>> what i can look at is the areas where bnp paribas is present. if you look at that area, i would characterize gdp evolution to be low or slightly negative. that will probably be accompanied by a gradual disinflation. that is what i would say about the business is where we are. >> don't you think that you should perhaps moderate your 2025 targets? >> one of the things that when we look at it today, the headwinds we see coming, we still consider them as look through. there will be disinflation coming, so when you look at the horizon of 2025, we believe we will have a pickup which allows us to deliver as we have put forward in 2025. dani: the bnp paribas cfo speaking with caroline. we have more bank earnings coming through. you have ing. manus: it is a bit of a disappointment. they have missed on the estimate. i think it is going to be the story about the provisions and the buybacks. the red headline will be in of the buybacks. they have restarted the buybacks. that will be good news because it has been long awaited. dani: it really has. we have to

i think that is key. >> grace tam chief investment advisor at bnp paribas wealth management.get the stories you need to know on today's edition of daybreak. terminal subscribers can find it at dayb and you can get it mobile on the bloomberg anywhere app. customize the settings so you just get the news on the industries and assets that matter to you. this is bloomberg. it admits a group operating cost too quickly, they are trying to cut back. amazon made an announcement saying it is going to bars, adding new corporate workers, exciting and uncertain economy and a hiring boom in recent years, then you have lyft, which is a hiring freeze in place. they will eliminate 13% of staff in front of their report next week. looking at a number of companies again either with a hiring freeze or cut back. the red on the screen for your today performance on the stock says it all up, and one survey out there indicates job cut announcements in general are up 40% year-over-year in october with more layoffs supposedly on the way. haidi: we had that scope yesterday when it comes to twitter a

bloomberg has learned that the european central bank higher capital requirements on bnp paribas whiletsche bank. they have ignored warnings about the lucrative business in finance. deutsche bank executives do not agree with the ecp. credit suisse stock has fallen to an all-time low. credit suisse said that the clients had withdrawn $89 billion in the first six weeks of the fourth quarter. shares and manchester united are higher and the sports minister said that the governor would support private sector bids for the team as well as the liverpool football club. earlier this week the owners were exploring strategic options that could lead to a full sail. that is your latest business flash. guy: thank you very much indeed. crude looks like it will be down , both for wti and brent. the global demand outlook is certainly a factor. you also have the e.u. discussions at a price cap for russian crude. another -- i think this will be the third weekly loss for crude. brent crude over the last month is down by nearly 9%. it is a pretty big move. furthermore let us bring in the managing editor for

explain the joy and 2018 when france pulled this incredible fee, what was it like for the bnp paribasas a huge celebration for the whole country. it was the second time that france one the world cup. it is always complex to be the defending country to do it. today in the soccer team. there is no small team anymore. i have the privilege of being french and american. i would keep and i on england. tom: how will an older french team do in the heat? jean-yves: it's a combination of youth, and experience. lisa: you said you are both american and french. as the u.s. are of the biggest european bank, how much is your company diverting money to you because it is so much stronger in the u.s.? jean-yves: this economy is still the most resilient in the world. if we look at the status of corporate balance sheets, household spending, the u.s. bank has been benefiting from this. economists are predicting a shallow recession in 2023 because the u.s. economy is interconnected with the rest of the world which we expect to rebound in 2024. lisa: how much does that reflect your willingness to lend? the

societe generale will merge large parts of its business in a bid to overtake bnp paribas. reunite their cash equities trading and research units. socgen will hold 59% and have the option in five years to buy the whole business. prosecutors rated the frankfurt offices of vanke of new york mellon. it's part of the vast investigation into the controversial scandal that has ensnared some of wall street's largest banks. bny mellon confirms that its office was visited -- was visited by german authorities and says it continues to cooperate fully. haidi: these are the stocks we will be watching when trade opens in korea. the korea economic data daily is confirming samsung will make three millimeter chips. watching samsung, the heavyweight at the open. also hearing from the male business newspaper, saying the saudi arabia investment fund will jointly invest in the entertainment front. we are watching korean drum movie companies -- they could see active trading after. local media has confirmed they are streaming a korean film after six years. coming up in the next hour, the u.s. and

haidi: let's get some analysis now from the head of aipac equity research at bnp paribas.w is what is going on in china at the moment to risk assets? >> it seems clear the reopening post-covid will be a kind of a elongated, and curb step-by-step process. that is clear from the way the daily infections moved in. it seems clear the administration in china wants to support the economic, not only from the steps they undertook to move out of the zero covid strategy a couple of weeks ago, but also from the recent cut we have seen. the incremental impact of these monetary policies is getting more muted as we progress. it seems a more concerted effort is possibly necessary. in particular, for the mastic demand. so we are watching this space very closely. for the time, it seems the outperformance we have seen in the greater china region could be capped in the very near term. haidi: how do you position at a time like this as it feels like a lot of strategist are almost fearful to have much conviction going into next year? is next you're going to be another year where you have to be