we have no more bnp meps, we have no bnp members of parliament, we have no far—right councillors up andins, we have to end there. thank you for being on hardtalk. thank you. hello there. outdoor events like halloween and bonfire nightjust around the corner. and if you're thinking about grabbing the scarf and gloves, think again. it's going to stay very mild indeed. these are temperatures that we should be seeing around the end of october, but what we are likely to get today is widespread mild weather, with above average temperatures even as far north as scotland. but we could see highest values of 22 degrees somewhere across the southeast — that's 72 fahrenheit. and why? well, because of the wind direction. coming all the way up from the south, it's dragging in this warmer air all the way from africa. and it's notjust the uk. large area of high pressure keeping things very dry, very settled and very mild across central europe. we unfortunately won't see the drier weather because all the time, these areas of low pressure will bring outbreaks of rain and strong winds from time to time. so

we have no more bnp meps, we have no bnp members of parliament, we have no far—right councillors up andcollins, we have to end there. thank you for being on hardtalk. thank you. hello. well, it doesn't look like we'll be reaching for those thick coats any time soon. the temperatures are expected to rise a little further in some parts of the country, and we could get 21—22 celsius over the next day or so, perhaps in east anglia and the southeast. here's the reason for the very mild, warm weather — this current of warm air spreading in from the southern climes across spain, portugal, france, heading towards the uk. it's a large area of low pressure that's driving the weather, the winds blowing around it like so, scooping up that warmth from the south, pushing it in our direction. but also, we've got weather fronts, cloud, and rain — and actually, towards the end of the night, or early thursday morning, we'll see more rain spreading into southwestern england, parts of wales, and around the irish sea. so, eastern parts of the country should have a dry start to thursday just about. and, of c

we have no more bnp meps, we have no bnp members of parliament, we have no far—right councillors up andllins, we have to end there. thank you for being on hardtalk. thank you. hello. we're going to see out the rest of the month with temperatures above where we might expect them to be for this time of year, by day and by night. staying unsettled, a windier day again for wednesday, the chance of catching a shower, after some early wet weather clears away. the bulk of the wet weather from this area of low pressure coming through overnight and into the first part of wednesday morning. before then, sunshine and the chance of catching a blustery shower. and, if anything, temperatures edge up a few degrees in the next couple of days. we are drawing the air up into the uk from a long way south of us. and these are the starting temperatures for wednesday morning, for the most part in double figures. now, we have got some rain into scotland that will push into the northern isles, clearing shetland in the afternoon. a band of showers across all parts following on behind. but look at the timeline.

bank of america for 21%, barclays 1%, bnp paribas 5% -- coming up the bottom of the list is society general at 2%. the amount ranges from the hundreds of millions of dollars to $3.5 billion from morgan stanley. the two both .5 billion is split between secured and unsecured bonds and you have the revolving credit line as well as a chunk being a loan. musk has been calling income according to bloomberg reporting, equity or potential equity financing partners. for me, that remains the biggest question. who else has he brought in sides the $7.1 billion of equity commitments? has he had to get more partners? that report verified by bloomberg musk would lay off 75% of twitter's workforce. the headline was the layoffs, but it was the action of trying to bring more equity partners on board that was communicated, so there might be surprises there. kriti: certainly something we are going to keep our eye on. as we are speaking, or shares trading at $52 86 cents. we will keep you apprised of all the share moves. this is bloomberg. ♪ kriti: this is bloomberg markets. we just got some headlines that elon

chi lo is the senior investment strategist at bnp paribas. dovish view of the fed by the markets, but this opec less cut pushing prices higher is the of the big story today. what is the big story right now for china? chi: the big story is the biggest risk for the chinese market and in our view, it is china's zero-covid policy and property market problems in addition to the secondary risk from the rate hikes and so on. and global tightening. these are about to affect the chinese markets in the short-term to the downside. but within china, the covid policy is very uncertain. the property market problem is within manageable limits and authorities are going to be addressing that now, and we are seeing more forceful policy easing to stabilize the property market which in turn will stabilize the economy, which in turn will stabilize investor sentiment in the chinese asset market. kathleen: let's look at covid zero because that is something everyone, whether investing in china or not, is watching. it is now a political question. president xi, when h

if you think about payday lending overdraft, early wage access, bnp of, a lot of these are just variantsn the same thing. with crypto, the technology is quite different. the skeumorphism is to say it is too scared to jump all the way to the 22nd century, let's package that in a way that is familiar so people can start using it. the first apple iphone -- the books were on shelves which makes no sense on a phone. it is just a way to make it familiar and usable. you can do fancy things are that afterwards. in banking it is the other problem, you are taking something that has only so many degrees of freedom, lending money at an interest rate, and thinking of new ways to package it. sometimes invasions are good because they meet the needs of the time. those are discusses, too. disguises about everywhere -- discusses abound everywhere and as a regulator, it is something to keep an eye out for. >> it probably tingles the spine of members of the sec watching. is skeumorphism a complex way of dealing with the concept of just the material misrepresentation or omission? if ringing it into the regul

now we talk to the head of asian equities at bnp paribas asset manager.hank you for talking with us. what can the quarter that was teach us about the quarter to come? >> i think what we saw in the second quarter that most earnings were down and margins were under pressure across the board, which some sectors get more protective. we also see that earnings expectations now are pretty low across the board in the sense that a lot of companies did not really react to it. it is kind of a reiteration as we cross into the earnings results. everything is about macro, as you can see, from the last couple of weeks up trading post the inflation data and fomc meeting. david: i'm looking at the top holdings in your fund. tencent, samsung, alibaba. you guys probably did not do too well, and i'm not saying that to call you out, but i'm just wondering, in the third quarter, your thoughts on if investors should be shifting or changing their exposure to hydration bonds -- hi duration bonds -- high-duration bonds? >> we see that they are more exposed to rates outside, partic

so the one at the front, the bnp one... military movements back and forth from ukraine's counter—offensive, a logistical artery weaving through recently liberated villages after months of shelling. it's finally quiet. ukraine is back in control. but of what? communities like this one looted and destroyed. there have been times when 69—year—old fedor thought he was going to starve to death. translation: we lived under explosions and shelling, he says. but those russians said they were liberators. in reality, they started robbing us. it's not why i'm crying. i'm crying because we spent half a year under explosions. outside the nursery, there are holes, one from a shell and more from shrapnel. all that's left of the pupils are their names. they left long ago. translation: when i came here for the first time after liberation, i just stood here and cried. it is really hard. so there's nothing left. her home was looted after she escaped. they took almost everything. you learn a lot about the russian occupiers just by looking arou

bank of england intervenes and some have drawn parallels to the french bank, bnp from august of '07 and funding problems and didn't seem like a huge deal then but they do now. this morning we wake up to the news the uk is backtracking dropping its pledge to cut the rate for top earners over there. this is still a story still playing itself out. the pound went up against the dollar when that news broke today. then credit sweep. that stock is hire in the last little bit. forget any comparison and if anybody was talking this way, no leeman brothers weekend and the idea the bank spent the last few days trying to calm people down about the health was alarming to some and wall street journal was having phone calls with clients and investors and the spreads were up and credit default swaps and haven't heard that since way back when but the stock is up and ceo has been able to reassure people and the perspective on the actual market and s&p 3500 up 54% in a 17 month stretch during the financial crisis. for all the trouble we're in now and s&p going back 17 months from friday, it's a 14% decline

i was talking with bnp strategist and they think it will take a few quarters for this margin story tolay out. even when it comes to technology, that's a key area even though inflation can help the revenues, you still have to grapple with the stronger u.s. dollar especially s&p 500 companies and technology stocks, 40% of them derive their revenues from overseas. that will be a big thing as far as crimping profits. guy: another analyst said he thinks names like coke or probably reaching the limits of their ability to pass along prices on the cost. let's talk about the fed. the bank of canada went 50 rather than 75. what will the fed read into the data right now? michael: because the fed has its quiet period now and they can send any signals unless they want to make a change, if we don't hear from the wall street journal monday morning that the fed will go 50, they will probably stick with 75. it will be interesting to see what the justification for slowing is. it looks like they downgraded their growth outlook at the bank of canada but in the u.s., because the market has started to rebo

bnp is the one that stands out. what is the right business model for european banks going forward?nd that i believe will be the critical question in terms of the review as it gets released. rishaad: with credit suisse, they are under a lot of pressure perhaps to spin off certain businesses. one thing in type for the moment is considering the sale of the u.s. asset management condition and the products group. will blackrock be interested in a purchase here? >> we are not going to speculate. i refused to speculate on this until we actually have the presentation by the ceo and a couple days' time. mend the market will assess what comes out of it and so will we. i think again, the focus is not on intricate details, but what is the basic business model proposition that this review will present? i think that is the key question and that will be, i believe, the determining factor in terms of how the market views the potential -- haslinda: but in terms of credit suisse and enough capital, is that the sense you are getting? >> it depends on what they decide to do. this is why i think the sp

dan morris of bmp par -- bnp paribas now.s aggressive and everyone's are talking about a pivot. is it a bear market rally this week, what is different between now and then? daniel: we have to keep in mind what might be a driver for a sustained rally, but at least for a few weeks right now. we appreciate on one hand the sentiment is very bad. no one likes equities and no one likes risk. but at the same time, because the sentiment is so low, you get a bit of good news and i think you can see some of the price action we already have. so going into the third quarter earnings season and we have private -- surprises, market is looking for good news, i think it will be up. tom: this goes back to dr. coronado years ago, this incredible parsing of gdp. what is the part of gdp in europe, the united kingdom and the u.s. that your focus on? dan: it is really going to be the price indices. these discussions we are having all comes down to how inflation evolves in the month ahead because everything depends on that. it does not matter if we

sam lynton-brown is with bnp paribas, head of global macro strategy.s of this market telling you now? can you find the trend, believability, or are you making it up as you go? sam: thanks for the question, good morning. the first trend that i will focus on is genuine conviction and higher rates in europe. we think the ecb will take policy rates to 3%. when you look over the past 50 years, bund yields have only been beneath the policy rate on a few occasions. bund yields can rise. jonathan: one point, if we can get the ecb rate to 3, bunds are coming along for the ride, where is italy trading at that point? sam: this is where the ecb's prevention measures, protection instruments will be important. it is also why we don't think the risk assets in europe will respond in the way that one particularly expects to the rate hikes. if the ecb frontloading titans into what is likely to be a recession, with italy, one of the offsetting factors is with inflation high, nominal growth is also high. that sustainability concern should be alleviated. we believe the ecb

going back to august of 2007 there was that french bank, bnp paribas, and it ran into some funding problemsime , maybe it wasn't a huge deal. didn't seem like a huge development but now, people pointing backwards, they say that was the start of the financial crisis. a lot of people feel that way but now, see , liz truss now, i know you were talking about this a few minutes ago in the uk , with this plan for the tax cuts, the market has a negative reaction to the plans , so people started to draw parallels saying this is like 2007 maybe this is just the start of something bigger. it's a similar tremor, and now of course the news that the uk is backtracking on that plan so it's still a story unfolding. the other thing is the banks. back in 2007 and certainly 2008 there were weekends in which all of wall street seemed to be worried about the health of a bank, lehman brothers obviously the prime example and this weekend we had the reports there were phone calls going back and forth between clients and investors about credit suisse and you know it might be in some trouble and ceo's since came ou

of down beat housing indicators, both got smacked with down can grades from outperform to neutral by bnptarget cuts. home depot down 3.5%, lowe's lower by 5%. and as they sell off, what's one of the nation's biggest pluming fixtures and hvac suppliers seeing? the ceo of ferguson -- you ever been in there? it's like being in a candy store for homes. he is here exclusively to tell us if he thinks homeowners will break out the hammers and wren. s if they can't sell their houses. >>> and living in a luxury home and selling them was her dream as first generation daughter of parents fleeing oppression in cuba. how did katrina caymans manage to flip her first house at the age of 17? and then morph into one of the queens of florida high-end ebb real estate market? oh, and also become a tv star? the ceo of luxury real estate now the host of new season of fbn prime's mansion global is my new best on my brand new edition of the everyone talks to liz to podcast. you can get it on apple, google, your to podcasts. yown tweet me, i'm @lizclaman. we're down 147 on the dow jones industrials. yeah, you kn

it's called brain sodium, legal petite bnp if it's high, so there's a deficiency, and we need an ultrasoundaction to get out to cut down on heart activity. might not be lowered uh-huh then there may be manifestations of heart failure. and maybe moderation is reduced or very much reduced arterial hypertension is the most frequent. on heart failure simply, because this is the most common disease. today coronary heart disease myocardial infarction. they can be combined, why because when a heart attack occurs, part of the heart dies and the pump ceases to perform its function to its full extent the parts are broken, yes, the pump does not work completely correctly, yes, kidney disease e yes, and they can be the causes of secondary insufficiency of heart defects, but today medicine is such that most of the defects are easily treated for diabetes mellitus. by itself is not a cause of heart failure. it can be considered the cause of sclerosis and further, as a consequence. yes, but i mean. that's what there are a number of other causes of cardio, yes, which are now relevant first stress-induced ca

now we have manishi raychaudhuri , head of research at bnp paribas. is this to do with the covid zero policy? from the valuation side of things it would be a more attractive proposition and the likes of india? manishi: a downgrade to china in may and april was predicated on the covid zero policy having a disproportionate impact on economic domestic consumption and the properties sector problems is dragging on. on the first, we think there is light at the end of the tunnel after the party congress. we do expect archewell, a gradual slope reopening. the end of the policy meeting last year. we are keeping a close eye on the policy space in china and we think we are continuing the stance for now but there are important policy beneficiaries and consumption and reopening plays. this could potentially be even more interesting. shery: as we are seeing china reopen a little bit after the party congress we see the downside in global demand coming from the developing economies, especially with much faster tightening coming from some central banks. is that a fact