i am manus cranny in dubai with dani burger in london. nt to get this right, i will read what is in front of me. we are looking at the euro, trying to find a flaw. dani: what are the statistics? 131 basis points this month. the lowest since 1992. this is when we get to the argument. the argument that they are trading. it continues to get punished. manus: absolutely. the dxy is at a record high. since we get to understand about that narrative change in the out -- output. the dollar is short of 140 but we may make it there. we will talk to the chief economist for berenberg 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

i am dani burger in london with manus cranny into by.fter a cpi report that had $2 trillion off global equity markets, it is a little underweight. an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. manus: this is bloomberg europe. i'm manus cranny in dubai with dani burger in london. dani: a friendship with limits. president she and put in are set to meet for the first time since the war in ukraine. plus, bear versus ball. ray dalio warns of stocks could sink another 20% while david rubenstein says it is time to buy the debt. the eu sets insight on energy windfall taxes. but shelves the idea of price caps. let's continue with that story in europe. the european commission has

dani burger -- dani: yeah? manus: it's back at goldman sachs. two years, you were safe.ut they do this at goldman. every year, you are in the lower model. 47,000 employees, 39,000 before covid. this is about a reappraisal who gets to stay at goldman sachs. i just wonder which division. investment banking pumping out a revenue drop. trading, a bit safer. up by 32%. dani? dani: i was going to say i am not in sydney traveling around, so get your anchors straight. careful what you wish for. you issue would come back as a junior bankers. perhaps that is not where you want to be right now. it is not just goldman. it is also hsbc. they are talking about the fact that half of their costs are fixed pay. because of that, costs have been increasing. at a conference, we heard the cfo talk about the need to get brutal. stevenson saying of the only way out is to be pretty brutal on internal costs. he says the ceo and him have a bias on focusing on cost control over revenue growth. perhaps the safest place to be is not being a junior banker. manus: there you go. the reincarnation, i wi

i'm dani burger in london and these are the stories etc. . >> i will deliver on the energy crisis, dealing with people's energy bills but also the long-term issues we have on energy supply. dani: incoming prime minister liz truss is set to earmarked 130 billion pounds to pay gas and electricity for u.k. households. opec announces a modest cut in production. plus, private warnings. russia risks deep and prolonged economic damage as the impact of sanctions spreads according to an internal report. we speak to ukraine's prime minister. another day grappling with the fallout of the energy crisis, the flow no longer moving through nord stream 1. it is positive ever so slightly when it comes to risk assets, slightly lower to unchanged after a bruising session yesterday, especially for the dax, which tumbled some 2%. let me take you to the futures session. we are seeing losses of about .1% for dax futures, .2% when it comes to euro stoxx 50. we are trying to digest proposals we have seen, is that enough to uplift risk assets? we will have a guest on

i'm dani burger in london. massive task ahead, the u.k.ernment hopes to build confidence in its economic program a day after the bank of england's dramatic intervention. but the pound resumes its decline amid ongoing doubts over liz truss's tax cut plan. wall street higher on the rally triggered by the boe. porsche defies market gloom as it gears up for the biggest european ipo in decades. a dramatic day yesterday that saw u.k. 30 year yields slide 100 basis points after rising 200 over the past month. i want to get straight into the market check, the u.k. market is closed. a lot of folks were stopped out of some bearish bets. we saw everything rally yesterday. it's not strange to see some of that fading this morning given some of it was more on the technical side. we are looking at s&p 500 futures that have been struggling to find their footing. they were down, they were up, but the effect has been little change. the bloomberg dollar spot fell 1% yesterday, at the moment up .4%. some strong dollar trades back on for commodities. also, ste

i'm dani burger in london.sident biden has accused donald trump and so-called maga republicans of assaulting u.s. democracy. biden urged americans to reject any candidate backed by his predecessor in the november midterm. pres. biden: maga republicans have made their choice. they embrace anger. they thrive on chaos. they live not in the light of truth but in the shadow of lies. but together, together, we can choose a different path, a better path. dani: let's get to bruce einhorn on this. what were the main takeaways from what president biden said? bruce: he very specifically referred to donald trump and maga republicans which is striking because for a long time, president biden has tried to avoid talking about former president trump. this time, he talked about the threat to democracy from that branch of the republican party. he made a point of distinguishing that from what he calls mainstream republicans. he referred to because of violence. he talked about the unwillingness to accept the results of free and fa

i'm dani burger. the u.k.s to get back to business today after the funeral of the queen and the 10 day mourning period. markets will be open again after yesterday's break and parliament will be back in session. lizzy burden joins us now. you were staked out right by the seemingly never-ending line snaking through to see the queen lion and state, capped off by her funeral in windsor. going through it all, what stood out to you in this period of mourning? lizzy: standing and listening to the organs from the funeral, you can hear it from where we were west of westminster abbey. what stood out to me from the funeral service was how much thought went into it. this was obviously years into planning and how much it said what meant most to her. she let the people in. this is the first fully televised euro of a british monarch ever. just as her coronation had been almost 70 years ago. it was interesting how she was honoring her people, in that she had people who had received the victoria and george crosses among all th

i'm dani burger in london. european leaders announce kremlin plans to stage annexation votes in eastern ukraine calling it imperialistic aggression. >> such bold referendums don't change the nature of the conflict. dani: the fed is expected to hike by 75 basis points for a third straight meeting. dr. doom sees along an ugly recession. stepping on yields. the bank of japan schedules bond buying. many folks expected to wake up in europe overnight haven't heard from putin. it was touted by russian media and that there would be a speech by him. it was delayed without much explanation so the risk continues. concerns of an annexation votes. what that means for ukraine, the world and europe. that combined with central banks on deck means the market where no one wants to take a lot of -- you are seeing a flight to the dollar continued throughout yesterday reaching a record high on this bloomberg dollar spot. the euro feeling the pain of the uncertainty around russia, a possible escalation should not annexation vote go a

i am dani burger in london. >> we have got to get inflation behind us. i wish there were a painless way to do that. there is not. dani: more hikes and more anguish, fed chair signals a recession maybe be a trade-off. hours later, japan holds a line on its ultralow rates, driving into 820 your -- a 20 year low. boe headlines more central-bank action today. norway and south africa also announcing rate decisions. we will keep at it until the job is done, words from jay powell yesterday. reflecting the title of an autobiography. it is clear that they have put a hawkish drive into the market. 75 basis points, what we expected but with the dots. this is a fed that does not like markets. you can see that clearly in the reaction. we have an equities rally which would make a lot of sense if they are trying to engineer a recession. that will hit earnings. it is not going to be painless to have inflation come down. perhaps stocks are operating for the american economy. two-year yields surging about 4%. they are still continuing to climb higher today. we are at 1%. t

this is "bloomberg daybreak: europe", i'm dani burger in london. no action. the boe quash is speculation about emergency moves as traders bet sterling will reach parity with the dollar. the dollar rally pauses as stocks and futures edge higher on a day when the s&p closes at the lowest level since 2020. guilt and treasury yields soared. ecb president lagarde says policymakers want consider qt until interest rates are normalized. the bond vigilantes out in full force yesterday, sending gilt yields to historic moves. u.s. yields moving to multi-your highs at the same time the equity market was crushed. we do have some relief today. we're looking at christine lagarde at the moment, there we go, looking at a software dollar today allowing some relief when it comes to sterling and europe. both hovering around 1985 and 2002 lows, respectively. today's weakness means we can jump in and by risk, s&p futures up .7%. goldman and blackrock warning to ditch stocks. we have yet to price in earnings recession, and continued aggressiveness from the fed. 10-year yields are d

happy friday, i'm dani burger in london. a brutal week for markets, treasuries sore and stocks slide amid fears of rising rates. goldman slashes its s&p 500 target. italy goes to the polls as meloni vies to become the first female prime minister. credit suisse proceeds with its second restructuring in less than a year. he made it to the end of a long week, market still trying to grapple with what it means after more than a doesn't central-bank decisions, the bulk of which hiking interest rates. generally what we are seeing is everything falling in the face of a stronger dollar. risk assets are under pressure, the s&p continues to slide, goldman slashing their s&p 500 target. they see the deer ending at 3600, another 4% decline. we are seeing the outcome as we go from inflation concerns to earnings. talking about $3 billion worth of cost cuts. japan closed for the day, we will not have treasuries trade until 7:00 a.m. u.k. time but futures under pressure as we saw a front and dries the 11th consecutive day. also pressuring th

i am manus cranny in dubai, dani burger in london with the stories that set your agenda. markets selloff. u.s. inflation comes in hot. calls for over a 100 basis point hike from the fed next week. china and japan ramp up efforts to bolster their currencies. the japanese finance minister says tokyo will not allow intervention. state of the union. ursula von der leyen will call for radical steps as the eu battles its energy emergency. manus, risk assets on fire yesterday, bleeding into today with that hot cpi reading. markets pricing in a 36% odds we will get a 100 basis point hike. those are reverberations felt across the globe. manus: there was a ransacking of risk from parabolic moves and implosion with a rates cut. i will trot along with a bit of dollar-yen. verbal intervention from tsuzuki, the finance minister. 24 year low on dollar-yen. verbal intervention as actual intervention could be on the cusp. larry summers says the fed should put 100 basis points in play to reinforce his credibility, though the dollar rose. there was that muscularity to the rate differential s

we are joined by dani burger. dani: we are now heading into the fed blackout period.om jay powell talking about continuing to act aggressively, but he is not going at it alone. we also had the ecb and the bank of canada delivering 75 basis points of hikes. looking at the week that was, there is some potential to say the dollar peaked on tuesday. we continue to see the dollar declined. it is less about the u.s. and more about the ecb and the bank of japan. we had the decision yesterday, but this morning, we have had this rash of speakers, four of them continuing to deliver this hawkish message, saying they are resolute to continue hikes. saying that if we act earlier, it will be easier. euro back above parity. the german two year yield, the highest since july. and this market still digesting what this means for the periphery. seeing the italian 10 year yield at the highest since the nadir of the market on june 14. that is the story coming from the ecb. we are getting noise out of japan. we are looking at a yen trading at 142 spot $40. the dollar down more than 1%. corr

dani: good morning, this is "bloomberg daybreak: europe," i am dani burger in london and these are the stories that show your agenda. global dignitaries in london for a final farewell to queen elizabeth. powell plus. the fed with a flood of central bank decisions this week. the boe, bank of indonesia and peggy -- boj also decide. and president biden says the u.s. would defend taiwan if attacked, risking more discord with beijing. let's start in the u.k., global leaders have gathered for the state funeral of queen elizabeth today. that service expected to bring the u.k. capital to a standstill. we have the british public and much of the world paying final respects to an extraordinary life and reign. we are joined by anna edwards and lizzy burden, outside of westminster hall where the queen is lying in state, will end in about 30 minutes. anna, a very busy day ahead. after the lying in state ends, what happens the rest of the day? anna: good morning. we see perhaps a continuation of the pomp and ceremony from the past 10 days. 10 days of official mourning comes to an end with the state f

i am manus cranny in dubai and dani burger is in london. : vladimir putin tells xi jinping he understands the chinese president's apprehension about ukraine. >> ukraine should get all of the military material they need because they have proven that if they have the military capabilities, they do defend themselves and we know they are fighting this fight not only for this brave nation but also for us. dani: demand concerns. fedex cites worsening business conditions as it looks at a negative outlook, showing negative signs for the economy. plus, germany moves towards nationalizing three gas suppliers, racing to avoid a gas shortage. we are getting past the 1992 anniversary of black wednesday, but we are still transfixed by economic woes, especially after that fedex report. manus: you rightly flagged it, which is more about europe and asia than it was about the whole plan. it is undeniable. equities, bonds, cross acids have been crushed this week and the measurable rise continues. deadlock makes the point. the rates are rising and it is a repri

i'm dani burger in london.nergy clash. russia threatens to cut gas supplies through your crane. it's less lincoln thing western europe as the eu declares the lord stream -- nord stream disruption sabotage. sterling resumes its decline. the dollar climbs yet again and stocks tumble. >> the volatility will go on. if you look at the inflation numbers in europe and interest rates going up, i can't see that the volatility goes away over the next 12 months. dani: volatility probably the understatement -- volatility here to stay. probably the understatement of the century. we have continued pain when it comes to the european energy markets. we have this continued hawkish speak from the fed. we had bullard yesterday talking about this idea that you need to continue to raise interest rates in order for them to retain their credibility. stocks selloff yet again. we have a bloomberg scoop that apple will not be increasing production of iphones. european stocks futures down nearly 1%. u.s. dollar again continues to hit new

i'm dani burger in london and these are the stories that set your agenda. a quarter like few others, asian stocks tumble following another rout on wall street, over $2 trillion wiped out in just three months. mary daly says recession is needed to curb inflation. an emergency intervention package, a deal on gas caps. putin is said to proceed with annexation of ukrainian territory. there is financial stress rife throughout and this week it was greeted by the blowup in pension funds when the boe stepped in. there is thinning liquidity, bond deals being shelved, volatility skyrocketing and yesterday was a great example. the moves in this equity market to close out this quarter have been extremely painful. let me show you what stocks did yesterday. following by some 2%, and the vix remains above 30. it went about 30 on monday the first time since june, and has stayed above their everything obey. -- every single day. since 30 is on the lower side, -- it is more than the tech bubble, so these are big losses building up. s&p futures continue to move lower, we have

that's get the bloomberg first word news did -- let's get the bloomberg first word news with dani burgerrussia turns to north korea for weapons to use against ukraine. the state department of the u.s. says it is the latest sign that russia is continuing to suffer from veer supply shortages due to sanctions. the latest on former president donald trump's legal woes and the washington post is reporting that the materials of nuclear capabilities were found in mar-a-lago. it found the documents were so top-secret that even senior national security officials did not know about it. quiet quitters. that means they fulfill their job descriptions but are psychologically detached from their work. the people that actually engaged with their work were just 32%. a drop in engagement has come from gen z and younger millennials. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine. francine: thank you. coming up, in her first national address as prime minister, liz trust promised a major

. ♪ manus: this is "bloomberg daybreak: europe," i am manus cranny into by with dani burger in london a level from ubs, calling a december brent forecast on $15 in lockdown. $110 on brent and wti on your screen. brent at $91. down this morning. dani: let's switch focus to the u.k. queen elizabeth's coffin was driven slowly from balmoral edinburgh as the country continues a period of mourning. people lined the streets, taking part in the historic farewell. joining us is lizzy burden, at buckingham palace. what is the plan over the next week? lizzy: crucially for our audience, the bank of england has firmed its decision to mark a mourning period. in the interim, we will still get a raft of economic data. today at 7:00 a.m., gdp figures, expected to show a 0.3% growth in economic output. a bounceback from the technical claim from the bank holiday in june, 0.6% that was. a sad reminder that only three months ago, britans were celebrating the platinum jubilee at a can him palace. -- looking him palace. the funeral is likely to slightly depressed economic output, and deutsche bank says ther

anna edwards at buckingham palace as the sun rises here in london with manus cranny in dubai and dani burgero in london at our headquarters over in the city. our focus here on the u.k. today , here on the start of 10 days of morning. international leaders giving their responses and international business stepping forward with their reflections, responses, recollections of having met the queen. dani: exactly pillar it -- exactly. bill gates saying he was honored to have met the queen. bezos saying, i can think of no one who better personifies duty. tim cook saying, there is nothing more noble than devoting your life to the service of others. the uk's former deputy prime minister saying that her stoicism and sense of duty was a calming and stabilizing influence. manus: those tributes are pouring in from around the world and the commonwealth which queen elizabeth ii lead. she's the uk's longest serving monarch. she reigned from the age of -- to the smartphone. she has died. she was 96. >> queen elizabeth the second reigned during a time of unprecedented technological, social, political change w

i am dani burger. this is bloomberg. ♪ >> the following is a paid program.s and views expressed do not represent those of bloomberg lp, its affiliates, or employers -- or its employees. >> the following program is sponsored by time life. every sunday

dani: good morning, happy monday, this is "bloomberg daybreak: europe," i am dani burger in london.rling crashes to a record low. there is a vow for more tax cuts, and a hawkish response by the boe. futures sink and yields jump as a pessimism evens over prospects for inflation and growth. turning the page on draghi. italy set to have its most right wing government since world war ii. the losses from sterling on friday even worse in the early asia hours, experiencing something of a flash crash, falling more than 4% in the span of just 20 minutes. we saw sterling crater to a record low, that is this move here. liquidity is thin, but things are not getting better as we see more traders come online. we are not back to the 1985 lows but we are not far from an all-time low, trading at 105.42 at this moment. this isn't just a strong dollar story. sterling falling against virtually every single currency this morning. i have a few view, seeing the euro gain against the pound more than 2% this morning. sterling even falling against the lira this morning. that is these two. we are also looking

i'm dani burger.r after winning the conservative party leadership race. let's get straight to 10 downing street, where lizzy burden is standing by. we heard that quick speech from her. what were some of the main takeaways behind her victory and what she said? lizzy: she was very much still appealing to the tory voters who chose her as leader. she said she admires her friend boris johnson, a line which prompted a silence typical of her speeches. she also said her priorities were cutting taxes, dealing with energy, the national health service, so very much addressing that tory core. but she is going to have to pivot her message to the general public if she wants to stay in power because she is going to have to call a general election by january 2025 if she is to stay on. labour at the moment would win a general election. she is going to have to broaden her message because more than half of u.k. households face poverty at the moment. because of that got double-digit inflation at the moment. it hasn't eve