curran there. earnings coming in -- enda c urran there. earnings coming in at 4.9 billion euros, a missed due to supply chain shortages. manus: one of the biggest electronic retailers in saudi arabia, there seeing crazy wages. jamie dimon talked about the high wages, so we are seeing that come through as well. the preliminary view for fourth-quarter revenues is a big miss, 4.9 versus 5.20 two. we continue to see big demand for innovative product solutions. we will dig into this a little bit more in terms of the outlook. double-digit growth for the diagnostic and treatment business. dani: a good reminder that supply chain are still with us. let's look at key pieces of news on china, inflation moderate last much with fuel speculation that the pboc will cut rates. goldman at the same time lowered its growth forecast for this year. that's get the details from juliette saly in singapore. some concern about the economic outlook. juliette: absolutely, bowman is downgrading growth forecast for china for 2022 to 4.3%. this is due to trying to conta

dani: that is enda curran. with the bond rally going global, let's get the details with juliette saly in singapore. >> as we had treasuries close due to a holiday and japan, we are watching a spike in aussie yields. their premium from the aussie tenure to the u.s. tenure winding by 10 basis points. at one point, it touched 1.93% matching its november high. we have -- even though you have a raft of analyst downgrading australia's growth forecast due to the omicron concerns. nomura seeing 0% growth for the australian economy in the first quarter. let's look at what is happening in cash markets. japan out of action. weakness in the tech players in south korea. a bank of korea rate decision this week as well. the be ok expected to hike by 25 basis points. a rebound in the hang seng players. and outperformance in singapore. manus: juliette saly with the latest on the global bond market. let's get to the other key market. risks. the u.k. is moving to pandemic. according to the former vaccines minister. the comments c

mark: -- manus: enda curran with the very latest on the fed. the bond selloff taking center stage in asia this morning, japanese five year yields hitting the highest level since the central bank introduced negative rates. quite an extreme move given the size and scope. >> a different story to what you had seen in the u.s. with that relief rally in bonds. a big spike coming through in yields, particularly on the japan five-year. this reuters report suggests bank of japan is moving toward some kind of messaging toward a rate hike. we have been watching this big move in the yen particularly on the selloff in equities, particularly those tech players. really waiting into the overall nikkei, driving down by over 1%. the bank of korea coming through with its third rate hike since the pandemic. 1.2 5% really putting inflation at the forefront here, trying to rein that in verses concerns about the omicron variant. we heard from the bank of korea governors saying this is still accommodative and even if you see the fed move toward a faster pace in terms

in the current is our -- enda curran is our chief asia correspondent. talk us through the data. enda: you already mention the headline rate going back to 1982 levels there. the biggest gain since 1991. it's all pointing toward the fed having to accelerate its past policy normalization. fed chair mary daly is singling out for takeoff. chairman powell earlier in the week spoke about the need to be mindful of not injecting more pain into the rest of the economy. interest rates are going up in the u.s., it's a question of at what rate. dani: thank you so much. let's switch to the corporate story. we have results from asia's most valuable company, let's get the details with juliette saly in singapore. how blockbuster were these earnings? juliette: we know we are in the middle of the crunch with strong demand, iphones, everything from tv's two cars. a 16% increase in their income for the fourth quarter, and there are another -- number of other factors as well. this is leading a lot of analyst to say they will increase in spending with the current projection of about $100 billion. you c

enda curran reporting. coming up, from burger flipping to finance chief executive and founder.e into the story of how the world's biggest crypto fortune came to be. our big take is next. this is bloomberg. ♪ tom: welcome back to the open. pressures still on european stocks, down 0.5%. the geopolitics of u.s. and russia, inflationary dynamic subs we look ahead to cpi following nonfarm payrolls, and the omicron lockdowns we have been discussing in china. real estate and technology, and across yields as well. we have switched the boards to see how yields continue to edge higher. a little below 180 on the u.s. 10 year, up close to four basis points on the u.s. benchmark. in germany, the bund up one basis point at -0.013. let's focus on what is happening in the crypto space and a zoom in on one individual playing a huge role in this sector. changpeng zhao has gone from being a burger flipper to founding binance, the world's largest cryptocurrency exchange. cz is now worth at least $100 billion. that is according to the bloomberg billionaires index. but when he sat down with briggs e

let's bring on enda curran. obviously, if you're going to talk about an outlier when it comes to policy action against inflation, that's where we would begin. enda: yeah, it is an outlier, but there are some signs of business input prices are at their highest and 41 years. consumer inflation expectations are at their highest since 2008. the yen has been the world's worst major foreign currency over the past year. japan is importing inflation. economists think the boj next week might tweak its language on inflation rather than saying the risk to inflation continues to be to the downside. they might say that there are some price pressure starting to bubble into the economy. as you say, different story for the fed. the boj remains a long way from 2% inflation target. there's no trajectory that they are going to tweak and negative remains negative. they're going to continue asset purchases. the story of the boj and the fed remains one of divergence. shery: a different story and south korea with what central bank's ar

let's get the latest on all of this with enda curran out of hong kong.t does this signal for the wider property market? it is unusual to get this call by local governments for developers to pull down part of their portfolio. reporter: it is a pretty nervous start to the year. this latest development comes from a local media report. evergrande -- the government is taking down properties. the last thing that evergrande needs. their trades were suspended in hong kong. there was a spillover effect for other share prices. it adds to the jitters around the real estate sector that the worst is not over. we note that our colleagues have calculated there are at least $200 billion, covering everything from bond payments through two wages. the whole real estate sector plays out over coming months with falling sales, falling prices, and stress on developers. it will be critical for the wider economy and china's economic story. this news relating to evergrande is certainly a bit of a wake-up call that the real estate jitters have not gone away. tom: we are not taking

enda curran is with me. take me through the data first of all. on a headline basis, fourth-quarter growth came in at 4%. full-year growth, 8.1%, well above the target. that would suggest a fairly robust economy. the december data showed the economy was losing momentum to the end of last year, especially retail sales. they slowed to 1.7%. weakness across the board. buying clothing, jewelry, and that is being pinned on the outbreak of the virus across the country. that of course forced the government to enforce strict restrictions to keep the virus under control which can cause disruptions. that story is expected to change in the near term. industrial production is doing well. the manufacturing side of thing is holding up at the bigger story is one the chinese economy has started the year on a soft footing. the central bank came off the sidelines to take steps they did by easing interest rates. manus: the market was looking for 3.8%. very much a similar story in the u.s. the question is, will that endure? the signaling from the pboc was about the me

enda curran setting the agenda. day one back together.g daybreak: europe -- "bloomberg markets europe" is up next. ♪ and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 30 bucks. sweet, but mine has 5g included. relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right

let's bring in enda curran. that message to the market, a bit late, isn't it? enda: a little, but it is a doubling down on the new hawkins message -- hawkish message coming from the fed. like you say, he made the point they will make sure inflation does not become entrenched. he also made some broad observations on how the economy will emerge from the pandemic a little differently. you have to say, it doesn't lend further weight to the idea that the fed are on track to rate hike, presumably in this quarter. and the balance sheet perhaps shrinking. we know the market has made a big shift, yesterday goldman with calls for four rate hikes this year. i think the expectations are that the fed are heading for liftoff and chairman pal is backing this up -- chairman pal backing this up. dani: we learned clarinet will depart about two weeks early. how much of this is tied to concerns about ethics and trading in passive funds? enda: it is part of the makes. there is no doubt that several fed governors high up in the corporate governance scandal. last year, the assessment

we have enda curran. the pmi's, what does that tell us about the economy slowdown?he slowdown is continuing. it is quite broad-based now. it is a policy official, both pointing to activity. smaller businesses seem to be h there is more evidence of prices increasing. that suggests that pbi pressures are building. that was a big story last year. that would be another strain on the manufacturing sector. there are some factors going on here. one is the lunar new year holidays underway. factories are slowing down in january in anticipation of that. the second point is ahead of the olympics, the authorities asked steel firms to come back -- to cut back on their input to clear the sky around beijing ahead of the olympics. but notwithstanding those one-off factors, you have to say all the evidence does suggest more pressure on the manufacturing sector is being dragged by lower domestic demand. there is not a sign of that turning around just yet. dani: not helping the picture are recent virus outbreaks and china's zero covid policy. what risks to the economy does the latest

haslinda: enda curran, thank you. let's get the first word news with vonnie quinn in new york.s blocking -- china is blocking some flights from the united states to curb covid. united scrapped plan flights from shanghai in six days in late january. reuters reports these flights are canceled after passengers tested positive for covid on arrival. eu regulators are morning that frequent covid-19 booster shots could adversely affect the immune system and may not be feasible. the european medicine agency says repeat doses every four months could weaken people's immune systems. they want more time between booster programs tied to the onset of cold weather. israel already begin a fourth dose program. philippines stock trading will go back to half-day sessions from friday through the end of the month amid a surge in omicron cases. trading will start from the 9:00 a.m. pre-open and close at 1:00 p.m. infections have taken a turn for the worse in recent weeks. one in five retro bank branches in manila are closed. novak djokovic is back training as he prepares to compete for a record 21st

david: enda curran, our correspondent. you can turn to your bloomberg for the latest on the boj. commentary, analysis, banter from expert editors at bloomberg. let me give you a quick glance across u.s. futures as we get underway. the 10 year future on the back of yields rising, a good case in point would be australia with the three year yield at a 1.7%. let's get to paul allen in sydney and he has your first word headlines. paul: thanks. the tokyo government is seeking stricter covid measures in the japanese capital and surrounding prefectures. the governor says more than 20% of hospital beds dedicated to the virus were occupied as of monday. that is the level she has said she would consider implementing a quasi state of emergency. local media say she will make a decision as soon as wednesday. thailand could revive its quarantine free visa program for travelers. the country recorded a jump in new cases but infections are far below the peak during the delta wave. the task force may consider the proposal to restart the test and go program on thursday that helped attract about 350,

enda curran gives us an update from hong kong. da: china's central bank cut two key interest rates today in a clear sign that authorities are both concerned about the depth of the slowdown in the economy and that they are now ready to add more support to ensure growth gets back on track to the pboc took that decision at that same time we got numbers showing retail sales in december continue to slide. that seems to reflect the ongoing outbreaks of covid across china, which necessary -- necessitates an aggressive response by policymakers to control the spread of the virus. on the flipside, there is a divide going on with manufacturing so strong and consumers remaining weak. the bigger story is china's economy is china's economy starting the new year on a wak -- weak footing. dani: undercurrent there with the dated him. joining us now is the head of macro research as ts lumbard. interesting turn of events with china's growth a little better-than-expected. yes, there are nuances below the surface and the is a rate cut pay what do you g