we will bring you the speech live from bloomberg tv later today. it is 3:00 p.m. london time. s bloomberg. ♪ >> the fed chair speech is the main event on friday. thursday, the talk of the conference was liquidity, but not the wall street kind. a massive storm hit grand teton national park, flooding roads and blowing down the tv tents, and creating its own inverted yield curve. jay powell's speech may not have an impact on the markets quite as dramatic as investors have already priced in a hawkish message. even if he says nothing new, they will probably take it that way. meanwhile, we have had requests for a sequel to our history lesson on how the federal reserve ended up here. how did grand teton become a national park? a higher power took care of the mountains scientists think about 2.2 billion years ago. fast-forward to 1929, and a small area of this land became a park. then came john d. rockefeller, who was so enchanted with this park that he bought all of the land between here and the town of jackson. in 1943, he donated 43,000 acres to add to the national park. this is whe

you can get all the coverage on jackson hole on bloomberg tv. ming up, workplace demands are changing. younger generations entering the global workforce. right here on bloomberg. ♪ manus: it's a break europe with me, manus cranny. get me to the higher pst. girl. you can do better. 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! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything wo

this is bloomberg tv. ♪ millions have made the switch from the big three to xfinity mobile.means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com >> welcome to the bloomberg audience, i am mark crumpton with first word news. the g20 summit in bali. the documentation came from indonesia's president ended interview with bloomberg. >> i know that you have invited president xi to come to the g20. has he said he will come in november? >> yes. >> xi will come. >> and president putin? . >> he has also said he will come. >> it would set up a showdown with president biden and other leaders opposed to russia's invasion of ukraine.

bloomberg tv's ann marie hordern.t into a fall advertising blitz. >>> on "morning joe," more on the ruling by a affidavit judge that allows the affidavit to the mar-a-lago search to be at least partially unsealed. what it could reveal about donald trump's palm beach estate and how it could impact the probe. >>> plus, more trouble for the former president, after an official admitted to committing tax fraud. "morning joe" a few moments away. ay with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein. (driver 1) it's all you. boost(driver 2)tein also hano, i insist.ts (driver 1) it's your turn. (burke) get farmers and you could save money with the safe driver discount just by having a clean driving record for three years. get a whole lot of something with farmers policy perks. (driver 3) come on! ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ ♪ my name is monique, i'm 41, and i'm a federal contract investigator

coming up, moody's and looks joint balance of power on bloomberg tv and radio.n't working over there, some of your. turn into the cable in the u.k. at 5:00. we will talk you through all the main stories of the day. happy monday, everybody. it feels like a job stay on friday. this is bloomberg. ♪ hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) >> this is "balance of power" with david westin. >> ♪ >> from bloomberg world headquarters in new york to our tv and radio audience. welcome to "balance of power." shockwaves from jackson hole. economists and

ritika: coming up, diversity and counsel economic member joining bloomberg tv. bloomberg. ♪ keeping you up-to-date with news from around the world with the first word. transfer of u.s. weapons to taiwan in almost two years. the biden administration is preparing to sell $1.1 billion in arms and radar support. still likely to lead to more protests from china. ukraine has launched an offensive. ukrainian military says artillery hit around the test lawn region. bank of america testing a program that will lower mortgages. in black and hispanic neighborhoods. it will require closing credit scores. global news 24 hours a day, on air and on "bloomberg quicktake." powered by more than 2,700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. alix: let's get back to data on the top of the hour. consumer confidence numbers, superstrong. jolts numbers, really strong. consumers are bullish on the jobs market. how are they spending when it comes in different categories? let's talk about jewelry, pandora. u.s. is pandora's largest market.

. ♪ lisa: coming up, the wing stop ceo joins bloomberg tv. this is bloomberg.to-date with news from around the world, this is the first word. the european union said it is studying iran's response to blueprints reviving the nuclear deal. it is consulting with the u.s. on the way ahead for the talks. i ran affairs to be seeking further changes if there is an agreement. it would free them up to export oil to global markets. there are more signs that inflation is squeezing consumers and businesses in the u.k. real wages fell by 3%. that's the most since records began in 2001. job vacancies fell for the first time in almost two years. investor confidence in the german economy fell further from already depressed levels. the gauge of expectations missed expectations for a slight uptick. overall inflation in the higher cost of heating and energy weighed on the outlook. global news 24 hours a day, on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. alix: thank you so much. the latest filing showed t

coming up, the yelp cfo joining bloomberg tv. this is bloomberg. we have to talk about the travel sector, because we have had a slew of travel earnings. which means airbnb, and the latest is expedia. topping expectations. revenue coming in ahead of analyst estimates, suggesting a solid start to the busiest travel season. joining us now is ceo peter kern with more. peter, obviously you're the -- your results show demand has been resilient through the second quarter. as you look forward, what does that demand picture look like? peter: thanks, kailey, for having me. let me say that right now pacings for the rest of the year are running ahead of 2019. there is strength for the rest of the summer. i think the macro backdrop, as you and guy have been spending all morning talking about, obviously is something we think about. right now travel seems to be the number one area people want to spend money on. recovering from when they were buying goods and other things during covid. that demand, you know, continues pretty unabated. we are looking forward to a s

i will be on bloomberg tv in the next hour. this is bloomberg.itika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. nancy pelosi has reaffirmed the u.s. come into taiwan. the house speaker ended her visit today after pledging the u.s. would not abandon its commitment to the democratically elected government. china reacted by announcing a series of military exercises. beijing also imposed trade sanctions on taiwan. in turkey, inflation was almost 80% in july, and could be months away from peeking. the rise in consumer prices has already forced economist to rewrite forecasts multiple times this year. levels on the rhine river i getting close to where it would have to close. that would put the transport of large amounts of goods at risk. that would raise the price of operating coal-fired power plants. meta is considering its first ever bond sale. there will be a series of fixed income investor calls today which may lead to an unsecured debt offering. moderna posted second-quarter results that were stro

coming up, a advisor joins bloomberg tv. bloomberg. ♪ alix: keeping you up-to-date with news from around the world. iran is promising to respond by tonight to address a nuclear accord. iran's foreign minister says if the u.s. shows a realistic approach, there could be an agreement in the next few days. the u.k. has granted the world's first approval for a covid shot. but there is updated vaccine contains a half those of its original shot and the other half targeting an earlier version of omicron. the company says it has also been found to generate a good response against the latest subvariant. global news 24 hours a day on air and on bloomberg quicktake. i'm lisa mateo. this is bloomberg. alix: thank you so much. let's get some economic data. china unexpectedly lowering key borrowing costs. let's get more into the details with tom orlik. can you give us -- how bad was the data? can you give us perspective of that and what are your remodels showing you about the growth we can expect? >> there was traveling data out of china on

. ♪ lisa: taking a live look in the principal room, coming up a ubs financial advisor joins bloomberg tvk time. this is bloomberg. keeping you up-to-date with news from around the world, here is the first word. in russia, lawyers for brittney griner have appealed her prison sentence for drug possession. griner was convicted august 4. she was arrested last february after bait canisters containing cannabis oil were found in her luggage. vladimir putin is often to extend relations to north korea. he sent a congratulatory message for the liberation day holiday. north korea has been stockpiling artillery for decades and that has led some analysts to speculate it could supply weapons for russia's war in ukraine. iran is promising to respond by tonight to a draft text to revise the nuclear accord. iran's foreign minister says if the u.s. shows a realistic approach, there could be agreement in the next few days. i deal could let iran resume oil exports to global markets. global news 24 hours a day. i'm lisa mateo. this is bloomberg. guy: thank you very much. new data from china shows the economi

that wraps it up for guy and i on bloomberg markets, but coming up on balance of power, former member of the reserve bank of india will be joining him on radio and tvill be on bloomberg radio, debating this a little bit more. this is bloomberg. ♪ >> from the world of politics -- >> it puts us in an awkward place for a long time which is an alternative minimum tax for the very largest corporations. you have to pay 15% and it also closes much of the curated interest loophole. >> to the world of business. >> i think the fed has a unique opportunity right now to kind of experiment with a higher target inflation level as it is coming down from the very high current levels toward whatever the new target is going to be. david: this -- >> this is

dani: bloomberg tv guests talking about what the credit risk is.s is our mliv survey from last week, and people responded saying that the worst is yet to come for the corporate bond market. manus: people are most worried about interest rates and what? in the next six months. high-yield have gone up. that is what i am worried about. let's look at what has outperformed, and it is definitely high-yields. have we seen a peak in the junk rate? here is the rub. we do not know how deep this recession is. is it an aggressive slow down? or as our last guest said, not that deep? given the jobs data, you could be inclined towards equity at this juncture. dani: it is credit risk, so risk of default is still priced into those markets. let's get the first word news. standing by with that is leigh-ann gerrans. leigh-ann: the u.s. senate has passed a landmark health care, tax, and energy bill. the bill was passed after a year of democratic infighting. 51 democrats voted in favor versus 50 republicans against, with the bill now heading to the house. the democratic

be getting more on these numbers from bluescope's managing director and ceo, joining us live on bloomberg tvt 10:00 a.m. hong kong, 12:00 noon sydney. shery: we are looking forward to treating in china. five of the biggest state owned companies announced plans to delist from u.s. exchanges. lots of volatility in the friday session. let's bring in annabelle. this includes china life, among the big names. why now? >> the timing is interesting. it does come after the u.s. house speaker nancy pelosi's trip to taiwan come escalating tensions. what we got friday, five major state backed enterprises in china announcing in quick succession that they plan to delist from new york exchanges. that graphic there with some names, they are rounding out the list. the reason for this, china says it comes down to business concerns. these companies are in strategic sections, so beijing could be reluctant to hand over details to regulators. that is the ongoing issue, the multi-decade struggle between china and the u.s.. this self-imposed deadline from congress that unless chinese companies are willing to hand o

we welcome our bloomberg tv and radio audiences worldwide.resident biden announcing a plan to wipe out significant amounts of student loan debt for tens of millions of americans. here to sift through the details is the education secretary and david westin. mr. secretary, thank you so much for being here. i'm sure by now you are aware of some of the criticisms of the plan. the disk fuel inflation in the high cost of college tuition and that it's unfair. is this creating more economic problems than it is solving? >> absolutely not. this is a positive step forward for our country, for borrowers, for education. the teachers i talked to yesterday said this is lifesaving -- game changing for her whose now can you use the money shall use for her loans to help her daughter go to college. changing her life in a positive way. the construction worker led to pay $170 a month in loan payments for a family member who now has to pay $37. it's making a big difference for americans who with this pandemic are struggling with this. and the intention is to help

house majority leader joins bloomberg tv at 12:30 p.m. new york time. g. >> keeping you up today with news from around the world, here's the first word. ukraine's president warns civilians to stay away from military facilities occupied by russian forces. that followed explosions at a russian ammo dump in crimea. the blast marked the beginning of a series of tax, last week explosions of the russian airbase destroyed fighter jets. inflation in the u.k. jumped more than expected last month to the highest level in 40 years. the consumer price index rose 10.1% in july from a year ago following a gain in june. that will put pressure on the british government and bank of england to take action bread goldman sachs says it failed to revive a nuclear agreement is on likely to be reached in the year term. even if there is a breakthrough, additional oil won't start to flow in next year. the u.s. is looking at a ron to draft a proposal for an agreement. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in

record profit due to surging rates, and in an interview with bloomberg tv, the ceo discussed how thekraine continues to weigh on the supply chain. >> consumer confidence in europe is low. i think it is the slowest it has never been because we have a war on our doorstep, and that does not make people optimistic. secondly, ukraine is a big provider, and so was russia, big provider of truck drivers into european markets, and they are not here anymore. that is why we see some of the conditions we see. it is hard to get out of the ports because of capacity, and congestion in the ports, capacity hopes to keep flight rates very high. kailey: of course, a big marine shipping company, which speaks to the issues the world is facing. he will speak to someone else. chief investment officer, mark manduca, we have been talking about snarls, snags to supply chains for so long now, what is your real read on how much dings have improved? mark: i think there are a lot of things that the largest shipping company in the world look up that are interesting. i don't know how things are slowing as dramatica

he sat down with bloomberg tv in his first interview since assuming office. >> their capacities becomingthis is an issue. we don't want the oil markets to run without the insurance policy. >> he says global demand will increase by almost 3 million barrels a day this year boosted by china's return from lockdown. 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'm lisa mateo, this is bloomberg. guy: let's get more on what's happening in the energy market. we welcome rebecca babin. great to see you. the new head of opec says the market is skating on thin ice. agree or disagree? rebecca: i tend to agree with him on that. the reason i say that is we are in a situation we are heading into winter. as you know, energy costs in europe are increasing and likely to go higher. we see increased demand from switching, people switching out of expensive forms of energy like gas or coal to an extent into crude where possible. that increased crude demand by about one million barrels a day. the technology giving in

if you went into jackson hole and you have not been watching bloomberg tv, expect to see something dovish. otherwise, not sure, but there was a reiteration of the hawkish line. we will monitor the aftermath of the fallout from jackson hole. on the subject of energy, that is very much a talking point. i see a headline from the belgian prime minister. we will no doubt return to that later on. we are heading very much in that direction. that sucks about jackson hole in the aftermath.--let's talk about jackson hole and the aftermath. inflation hitting multi-decade highs. here is commentary from central bankers in wyoming. >> the federal open market committee's overarching forgiveness is to bring inflation back to the 2% goal. >> above 4%, and probably need to hold that there next year. >> inflation is extremely high. there is unmanageable -- it was unimaginable 18 months ago. >> we have to slow down demand and bring inflation back to our target. >> we get to above 3.4 by year end, and then we see. >> it could be well over 4%. i don't think that is out of the question. >> 3.75 24% by the end o

[laughter] this is "bloomberg surveillance ," live on tv and radio. tom keene and the brilliant and sometimes bearish lisa abramowicz, i'm jonathan ferro. it is europe's summer of discontent. tom: it really is. difficult news with the war in ukraine. you see it in natural gas priced out in the netherlands. i will use this phrase carefully, these are jump conditions. jonathan: jordan rochester talking up the prospect of jumping out to 95 on euro-dollar after another brief rake of parity this morning. tom: jordan rochester staying the shorts were there. this time is different and it gives momentum rapidly out into the winter, ever lower. jonathan: if you are just tuning in and you missed ian shepherdson, that quote, i will read it verbatim. "if you are not expecting recession in europe, you have not been being attention." it is that bad -- not been paying attention." it is that bad. lisa: he actually thinks this time is different because the bearish positions have been more washed out. you have less of a positioning squeeze. i'm still focused on farm jo

that is coming up on bloomberg tv.: you probably dive into this transaction of celsius and pepsi. jonathan: what have you learned? tom: riley, thank you for emailing. she is addicted to this garbage. they have kiwi sparkling celsius, they have celsius heat. have you ever had this stuff? lisa: no. [laughter] jonathan: it is a lot of caffeine and ginger root and fortified with german beer. you might say vitamin b and vitamin c. tom: i was just talking about this. congratulations on the transaction. it shows the entrepreneurship. i think a natural for meat would be celsius take an uber. have your beverage while you are taking the uber. jonathan: i've no idea where we are taking this. tom: you take the uber instead of fitness. jonathan: brama has issues with this segment. lisa: would we be having this discussion if you do not think it was crypto? there are acquisitions that are interesting. the idea we are finally seeing activity in the capital markets is interesting. the rally we saw is giving way to the apple transaction

daly told bloomberg tv the fight is far from over and rate hikes need to be dependent on data. three of china's biggest companies plan to delist from u.s. companies from the fallout over if u.s. regulators over chinese companies in the u.s. -- has lost more than $4 billion in a series of side deals to boost compensation. the japanese billionaire took the unusual step of establishing personal stakes in a series of softbank ventures in recent years. that was a mixing of companies and executive interests that drew the ire of investors. 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 ritika gupta. this is bloomberg. ♪ >> former president trump is that, a former president. he is a citizen, not a president with the ability or the law abiding notion he can hold onto classified documents. a notion he might still have the information, that in itself would constitute a crime. tom: the senator from maine and former secretary of defense william cohen on the political moment at hand. i think

shery: bloomberg tv guests talking about the outlook for a fed pivot.et's bring in our next guest who says the timing of potential cuts could be revised as inflation persists. with us now is ayako yoshioka, senior consultant at wealth enhancement group. great to have you with us. we continue to hear about this potential pivot of the economy in the u.s. at the same time during this earnings season, we continue to hear about resilience among consumers, among businesses. is this just implied that we have more spending, more inflation to come? ayako: sure, thank you so much for having me. we keep hearing about the strength of consumer balance sheets, the strength of corporate balance sheets. things are much stronger than expected during this earnings season. and so we think it might just be a timing issue for when markets are pricing in the potential fed pivot. at some point they will, because they will refocus on the growth side of the equation, but for the moment i think they are firmly focused on fighting inflation, and they will keep doing so as long as

they told bloomberg tv the fight is far from over. she says rate hikes need to be dependent on data. three of china's biggest state owned companies plan to delist from state owned -- the three companies that will delist is china life, -- south korea's president accused the air of the company to bribery charges. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. 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 yo

this is bloomberg surveillance on tv and radio. i'm alongside tom keene. this is jonathan ferro. and kaylee is here. lisa is taking the week off. sm p later this week, and retail sales are targeting early sales. >> we will have that interesting, but i will not mix words. their retail sales with inflation and the job report. for the distant past, my answer is we have a spirit of 70% of the american economy. >> is a nominal read. we have to strip out gas spending as well. just a couple of things to think about when the number drops. >> it's nominal. it's important. nominal in the united states with a certain tinge to it. nominal in the united kingdom has a certain tinge to it. >> double-digit inflation. it's here. >> wow. we have work to do. >> part of it is spending the whole morning on conversions. and how we have loss and how we are looking at the stuff in english. the answer is the biggest fear for all, including the minister. the idea of the duration and participation and persistency of inflation for the idea that it will go up and come down. i'm not so sure. >> we have more w

and a comment from bloomberg tv.was among -- being considered to shore up the economy. >> for them to be -- even before they have passed -- >> would you do that? >> -- consideration. ritika: stocks have gained -- taxes -- russian soldiers killed or wounded since the invasion ukraine. the first estimate of casualties. russia said more than 1300 soldiers have been killed. 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. >> in fact, global slowdowns despite the fact that the u.s. economy is slowing as well. the u.s. economy is going to slow, the dollar is going to slow. the reality of the dollar does well with the european economy is under pressure. tom: no one has put more resilience on the dollar. he the reaffirms how difficult it with the to see a weak dollar. some of the catalyst here was oil news out of russia. rounding up to $98 per barrel. lisa, we've got to go back before we drag ourselves over. -45 bas

bloomberg subscribers go to tv . the mobile anywhere app and customized so you only get news on the industries and assets you care about. this is bloomberg. ♪ shery: every sector on the asia-pacific index right now under pressure. health care, materials, industrials leading the decline. broad risk often. you can see the haven flows going into treasuries, sovereign debt across asia. japanese yen strengthening and unwinding one of the hottest macro shorts of the year. haidi: we are really is seeing that risk when it comes to the taiwan dollar with implied volatility the highest overnight since 2020 and watching for price action on the chinese yuan. we will have to see if the broader risk of sentiment flows through the european segment. euro stocks slightly after the biggest monthly gain since november 2020 and traders continuing to reassess earnings outlook and outlook for potentially a global recession. shery: here's a quick check of the headlines. apple has tapped that u.s. high-grade bond market. we learned the large

thank you for choosing bloomberg tv and radio.rom a beautiful jackson hole, wyoming, this is bloomberg. ♪ 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! find rewards like these and so many more in the xfinity app. guy: european stocks are slumping into the close. we have french power prices one euro head north of 1000 euros. have the ecb talking about 75 basis points at the next meeting. we have that eight minute speech delivered by jay powell at jackson hole. it is a packed hour coming up. the countdown to the close starts right now. announcer: the countdown is on in europe. this is bloomberg markets "european close," with guy johnson and alix steel.

we will break them down on bloomberg tv and bloomberg radio. ♪ >> it is demand driven inflation we areh. that is something the fed can handle. >> the market is pricing a specific outcome where we head to a very moderate and mild recession. >> our view is it may be a soft landing for the labor market. >> there's a lot of talk about u.s. recession risk but the problem see much more gloomy in europe. >> the rest of the world, there is world of trouble. >> this is bloomberg surveillance with tom keene, jonathan ferro come in lisa abramowicz. jonathan: a cheery opening. for our audience worldwide alongside tom keene and lisa abramowicz, i am jonathan ferro. futures -.25% on the s&p. home depot earnings about an hour ago, walmart numbers in a minute. tom: maybe they are delaying. there like the big banks. they said 7:00, but -- jonathan: what did you make of home depot? tom: they are doing what home depot has done forever. there we go with walmart. revenues better than the estimate. comp sales 9.5%. ex gas, up 7%. the first look at an outlook for the back half of next year. they maintain the

open update from bloomberg tv. rafa moves on and raducanu loses on her opening day.set, the spaniard put his foot to the floor before securing the win. nadal can extend his lead as he tries to claim his fifth crown in new york. next up is italy's fognini. defending champion emma raducanu was sent packing by cornet in the biggest upset of the tournament so far. 31 unforced errors hold the story for the brit. don't forget, dennis china life has all the news you need. see you daily at 9:00 eastern. jonathan: live from new york, good morning. the s&p 500 is down about 3%, the countdown to the open starts now. >> everything you need to get set for the start of u.s. trading. this is bloomberg the open with jonathan ferro. jonathan: live from new york, would begin with the fed. >> we don't know for the life of this why people believe in the fed. >> i think you are fighting the fed of your bullish. >> i don't

this is "bloomberg surveillance" on tv and radio. futures down.9 on the s&p. an eight minute speech sparks a $1 trillion market rout. tom: the shock at the speech -- mike mckee saved me. he said i think the speech will end soon. we were making jokes about pivot the dog, the new puppy at the kansas city fed. this is one giant anti-pivot. jonathan: one priority -- get inflation down. and if we are willing to accept a recession. they are willing to accept a recession, not just a federal reserve but also the ecb. even if we enter a recession, we have basically little choice, which will continue our normalization path. tom: we start the show for all americans -- ferro is not demanding we look at the ecb. the fact is we all must look at the ecb. you see it with pound sterling will under 1.17. pound sterling is at post-brexit weakness. jonathan: euro-dollar just about holding on. we need to talk about the prospect of qt, perhaps 75 basis points move in september. lisa: the lack of addict ability in the fed meeting here there was a paper presented talking about the un

this is "bloomberg surveillance" on tv and radio.et together, and chairman tomorrow. tom: jackson hole, the comedy of the federal reserve bank of kansas city having their event at the richest real estate center in the world. it is is saying -- insane. jonathan: are you suggesting the fed may have a role to play with these real estate prices? tom: the partition of this nation coming off the creative finance under crisis, 15 years ago starting right here, for teen years ago has led to that partition of -- surveillance correction, five bedrooms, seven bats. jonathan: would you like to react the description? anyway. we caught up with esther george of the kansas city fed. here is what she had to say. rates higher, get demand down. how much payment are they willing to tolerate? lisa: what we have seen, they have not come out that dramatically to say, we need to get inflation under control,. , regardless of the cost. that seemed to be where she was leaning. it is much more, price stability is the bedrock of any strong economy. that is a cha

on radio -- heard on radio,, seen on tv, this is bloomberg surveillance. >> with the first word newsns. another u.s. congressional delegation, this one led by ed markey is visiting taiwan. china says it is fighting back by adding more patrols around the island. this visit comes two weeks after the one by nancy pelosi. in china this central bank unexpectedly cut its key interest rates. the economy is being hurt by covid lockdowns. industrial output and retail sales were weaker than expected. members of congress are putting pressure on the u.s. government to tell them what was in classified documents seized at former president trump's home. a bipartisan request has been made to the director of national intelligence. they ask for an assessment of potential risk caused by the documents' mishandling. i ran's foreign -- iran's foreign minister says there could be deal a there could be a deal in the next few days -- iran's foreign minister says there could be a deal in the next few days. after years trying to avoid costly probes. powered by more than analyst -- this is bloomberg. ♪ at fidel

shery: just on bloomberg tv weighing in on whether they think the 60-40 portfolio is dead.ring in annabelle for more on this. the reason were looking at this is because we saw big losses this year already. annabelle: it is not been a great start to the year really. for what has traditionally given us some decent returns, low volatility. but as you said, the 60-40 portfolio coming with a near 12% loss year to date so is it really time to put the strategy to rest? you can see results from our survey. the vast majority of people saying that no, it can be sustained. let's change over, take a look at these results in more detail. we have more than 1000 investors wanting to this and they say over the next decade, the portfolio can perform above inflation here. the vast majority saying yes to the question. of course, as you said, we have seen the worst start to the years since 1988. and a lot of this also comes down to those changes in historical correlation as well. because bonds and stocks have historically been negatively correlated. the relationship has now changed. morgan sta

: that photo shoot as they waltz out of the lodge against the vast anchorage -- acreage of the bloomberg tvthan: we some music. tom: what are they meant to talk about? jonathan: what are they going to talk about? the fact that they to get inflation under control. talking about 18% on inflation in the u.k. in january. i don't think we even know what that means, 18% for numbers like that. it is ridiculous. we want to talk about natural gas in europe up more than 40% in a single month. i don't think we really, fully understood. tom: what made sense is this is the jackson hole that has not crushed 80% inflation. lisa: which is the reason that the market is going to be hawkish. with inflation where it is, it is ok in the lower income families and it has been pretty consistently. how high they can hold those rates, to me, if they go to 3.5% and they hold it for a couple of years, what does that say about how much resilience there is in the economy and what that does to completely reshape the markets over the past few decades? tom: jamie dimon, we are going to do this quickly on the data. a reboun

bloomberg tv had this interview earlier this week with the new secretary general of opec who said weity, or almost none. we have european union sanctions on russian crude due to come into effect in december. we have had a rebound in the last month or so in libyan output, but that remains fragile. that could be gone again in almost the blink of an eye. we are still in what has been a mercifully quiet hurricane season in the gulf of mexico, but that is still not over. i was on the coast of florida, the coast of the louisiana border last summer and i ran away from a hurricane then. i caught the edge of one. a big hurricane could tear through and do big damage to production. there is a lot of fragility on the production side. jonathan: i want to wrap up with the reality check on the european front come september after all of the summer vacations are completed and hopefully the likes of spain, italy, portugal, and greece can get as much money as they can because i am hearing that we are going to go through serious effort to reduce consumption. what do you think we need to pay attention to

i'm thrilled to tell you the bloomberg tv and radio is giving a full commitment to jackson hole, lettingdusting off the two tone tony lummis, we will try to get kailey leinz to go but michael mckee will lead coverage with kathleen hays. the british guys coming if he is back from europe. lisa: [laughter] yeah, jon will be with us. tom: and we will stop the show off the reporting of craig torres and kata unit -- katerina sarajevo with something that has been a wonderful destruction, so-called trading from fed officials. jack fitzpatrick joins us from bloomberg government. the chairman and the former vice chairman have been clear on various sundry inspector general's and that. but others have not in the question is not so much rich guys being at the fed but actually the buying and holding and selling back and forth like during a month or two. jack: yeah, it does seem to be focused on the timing of when we saw that incredible amount of volatility around march 2020. there is a letter from senator elizabeth warren now that is expressing a lack of satisfaction. the inspector general report on t

this is bloomberg surveillance on tv and radio, alongside tom keene and lisa abramowicz, i'm jonathan ferro. a push back after fed speakers yesterday. tom: the pushback is there, and all of it is leading into it matters, jobs day on friday. regardless of the jolt survey, i think it is way more important than what fed speakers are going to say. jonathan: in looking at 250,000, step down from the last month with the previous number 372. tom: when i got in this morning at 5:52, i really emphasized that the jobs number is way above normal. we are miles from normal nonfarm payroll report. jonathan: with job openings yesterday, things are starting to happen the labor market the way they were not last year. lisa: we are hearing it and from companies. they are pulling back, they are not expecting to be as ambitious in their expansion. yes, you have team resilience in some earnings, but one note really highlights, have companies really adapted to what is to come? i point to under armour coming out, cutting their full year forecast this and next year and the anticipation of that weakness. jonat

this is "bloomberg surveillance" on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures -0.2% on the s&p. what a rally through the month of july. tom: it really is. ben laidler is going to give us tone against the bears, and as you know, reaffirming. i thought mike wilson's note with morgan stanley was fascinating. he reaffirms in a slowdown, guess what? at some point the earnings you declines. jonathan: the downgrades should come through fast in a recession. that is his point of view at the moment. we are dreaming, aren't we, going into the data? payrolls this week. tom: it will be a data-dependent fed. forward guidance out the window. we will see payrolls. you've got to pay attention. will the labor economy break? jonathan: over the weekend, neel kashkari of the minneapolis fed spoke twice, pushed back against the euphoria that somehow this fed paul's is coming soon -- fed pause is coming soon. lisa: this really is the key pushback, that fed chair jay powell said we are close to neutral, getting close

this is more bloomberg subscribers only. check it out at tv . s bloomberg. ♪ kathleen: let's check the futures market, equities showing us, s&p 500 futures down 1.2%, nasdaq futures down 1.6%. not quite where there were a few minutes ago, not that is to cleanse on friday, but a deficit. look at kospi futures, a small gain, trying to but the tide against the u.s.. nikkei futures down 0.2%. maybe this is leveling off, easing off. australian futures down as well. paul: let's look at some of the stocks that we are watching ahead of the market open in sydney, seoul, and tokyo. major technology stocks may follow lower after a palatable down on his hawkish back. sony and softbank keeping an eye on fortescue as well after it announced its full-year earnings that slightly missed estimates. market openings. ♪ kathleen: we are counting down to asia's major market opens. it is pretty clear the big u.s. selloff in stocks is being echoed in asia after jay powell sent a very hawkish message. paul: that's right. we saw a fair bit of selling for u.s. equities on

from our audience worldwide, this is bloomberg surveillance on tv and radio.z. are you on jackson hole next week? tom: on the way to jackson hole next week. we have claims a 90 minutes. buried in this note is a great maxim, recessions come suddenly. jonathan: does the data speak to that? tom: no. the bloomberg financial index pushes against that. other things push against it like actual data. but nevertheless, recessions when they come come quickly. jonathan: you look at retail sales pretty decent, -- kailey: and they have been trending up sometime. it feeds into a labor market, the federal reserve in theory would like to see. that's what they're trying to engineer. i wonder at what point softer data becomes problematic because the market is expecting it will become so problematic it causes them to pivot. jonathan: we have seen soft data in europe. the data in china, brutal. the numbers you are seeing out of some banks right now, number, the gdp in china, mesa talked about it before she went away. she said imagine handling that in 2022. the number of forecasts

tv. this is bloomberg surveillance.ika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. china is lashing out at the u has for nancy pelosi's trip to taiwan this week. they shot announce it is imposing unspecified sanctions on pelosi and her family. this morning, china's ambassador to the u.s. was summoned to the white house. andrew bailey is rejecting criticism that the central bank acted too slowly on inflation. the boe recommended central banks to raise central rights but has fallen behind the u.s. federal reserve and the pace of those increases. u.s. health officials have to clear the monkeypox a public health emergency. that will clear up resources at other things to fight the virus. south korea has become the seventh nation to send a spacecraft to the moon. it sent its lunar orbiter, lifting off from cape canaveral on top of a spacex falcon nine rocket. meta platforms --one of the few s&p 500 companies without debt. meta just posted its first quarterly decline. global

if you want to catch up on the interview, tv for bloomberg clients.ll back all the way to your screens. latest lines coming through from the interview, that zero quarantine in hong kong by november is a highly desirable goal, and not so much a hard target. rishaad: yep. she would not be drawn on that. let's tell you about what we have on the way. discussing the latest on the philippine markets. also the economy after some less than good data at the top of the hour. this is bloomberg. ♪ david: welcome back to the show. just one over our into the session in manila. a little weaker. i just have to glance behind the camera to see it. 5560 on the exchange rate. we also got gdp numbers low excitations. year-on-year 7.5%. the second quarter seasonally adjusted which contracted. we were expecting a slowdown. he did not expect a contraction. we are going to blow that up on the chart so you can see how that looks. blue is the estimate. let's bring in fritz ocampo, cio of the biggest asset manager of manila. pleasure to have you on the show. i was going to start

our interactive function, tv go and dive into any securities or functions we talk about and join in the conversation, send us instant messages during our show. it's for bloombergribers only at tv . shery: we are getting breaking news out of japan -- we're getting the current account numbers and it did deficit of 132 point ¥4 billion. this is going from a surplus to a deficit. perhaps not surprising given we've seen high oil prices and a weaker yen. these numbers for the month of june. it has gone from 120 ¥8 billion surplus in the previous month to 132 billion yen deficit for the june current account. we will continue to watch the japanese yen. we see weakness continue at the 135 level. this is bloomberg. ♪ shery: here's a quick check of the late business flash headlines. macquarie group's had to be close to a deal to buy a -- that transaction could be announced as soon as monday. another investor group still has to match the price. they acquired a large part of their assets this year, raising concerns in the u.k. cvs health is reportedly 78 bid to buy signify health. cvs is seeking to submit ids this week with signify exploring a possible sale. the state

this is for bloomberg subscribers only. it is all at tv . oomberg. ♪ haidi: let's take a look at how the european future a session is shaping up on a big week as we get into u.s. inflation expectations. that is coming through in the middle of the week and a lot of repositioning before then. we are seeing not a lot of change on the u.s. stoxx 50. msci europe. we had a stagnant session in the u.s. with tech stocks driving the session lower. previously we saw european stocks rising with investors focusing on the theme of relative resilience. friday was the worst decline in three weeks for european shares and we did see something of a rebound potentially continuing into the tuesday session. shery: look at some of the big movers across japan. we are watching softbank now down more than 4% after the record 23.4 billion dollar loss in the last quarter. plunging portfolio valuations. we are also following inpex. they announced a share buyback. they are and oil and gas production company in japan and they are benefiting from high commodity prices. fal

stay with us, this is bloomberg. >> welcome back to a special update can gain good tv.iams in flushing meadows. a packed house on arthur ash stadium cheered as everyone saw the champion take care of business to reach the second round. it sets up a meeting with a net conservator -- kontuvait. the friends in new york don't want to say goodbye just yet. raphael the dollar hanging on in the big apple as he looks to extend his lead. the spaniard can claim the 23rd -- in new york. don't forget, tennis channel live at the u.s. open is daily. with everything you need to know from the big apple. >> can we find a firmer footing following a two day rout? announcer: everything you need to get set for the start of u.s. trading. jonathan: we begin with the big issue. >> chair powell was direct, clear. >> they are aggressive. >> saying what he said and

bloomberg. ♪ kailey: welcome now our tv audience and radio listeners.is the chairman and winemaker duncan. matt duncan, take it away. >> i'm sure when you started no one expected an american vendor to be so successful now you are partnering up with the golden state warriors. oprah and lebron drink your wine. what does it all feel like when you look back at the success you have had? >> thanks. we have been celebrating this milestone of 50 years. the big party is on saturday and we are looking forward to welcoming our guests and having a fantastic time. we have been very fortunate over a long. of time to do something that is hard to do in business these days. just ask our guns. we have a saying as light as a cabernet. the alexandria cabernet and the napa valley cabernet. we are so fortunate people use and drink our wine for the most important moments in their life. matt: the changes you witnessed, i imagine, are stark. water prices in california hit an all-time high. i am sure getting labor is fairly difficult and expensive as well. but i guess, -- tell u

bloomberg subscribers go to tv , it is also available -- go to dayb , it is also available onize it to get the news you care about. shery: a heat wave swaying energy grids across china, our coverage of its power crisis. this is bloomberg. ♪ ♪ haidi: take a look at futures opening in europe at the moment. losing momentum, slipping on building recession woes. flap when it comes to euro stocks, futures, the euro down by .5%. not a lot of upside momentum, german dax futures as well. we saw a little loss of momentum when it came to the u.s. dollar overnight thanks to the pretty bad u.s. business activity numbers that came true, the second straight month where we have seen weakness. and that has become a key dynamic for dollar trading. when it comes to the euro slide below parity, it has given very little encouragement for the business outlook given that we are still contending with an energy crisis and recession risks. all of this is continuing to weigh on european assets. in the previous session, we saw euro equities treating to the lowest -- retreating to the lowest level in four

tower audience worldwide, this is "bloomberg surveillance" on tv and radio. futures down .1%. three days of losses into wednesday head of jackson hole. tom: it's a finely a quieter market here -- it is finally a quieter market here. there's a lot going on. to meet a headline is netherlands natural gas is not giving it up. to me that is a headline this morning. jon: did we get the appetizer for the next headline for nero kashkari of the minneapolis fed. he spoke. he said we are at high inflation, this is a completely unbalanced situation which means it is clear. he goes on to say we need to tighten monetary policy to bring things back into balance. he wants to go big. potentially another 75. tom: when you hear kashkari talk about that -- talk like that, imagine what we hear from the people mike mckee will speak to in jackson hole. it is simple, forward guidance will be very forward as we wait for data-dependent speech. jon: do think it is too early for chairman powell to speak to a december mood with how much data will come in from now and then? lisa: let's say he does, how the

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