a.m. hong kong time, 3:30 p.m. in wellington. ♪ >> as head officials make it crystal clear they will not have but until inflation comes down, the next guest says she is staying underweight equities and overweight cash. we have the senior market strategist at senior investment group, rebecca felton. do you feel a little bit like saying, haha, i told you so? the markets rally because -- rally because they thought the fed would pave and now they've got a ways to go. >> thank you for

this is bloomberg. ♪ kriti: this is bloomberg markets and i'm kriti gupta.loomberg invest is taking place today. the founder and cio of -- capital management, let's take a listen. >> this has been different in that respect. it has also been different because you have so many different problems swirling around, some in conflict with each other. so salt one and -- in response to the other. and untoward rumors about credit suisse, what is happening in the u.k. gilt markets, it just makes the number of balls in the air and or miss in terms of things unknown and known that could cause more than a selloff but more like a crash. >> let's talk about that. you discussed multiple problems and multiple areas taking place at the same time. how do you distinguish between what is a genuine risk, a known risk, and what is a really unknown unknown? >> usually you have your known unknown, we know something is bad but we don't know how bad. 9/11 happened, not a good time to buy your stocks. covid abend, not a good time to buy. 2008 happened, probably you should de-risk from f

bloomberg opinion.past two years and most polarizing thing in finance has been crypto. it grew out of cito she -- not komodo -- some people bought lamborghinis. this year those lines on charts. went down. . if you are a. crypto skeptic this is satisfying. crypto enthusiast, it was another reason to double down. i do not have strong feelings either way about the value of crypto i like finance i think it is interesting. i feel like understanding the structures people build to organize economic reality, crypto is amazing. bloomberg businessweek asked me to write about crypto, when i was finished it was enough to fill an entire issue cover to cover. it is called the crypto story. i think it is thrilling to read as a ride in a lamborghini. caroline: bloomberg a pregnant columnist -- opinion columnist who covers finance, the second time in the magazine history that one single author has done that. in today's report we will look at that story, where comes from, what it means, why it still matters. number busin

this is bloomberg. yvonne: still ahead, our guest joins us to take a deeper look into the be ok rate hike and the booming economic outlook, perfect timing for him. rishaad: veronica clark joining us live from sydney, we will get her take on the global fight against inflation. that is just ahead. you are with bloomberg. ♪ yvonne: live pictures out of soul, the governor speaking on the back of the decision to resume the hike of 50 basis points. let's look at what led to that, mentioning major currencies weakening on dollar strength and stability in the financial markets. slower growth trends likely to continue, next year's growth forecast could be at risk. rishaad: the governor there, let's see what he is saying, concerns about growth of course really the forefront for most economies. the u.s. of course seen as risk-averse, but joe biden saying there could be a little risk of recession. this is how he framed it. >> i don't think there will be a recession, if there is, it will be a very slight recession. t

this is bloomberg. ♪ >> u.s.tocks coming off the best today rally since april of 2020, the second straight day that we actually saw 95% of the s&p 500 members gaining ground. this perceived peak hawkish in us really boosting investor appetite. our next guest is not sure the u.s. stock rally will last long. let's bring in senior partner at asset management. it seems to me that it's not just you. cutting the year end price target to 3500, what are your reasons? >> to add on to some of the comments, a lot of it i see is not just rate hikes, but a supply of the amount of debt that's out there. in particular with u.s. markets, there's is an extra trillion worth of debt because of government spending over the next year. another for quantitative tightening. and so that means there are a lot more bonds for sale. and so it's just because of this massive flood of debt and the existing debt that's already out there that would really also make bonds more attractive than equities and put more and more headwind on the equity.

this is bloomberg. kriti: this is bloomberg. a historic drought swept chinese markets as fusion pang moved to stock leadership with loyalists. the temple is seen today with the golden dragon having its worst day since 2013. joining us now is tom orlik and ed ludlow. tom, you have built your career studying china. your initial take on this shakeup? tom: a couple of big takeaways from the lineup we saw emerging the end of the 20th congress. the first is it is clear we are entering a period of a man world in china. any man who could get anyone who could be considered an independent voice or a successor to xi jinping is missing from top leadership. the second big takeaway is the exit of the economics professionals. chang, yang, ching -- all the names considered to be economics professionals, probe market reformers -- pro-market reformers, all these names missing from the list of people who will form the next central committee. the assumption is that they will be stepping down from frontline leadership. there are -- those two points

deputy cio joining bloomberg markets. this is bloomberg.ng you up today with news from around the world. u.k. prime minister liz truss argues her government's economic plan is protecting the economy. her comments of the house of commons, amid market turmoil. >> what we are making sure is we protect our economy at this very difficult time and as a result of our actions mr. speaker, it's been independently corroborated, we will see higher growth and lower inflation. >> she spoke ahead of a debate calling for the early general election on october 17. the u.k. economy shrank unexpectedly in august. the second time in just three months raising the possibility the country is now in a recession. national cystic says the sharp drop was the main course of decline -- main source of decline. saying the economy would be lucky to avoid a downturn in the third quarter. russian president vladimir putin says any energy infrastructure in the world is at risk after the explosions of the nord stream pipeline last month. the russian leader condemned the attack