what will bnp paribas do in 2022? do you carry forward the open in indian wells and bring it into your banking business of next year? jean-yves: well, thank you so much for having me on the show. tom, you differently follow and no tennis extreme new well. you mentioned indian wells, which we managed to host in 22 anyone, which we could not do in ash in 2021 -- in 2021, which we cannot do in 2022. it was amazing to be back in business, and the bank has tennis in its dna, and the plan is to have indian wells in 2022 in march. it is the season opener. a lot of fans, and the values of tennis fits quite well with the value of the bank. we say it is a global sports. the bank is a global bank. it is all about sportsmanship, personal bergman -- personal improvement. it is a sport that you can really develop and follow around the world, and this is why we like the game. jonathan: let's pick up on that line you just mentioned, the bank is back. are the employees back? is it business as usual? can you help me understand how thin

jonathan: dan morris of bnp paribas asset management. it is the middle of november and we still don't really know who the fed chair will be in three or four months. tom: no we don't. the hearings, what do we say, every hour, every 12 hours we move forward has got to tilt more towards powell? jonathan: you would think so, and then i think things are going to get more contentious in these hearings on either side of the aisle, given where inflation is at the moment. i know this individual has huge republican support. on the other side, we know what senator warren thinks about it. lisa: and how the market will respond, whether people do think lael brainard is going to be the more dovish pick. i've started to write my outlook. the headline is what does it mean to be a bear in 2022. jonathan: and what does it mean to be a bear? this sounds very emotional. lisa: it is a very emotional question. are you looking at something with significant downdraft? are you looking at the bond market having a bearish market? are you looking at a more hawkish f

we are joined by bnp paribas. this is bloomberg. ♪ yvonne: let's look at the latest developments when it comes to china's property. kaiser shares are resuming trade after the suspension. a pop of close to 18%. the group offering to exchange at least $380 million in bonds. the bid to ease the cash crunch. rolling out measures to support the industry. evergrande shareholder speaking $86 million share placement. the latest we are getting out of china property. getting some more downgrades from agencies in china. take a look at how junk bonds are dealing. a little bit of rallies. seems things are losing steam once again. with us is niraj. we were talking about with other guests that perhaps we have seen the worst on junk bonds. are you subscribing to that kind of view? >> overall, yes. i would say we are on the path of recovery. i would not ignore either. slight shift for the alternate sources of capital and valuation services we are. it still ends up being the risk with lower quality companies. looking at the data an

bnp paribas is considering a sale of its u.s. unit. bank has been a part of the expansion into the u.s., but strategic value has dimmed. bank of the west could sell for up to $13 billion as a whole. the head of general electric aviation is open to acquisitions. it could bring the jet engine maker new capabilities. ge said last week the company would be splitting into three with aviation being one of the standalone companies. the ceo says electric occasion technologies is one area where deals could bolster the company's portfolio. that is your bloomberg business flash. from new york, i'm matt miller. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. let's get to something that caught my eye, the price of coal. prices in the u.s. central appalachia surge to the highest in more than 12 years. the global power crisis has driven up demand for the dirtiest fossil fuel that many had thought was on a rapid road to extinction. with demand surging, efforts to reach a deal to completely quit coal failed at cop26. higher price

iconic at bnp paribas, thank you so much for joining us today. read worldwide for charts on page seven where you go -- your chart this week is old and new estimates of rent inflation. what is the dynamic of rent inflation in america? >> we have a hot red cycle -- rent cycle on our hands as well. it came a month earlier than we were expecting. a lot of the indicators have been pointing in this direction. calibrating the magnitude is always the trick. it came in higher in october. it looks like we will have a surge in the first half of next year starting now. like many things this cycle, there was a surge of demand early in the cycle. we are seeing the building response, that takes some time. it will take even more time as the supply chain bottlenecks. that will also probably be a 2023 issue before we see that moderate back down. that is adding to the other pressures that are more related to covid disruption that have perhaps renewed in intensity because of the delta variant. it is the combination of things that look more cyclical and the third fac

greg boutle of bnp paribas with spx 5100. amy wu silverman coming up with equities front and center. kailey: i will be interested to see if the equities react to the economic data we get. there isn't a direct connection between what the growth picture looks like and what equities do. those two have been very disjointed for a while now. so if we do get a hotter inflation read, does the equity market actually take that as a good thing or a bad thing? if we get a better print when it comes to gdp growth, for example, does the equity market take it is a good thing? tom: jp morgan's glass half-full as well. i want you to review what you nailed in the last hour, which is the credit market. the credit market has changed, hasn't it? lisa: as benchmark rates go up, so too are the extra yields that investors demand. to me that is really compelling. i am just wondering at what point this leads to a little bit of a jittery backdrop. tom: in the data today, we have the red on the screen on the equity market. yields coming into basis point

bnp paribas gave a precise date.ou give us a more precise schedule, and what can we expect from the strategic plan? frederic: can i just say first of all, i see a strategic plan with two major drivers which would be present in all the strategies of all the businesses -- digital technology and innovation on one hand, the second, esg. beyond, i do not think i have seen many opportunities for -- capacity to further grow organic businesses, but also side opportunities to build further on our differentiating assets. we have not talked about the fleet management, the car fleet, which has had exceptional performances. we want to push the differentiating assets. there is a lot of execution, but i think it is very positive for our clients, staff, and shareholders. >> lots of things we have heard in terms of the economic rebound. one of them is inflation. do you believe christine lagarde that these inflationary pressures are temporary, and how are you dealing with them? >> let's be realistic. structural challenges of the europ

coming up, dan morris of bnp paribas asset management and christian mueller-glissmann of goldman sachs i am glad you bring that up. it is november 15 of this year, and it is still about making money. it is still about what do i buy. it is still the heart of what we do. jonathan: the outlook, but will it feature? higher rates? cpi in and around 5%? lisa: the biggest bearish call you're going to get is wobbles in the s&p that will be viable dips and that will prevent anything from falling out of bed. i'm not hearing any catastrophic calls. jonathan: when do we get your outlook? lisa: on december 31 of that year. [laughter] jonathan: looking back. tom: it's up to 64 pages now. she's doing a powerpoint. it's going to be 272 pages. jonathan: a monthly subscription to the abramowicz bears. lisa: you've got to pay in bitcoin. jonathan: equities up 0.2% on the s&p. we advanced nine points. from new york city, good morning to you all on radio, on tv. this is "bloomberg surveillance. " ♪ >> in this negative yielding world we are and, all roads still need to equities. >> real yields are at histor

bnp paribas decided to exit the business.says it may be -- to support its climate services customers. the unit lost billions in the archegos collapse. employees have three starbucks coffee shops in new york will take ballots this week on whether to unionize. a successful, they would be the first company run stores to recognize unions. they involve only around 100 workers, but have big implications for the company. 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 ritika gupta. this is bloomberg. ♪ ta. this is bloomberg. ♪ >> we should be at full capacity in terms of the number of sectors by april 2022. we have seen tons of demand, so i would urge people to book now to get good prices because it is filling up very drastically. jonathan: the travel corridor reopens. that was virgin atlantic's ceo shave ice -- ceo shai weiss. congratulations. we have reopened in america. from new york city this morning, good morning. matt miller, lisa

daniel morris, bnp paribas chief market strategist.financial stability review. there is concern about what is happening in the credit markets. don't miss that interview. it is coming up next. this is bloomberg. ♪ guy: live from london, i'm guy johnson. this is "bloomberg markets." happy thanksgiving. germany's bundesbank has warned that a remarkably low number of bills in us -- of business failures during the covid-19 pendant should not be seen as a guide for future risks. we caught up with the central bank's vice president about its latest financial stability review and the inflationary risks that exist around it. claudia: what is pretty clear in all of our forecasts is that there is a strong temporary component. nobody knows how long the temporary effect will be and what is the long-term evolution of inflation. certainly there's higher upside risks and that is something that monetary policy has to take care of, so that is not the issue we are discussing in this report. but what we are saying is that obviously, monetary policy needs t

sources tell us bnp paribas could sell its bank of the west. idders may include the bank of montreal and pnc financial. it has been in the bnp stable for more than four decades. valuing the business at $15 billion. tesla shares nearing bear market territory after tumbling, selling a chunk of the stock and hinting that may sell more. shares dropped as much as 5.3% in yields on monday before paring some losses. the stock is down nearly 18% from a record high. yvonne: we will get part two of the biden-xi summit to be held potentially around 11:00 our local time in beijing. pretty interesting. they are taking a 15 minute break right now. the first round was just saying hello, nice to see you come over and. the second half is expected to take a turn more serious and get into more hard-hitting issues. haslinda: it could be totally different from what is being discussed kind the scenes. what is important is that they are having a conversation. they both know each other from the obama administration days so perhaps they can make some progress. yvonne: j

hsbc and bnp paribas were ranked in the tier just below, with additional buffers of 2%.i have ever been as excited about an rbnz monetary policy meeting as i have as the second half of this year in multiple instances. this chart shows how market expectations are changing. this is their last meeting before february. given how fast inflation expectations have risen and how fast the labor market recovered, it is suggested participants in these markets that think they could go 50 basis points, not 25 that is overly baked in. 21 out of the 23 economists we surveyed expect the 25 basis point move to come in today. this is inflation expectations. in this part of the world, prices have not been quite as dramatic as we have seen in u.s. data. inflation expectations are also at this decade high in new zealand as well. that is driving some of these expectations. haidi: given what you said about how exciting this decision is, we will see movement in the kiwi dollar. already we have seen pressure underperforming all of these g10 piers. now analysts think the kiwi would surge if the r