can i ask you about the ecb. _ ecb has not done enough. can i ask you about the ecb.k the stance that they are going to trust yorkshire — stance that they are going to trust yorkshire to do the right thing and then as _ yorkshire to do the right thing and then as regulators, coming to sort of hold _ then as regulators, coming to sort of hold yorkshire to account. constitutionally, i do not know how that works. — constitutionally, i do not know how that works. but it was difficult for me to _ that works. but it was difficult for me to take. through the winter. because — me to take. through the winter. because i— me to take. through the winter. because i kept begging the ecb, the pca, because i kept begging the ecb, the pca. the _ because i kept begging the ecb, the pca, the pca kept telling me, we agree _ pca, the pca kept telling me, we agree with — pca, the pca kept telling me, we agree with yorkshire, independent investigation but i am telling them they are _ investigation but i am telling them they are not doing the right thing, they are not doing the right thing,

shares _ rest assured, the ecb absolutely shares that _ rest assured, the ecb absolutely shares thatred, the ecb absolutely shares that. we have a meeting| rest assured, the ecb absolutely. shares that. we have a meeting on friday— shares that. we have a meeting on friday with — shares that. we have a meeting on friday with the _ shares that. we have a meeting on friday with the whole _ shares that. we have a meeting on friday with the whole game - shares that. we have a meeting on friday with the whole game and i l shares that. we have a meeting on i friday with the whole game and i am pretty— friday with the whole game and i am pretty sure _ friday with the whole game and i am pretty sure the — friday with the whole game and i am pretty sure the whole _ friday with the whole game and i am pretty sure the whole game - friday with the whole game and i am pretty sure the whole game will - friday with the whole game and i am | pretty sure the whole game will want to come _ pretty sure the whole game will want to come together _ pretty sure the whole game will want to come together for—

the ecb has a new framework in place. think they want to separate out the end from the first rate hike. they do not have as much of that inflation fear. we think they are going to suggest being well behind the curve in terms of inflation, in terms of when they are going to hike. we do think they are going to end it. they have telegraphed that, extend app. jonathan: the clue is the emergency, the emergency purchase program. gene, it may end, but ultimately they can carry that flexibility over. doesn't have that excuse to do it? gene: i think they do have that excuse. that is the key factor here. frankly the ecb is probably going to be the last in this sequence of central banks to really move toward title policy. i think moves on the bank of england side are ones to watch, frankly. if we see them actually raising rates. jonathan: your view on this, zach? zach: certainly an interesting dynamic in europe and the covid case counts. the move today has been a reminder that we are not through the pandemic. that could remain an is

the you suggest the ecb and the county game does?— you suggest the ecb and the county name does?aken these allegations _ game does? the first thing has to be taken these allegations seriously. i taken these allegations seriously. what clearly happened at yorkshire county cricket club by that the sounds of things is people have either not taken them seriously or have tried to hide them away or brush them aside, so until you actually take these allegations seriously and act upon them, you�*re not really going to bring about change. secondly, there�*s something around the leadership on these issues. it�*s really important they don�*t appoint... where they hopefully won�*t announce people like tom harrison whose leadership in this area who open themselves up to scrutiny, and to take the hard decisions about bringing about change, but also in the way that they operate. change, but also in the way that they operate-— change, but also in the way that the oerate. . ., ., , . ., they operate. what does that mean in ractical they operate. what does that mean in practical terms? _ they oper

and an extension of that question, is the ecb fit for purpose to deal with the ecb fit for purpose toue? it the ecb fit for purpose to deal with the issue? ., , �* ., ., , the issue? it doesn't matter what my view is because _ the issue? it doesn't matter what my view is because i'm _ the issue? it doesn't matter what my view is because i'm not _ the issue? it doesn't matter what my view is because i'm not privy - the issue? it doesn't matter what my view is because i'm not privy to - the issue? it doesn't matter what my view is because i'm not privy to all. view is because i'm not privy to all of the evidence. the independent commission has been set up specifically to address that question. they will answer the question. they will answer the question. it does need answering. and when it comes back, whatever the answer is, the ecb or whatever is running english cricket by then will clearly have to come up with some serious plans to address whatever failings and conclusions are highlighted. i failings and conclusions are highlighted-— failings and conclusions are highlighted. failings

the ecb legal conference begins. the ecb president is due to speak at 1:30 p.m. u.k. time and then the bank of england governor speaks at cambridge university and the you competitive counsel these in brussels. -- meets in brussels. the european union is recommending tightening travel rules. let's get back to our story around covid. the european union is saying it wants to set a nine month time limit for the validity of vaccinations for coming into the block. let's get to a reporter in rome. what details do we have on this policy announcements so far? >> we are getting the official announcement later today. we have seen a document which says part of the proposal, which these are proposals that go to all e.u. member states and have yet to be approved and a caveat given the patchwork of measures we have seen dealing with covid and travel, there is no guarantee it will be uniform. the news is there will be a proposal for nine-month validity for the vaccination. that suggests after those nine-month people would need boosters. the other is entry into the block. there is a s

harrison insisted that the ecb is fit for purpose _ insisted that the ecb is fit for purpose when ask had been difficult to get the first class — been difficult to get the first class game to wake up to the issue of racism _ class game to wake up to the issue of racism in — class game to wake up to the issue of racism in the game. he said if we are not— of racism in the game. he said if we are not in— of racism in the game. he said if we are not inan— of racism in the game. he said if we are not in an emergency couple we are not in an emergency couple we are approaching one. in a rare move the current— are approaching one. in a rare move the current chairman of yorkshire lord _ the current chairman of yorkshire lord patel— the current chairman of yorkshire lord patel who recently was installed in the post was asked to come _ installed in the post was asked to come from — installed in the post was asked to come from the public gallery to get evidence _ come from the public gallery to get evidence. and he said that from his conversations with chairman the issue _ conversations with chai

using the ecb will welcome that? you talk about -- do you think the ecb will welcome that?ou talk about the end of pepp. i wonder if what we are seeing with covid cases now, if that will mean the reforms to the other programs are more likely to have a dovish tilt to them, i.e. more of what happened with pepp, transferring back into those other programs. peter: it is clear the ecb will try to keep maximum optionality, but i think the base case is, as a christine lagarde has been saying recently, is basically to implement the strategy review. that means you want to make sure you are reading core inflation expectations at a high level. europe has been quite different from the u.s. because we started in europe with too low in place and for too long, while u.s. was not that far away from its objectives. so i think the monetary bias will still remain on the dovish side in europe for a while, but this does not exclude the fact that some of the exceptional measures will be terminated in march. but the ecb will certainly want to avoid any cliff effect from the move of policy. so the

the ecb was criticised not least because _ well.ause the former - well. the ecb was criticised not. least because the former chairman well. the ecb was criticised not - least because the former chairman of yorkshire said he tried to get them involved at the time of the enquiry into yorkshire and they said it was a matterfor the into yorkshire and they said it was a matter for the county. into yorkshire and they said it was a matterfor the county. visibly into yorkshire and they said it was a matter for the county. visibly a number of counties won't be very keen on the ecb taking a more proactive role in intervening in club affairs —— presumably a number of counties. notjust organising the matches, but looking inside the clubs themselves.— matches, but looking inside the clubs themselves. yeah i think that mi . ht clubs themselves. yeah i think that miaht be a clubs themselves. yeah i think that might be a concern _ clubs themselves. yeah i think that might be a concern from _ clubs themselves. yeah i think that might be a concern fr

the ecb _ the ecb. what part did they play in this? the ecb are _ the ecb. are obviously the governing body of the game. last year, when there was a case against the ecb, there was reference to a meeting where someone was on the first class and byres reserve list, there was a meeting between officials and umpires, and umpire made a racist comment towards him, the two board officials never reported that, never said a word. it is even happening within the ecb itself. thank you for speaking to us this morning. let us return to that story about the resignation of 0wen paterson. a u—turn that led to 0wen paterson resigning yesterday afternoon. let's speak to conservative peer lord barwell — he was downing street chief of staff in theresa may's government. not something you would have wanted to have on your hands a couple of days ago. to have on your hands a couple of da s auo. ~ . to have on your hands a couple of da sauo.~ ., ., , days ago. what went wrong? it is clearl a days ago. what went wrong? it is clearly a terrible _ days ago. what went wrong? it is clea

the ecb is very much making that point time and time again.many, for instance, has had a shift in its value-added sales tax. that is likely to work its way through the system. europe is having a much higher proponent of energy in the mix as well. the expectation is that that is likely to fade. but nevertheless, these are superhigh numbers. you do wonder if we are going to see another wave passing through europe of covid, whether or not that will further exacerbate the inflationary impulse we are seeing at the moment, as people switch back from paying money for services to paying money for goods, exacerbating the demand story we are seeing on the goods side of the equation. an interesting question area we need to figure it out. about the moment, the ecb has got to deal with superhigh inflation here in europe. alix: they are standing pat. take a look at the bank of france. the governor saying we are taking a look at omciron, but it shouldn't change our outlook too much. i wonder how long that narrative can stick. joining us for more is simon fre

yields lower in italy into the ecb. that decision a month away. lisa: this ties the hands of the ecb to talk about any purchasing or and dave thereupon purchasing early. the worst you get from a pandemic level the more the ecb has free laid -- free reign to wait longer. jonathan: the e in pepp is not over is the feeling. your equity market a little bit softer, bouncing off session lows on the s&p. lower one third of 1%. we talked about the bid in the bund market. lisa, your 10 year one g550 one. -- your 10 year 1.55. lisa: we heard fed officials are concerned about the broadening reach of inflation. we heard from raphael bostic who is bringing forward his expectation for the first rate hike to the middle of the year. today we get a host of additional fed speakers. chris waller as well as fit vice chair richard clarida. how much does he edify even what we heard from john williams yesterday, who said we are seeing broad-based inflationary pressures. it does hurt individuals, basically indicating his view adjusting attached. 12:00 we get the center f

the ecb i think will remain on hold. it will be interesting what they indicate with their pep program. the fed meeting may be the most interesting. how do they deal with the fact that inflation is more persistent and there still is a covid fear? jonathan: lame-duck chairman potentially. lisa: that would be problematic. do you buy more christmas gifts when the pound drops to a certain level? jonathan: i am doing services this year, not goods. services that are already locked in. i edged the foreign exchange long time ago. maybe i shouldn't have done that with this explosive move on the u.s. dollar. do you want to make this more personal? matt miller is already doing that this morning. the move back. for you, good. lisa: you are like, good luck. jonathan: equity futures down 11 on the s&p, negative two tens of 1%. on the nasdaq 100, positive 50. euro-dollar at 1.1290. the pandemic emergency purchase program at the ecb. is that emergency over when they meet next month? lisa: it's looking like it's not quite over especially

is the ecb ever going to get into positive territory?t is what the market is taking about right now, thinking maybe it is not quite that extreme. maybe actually there is enough momentum, maybe the ecb has some appetite this time to try and rein back some of their stimulus. we are hearing some of those noises coming out very gradually. don't think that i really characterize this as easing off the accelerator, nowhere near the break. so i don't think it will disrupt the recovery, and i don't think any central banks are sending signs, but it is a sign they will take your foot off the accelerator, yields are going to rise, and that is going to filter into good news for some stocks and bad news for others. guy: it feels like the fed, the bank of england are a one page. ecb, boj on completely different pages. euro-dollar trading $1.1265. over the last five days, if you were a u.s. investor versus european investors, the dax is done by 1.7 7% over the last five days for eight euros an investor, down by 2.25% for a u.s. investor. the currency is

agnes: the ecb has not changed stance.ut your absolute right that it is my biggest fear that the market misunderstands the end of the emergency bond purchase program in march 2022 as sort of tapering decided by the ecb, and taken as a tightening of financial conditions, and to put it is a change of stance. it might be added to it from the emergency purchase program, but it is very important that that is well communicated because the ecb, although it has doves and hawks, has not seen anything that will make it change its mind. it is so close to its holy grail of changing the trajectory of inflation closer to target, and this is probably what is keeping it up at night, not missing this opportunity of not returning to subzero growth, but taking the chance of propelling european growth to a new, higher growth trajectory. guy: hold that thought for a moment. i want to direct our audience to what is happening at arlington. you are looking at a live shot from the arlington national ceremony. the president of the united states and

the ecb said that it felt it was now at the point where it need to intervene. issue for the wider game. and once the situation became one which was clear there was going to be significant reputational damage for the wider game, the ecb felt compelled to step in and take this supplementary action which we have done this evening. dan roan has the latest from headingley. well, today the ecb said yorkshire's handling of this situation had been wholly unacceptable, and that there were questions over its governance. headingley here was meant to, next summer, be hosting two big lucrative england matches, but they could now go elsewhere. costing the club potentially millions of pounds in lost ticket revenue on top of the huge financial hit it has already taken with yet more sponsors today deserting the club. the unprecedented nature of the ecb's punishment a reflection of the gravity now of this crisis which has engulfed yorkshire. their batsman, meanwhile, gary ballance, he's been handed an indefinite international ban by the ecb after he yesterday admitted using a ra

just a few weeks after covid when every 1st—class county was strapped for money and relying on the ecbut also legal constraints. the investigation team could not compel everybody or anybody to engage with the process and in my view, sadly, a number of people didn't want to get involved in the process and therefore the independent investigation on the panel could not make findings that others might have done if everyone had engaged with it. that others might have done if everyone had engaged with it.— had engaged with it. that is roger hudson who _ had engaged with it. that is roger hudson who has _ had engaged with it. that is roger hudson who has resigned - had engaged with it. that is roger hudson who has resigned today. l in response to that allegation that they did not help with the investigation — the ecb released a statement, saying that yorkshire did reach out to the ecb at the start of the investigation. but went on to say that as its role to regulate the entire game, it must act independently of club investigations. continuing fallout to that story and we will keep you up—to—d

the unprecedented nature of the ecb's punishment a reflection of the gravity now of this crisis whichional ban by the ecb after he yesterday admitted using a racial slur against rafiq, and tonight a second former yorkshire player admitted they were named in the report. former england captain and prominent pundit michael vaughn saying that he had been accused by rafiq of in 2009, using and making a racist comment towards him and two other asian players. he categorically denies the allegation, he says. meanwhile, tomorrow, the board here at yorkshire will hold an emergency meeting and i have learned that a number of those board members are now preparing to announce the resignation as the fallout continues. that's all for now — goodbye. hello there. after the rather chilly conditions of the last few days, things are going to feel a little bit different as we head towards the weekend. some milder weather in the forecast, but with that quite a lot of cloud feeding and from the west. and for some of us through the weekend there is some wet and windy weather on the way. this warm front has b

the unprecedented nature of the ecb's punishment a reflection of the gravity now of this crisis which handed an indefinite international ban by the ecb after he yesterday admitted using a racial slur against rafiq, and tonight a second former yorkshire player admitted they were named in the report. former england captain and prominent pundit michael vaughn saying that he had been accused by rafiq of in 2009, using and making a racist comment towards him and two other asian players. he categorically denies the allegation, he says. meanwhile, tomorrow, the board here at yorkshire will hold an emergency meeting and i have learned that a number of those board members are now preparing to announce the resignation as the fallout continues. before we go let's bring you this story from italy where one nativity scene this year is extremely topical. craftsmen in italy have given the three kings something else to carry when they visit babyjesus. yes, a covid vaccination certificate, as well the gold, frankincence and myrrh. since each king has a covid pass, entering the manger doesn't present an

i heard a statement last night from the ecb, that they| last night from the ecb, that they repeatedly me and yorkshire county cricket club through this investigation. that could not be further from the truth. yorkshire batsmen gary ballance had admitted repeatedly using a racial slur towards rafiq about his pakistani heritage, but a panel regarded it as friendly banter, and no action has been taken against any member of staff, sparking outrage. do you accept that conclusion that they reached, that it was friendly banter? is that how you would deem that expression, that phrase, towards a colleague? h0. that expression, that phrase, towards a colleague?- that expression, that phrase, towards a colleague? no, if you use that language. _ towards a colleague? no, if you use that language. it — towards a colleague? no, if you use that language, it was _ towards a colleague? no, if you use that language, it was completely i that language, it was completely unacceptable. 50 that language, it was completely unacceptable.— unacceptable. so why no action? because you _ unacceptable. so why no ac

there is a growing feeling that the ecb is no longerfit for there is a growing feeling that the ecb ispoint of view, so we are going to see meaningful change and i think it will be one of the elephants in the room at the meeting today and what i think will happen, quite quickly is that the ecb will probably be dismantled and we will see three boards replace it, which will be partly the national governing body and one will look after the game and one will look after the international game and then one will look after the grass roots and the amateur game, and above that i'm think what we are being told is that we should expect to see a strategic board which will do the governing of the game, which will leave the three independent boards, if you like, to get on with the promoting of the game and making sure that it is sufficiently well—financed. the human rights campaigner and chancellor of heriot—watt university, sir geoff palmer has been giving us his reaction to the latest developments. i think that it is up to the system to put things right and for the previous speaker to say this has

it added, the ecb find this medal a boring and against the spirit of cricket and its values.racism exists, swift action must be taken. i am going to run you through some of the points they've taken at this stage full so they said it will hold yorkshire county cricket club to account in the heading of the matter. they say they committed to taking decisions in the best interest of the whole game and agree to sanctions including potential financial penalties in future but it is already suspending headingley behind me from hosting international and major matches. that will be a blow to yorkshire. a time it is already suffering financial followed. in the meantime yorkshire are also can be subject to a review. and gary ballance will also be suspended from england selection. england cricket fans following will know that he has not been selected for england since 2017, but the ecb said they needed to take immediate action now. and also it is worth noting... action now. and also it is worth notina...~ . action now. and also it is worth noting- - -_ action now. and also it is worth not

the ecb has those processes in place.because there's been several— overreact at the moment because there's been several thousand - there's been several thousand enquiries _ there's been several thousand enquiries and _ there's been several thousand enquiries and that _ there's been several thousand enquiries and that is - there's been several thousand enquiries and that is only - there's been several thousandi enquiries and that is only going there's been several thousand - enquiries and that is only going up. at this _ enquiries and that is only going up. at this stage. — enquiries and that is only going up. at this stage, we _ enquiries and that is only going up. at this stage, we have _ enquiries and that is only going up. at this stage, we have to _ enquiries and that is only going up. i at this stage, we have to understand what the _ at this stage, we have to understand what the scale — at this stage, we have to understand what the scale of _ at this stage, we have to understand what the scale of the _ at this stage,

conceded he feared the club was indeed institutionally racist, before cricket's governing body, the ecbs to improve diversity in the game had some way to go. what we have struggled with is... ..is getting our first class game to wake up to the same extent, and that is the point, we are at that stage now where i think we are, if not already in an emergency, then we are approaching one. the ecb have been criticised for not doing more to support rafiq and the man who runs the game had this message for the whistle—blower. we know we've let you down and we're going to fix this and we're going to fix it quickly and we're going to fix it fast, because the survival of our sport depends on it. but for the man at the centre of one of cricket's gravest ever scandals, the damage has already been done. iwould imagine, as a parent, hearing me speaking out, why i would ever want my kids to go anywhere near the game? and i don't, i don't want my son to go anywhere near cricket. do i believe i lost my career to racism? yes, i do. hopefully in five years' time we're going to see a big change and i can lo

the unprecedented nature of the ecb's punishment a reflection of the gravity now of this crisis whichanded an indefinite international ban by the ecb after he yesterday admitted using a racial slur against rafiq, and tonight a second former yorkshire player admitted they were named in the report. former england captain and prominent pundit michael vaughn saying that he had been accused by rafiq of in 2009, using and making a racist comment towards him and two other asian players. he categorically denies the allegation, he says. meanwhile, tomorrow, the board here at yorkshire will hold an emergency meeting and i have learned that a number of those board members are now preparing to announce the resignation as the fallout continues. there is much more on that and all our stories there is much more on that and all our stories on there is much more on that and all our stories on the there is much more on that and all our stories on the bbc there is much more on that and all our stories on the bbc news website and of course you can download the bbc news app. you can reach me on twitter, i

she says such expectations are inconsistent with the ecb analysis. she did not call it wrong, reflecting an agreement that doing so could backfire. the ecb will face crucial policy decisions in december, when new forecasts become available. >> in our forward guidance on interest rates, we have clearly articulated the preconditions that need to be satisfied before rates will start to rise. and despite the current inflation surge, the outlook over the medium-term remain subdued. and thus, these preconditions are very unlikely to be satisfied next year. vonnie: opec-plus meets thursday, as they weigh u.s. demands for more oil. the white house is worried that inflation caused by high energy prices could derail its agenda. u.s. diplomatic pressure has been supported, but key cartel members say they should stick to the current plan of adding 400,000 barrels a day of supply each month. india has made its biggest cut to fuel taxes to boost consumption and keep inflation low, coming after the inflation increase to record levels. the government had previously

when it comes the ecb and well, the ecb has said in relation to azeem rafiq's the necessary action, usmanashes tests against england. he's not played test cricket since august 2019 when australia retained the ashes in england. australia have played only three finals in turin tonight as a late replacement. the british number one has been called into action after stefanos tsitsipas injured his elbow. he'll take on norway's casper ruud at eight o'clock and then world number one novak djokovic on friday. roger federer has confirmed that he won't compete at the australian open injanuary. in fact, the 20—times grand slam winner has told swiss website �*le matin' he would be "extremely surprised" to be able to play wimbledon next year. federer hasn't played since losing in the wimbledon quarterfinals injuly, and is continuing to recover from multiple knee surgeries. and one of britain's most decorated wheelchair tennis players, jordanne whiley, has announced her retirement. whiley won 13 grand slams, including the us open singles tournament in 2015. she's also a four—time paralympic medallist. i

we will hear more from the ecb president if and when we get them.tion is moving in the right direction, she says. euro-dollar down by 0.3%. what would you say if your employer offered you unlimited holiday? we will speak to the ceo of a company that has done just that and it looks to tackle worker burnout. that is next. this is bloomberg. ♪ tom: welcome back to the open. 41 minutes into the european trading day. it is a risk on friday across european markets. future in the u.s. -- futures in the u.s. pointing up. 0.4% is what you're seeing in terms of the stoxx europe 600. gains of 0.5% for the cac 40. basic resources at the top of the list, utilities the only sector in the red at the moment. your euro-dollar is that 113. christine lagarde saying we should not overreact to inflation, and in terms of your u.s. 10 year, up by two basis points, 1.6. 2021 was a blockbuster year for capital markets, but it also exposed the work until you drop culture in mobile finance, with high levels of burnout plaguing many workers. one company is offering staff unlim

they are doing more than the ecb. that is the main change over the last 24 hours -- that recognition of the reality. tom: what is so important is that everybody in global washington understands the heritage of hsbc. what is your dollar call after you have nailed resilient dollar over the last two years? what is the dollar call 12 months forward? >> it is a grinding, gradual strengthening. it does not sound very exciting. it is feeling a bit more consensual, which always makes us a little bit twitchy, but the fed took a step yesterday with more to come. you have to ecb saying the opposite. that is a key crunch point. for people who care about currencies, it is euro, dollar, yen. you are paid for holding the dollar. who does not like to get paid for doing nothing? that is where we are at. jon ferro likes it. lisa: there is a key question of whether to trust markets or the patience of central banks that seem to be looking at a different picture. we say that with the fed, not so much the bank of england. who has it right

guy: do think there is a danger that the ecb might be forced to do more?hat while a lot of the inflation this year has been in the united states, more of it may be in the euro zone next year? fiona: i don't think they will necessarily have to do more. the german election and the organization of the government which have been the priority by the german government which is generally the most hawkish about the fact that they want to invest in infrastructure and climate transition projects, and cetera, show that it is important for them to keep growth going, even more in europe where we have some social unrest around the vaccine, etc. the focus will be there before there will be some catch-up in rates, and although it is the u.s. which has to do in mandate for the fed, and europe has an inflation mandate, we could say that today, the rule out -- guy: though the line which of the fed seems to be changing over the last few days -- though the language of the fed seems to be changing over the last few days to focus on inflation. the labor market has been the focus

the government will closely scrutinise the actions of the ecb. scrutinise the actions the yorkshire cricket club take in response to these damning accusations. the investigations i refer to need to be thorough, they need to be transparent, and they need to be transparent, and they need to be public. that is necessary to restore the public plus micro—faith in cricket and beyond. —— the public�*s faith in cricket. the parliament is watching, the country is watching. we expect real action. the government stands ready to step in and take action if they don�*t put their own house in order. a couple are launching a landmark legal test case against what they describe as a �*gay tax�* when it comes to nhs fertility treatment in england. megan bacon—evans and her wife whitney, who are both in their 30s, claim their local clinical commissioning group discriminates against lgbtq+ families. ultimately it comes down to the fact there is an unfair financial burden being put on the lgbtq+ community, relating to the eligibility criteria placed on us as opposed t

seema: the market is looking at the ecb, probably feeling more reassured. is some view that 2022 is still going to be that first rate hike. when you look at some of the fundamentals of the euro zone economy, to me it sounds crazy. i think wristing lagarde really missed the opportunity to pushback very convincingly. thank god she did it today, and hopefully after maybe the fomc meeting today, we are going to see a bit of a pushback across the board for a lot of central banks, and specially for the ecb. guy: do you think the market is overdoing it? the polish central bank has raised, and no one in the market expected that. is there a danger that the fed ends up having to do an accelerated taper, that the bank of england hikes more than the market things it is? does the ecb get pushed into doing what it once? that's what it wants -- what it wants? gdp is not that far behind. i know there are big differences in europe, and italy and other countries are on a different page, but what if actually these central banks are forced into action? how is that going to aff

the ecb has banned headingley from hosting england matches, but hutton said the governing body should more to support the investigation. i heard a statement last night from the ecb, that they repeatedly offered to help me and yorkshire county cricket club through this investigation. that couldn't be further from the truth. yorkshire batsman gary ballance had admitted repeatedly using a racial slur towards rafiq about his pakistani heritage, but a panel regarded it as "friendly banter", and no action has been taken against any member of staff, sparking outrage. do you accept that conclusion that they reached, that it was friendly banter? is that how you would deem that expression, that phrase, towards a colleague? no, if you're using that language, it is completely unacceptable. so why was there no action taken? because you haven't seen the context of the whole of the report. and the club had legal advice, that actually that was not something you could take disciplinary action in relation to. is ballance the only member of staff that there's been an allegation upheld against? no. forme

later we will speak to the ecb supervisory board chair, andrea enria. let's look at the futures, one minute from when they open. the focus is on inflationary pressures. we look at the price of oil. i hear that wti and brent is on the way up. we have strategic concerns about the reserves in the u.s. that will depend on the medium-term outlook from the eia. we are seeing pressure on futures. i keep an eye on natural gas, this will have an impact on what consumers can afford or not in the winter months. iron ore a little subdued compared to the last couple of days. the cac, the ftse and ibex down 0.2%. the focus firmly on the fed. we understand there is a serious contender, and the president will make a decision by thanksgiving. other things we are watching, this is brent. some of these sovereign bonds and equities will stabilize. the euro -- and the the bank of england last week with andrew bailey on the promise of a hike. we continue to look at the u.k. together with brexit. laura: the fed's warning that risky asset prices keep rising, making them more s

this is about bond buying right now for the ecb.uch flex ability with a carryover from the emergency bond buying program for much of next year? tom: as we mentioned, it's rings down the degrees of freedom. it will be interesting to see the fed cadence to the december meeting. right now in washington, back from baltimore, annmarie hordern with the president, and our bloomberg west and correspondent -- bloomberg washington correspondent. an article on the inflation reality. i have lived it. when you have inflation and your income goes up because of inflation, your taxes go up as well. what is the new tax policy and 6% inflation america? annmarie: the president was talking about the fact that there is wage gains and all of this gross, but you hit the nail on the head in the sense that if you are making more money, but prices are higher, you are not coming out on top. that is really what this administration is facing as they try to go around the country and tap this win -- and tout this win of hard infrastructure and why they need that

rowland, i'm looking at the ecb and its statement. it - at the ecb and its statement.nt. they are the governing body for cricket in england, and as such, really, it's for them to ensure that the game is accessible to everyone. for a very long time, i think they have, i would not say drag their feet but allowed things to happen which has come to the crisis now with what's happened at yorkshire. it's unfortunate that a young man like azeem rafiq, who was looking forward to a stellar cricket career, had to go through four years of notjust frustration, but all the other things that went with it, and his family and even after his playing career, he is still experiencing it. that really has to be put back on the ecb, because these things, azeem rafiq was not the first person who had levelled these sorts of issues but they had not been dealt with by the ecb. the ecb has every opportunity now to ensure that the game going forward is a much more even playing field. they have to come out, they have to accept that yes this thing has happened in the past, it has manifested in york

lots of questions being asked this morning about the ecb, as well| this morning about the ecb, as wellthe community?— community? you are right. that is what they should _ community? you are right. that is what they should have _ community? you are right. that is what they should have been - community? you are right. that is| what they should have been asking themselves for years. several non—white players have come forward to make complaints of racism. the difference is the others have been silence, either by being bought off all the lead—off of frustration at hitting their heads against a brick. i'm quite certain the culture... what evidence is there of that? ads, what evidence is there of that? few weeks ago i published a piece that suggested... that proved that adil rashid england spinner had also made complaints about the club. it is a very difficult position moment. not everyone wants to go public. they do not want to go public because they do not want to face the threats, the abuse that azim rafiq has faced. he is representing other people, which is part of the ugly side of the c

a lot of pressure on yorkshire and the ecb's response to this. we know the yorkshire hierarchy are due to appear before the select committee later this month and rafiq will also give evidence on that day. early i spoke to the chairman of the dcms committee and he said he wants answers from yorkshire. what we have read is deeply shocking in one _ what we have read is deeply shocking in one of— what we have read is deeply shocking in one of the most disturbing events in one of the most disturbing events in modern _ in one of the most disturbing events in modern cricket history, in my view _ in modern cricket history, in my view the — in modern cricket history, in my view. the fact that yorkshire has suggested — view. the fact that yorkshire has suggested the use of the t word is somehow— suggested the use of the t word is somehow banter, and to equate mr rafiq's _ somehow banter, and to equate mr rafiq's statement that he said the use of— rafiq's statement that he said the use of the — rafiq's statement that he said the use of the p, is victim blam

it's after the ecb said the club had caused "serious damage to the reputation of the game".uge challenge for antonio conte at his new club. tottenham may have won in europe, but there's a lot of work to do to get them out of ninth place in the league. and can england women repeat their crushing defeat of new zealand? they play them again this weekend, with a new captain at the helm. while the men have their opener against tonga at twickenham. hello and welcome to sportsday. they're falling like wickets, there's been a raft of resignations at yorkshire county cricket club today and there will be more. it follows the club being stripped of hosting international and major fixtures by the ecb who said yorkshire's handling of the racism issues raised by azeem rafiq had been wholly unacceptable. lord kamlesh patel of bradford has replaced roger hutton who stepped down earlier today with an unreserved appology to rafiq, along with two other board members. but is it too little too late? our sports news editor dan roan is outside headingly for us. dan, the club still has many questio

it is important that the ecb sends _ claims. it is important that the ecb sends a _ claims.e | claims. it is important that l the ecb sends a message to cricket fans across this country that we will not stand for this, that racism and anything to do with racism and discrimination of any kind has absolutely no place in the game. absolutely no place in the name. . , , ' game. the club will suffer financially _ game. the club will suffer financially but _ game. the club will suffer financially but the - financially but the reputational damage may be far greater. simon jones, bbc news. let's get some of the day's other news: portugal's president has announced plans to dissolve parliament and call a snap election injanuary. marcelo rebelo de sousa made a televised address after portugal's national assembly rejected the government's draft budget for next year, for the first time in more than 40 years. tourists in the mexican resort of cancun had to run for cover after a shootout between rival gangs. it happened in a beach area near a popular large hotel, causing panic among guests

jonathan: 50 basis points north of the median estimate going into an ecb meeting december 16. you've got the fed on the 15th, the ecb on the 16th. we are having a very different conversation. in the federal reserve, we are having a conversation about accelerating paring back asset purchases. at the ecb, we are having a conversation about how much flex ability gets taken from the emmert asked how much flexibility gets taken -- about how much flexibility gets taken from the bond buying program to the ecb. tom: kailey, you are in for the 5:00 a.m. show as well. what is the piece that gave you clarity? kailey: there's been a number of them. many of them, there haven't actually been that many changes in terms of what the implications are going to be of this variant because we just don't know yet. what does a day like friday even mean? was it really just a selloff based on covid-19, or as peter tchir has pointed out, was it something else? tom: let's get to the data. i am going to mention euro, $1.1281. it did not get to a $1.11 handle. jonathan: you wonder what the front of the new

conceded he feared the club was indeed institutionally racist, before cricket's governing body, the ecbempts to improve diversity in the game had some way to go. what we have struggled with is... ..is getting our first class game to wake up to the same extent, and that is the point, we are at that stage now where i think we are, if not already in an emergency then we are approaching one. the ecb have been criticised for not doing more to support rafiq and the man who runs the game had this message for the whistle—blower. we know we've let you down and we are going to fix this and we're going to fix it quickly and we're going to fix it fast, because the survival of our sport depends on it. but for the man at the centre of one of cricket's greatest ever scandals, of cricket's gravest ever scandals, the damage has already been done. i can imagine as a parent, hearing me speaking out, why i would ever want my kids to go anywhere near the game. and i don't, i don't want my son to go anywhere near cricket. do i believe i lost my career to racism? yes, i do. that must be a terrible feeling. ho

she says such expectations are inconsistent with the ecb's analysis.reflected an agreement within the governing council that calling that could backfire. >> enough forward guidance on interest rates. we have clearly articulated the three conditions that need to be satisfied before rates will start to rise. and despite the current inflation surge, the outlook over the medium-term remain subdued. and thus, these three conditions are very unlikely to be satisfied next year. vonnie: opec-plus meets thursday. they will consider u.s. demands for more oriole. the white house is worried inflation could derail its economic agenda. u.s. diplomatic pressure has been supported by japan and india, but key cartel members say they should stick to the current plan of adding 400,000 barrels of supply each month. china seeking to silence online rumors that conflict with taiwan may be imminent. posts have been circulating on social networks about the risk of war. china's call to stockpile food started the speculation. there are reports of people according survival suppli

it is and it was opposed by the ecb. it is a litter— and it was opposed by the ecb. it is very powerful— trouble maker, it is all him. it is very powerful stuff. _ trouble maker, it is all him. it is very powerful stuff. in _ trouble maker, it is all him. it 3 very powerful stuff. in terms of what you think should be done specifically, because you have described an enormous drop—off of south asian youths, you end up with i think 85% i believe of young people at bradford park having any nets. how many cricketers have represented yorkshire from south asian background?— represented yorkshire from south asian background? recently, no one. currentl , asian background? recently, no one. currently. adil— asian background? recently, no one. currently, adil rashid _ asian background? recently, no one. currently, adil rashid is _ asian background? recently, no one. currently, adil rashid is the - asian background? recently, no one. currently, adil rashid is the only - currently, adil rashid is the only british— currently, adil rashid is the only british born member on the york

kevin: the ecb -- markets: the ecb medium is a very long medium.here's no chance really they will be doing anything. a couple of german bank ceos have complained about their rates. they would say that, wouldn't they? as far as these concerns, they want to do nothing as long as possible. the pressure is very much on the fed and really on the bank of england much more. alix: good to actually see you. marcus hath worshiped -- marcus ashworth, thank you very much. let's look at the equity market in the back of the macro data. europe is still accelerating profit upgrades. goldman sachs says it rivers and's value versus the u.s. bank of america -- says it represents value versus the u.s. bank of america says something different. we will break it down. this is bloomberg. ♪ k it down. this is bloomberg. ♪ alix: one of morgan stanley's top calls is buy europe for 2022, when they are pretty negative on the u.s. equity market. many people say it is because of the european equities. the stoxx 600 recent 12 month forward earnings growth is topping about 7% grow

don't seem to be a clear and present danger for the ecb.x: i have a hard time understanding if that is a good or bad thing. the way you phrased it seemed like a good thing, but other economists talk about the fact that we did have 70 people on unemployment and suggest we will get into some kind of capex cycle because of it, and we will not see that to that same extent in europe. what is the upside? neville: i guess the upside is that the economy does have more room to grow in terms of delivering lower unemployment over several years. so i think euro area unemployment could easily fall another percentage point or two below where it was before the pandemic, which was just about 7%. so as far as ecb is concerned, it's got room for the central bank to keep its foot firmly on the accelerator, and isaac this time around, we've got the capacity for fiscal policy to do more to support demand and the recovery over time. so i think it is a high quality problem. you would rather unemployment is lower and as low as it needs to be, and that has been the

that is a fascinating point in terms of how it changes the toolkit the ecb is looking at.are the inflation expectations and what is the data telling you across the euro zone around the stickiness of inflation expectation and if that is starting to feed into a wage hike cycle? christian: inflation is on the rise, as we have seen. on the 29th of november we will have the first inflation print in germany, in excess of 5%, in decades. it is a a lot of controversy. you cannot open a newspaper or look at social media without having a discussion on inflation here. i personally don't think it will have an impact on rate decisions or the pep for the time being. we have a very strong view that inflation will decline gradually through 2022 and reach levels below the ecb target of 2% by the end of 2022. inflation conditions in the euro area are not yet in place to justify rate hikes. tom: how do you take all of this together and inform your positioning within fixed income? what is looking attractive in this incredibly complex environment? christian: ok, so we have done a couple of thi

the ecb's vice president says inflation should slow next year, but -- a few months ago. he told bloomberg even price pressures would prove the current bout of inflation is transitory. he doesn't expect the ecb to raise rates for at least a year. >> we will see what happens over the next months with the economy, the inflation. but my personal view is going to be quite -- >> boris johnson is said to have held a private gathering of lawmakers that he driven a car into a ditch. this after two weeks of negative news stories for his party. after the meeting, the house of commons voted to adopt the u.k. prime minister's -- rules and second jobs for politicians. opposition parties calling for reform. amazon is said to be shifting the program to u.s. credit cards and mastercard and is simmering tensions with visa. the realtor -- retelling two in the u.k. starting next year. despite advances, some companies payment fees continue to stay high. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 count

i heard a statement last night from the ecb that they repeatedly offered to help me and yorkshire countyhis investigation. that could not be further from the truth. yorkshire batsman gary ballance had admitted repeatedly using a racial slur towards rafiq about his pakistani heritage, but a panel regarded it as friendly banter and no action has been taken against any member of staff, sparking outrage. do you accept that conclusion that they reached? that it was friendly banter? is that how you would deem that expression, that phrase, towards a colleague? if you are using that language, it is completely unacceptable. so why was there not action taken? because you have not seen the context of the whole of the report and the club had legal advice that actually that was not something that you could take disciplinary action in relation to. is ballance the only current member of staff that there has been an allegation upheld against? no. former england captain michael vaughan, meanwhile, has become the second player to reveal he is named in the report, rafiq alleging that he had made a racist c

the ecb find this matter abhorrent and against the spirit of cricket and its values.e to account in relation to their handling of the matter. given recent events, it is clear there are serious questions regarding the governance and management of the club. it concludes —the board reiterated its unwavering commitment to ensuring that cricket is a game for everyone. discrimination of any kind on the field of play, in the dressing room, in the stands, or in the boardroom is intolerable in sport or indeed, society. cricket must work together to eradicate it. our sports correspondent laura scott has been giving us more from headingley. the row at yorkshire county debt ? cricket club heightens at the hour with more sponsors deserting the club over the handling of the situation. nike said he no longer be escape supplier seeing extends from and against racism and how spring water and its association. last night that former england test cricket area gary balance admitted to using a racial slur against rafik. something he said he pp with 7 rafik. something he said he pp with ? r