what is leading the rally in european banks? it is a fascinating trend win for years and years u.s. banks have been the leaders. so many years european banks have been laggards they have more of a catch up effect. they haven't done as good of a job, but they have a larger margin to catch up to quickly. a lot of it is also based on individual news as well. guy: in aggregate, they are outperforming u.s. banks. does that feel logical to you? tom: when you put it in the context of the last 10 years or so, there had to be some outperformance at some point to narrow the gap. they are outperforming u.s. banks but they are valued for far less. i would say as a proud european that they have been hugely undervalued for a long while and are trying to come back a little bit at least. alix: we need 75 basis points from the ecb or 50 basis points to continue the rally? tom: some is priced in. one of those two numbers is probably -- if it is any less te go into a recession or we are already in a recession. normally the banking sector is a refl

this once again proves that the renovation of the routes did not stop, even after the european bank forruction and development curtailed funding for projects in our country , the government found an opportunity to replace all these funds and carry out all the activities of the state program of the road of belarus on our highways and other topical issues. such as the new system of pricing union projects will tell svetlana luk. a two-level road interchange in the industrial area of ​​grodno was built by builders in just 3 months next to the largest enterprise, grodno azot, during peak traffic hours. today, the throughput of hundreds of cars per hour went off scale here, in general, such a route - this is only part of the great work that we are doing at the expense of state treasury after the european bank for reconstruction and development curtailed its programs in belarus, work on the canvas has not become less this year. e about 800 km. e, republican roads will be reconstructed and about 1.400. uh, kilometers of local roads is another of today's topics - this is fair value , the process

is only part of the big work that we are doing at the expense of the state treasury after the european bankn and development curtailed its programs in belarus work on the canvas has become less space this year. e about 800 km. e, republican roads will be reconstructed and about 1.400 km. on local roads, another topic of today is the fair value of the implementation of the regulatory system continues and as noted by the premier , the ministries of antimonopoly regulation and trade publish comments daily and make case studies on the most frequent issues. this makes it possible for a business entity to adapt without loss to new realities. the system will function, if necessary, it means to change it in a particular case. well, there it is conditional to increase the allowance somewhere , because well, these are the conditions. so they will really prove to us that such a surcharge is not enough to work break-even on this or that product nomenclature, of course, all this will change. but, uh, you can’t talk about , i know that such moods exist. well , for the time being, something else will be c

a warning that the european central bank _ been warnings. en warnings. a warning that the i european central bank like banks has been increasing interest rates and she says actually they still have a way to go there a number of economists, experts who say they may have peaked at 10.6% in the year to october should go down now experts expect the euro own explanation to go down but she thinks inflation is still there baked into the system and that although increments might be slightly smaller than the 0.75% that we have seen in some jurisdictions down to the us federal reserve latest increase of 0.5% she says we are not going to slow down, but we have to try it out of the system so that will be a matter of some concern to all of those who depend on the amenities to our sensitive to these increases. of course energy prices have been going down, we have seen a drop of around 40% in wholesale natural gas in september she says we have to keep going. september she says we have to keep anoin. ~ . september she says we have to keep hoin _ . ., ., sept

christmas, but also for some, the last monetary policy decision of the year for the european central bank say, there is no question, in terms of the fact that the european central bank will hike in december, that is pretty well calibrated. there is a real debate going into this meeting around the magnitude of it. will it be 50 basis points or 75 basis points? as we reported this week on bloomberg, there is growing momentum behind the 50 basis points. for a number of reasons. a deterioration on the macro picture for the european economy, do you really need to hike aggressively, going potentially and to a recession? the fact that the european central bank already has increased rates by 200 basis points. there is always a lag between the policy and the implications that it has on the real economy, perhaps cooling down inflation. then, the politics of the governing council. this is where it gets interesting. if you are a hawkish member of the european central bank and you want to get various, maybe you have to hand in something, that is a smaller hike. there are a lot of questions, but luckil

we have small shorts and european banks that will be adding some back again probably in the crypto relatedotentially because those with long memories may remember long-term capital management in 1998, you may remember the lehman brothers as well, obviously closer to our time but the ftx was an unbelievable collapse in a couple of days from a firm that was going around saving other firms not that long ago that were in trouble with crypto collapse you don't know where the dead bodies are. in addition to that obviously there are very high-profile funds that are down over 50% in the market given the collapse in the very speculative names that is something that you need to worry about on the negative side, the positive there could be a peace settlement in the ukraine that is gap risk to the upside and that is the thing that you need to balance it out with. maria: you buy into the camp that the federal reserve is going to look at the inflation data and say maybe we can get closer to the end of the aggressive tightening maybe the next couple of hikes next meeting december 13 to 14th, maybe there

this can be done with the help of three hundred billion euros of russia, which are frozen in european banks. this statement was made today by the president of the european commission, ursula derlein fund, and in order to move the matter forward, the derlyan fund proposed to create a special court in addition to the international criminal court, which will investigate these crimes, but the european commission will also wants to create a special fund that will deal with investing russian money that has been stuck in european banks and recently anti-russian sanctions will cancel this money must work for the reconstruction of ukraine ursula von der leyen emphasized that together with partners they are looking for legal ways so that this scheme can work, that is, so that you understand that they do not just want to take russian money in banks and then russia will be after the end of the war to somehow defend in the courts that the european commission illegally took or legally took and then transferred the legal one. and i am very sure that they will find such legal ways to do it . well, at least

guy: european banks return to hundred 96 billion of money. expectation that number would probably double. if i am a hawk and there's all the stimulus money still sloshing in the system, how does the fact the banks are returning quite as much is anticipated change the qt debate for the ecb? >> there are some hawks on the council thinking it would like to do, to start the qt process earlier. they might want to do a greater portion that we think. we think it will do around on third of the redemptions which are coming over the course of 2023. think they will start from april. they could go earlier, they could do more. if they do return or if they do decide to allow one third of the redemptions to roll off only, then the amount per year that they are doing in qt is not that sizable compared to for example the fomc and the bank of england. the bank of england and the fed are taking roughly 4% of gdp out of the economy by doing that. if you look at what the ecb will be doing, it's less than 1% of gdp. it's a very small amount if they do what we think

but the european central bank is wanting that the price rises have not yet peaked for 17 months, price is kept on rising. first, pandemic spending triggered the cost of living crisis than it flared up even more fueled by russia's war against ukraine. but now inflation has finally shown signs of easing in the 19 countries that use the euro. it fell to 10 percent in november from a record high 10.6 percent the month before. thanks in part to slowing growth in energy prices. but the risk is still there and the crisis is still on. inflation rates coming down. it is the price change coming down, it doesn't mean that prices are actually dropping. so we still are in this cost of living crisis. and the only thing is that the burden, the damage will become less and will start weighing less on the economy. but it will not reverse any time soon. and this is why european central bank president christine le guard warned that the euro zone inflation hasn't peaked yet and, and that more interest rate hikes are on the way we grudge europe is caught between inflation rates not seen in decades and fears

portugal's finance minister says he hopes the bank will proceed with caution. >> i trust that at european central bank level, it has a strong on what is happening in the economy. it is a scenario of getting high inflation into a recession. that would be the scenario no one wants. >> finally, elon musk is telling twitter employees to go extremely hard or quit. the social network's reportedly emailed a few thousand staff who have not been laid off to tell them they would need to work at -- need to work long hours at high intensity. musk is reportedly losing some $4 million per day amid an advertiser exodus following his takeover. he took to the witness stand, defending his $56 billion pay package at tesla. he's being sued by a shareholder who said he dominated tesla's board to secure the record-setting compensation deal . the trial set to last through the end of the week. very busy man, but we can see fairly well compensated for that time. mark: how long before he declares he's going to run for president, do you think? i thought i would just dangle that one out there just in case. >> i thin

banking system of ukraine. today, we are as close as possible to the working conditions in the european union. banks are ready todaye work on the basis of human standards, european standards, that is, the further processes of bank formation will continue vasyl, if we are talking about european standards, well, the usa and the eu have imposed sanctions either on the bank itself or on the owners of alpha bank, that is, alpha bank does not work. no, no, no, no, in europe, not in the usa, i understood correctly. in ukraine, it works fine, everything is fine, there are no problems. none and why then do the americans or the europeans have questions about this bank and the owners listen, i don't know what europe is like, that is, when sanctions were imposed on the owners of alfa bank, we remember that they were i.e. did not know the bank accepted accordingly there decisions were made there by other appointed authorized persons who represented the shareholder and this as far as i remember, that is, a well-known economy there, a european , and the bank continues to work . this bank is not affected, but they earn profits in

actually has power, lot more room to, to execute monetary policy independent of the needs of european banks, of japanese banks of swiss banks of the english banks and whatnot. so this is a new era, it's a different, it's a different world than we've seen in the past. and had it is now when it comes to sort of that disconnect in terms of some of the policies that are implemented and then the effects of those policies, which a lot of times it seems like the u. s. government doesn't really pay attention to at least not publicly. do you see the buying and ministration changing its approach, whether it's sanctions and, or even some of those supply demand sort of things. you're shaking your head now. you think that they're going to stick right along the same path? yes, i think they're absolutely. i think, biden and the fed gigabyte administration and the federal reserve or war. quite, quite frank. i think janet ellen at the treasury and your own pow or not on speaking terms. i will make this abundant. i've made this abundantly clear and other forms, and i think every day we get more and more and

it doesn't really help the european banks, it's less clear.aying i would bet against europe but broadly speaking, there a good chance we saw the lows for markets at the end of september and it may be choppy or the next few months when we get confirmation off the recession but i think the market will look through it and start to price recovery for 2024. alix: you say eventually the fed will hit and the fed will wind up cutting, what happens to euro-dollar? >> very hard to say. from what i can see, there's a lot of money going into treasuries. i don't know if it makes sense to be overweight duration in the u.s. often in recessions come you see the dollar strengthened. i think a lot of what happens to euro-dollar will come down to guest prices and it's a hard take plus i wouldn't take bets on the currency at the moment. i would rather be overweight in stocks. guy: we have a slightly stronger currency now with euro-dollar coming back in the pound at $1.20. traditionally, that would be a negative because it's bad for exports and that is what your h

by the way, the three generals the un and the imf and the european banks, the central bank and the world the entire world economy is there, and today russia has been hit very hard there . twenty 19 countries, yes, among the 19 countries, at least 14 already have, you know, a clear position for taking and condemning aggression there, no 14 countries are already an anti- putov coalition. britain, who not only said there that this barbaric war of russia is illegal, and so on, clearly addressing russia, he said to russia, he said, get out of ukraine , get out. this is exactly the position of the biggest world leaders, and i repeat the majority of them regarding the visit of cia director burns . vankaru to turkey, where he actually met yesterday with the director of the russian foreign intelligence service at ryshkin, there is such a burst now, you have to understand that the former us ambassador to russia he was the ambassador there for three years once, i personally know bad burns, he owns the russian language and he has a very good command of the entire spectrum of relations between the un

that's interesting because so far the european banking sector has not set aside a major provisions for the case of worsening credit quality as a result of these higher energy costs and the deteriorating macroenvironmental, but clearly this is a risk the icb has highlighted here. >>> now, our coverage of the european central bank continues today. you can catch an interview w luis de guindos at 2:00 p.m. today. >>> moscow has denied any involvement in the missile and president biden says it looks likely they launched a heavy and wild missile attack on ukraine mostly at the electrical infrastructure now the polish prime minister spoke with the nato secretary-general and u.s. president joe biden after the attack amid fears the blast could provoke a wider conflict and even emphasized the importance of getting all the facts. >> translator: we're now working to establish the cause of what happened and everything that took place within the incident with international expert who have been working at the scene for several hours. we've asked support of allies with whom we are in constant contact.

gas about this the country's government reported that financing will be channeled through the european bankor reconstruction and development, the formal recipient of gas in ukraine will be naftogaz, payments will be made to european gas suppliers who have received preliminary approval and will issue invoices for the delivered volume to weave a camouflage net for ukrainian defenders, canadian defense minister anita anna helped make camouflage elements at the halifax international security forum in collaboration with art gallery of nova scotia art project designed to draw attention to the need continuation of support for ukraine , other participants of the forum took part in the weaving of the net, including deputy prime minister olga stefanishyna and the ambassador of ukraine to canada, yulia kovaliv, the usa is raising the stakes, the biden administration has undertaken to monitor cases of russian circumvention of western sanctions around the world, writes in the latest issue wall street jordal what exactly they can and are planning to discuss this with journalist dmytro volobchenko, who jo

the surprise for me has been how hawkish european central bank are steps out in. been over at the ecb. dean turner global u.s. wealth management joining us now to discuss. we have inflation data coming out of the euro zone next week and the component parts of the individual nations. i think mechanically you will see that number coming down, but what is your expectation. we have very high levels at the moment, do you think that the ecb will see any relief next week? dean: i would agree with what you said. i think just due to technicals alone we will see the inflation number going down a little but can sentience -- but consensus is looking down. and that is what we should see. you know, i think the key question is as you said that be enough to knock the ecb off of hawkish courses that they seem to be on and my sense is that there is not enough in the data next week and obviously we will always be looking at core inflation. if we saw quite chart moving core inflation that could be something. but that does not seem likely at this stage. very hawkish, as we have highli

on the website the country's government there also noted that the funds will come through the european bank development. in this way, the effective and transparent use of financial assistance to formal recipients of gas in ukraine will be nak-na-naftogaz. in lena's practice, payments will be made directly to european suppliers of blue fuel who have received prior approval and will issue invoices for the volume of gas delivered, i also note that oslo has increased support for kyiv to 10 billion norwegian kroner in 2022-2023, 35 million euros will be allocated the european union together with the united nations to restore war-affected ukrainian communities, this is stated in a statement on the website of the united nations development program, the head of the eu representation in ukraine, mathemax, said that this contribution will contribute to the practical implementation of a number of reforms that are a prerequisite for joining the european union, the allocation of funds will create initiatives that will facilitate access to quality public services, in particular in health care institution

gap house crop and mango brands in the financial sector unicredit raiffeisen bank , the european bankfor reconstruction and development, which previously worked in auchan and globus supermarkets, and the metro shopping center chain agreed to stop investments and reduce the amount of advertising in the food market, there are also a lot of mines here, analyst maksym dzhigun told us . do you know how many problems there were with coca-cola, which did not want to leave the russian market until the last moment, and even now this company remains in the entire zone, because from its entire product line they they sell one - it's some caffeinated coffee, er, coca-cola for some very narrow segment, but they still produce it in russia, after all, and the good old original coca-cola didn't go anywhere, just changed the inscription on the bottle old cheekbones in ukraine have a memory i remember that once upon a time we used to run an advertisement for dobry juice on tv. this is a russian brand that belonged to coca-cola. coca left russia when there were no good colas. the name is the same. howeve

organizational work , including with our western partners to attract e-e funds there world bank, european banknd on the order of coordination of the order of motoblocking at e-enterprises e-e of other countries by the way about foreign our partners and neighbors, our energy system was synchronized literally before the war with the european one and how it works now. well, it affects, i think our colleagues are not happy with er, this is the mode of operation of our energy system, but they understand everything, they don't, we remain to work in parallel although, er, they can er, but i can say that no, we, you pump our system let's already have our system working at the wrong level of reliability, but they understand it, we work in parallel, they help. i think, uh, after i restored the networks there, such a sufficient amount . in poland you probably remembered that the second power unit of the khmelnytsky as was connected to the power system, in general, this semi-blackout, if you can call it that, affects the energy security of the nuclear power plants of the khmelnytsky rivne, south ukrainian

europe with oil, yes, there was a possibility that their accounts would be unblocked, a frozen european bankwas announced as 150 billion dollars but something and these wounds are here. well, iranian clerics , they turned something in the wrong direction and went to the dark side to the russian one, but you can put pressure on iran, a lot of people say: let 's impose sanctions, let's let the west kill something . iran has been under sanctions for 40 years. well, not 40. well, almost 40. there are 30 years. 30. 30 years. well, in 1979, they came to power in 1978-1979, and then they constantly increased increased increased in russia already a lot of sanctions, a lot of sanctions, that is, to influence ani to moscow, or to tehran, it is absolutely impossible, it is impossible to say that if you do this, we will do something to you, we will not do anything to you, that is, the west, i will note a little, look here, the question of sanctions, okay, there are no questions, they suggested, dear mother, how much is the question of sanctions control, well, you know that you can compare that you can't

have already formed, and this year in moldova it received earlier from the european union the european banknstruction and development and the international monetary fund for a total of 400 million euros, earlier the official representative of gazprom sergey kupriyanov. he reported that at present the debt of young gas is 433 million dollars, and taking into account the delay in payments. the total amount of debt is 79 million. hi at the same time, the young authorities have already been to compensate for the population's expenses on energy resources of 261 million dollars. in serbia, it was believed that next year electricity prices will increase by an average of 10%. meanwhile. the price of gas in europe is 1.173 dollars per 1.000 cubic meters, the price is falling on the background of news about the resumption of lng production in the us freport lng. in mid-december, i remind you it was suspended in june after the accident with the terminal and another fact according to vat, the uk is still buying russian oil, despite the british authorities' assertion that supplies from our country have

banking conglomerate. to take over as ceo they make a european -based conglomerate yet today. very well known for its frozen pizzas and pudding mixes. space actually one of the few men that is an ideological national socialist. he is really convinced. other examples i gave of the other industrialists are for the most part are opportunists who leverage anti-semitism and the laws of nazi, germinate to the business advantage. where the philosophy is such a socialist that he actually to the detriment of the doctors business. that up not only own a baked goods can be better publishing company. in the instigation they merge. very highly profitable newspaper that they have what they nazi publication that is bleeding money. no supplying enjoins the ss. at one point he goes to hamburg he is 21 years old in 1957 when he acquires the house of a jewish executive who has moved to australia. it's actually the only time in the book where he warns his stepson who he mentors. he says be aware nick to this house. it is quite confounding the only sense of forewarning in the context of an organiz

yes, there was one the possibility that their accounts will be unblocked, a frozen european bank, theres announced as 150 billion dollars, but something is hurting them. well, iranian clerics, they turned something in the wrong direction and still went to the dark side of russia, but you can put pressure on iran, a lot of people they say, let's give sanctions, let's let the west hit something, well, iran has been under sanctions for 40 years. well, not 40. well , almost 40 there. 30 years. 30 30 years. russia already has a lot of sanctions on veterans, a lot of sanctions , that is, it is absolutely impossible to influence any on moscow, any on tehran, it is absolutely impossible to say that if you do this, then we will do something to you, we will not do anything to you, that is, the west, i will note a little , see here the question of sanctions, ok, there are no questions there they suggested, dear mom, how much is the issue of sled control? well, you know, you can compare that you can't cross the road there on a red light. well, here's the question: who controls it? if it's controlle

limited in funds, the fact that we are very dependent, for example, on funds from the imf and the european bankeconstruction and development - this forces us to make some progress on those issues that before the war were lying there for six months or more, such as with the election of the head of the sap with by certain odious persons, such as those in the national bank, by others, now we are stuck in front of the problem of survival, where integration is one of the key factors and a guarantee, and not just a political value, not just a desire of a part of society to live better, that's why i am convinced that of course the terms yes, when politicians voice deadlines are always a little bit long, the statement says that this is another promise, and it is not always implemented in reality. but nevertheless, i am sure that ukraine is taking this path and will continue to take it yes, no matter what the terms are, because, again, as mr. bohdan correctly pointed out, we should talk about them very carefully. thank you, gentlemen, for the analytical analysis. were with us, we are moving on, we are g

the year this part of the competition is held in partnership with the cultural program of the european bankruction and development and the bbcistic book of the year five books were shortlisted in each category the jury chose the finalists among 30-eight editions from the long lists of books of the year all and all the finalists as well as the rules of the competition on our website bbc.ua in turkish, i can’t help but add, if you watch our broadcast live on youtube, please like it, write a comment, and that’s how we will be seen more people, and more, if it's already about books, if it's about dreams, a little about the future and the technologies of the future, which, who knows, maybe in a few years they will become the basis of, for example, the energy industry of ukraine, as, for example, now the super -technological starlink has become a popular way of access to the internet in ukraine so, scientists are one step closer to the introduction of wireless transmission of electricity from space in order to provide it to millions of homes on earth, the european space agency should consider the

we are in danger of becoming the new greece here, i'm very afraid, but it seems to me that the european bankecome the new greece i want to give another simple example diesel fuel that is used in agriculture, in fact, waste diesel fuel used for car earlier on the basis agreements with the state. we paid 670 cents per liter plus vat for it, which resulted in 78 cents. now, during the period of work, when it is impossible to do without it, we for it 1.4 1.5 euros, the price increase somewhat stopped after the harvest. after it there always comes some pause in work. and now the price is going up again. the situation is complicated, i think that there is a way out, of course, as a result, some other thing will be found. what will this cost us all? i guess the world will somehow be 20 center of some major will make a decision, maybe more, of course, europe must do something else to save or find some new place in this world. that is, it is still difficult to talk about how it will look like. you said we ourselves wanted it. well, we probably mean that she wanted to be the top of it all the same. ye

because long before christine gammon was president of the european central bank, she was french economy minister, under former french president, equinox with the me. so she would have had to look no further than the website of the french central bank. with which she's intimately familiar and which pointed out in october 2021. that inflation had quote, risen sharply from the start of that year. the both this call attributed that inflation, which had already hit a 13 year high a year ago to quote tensions between supply and demand. following the reopening of the world economy. in other words, the heavy handedness of european union and world western leaders in micromanaging everything during the cold crisis. adding out stimulus checks like halloween, candy, it all completely deregulated their economy. now the front central bank also site quote, energy transition policy. so basically, europe ideological push towards green energy as a factor that would cause the price of high carbon energy, like gas and fuel to rise well into the future. again, they said that last year, again, it is now tryi

they promise to restore electricity and water in general, it will take at least a day, and the european bank for reconstruction and development is just right today approved a financing package in the amount of 372 million euros and in this way they support the ukrainian company ukrenergo to quickly repair power lines and get the power to the ukrainian consumer as soon as possible. but suburban trains will run behind schedule, of course, because of missile attacks on the energy structure due to interruptions in the supply of current for ukrzaliznytsia informed about this, in particular, the movement of electric trains on the lviv railway is currently being organized under heat traction on the southern railway is working on the appointment of suburban trains that make flights to populated areas where the canceled electric trains were supposed to run, also on the south-western and dnieper railways they are resuming the movement of suburban trains under thermal traction in kyiv, and the city's kiltseva electric train a has already resumed its route at the rivne south-ukrainian and khmelnytskyi n

bloomberg news in new york where he wrote about hidden wealth and in amsterdam, he wrote about european banking finance. his work has also appeared in the new york times, the wall street journal, and bloomberg business week. de jong was born and raised in amsterdam and currently lives in tel aviv. nazi billionaires is his first book and many of you probably saw his really fantastic hard-hitting op-ed in the new york times last week and hopefully we'll have time to discuss that as well. so a word first about how things will work today. david will speak for about 40 minutes and then we will open it up to questions from the audience. please submit your questions using the q & a function at the bottom of your screen. we won't be able to see or hear you, but you can submit questions at anytime during the talk using the q & a function and i will relay them to david. so, yeah, so, without further ado, it's really a great pleasure to see david again who i got to know a little bit in berlin last year and really excited to hear more about this book, which i've just been reading and i have to say is just

points increase and interest rates are the central banks are also expected to follow in its footsteps. although christine la, god, president of the european central bank, says they'll be setting their own pace. while we have to factor in such an element like the fed monetary policy decisions and other elements of international nature. or that will help us determine the best monetary policy. we are not alike. and we can not progress either at the same pace or under the same diagnosis of our economy . but across the atlantic, the us trade deficit widened to more than $73000000000.00 in september. after 5 straight months of decline. government data showed exports of food and energy slowed while imports of semiconductors and consumer goods grew. a stronger dollar made american products more expensive abroad and weighed on exports. let us dig deeper into that with our financial corresponds in new york yen scotty. anne's great. have you on the program. so in a why the sudden change in direction for the u. s. s. it europe, and there is a lot going on a, when we're talking about the trade term. i mean, of 1st the sort of probably some, a company

guy: european equities fading into the close. the banks continue to do well. to the close starts right now. >> the countdown is on in europe. this is bloomberg markets european close with guy johnson and alix steel. guy: london outperforms a li

perhaps it emphasizes the undervaluation of european banks. bank owners are like astute shareholders, says the ceo. [laughter] manus: there you go. astute shareholders. there are one or two of those in ftx. let's talk about that meltdown. we have the ceo who will speak from credit agricole. trashing bitcoin, down 22%. do you believe that that in itself is a contagion moment across assets? they are hedging on single stocks, the most since 2000 and eight -- 2008. dani: and a billion-dollar hole, finance decides not to step in and find that. one reason why you might want to plug that hole is if you believe there is a wider contagion you believe will be bad for the industry. perhaps there is some skepticism , perhaps it will not cause contagion if no one has stepped in. the are their argument is that this is an erosion of trust on the bank. what happens then? manus: if you look at the assets through the week, the token got trashed. in a regulated world, would that happen? it does happen in equity. does it trade down. we had a guest in the past hou

lisa: european banks facing a whole slew of different issues. and peter chatwell. lisa m: shoppers may have a little more elbow room as inflation weighs on their budgets and those who are willing to spend are looking for bargains and turning to less expensive stores. consumers will be digging into their savings and relying more on buy now pay later services. amazon workers and 40 countries will make the black friday date with walkouts. they are demanding better wages and a campaign called make amazon pay. amazon says it takes his role seriously on these important matters. bloomberg's learned the european central bank is imposing higher capital requirements on capital lenders. it argues that banks have ignored warnings to risks. saudi arabia's sports minister said that the government would support private-sector bids for the team as well as liver paul -- liverpool football. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. ♪ zero-commission trades for onli

the message today is that even in a recession, the european central bank come december will hike againthe question is 50 basis points or 75 basis points? but the direction of travel is clear. she laid out clearly that we have to hike even though we may have a recession. >> the congress members in the u.s., politicians around the world do not want to see people lose their jobs. it is not for them. but right now it is ok because the pain has not gotten that deep. how much has the pushback spread beyond just a small amount of people in congress right now? >> it has already spread within the democratic party. this was the voices of, say independent from vermont bernie sanders and elizabeth warren starting that but in october before the last fed decision you had top democrat brown writing a letter to chairman powell saying do not forget about the unemployment market. we do not want to see the rest of jobs as we go on this aggressive campaign to fight inflation. basically make sure the medicine is not worse in terms of the your. we want to make sure at the same time that we are fighting infl

the performance in france was strong cib and other european banks already published numbers. they benefitted there. revenue up 6% and strong 25% and some equities did not do well revenue up 3%. that is again business with a spend to expand. they acquired the business of the dutch bank and pushing in that activity. one of the questions is what will bnp bank do with the business as they hope to complete this by the end of the year they will have a 7 billion euro cash pile. what will they do with it? and one name that surfaced in being interested in buying credit suisse products during the restuckructuringestructurin. i put the question to the cfo and if that is a type of purchase they would be interested in making. >> whatever we look at the proceeds stemming from the bank of the west will be brought on we will not go in areas where we are not in countries we can very rapidly inn they gr integrate with the overall program. that is the stance we take >> not something of the scale of the acquisition of deutsche bank >> we are looking at acquisitions we can partially accelerate gr

sylvia: i think the european central banks are in a harder position now because in the short term they are facing the most acute trade-offs between growth and inflation due to these shots from high energy prices. i think eventually the european central banks will have to slowdown their attacking site -- the tightening cycle is the shock from high energy prices will result in some demand destruction and so central banks will not need to do as much as the fed let's say but of course it's a very challenging situation that they are facing and there are risks of doing too much but also doing too little. guy: in terms of how you see this playing out now, when do we get to the point where we will know whether or not enough is enough. at what point are we there now? we need to pause now and wait and policy works with longer variable lags. how will those be and how variable will they be? >> central banks are as wise as we are so they are just looking at data seeing how the economy is reacting to the tightening of monetary policy and of course as you said, especially the fed will probably need s

financial center of investing in oil and gas to reaper quick profit. nowadays, even the central european bank has warned that climate change is hurting the economy. if today's investments destroy the planet, to morrow's profits are also at risk. could the financial sector b, our salvation minerva has tracked the speed with which major investors have abandoned the coal industry. it's an alarm bell to everyone who still invests in fossil fuels. shortly reserve will rogers equally if we were to burn all known fossil fuel reserves. don't global heating would have 3 or 4 degrees celsius on the book. bob who did, if we're serious about the 1.5 will to degree limit. we can't just rely on fossil fuels, boss of as, as i get an oil companies, a considerably overvalued week. you'll be seeing lots of stranded asset as for the bar when you compare companies, i think those who haven't yet started to take action are being punished by the market sassik. and that's very interesting. pathetic, excited take exxon. i an oil company that had no interest in any of this. the shareholders force the board members to