i am manus cranny in dubai with dani burger in london. fed officials including richmond president tom barkin again say they need to hike further to break inflation, even if at a slower pace. >> very supportive of a path that is slower, probably longer, and potentially higher than where we were. dani: stocks and futures climbed, led by a rebound in china nationwide unrest over covid curbs ease amid heavy police presence. the dollar declines. musk rounds on apple. he attacks the iphone makers in a flurry of tweets, risking ties with the top advertiser. when it comes to this morning, it is the lack of protests that is allowing risk assets to move forward. manus: it is hope over reality. if you look at the global market, you have got chinese equities rallying. how much will they quash these protests? you look at the commodity complex and again, they are talking about allowing billing companies to float equity or to release equity again. this is all built around the hope of a reality. if you look at that, brent is up 6.9%. will they cut going i

this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london withranny in dubai. did you do any shopping on black friday? manus: i need a new cattle apparently -- kettle, apparently. dani: i have added it to my manus gift list. it seemed like not many people were putting together a gift list, as some shockers -- shoppers were seeking a reprieve from inflation, and there was higher traffic and storms. what is the latest news from retailers? are we seeing shoppers still spending in the face of a potential looming recession? sabah: the latest data shows expending is up. there's a lot in inflation numbers. in the u.k. it was up 5% on friday. also in the context of omicron last year. people want to go out and buy their christmas presents, they are being a little more thoughtful with spending and i think that will be impacted in sales figures. manus: the perennial question is , how much are you having to raise prices, how much tolerance do shoppers have to take on price hikes? here we are, black friday, were the discounts substantial or the classical i fo

i am manus cranny in dubai with dani burger in london. we have the stories that set your agenda. ina uses quarantine roles, propelling socks higher. -- propelling stocks higher. the fed has room to slow the pace of rate hikes. this following the surprise reading. an investigation by the ftc as they freeze the ftx firm assets. happy friday. another edition of friday karaoke here. tell the folks, what was top of the charts in 1993? manus: it was whitney houston with -- what was it? dani: i will always love you. manus: i will always love you. this is very left field. god bless dolly parton. let's talk about this morning. we are desperate for any good news. we are pressed in terms of being daring to take a risk. we explode higher. dani: need even started this morning this is cross asset, big differences this morning. manus: the dollar continues its trajectory lower. indent rally in the morning. i love a bond trade. one day drop in yield since 2009. the probability of that has gone to zero. it will not be as cheap to me to go to the united kingdom. i can see retirement coming towards m

dani: this is "bloomberg daybreak: europe," i am dani burger in london with the stories that set your agenda. using tensions -- president biden and xi ease tensions during a meeting in bali. the biance founder picking up the pieces after the collapse of ftx. and amazon braces for slower growth and warned buffett takes eight $5 billion stake in a chipmaker. yet another day of a monster rally in china. it is euphoria in the most beaten-down stocks in china. day four of the rally, driven by hopes of saving the economy with help for the property sector, but also easier policy when it comes to quarantining covid zero. these are two big narrative seeming like they are starting to shift. the other big china narrative potentially shifting is icy u.s.-china relations. we will get more on that in a moment with stephen engle. that is allowing hong kong tech the past two days, now the rally has a stacked up to 7.2%. we are headed toward a technical bull market with the rally of 20% from lows, but it is still off a lot from highs. something like 40%. there is still a ways to go and it feels like t

i am dani burger in london. pricing in a step change for the fomc begins its two day meeting in the optimism that prices will start to slow. taxing the windfall. president biden threatens to impose more levies on oil firm'' record profits. meanwhile, prices drive aramco to bump up profits. credit suisse chairman axel lehmann tells bloomberg that the bank is not open to take over discussions. >> we are going to decide -- thrive again, so we do not have any takeover discussions at this point. we believe we will stay independent. dani: this morning, it is yields lower, dollar lower, stocks higher after the 75 basis point hike from the fed this week. perhaps they will go 50 or 25 after that, but before we can get to a step down, we have got to get 75 first and we have two cpi reports before that december meeting. there is a lot to factor in. if we get 50 basis points come december, that is still a jumbo hike. that is part of the reason we saw bonds selloff yesterday. have come down a bit and we are just above 4%. a

i am dani burger in london.rome powell is ready for a 70 five basis point rate hike, higher making outlook for further increases. the hang seng heads for its best two day run since march amid ongoing speculation over china's covid policy. plus, brazilian president jair bolsonaro begins handing over power to incoming leader lula da silva, but stopped short of formally conceding. with this pivot mania, is the potential for the fed to disappoint when it comes to that. are they going to continue being hawkish? are we going to see the dollar bump up along the high end of the rate? you are seeing a weaker dollar, down 0.2%. u.s. two year yields are up some 4%, but we still have not pushed higher after adult -- a jolted job report. this is still a tight labor market, something we need to contend with when we have these narratives about the fed potentially pivoting. it is something larry summers has called badly misguided. even so, some of that china reopening narrative has helped futures this morning. it is also helpin

dani burger in london hq with the story setting your agenda. >> incoming data since our last meeting ts the ultimate level of interest rates will be higher than previously expected. dani: slower but higher equals lower risk assets. smaller rate, but a higher peak sending stocks lighting. kaylee takes the baton. the bank of england is expected to announce it 75 basis point hike. cutting characters. elon musk reportedly plans to eliminate half of all staff i see most major cost reductions. manus, we have a bunch more earnings to grapple with. the german gas giant breaking up the moment. manus: absolutely. we have a 40 billion loss curtailed on russian gas. this is about the flow of gas from russia through those pipelines into germany as the giant energy producer in germany. a net loss of 40 billion euros for the first nine months of the year. they are set to receive an aid package that will lead to the nationalization by the end of the year. dani: also looking at bmw coming through. strong showing from bmw. margins also stronger-than-expected. the low-end is 7%. the estimate had been fo

i am manus cranny in dubai with dani burger in london.you said, when you look at on high -- hon hai, the estimate was $41 billion. the income is at $38 billion. we talked about production issues with apple factories. they are at 57% of the revenue from apple. dani: many folks watching this program will know them by their tradename foxconn. their earnings also confirmed they are seeing weakness in the consumer electronics sector. they say fourth-quarter consumer electronics sales are falling. so our products. this is the theme of why apple is pulling back on producing. their biggest iphone producer. manus: we will keep an eye on that as the morning goes on. dani: in the meantime. first word news, simone foxman. >> good morning. russian troops up been ordered to withdraw from a southern ukrainian city that was the first major center seized by putin. innate televised briefing, they were told to pull out of the city and regroup on the other of the river. this is after ukraine's troops press forward with a counteroffensive. there will be simil

joining us now is dani burger will break this down for us. the job squeeze as real. is an ongoing story. we knew tech was already cutting back more so than other sectors, but it is this new reality of the business model needs to change. it is no longer growth at any cost. what is an easier growth cost lever to pull? it is jobs. they are lowering the workforce by attrition. freezing hiring across amazon is across the structure. or you go to straight up cuts like lyft cutting a third of its workforce, other companies as well like open door and twitter. kind of weird because they have their own thing going on with elon musk taking over, but 50% of the workforce is being cut. you have to look at what is going on in tech and a slowdown in advertising. tom: we have some irony in this story. amazon hiring heavily during the pandemic and now they have to put a pause on that. why are all the job cuts focused on tech right now? how much of that is aligned with what we saw from amazon? dani: it is exactly that because during covid, it was tech that benefited. people were buying

i am manus cranny in dubai and dani burger in london with the stories setting your agenda. : hang seng tech stocks head for the best week ever amid ongoing optimism that covid measures could ease. xi jinping tells olaf scholz that china and germany should unite for peace. today's jobs report is expected to show u.s. hiring slowed last month, but will it be enough for the fed? plus boe governor andrew bailey tells us that the markets should not conclude their series of three-quarter point rate hikes. >> that is not the norm. i do not think people will be surprised if they see that we and the fed are looking at things through slightly different lenses. manus: don't get comfy with 75 basis point hikes, a dovish hike if you ever had one. socgen beat estimates on the quarter. that drove the net income up 80%, higher than the analyst estimates. the company's ceo sitting down with bloomberg's caroline this morning. caroline: i will say good morning to frederic oudea, the societe generale ceo, live from france. your fixed income revenues are up 34% in the third quarter. what drove t

i am manus cranny in dubai, dani burger in london. democrat john fetterman flips a key senate seat in pennsylvania while republicans make gains in their drive to win control of the house in an election shaped by the economy. crypto mayhem. digital markets plunge as doubts over the by finance ftx deal growth. bitcoin slums towards the lowest level in two years. plus, deflation returns. china producer prices fall for the first time since 2020 as covid restrictions way on-demand. asia stocks and u.s. futures are mostly lower. some recognize -- some breaking lines coming through on sportswear maker adidas. manus: these are the top lines so far. third-quarter revenue of 6.4 one billion, operating profit of 654 million. this is a company with shoes piling up, many controversial issues and here is the headline. the end of the yeezy partnership with the individual formally known as kanye west included in the 2022 outlook. this is one of the big communications, media relationships that adidas had. it's been painful for a number of reasons but t

manus: this is "bloomberg daybreak: europe," i am manus cranny in dubai with dani burger in london. battle for the hill -- u.s. midterm elections kick off today with the democrats facing an uphill task to hold congress. former president trump promises a big announcement next week. mixed markets -- stocks and futures mixed as voters head to the polls. oldman outlines a plausible path for avoiding a u.s. recession. plus, emmanuel macron decries uncertainty for climate policy brought about by russia's war in ukraine. we are speaking exclusively to the greek prime minister live from egypt. speaking of which, let's get over to coppin 27, where -- cop 27, where francine lacqua is standing by. francine: i cannot be more pleased to be joined by kyriakos mitsotakis, prime minister of greece. are you optimistic things will get done? i know this isn't a headline cop , not expecting huge pledges. we are expecting money, will we get money from richer countries to the poorer to help with climate change? pm mitsotakis: i am reasonably optimistic. you're right to point out that the real question is

dani: this is "bloomberg daybreak: europe," i am dani burger in london with manus cranny in singapore. asia stocks rise as china has a sweeping support for its ailing property market. the fed's waller warns of more rate hikes. fdx faces a criminal investigation in the bahamas over the collapse of the crypto exchange. crypto assets continue to selloff. plus, superpowered summit. president biden and xi set to discuss trade and politics at the g20 with the world's most powerful leaders looking to make amends. manus, it is all about waller this morning, betting down any idea that a pivot party is on the way. manus: we debated the potential for a recalibration from the fed, but to quote the great man himself, chris weller, and this is the fed itself, the market gets way out in front. 7.7% is enormous. we've still got a ways to go. he is channeling his inner robert frost. [laughter] dani: i love it, calm down, everybody. you have that fantastic dollar showing how far the market has gone. why they are attempting to push back. manus: it took them so long to win the narrative, didn't it? they

i am manus cranny in dubai with dani burger. dani: hostile forces.se authorities pledged to crackdown on protesters' anger about government covid policies. the imf's says it may need to cut the nation's growth forecast. james bullard says the central bank will have to maintain its plan for rate hikes. the u.k. is said to be readying a relaxation of ring fencing rules in a bid to get a brexit big bang for banks. you have to kind of fuel for the fed speakers, who have been hawkish, but it is a market that is not necessarily inclined to price that in. commerce make needs to essentially rush commerzbank needs to essentially indicate that rates will go higher than 5% to get any sort of tightening in financial conditions. manus: she did not want to take the other side of any of my trades. i like what garfield reynolds said to me just a couple of hours ago. he said what is going on in the marketplace is the market is reflecting back on their father's fed, may be my age group, which is just this desperate need that they need some kind of a crack to appear in

i am dani burger. with manus cranny. >> shrugging off covid. hong kong stocks power asia higher as experts downgrade expectations. tech turmoil. apple cuts its outlook for iphone shipments amid reports that meta plans to start laying off staff and twitter asking some fired staff to return. and the u.n. climate talks start in egypt with a deal to discuss climate reparations. we are live. breaking from europe's biggest discount airliner. they have a full year guidance. a billion to 1.0 2 billion in terms of profit. they expect to grow strongly in a recession. this is the debate. we go into perhaps of longest recessions in u.k. history ever according to bank of england and ryanair tells us we will grow strongly in a recession. and there 81% hedged. they are building up their hedges. dani: it is the idea that folks in a cost-of-living crisis, when things are bad they trade down to the discount airline. 81% hedged is what we are seeing. for 2024 they are now 50% hedged. perhaps not taking any chances when it comes to higher prices of fuel. they also

alix: i spoke to dani burger in london.lked about the visibility in the holiday season. >> we have seen forward bookings and fares into the october midterms. christmas looks very strong. next easter and next summer looks strong. we will be cautious this winter again. everything looks good appeared what was unusual this time, people do seem to be spending and traveling. last winter we had omicron, the covid variant. of course christmas, we have ukraine invasion. i think we should be cautious. it is fragile. all of the signs in the near-term are strong. >> there is are up 7% on pre-covid levels. you talk about the fragility there. are you able to strongly price and hold that summer percent gain? michael: i am surprised how strong it is. the second quarter, airlines were up 40% on pre-covid. it is very rare in this industry you get volume and fair growth. i think there has been a structural change post-covid. so much capacity has been taken out of the system. we are 11% up on pre-covid. we expected things will tail off. it doe

i'm dani burger in london with the stories that set your agenda. asia stocks follow wall street into the red as the selloff in chinese tech intensifies. the dollar snaps a two-day decline. u.k. chancellor jeremy hunt delivers his budget statement today, seeking to stabilize public finances amid economic headwinds. plus, u.s. republicans flipped the house by a narrow margin, giving the gop power to thwart president biden's agenda. breaking lines, it is siemens earnings, and it is a beat. they beat their pre-purchase allocation price at the low end of the range. the estimate had been 8.6. they are ceiling 2023 comparable sales, also beats across-the-board when it comes to fourth-quarter net income sales, orders and industrial profit. it is a brighter outlook amid a challenging backdrop in germany. saying they have a high backlog and continue to avoid any major disruptions from supply change, all of that said, there 2023 outlook is based on one, geopolitical tensions do not escalate further and challenges from supply chain constraints continue to ease