this report suggests the european central bank could send the italian government a letter expressingervations in terms of the way this windfall tax was announced. we should make it clear the italian government has the right to do what they feel is necessary, but it is understood normally there is communication between the national government and frankfurt and ecb because the european central bank overseas financial stability across the euro area. lizzy: if the main motive is to raise funding, how effective will this be for the italian government? maria: i should note when it comes to this letter from the european central bank, there is no official comment from the ecb. we will find out if this letter arrives to rome in the next few days. in terms of the funding, they talked about the idea of social justice in the context of higher interest rate. bloomberg reports from rome that they believe they can gather 2-3 billion euros from the windfall tax, and that would be placed in a fund to shield consumers from higher interest rates. i'm not sure how this translates. the criticism remains

of the european central bank is located. it is the same in ukraine and in poland. central banks national bank in ukraine, this is our own name, the central bank is a common name , for example, in poland , the central bank is also engaged in the establishment of interest rates in the economy . our neighbor in slovakia introduced the euro a few years ago and , accordingly, their central bank there is a little more limited in what functions it performs , in many respects, they come down to er statistics of monitoring what trends are happening in the economy and similar things, they transferred part of their functions to frankfurt and the central bank. so, we understood that ukrainian counter-banks. the national bank of ukraine is a rather powerful institution, it is such a mega-regulator that controls not only the activities of banks, but also the activities of financial insurance companies companies such as pawnshops, for example, or credit unions, and it is also responsible for the stability of the national currency and actual

consumer prices across the bloc rose by 5.3% in august, adding to pressure on the european central banks september meeting. we're nowjoined by holger schmieding, who's the chief economist at berenberg. that is the challenge, how the central bank responds to this, particularly across the eurozone where inflation is proving to still be quite streaky?— where inflation is proving to still be quite streaky? yes, it is but if ou look be quite streaky? yes, it is but if you look at _ be quite streaky? yes, it is but if you look at the _ be quite streaky? yes, it is but if you look at the details _ be quite streaky? yes, it is but if you look at the details of - be quite streaky? yes, it is but if you look at the details of the - be quite streaky? yes, it is but if i you look at the details of the data, in august it was a bit above expectation, still above 5.3%, largely driven by an uptick in oil prices, excluding energy inflation, it continues to come down gradually in the eurozone. so the challenge for the ecb is whether it sees growth and focuses on the underlying trend which is a gradual sl

level of the european central bank someday in theine may also come to this situation, but now there is the national bank as a mega-regulator as regards i want to keep a new term in our conversation , monetary policy. i think that not all viewers understand what it is about, but from your words, i conclude that it is something about the currency, here in ukraine the hryvnia, and therefore our central bank the national bank also regulates how the hryvnia behaves. but in poland, er, in poland, the zloty. but in other countries of the european union, where the euro is used, they transferred this function to brussels, where the office of the european central bank is located. that's how it is in ukraine. and in poland the central banks national bank of ukraine is our proper name, the central bank is a common name , so in poland, for example, the central bank also deals with the establishment of interest rates in the economy, to some extent regulates the exchange rate or not adjusts the course based on what policy is being implemented, and

there are not experts believe that the european central bank intends to pause its height of interest rates. uh, in september, this fresh data that came out today. that would be underlining these plans wouldn't . yeah, i wasn't too sure that these to be really intended to pause, but this data sets have been clearly clearly made even the ones who has been pushing for another rate hike in september. think twice the cd. i think now also feels that it had been too optimistic with its own growth for kind of easy be expected the european economy to return to potential growth by the 3rd quarter already. it is not going to happen with these data. so i think that the easy people not really be a freight buy, they don't want to create a name the, the longer term, the late impact, negative impact standing from higher interest, right? so this thing argues, in favor of a pause. i think the only problem is if the easing, the pause is episode time or meeting, it will not only be a cost, but it will be the end of the rate $5.00 cycle because the european economy is not going to improve any time soon.

central bank, the national bank, also regulates how the hryvnia behaves. but in poland, er , in poland, the zloty. walks there, they transferred this function to brussels, where the office of the europeanentral bank is the central bank. that's how it is in ukraine and poland . central banks. the national bank of ukraine is our own name . the bank is also engaged in the establishment of interest rates in the economy , to some extent regulates the exchange rate or does not regulate the exchange rate based on what policy it implements, for example, another one of our neighbors in slovakia was introduced a few years ago euro, and accordingly their central bank there is a little more limited in terms of what functions it performs, in many ways they are reduced to uh statistics of monitoring what trends are happening in the economy and similar things , they transferred part of their functions to frankfurt and the central bank. so, we understood that ukrainian counter-banks . the national bank of ukraine is a rather powerful institution, it is such a mega-regulator that controls not only the activities of banks, but also the activities of insurance companies , financial companies such as pawn

according to the official statistics agency is complicated things for the european central bank because it weighs whether to pause a series of high a rate hikes. the 15 people looked at after 5 tours through a closing factory in case soul and safety in the philippines. most of the victims with workers who was sleeping on the premises when the place broke out, the arrival of emergency services was delayed by traffic jams caused by monsoon study. as notes 9 was stopped at the fire and reminded the top business story that were following for you this hour. they are got a rush of stop supplying germany with natural gas by the north spring, one pipeline. police force the general government to rush to find other supplies of energy here on the country has broken or lines on rush and also from in the business team here. and then if you would like more from us to head over to d, w dot com slash business, you can also, you guys have the data, you use youtube channel, whether it's a business section, we just got plenty of most of from us getting out of business to be on there as well, but checking

slightly in august to 6 point one percent, but it is still 3 times 5 and the target set by the european central bank. the figure was slightly higher than some of this has been expecting. while energy prices have dropped the cost of food services, a still high new car sales in the european union rose during july, but at a slower rates dining the 1st half of the sales was 17 percent higher during the period of january to june, big windows with vehicle electric vehicles, registrations of those roads, nearly 61 percent. now it's back to school for many millions of students around the world. and while in some schools, the debate might be about whether to get laptops for the classroom or whether it's a high, a new teachers. one company in the united states has developed a classroom innovation that it says can save lives, a bullet proof volt. so here in this primary school classroom, these seem like 2 big white boards, perfect for writing down homework assignments or explaining math problems. but in just 10 seconds, these walls, when hundreds of kilograms can be pulled out to form a bullet proof bunker to

august showed consumer prices across the bloc rose by 5.3% in august, adding to pressure on the european central bankate hike at its september meeting. here's holger schmieding, chief economist at berenberg. if we look at the details of the data, the news in august, a bit above expectations, still at 5.3% was largely driven by an uptick in oil prices, excluding energy inflation, continues to come down gradually in the eurozone. so, the challenge for the ecb is whether it sees through this renewed uptick in oil prices and focuses on the underlying trend, which is a gradual slowdown in inflation, or whether it looks at the headline rate, sticky at an unacceptably high 5.3%. in other news: the united states has expanded the restriction of exports of nvidia artificial intelligence chips beyond china — to some countries in the middle east. a similar move last year, signalled an escalation of a crackdown on china's technological capabilities. nvidia says the curbs which effect its a100 and h100 chips, which speed up machine—learning tasks, would not have an immediate impact on its results. thousands ofjobs

prominent role is the monetary policies that aim to brake the economy and the percentile of the european central bank with its monetary policies, the interest rate in the last year. 94, an unprecedented increase during the financial crisis of 2008 has caused a recession in europe's largest economy, germany , although the international monetary fund has predicted a recession in 2024, but the economists of this international organization believe that the impact of energy on the economies of the euro area it will continue, amir shujaei of sda news agency beh ali, on the third anniversary of the terrible explosion at the port of beirut, the investigation into the cause and factors of this explosion is still in a halo of political uncertainty, the superheroes and its perpetrators are the political current dependent on the us, the media and judicial tools of this current. from the moment of the beirut port explosion until now, they tried many times to introduce the resistance movement or along with the resistance as the accused , but the horizontal and vertical results of hezbollah's secretary general seyy

the italian government have repeatedly criticised the european central bank over rate hikes.d battery firm britishvolt has missed the deadline to pay for the business, casting doubt on the deal. filings from administrators ey show that the final instalment, due in april, is still outstanding. ey said that the buyer, recharge industries, had therefore defaulted on its agreement to buy the business. recharge industries dispute that they are in default. here in the uk, new figures suggest july's wet weather caused a slowdown in retail sales, with demand for clothing falling. 0verall retail sales grew 1.5% injuly, down from 2.3% the year before, according to the british retail consortium. that's it. i will be back a little bit later. thanks for watching. this meeting in july this meeting injuly was supposed to be an opportunity for birmingham city council to tell residents about their plans for a £2 billion regeneration of their area, ladywood, but it descended into farce as hundreds were locked outside. the residents feel left in the dark about the plans, especially the dark abo

monetary policies that aim to brake the national economy and persepolis , the transfer of the european central bank with its monetary policies , interest rate the recent 94 has increased, an unprecedented event during the financial crisis of 2008, until now , of course, it has caused a recession in the largest economy in europe, namely germany . although the international monetary fund has predicted a recession for 2024, the economists of this international institution believe that the impact of high energy prices on the economies of the euro area will be significant. amir shojaei of radio and television news park shadi news at 6 o'clock. greetings and good time. dear viewers , at the end of the 21st press conference, we will follow up on one of the most important wetlands of the day in a special news interview. we are you, the 12th parliament elections and the advanced presence of candidates in the pre-registration of this period of the pre-registration and uploading of the documents and identity of the candidates considering that on the 16th of august , we are approaching the pre-registration of

london is tightening monetary policy by analogy with the us and the european central bank, despite theion of the bank of england made it clear that the increase in rates will continue inflation in the uk last year reached a maximum in the last 41 years and exceeded 11% ferocious typhoon continues to rage in japan eve wears human lives in hundreds of thousands of volumes no, electricity hit the south of the country the sixth typhoon of the season continues to slowly move in a northwesterly direction, according to local media, dozens of people were injured. eve, reached the philippines, where the tropical typhoon daxuri has been hosting for the second week already, more than 50 people have died and about a hundred were injured, the streets of local cities. turned into stormy rivers and an umbrella of flooding in the philippines evacuated about 200,000 people, but for lovers of the storm - this is not newlyweds from the philippines did not cancel the wedding due to floods and became famous on social networks for the bridegroom during the ceremony. i had to stand ankle-deep in water, the c

, and what has a stronger role is the monetary policies that , with the aim of braking the european central bankncreased the interest rate with its monetary policies in the last one year. the history of the financial crisis of 2008 until now, which of course caused a recession in the largest economy in europe, namely germany, although the international monetary fund has predicted relative economic growth for 2024 , however, the economists of this international institution believe that the impact of high energy prices on the economies of the euro area will continue, amir shojaei of sda news agency, it is not surprising that families are moving forward with modern technology , but i like a series of simpler carpets, they are memories and patterns are old, but everyone has modern and classic hand-woven or machine-made carpet units. beheshti will complete the arrangement and we will pay up to 24 bills according to his choice . delightful at hyperkalai from among the most reliable carpet manufacturers machine-made and hand-woven home appliances, furniture, sleep products, chandeliers in the phone, al

totally political the united states and the european central bank are in the process of raising interest rates this year, and with this means, i want to keep the price of oil low, which is the main consumer of oil, and in the hot months, it is supplied from the intermediary of the middle east . in fact, in a way, it is burning to the father and overflowing in these months and facing the completely political saudi arabia, with the aim of the leadership of tu plus, it is intended to play the main role in determining the price of oil, and the americans are looking for supplies in the region , so that through war does this and in a way this discount tap.az america's leadership authority in a way, it seems that the reduction of this problem will reduce the income because you know that, for example, this problem will cause the 8% of the rice sea in the north to actually increase to 12%. 20 gigs of internet and volunteers can continue in terms of saudi arabia. i will say goodbye to you, but we even had a recitation of the holy quran. in fact, the 10th swedish valley was held last year in front

and what has a stronger role is the monetary policies that aim to brake the economy and the european central bankreased the interest rate with its monetary policies in the last one year , an unprecedented event during the financial crisis of 2008. so far, which of course has caused a recession in the largest economy in europe, germany, although the international monetary fund has predicted a relative decline in iran's economy for 2024, however , the economists of this international organization believe that the impact of the high cost of energy on the economies of the eurozone will continue. amir shujaei sada news agency and sima beh ali, how to quickly prepare extra food and all kinds of dietary sauces with adrien's electric meat grinder at a constant speed, with a steel body , steel blades and with the ability to adjust the speed , you can easily and quickly prepare all kinds of dietary sauces and food. it prepares with an electric meat grinder, you can very easily accept all kinds of cakes and cutlets, and from the unique texture, you can enjoy cooking easily and quickly . send the number 6 to

whether it's european central bank's or the bank of england, they are probably looking to raise rateso or three more times. sonali: when you think about what was said today in jackson hole, there is a ton of economic data ahead. what are you looking at in particular and how are you factoring in potential future inflation shocks? >> we are focused on inflation. we have seen commodity prices come down rapidly. they could surprise to the upside in the future and we're focused on shelter given what a large percentage of core that makes up generally outside of inflation, we are watching the labor market. it has remained incredibly tight with significant wage growth and we think that needs to cool off and we will get increasing data. jay powell expressed that his views and monetary policy will continue to be data-dependent but there will generally be tighter financial conditions in the market which then has implications for all types of different credit asset classes. we talked about the public markets but also the private credit market a particular, tighter financial conditions, less lendi

stronger role is the monetary policies that act with the aim of braking the economy of the european central bank. with their monetary policies, the interest rate in a the recent year with the increase of data, an unprecedented event during the financial crisis of 2008 , has caused a recession in europe's largest economy, germany, although the international monetary fund has predicted a relative economic decline for 2024, at the same time, the economists of this international institution believe that the impact of high energy prices on the economies of the euro zone will be significant . amir shujaei of sed and sima news agency reported that about half of the schools and hospitals in european cities are located on the garma island. it has a much higher temperature compared to rural areas where the actual ground heats up like lava. green and grass heats up according to the heat of the air and reaches 40 degrees celsius, while the temperature of the asphalt surface reaches 25 degrees celsius, but on the hottest days this temperature can reach 82 degrees celsius, this temperature is at the level tha

the european central bank demanded that raiffeisen curtail its activities in russia and the x5 group chain the federal antimonopoly service agreed to the deal, we are talking about 118 stores in moscow , the moscow and kaliningrad regions. also, the current management of two distribution centers will be transferred to the new owner. victoria will continue to run it was the news of the economy briefly. british and the french wanted to do everything possible to prevent a war. my grandfather always considered an alliance with russia as the main condition for more than 20,000 people on biblo day during the great patriotic war. we are at a very dangerous moment in human history, what is happening now in ukraine is the lessons of goebbels textbook 2018, the june 22 edition is designated as the beginning of the german-soviet war. well , ukraine has nothing to do with the lessons of the past. otherwise, we will repeat it, politicians who use speculators from history accept decision based on.

the european central bank project by 2030 food prices may be contributing 3% to inflation annually, soeconomic policy has not faced before so we really need to think what are our targets, our policies, ourtools really need to think what are our targets, our policies, our tools and what is the institutional setup that can be done? at the moment wejust don't have the right tools or the right institutional setup for the job. right institutional setup for the 'ob. . ~ right institutional setup for the 'ob. ., ~ , ., , . right institutional setup for the job. 0k, thank you very much for shafini job. 0k, thank you very much for sharing your _ job. 0k, thank you very much for sharing your insight _ job. 0k, thank you very much for sharing your insight on _ job. 0k, thank you very much for sharing your insight on bbc - job. 0k, thank you very much forl sharing your insight on bbc news. so a reminder the bank of england decision is in 50 minutes' time. we will bring you that decision live here on bbc news and you can also follow it on the live page on the bbc news website or app. staying in the

august showed consumer prices across the bloc rose by 5.3% in august, adding to pressure on the european central bankhead with another rate hike at its september meeting. here's holger schmieding, chief economist at berenberg. if we look at the details of the data, the news in august, a bit above expectations, still at 5.3% was largely driven by an uptick in oil prices, excluding energy inflation, continues to come down gradually in the eurozone. so, the challenge for the ecb is whether it sees through this renewed uptick in oil prices and focuses on the underlying trend, which is a gradual slowdown in inflation, or whether it looks at the headline rate, sticky at an unacceptably high 5.3%. so, we have looked at china and the eurozone. two big snapshots of the health of the us economy within the last hour. first up — consumer spending. it accounts for two thirds of us economic activity. it rose 0.8% last month, more than forecast and a further sign that easing inflation, but rising wages are giving consumers a boost. but at the same time, less good news discount retail giant dollar general. it posted

. >> they are feeding into the european central bank's as well. the end of earnings season. what else is the set up for european equities this summer? >> it is an interesting time. we are coming into this summer doldrums vacuum for earnings. if you look seasonally, there are some pretty good functionality on the bloomberg. august and september tend to be the worst months. all else being equal across many markets. that is number one. number two, if you look specifically at the smi, as two of the bigger countries, we see as you see in this chart a wedge forming. and it is interesting. you have things like the downgrade in the u.s.. you have the lack of earnings coming ahead. you have court in ukraine taking various tunes here and there. and you have this wedge shape coming together that either means a breakup or breakdown. seasonally and this sort of thing, it feels a little precarious. very near term before we get on the second half of the year. and then i look into next year. >> thank you for that look back and to look ahead. for more analysis and

the european central bank is reportedly preparing to send a letter to italy raising objections abouternment tax on bank profits forget that is according to the italian newspaper, which says the latter will criticize the fact that -- without first informing as it is supposed to do under the rules. -- has not cited any sources. saying they will be sent in, quote, a couple weeks. this is a picture of some of the banks today. of course, they are still absorbing the shock announcement. it was announced just two weeks ago. >> they have plans to spin them off on or around -- they will give one share for every five of its own, listing the company in switzerland. this had been widely -- j.p. morgan and -- have all cut their price text. the company shares plummeted in yesterday's tree, wiping nearly ,■8 billion. they fell short of the expectations in the first earnings. remember this since it would go public. a substantial drought. look at this. all of that happens in yesterday's trade. the cfo towed nbc yesterday that they are investing in the team, rather than being controlled by -- >> we re

central bank forecasts before deciding on rate hikes. this is in an interview with latvia's tv3. he says any additional rate hikes would be small. that is the latest commentary on the europeanentral bank. coming up, more central bank action. new zealand's central bank governor says the economy needs a mild recession to slow activity. we bring more from our interview next. this is bloomberg. ♪ >> i would say to the markets, be confident that we have time to watch, worry and wait with where the interest rate levels are now. the forward track is a projection, it's not us trying to provide a signal, or constraint. the projection really reflects that over recent months, we have had some upturns on economic pressures that we saw. but it will come out in the wash. what have we done? we have an official cash rate projection two years out that deviates very little from 5.5%. and we think that nicely balances the risks near-term to the upside on inflation and growth versus the more medium-term downside risks to inflation. >> is it fair to say that this opens the door a little wider to another rate hike, for example, if it proves to be needed? in other words, you are not trying to sig

the european central bank would say there was a mismatch. she wanted to talk about the intellectual challenges of the economy. if you say you are a data-driven central bank it would've been strange for her to preempt any moves. she has to factor all of that. the hawks have been the loudest. they look at the inflation print and in the doves try to play let's look at the forward guidance on the economy and potentially the downturn. given the cpi data it is still firmly back on the table. alix: it's still weird here. thanks a lot. maria tadeo and eddie van der walt. continuing conversation on the weird two year yield. we will speak to altaf kassam, state street global advisor head of emea strategy and research. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. >> we have been looking at this inverted yield curve for most of the last 18 months wondering i

central bank start hiking rates, and now is the first bank to start cutting. chile cut last week and latin america is leading the cycle while the fed and european central bank are moving in the other direction. haidi: this was the first meeting to -- include a eula appointee. how does that play into the political environment the central bank is operating in? travis: we will see because lula said he expected a rate cut but renewed his -- there are questions given his appointees joining the board about how the bank will operate going forward because it is -- it's formal autonomy was entrenched two years ago. it will be interesting to watch his reaction now. this is a bigger cut than people expected and signals there are bigger cub -- cuts coming in the future. shery: will they be able to do that? the divergence in paths from central banks and emerging economies eyes with what happens with the path of inflation. brazil has lowered below its annual inflation target, but for how long and what could be the variables? travis: that is still the big open question, how far they go. they said in their statement they are going to monitor inflation expectations, and want to

on higher interest rates to savers, the italian government have repeatedly criticised the european central bankt was meant to buy failed battery firm britishvolt has missed the deadline to pay for the business, casting doubt on the deal. filings from administrators ey show that the final instalment due in april, is still outstanding. ey said that the buyer, recharge industries, had therefore defaulted on its agreement to buy the business. recharge industries dispute that they are in default. here in the uk — new figure's suggestjuly�*s wet weather caused a slowdown in retail sales — with demand for clothing falling. overall retail sales grew 1.5% injuly, down from 2.3% the year before — according to the british retail consortium. the group said rising interest rates were also squeezing shoppers' budgets. to the us now, where the tech giant zoom has just ordered its staff back to the office. the company behind the video calling technology that became the tech tool of choice for millions of us during the pandemic has apparently now seen its limitations. zoom are now calling on staff to come to th

european central bank is in some ways at a crow -- at a crossroad.this will be about finesse and the language. we probably won't know until decision day if there is unanimity or large consensus. host: plenty more to come. this is bloomberg. ♪ >> i hope india would put nontariff barriers or barriers for the importing of steel. >> chinese steel? >> any steel. >> speaking of china, how do you view the recovery of the chinese economy right now? most people call it tepid. whereas india's demand has been strong over the years. >> i think china particularly though we read it is slowing down its interest rates and the real estate market there is going down. in reality, as far as steel is concerned, we don't see that kind of action or reaction in china. the steel production remains elevated. they produce over 50% of the world's steel production. and exports have gone up a little bit but not to the extent that domestic demand would -- but that would not reflect that domestic demand has gone down. india on the other hand has gone -- europe on the other hand has

when it comes to the ecb in particular, the european central bank was perhaps later to the game and onee key lines from the ecb is whatever the fed does well factor into the global conversation. they are not fed dependent but data-dependent. beyond the emphasis on data defendants what clues are you listening out to when it comes to lagarde when it comes to the next steps -- hike or pause, in terms of clarity from jackson hole? >> i'm not sure if it will bring us clarity but it will bring us debate. the head of the ecb has introduced the possibility in september of a hike or a halt. this is the first time we will hear from the head of the ecb since the july decision. we can see the contours of the debate. the german central banker was really defending the german economy saying we are not the sick man of europe. it is too soon deposit he said. and the british central banker saying the downside risks are becoming manifested in the economy. and we spoke to the -- >> the important thing is to look in the next prints of the data to see if we will see a softening of the core inflation. and inf

meanwhile, the european central bank president christine lagarde vowed to set borrowing costs as highs needed and leave them there until inflation is back to its goal. well, let's delve into this a bit more. joining me now is ann berry, founder of threadneedle ventures. good to see you. thanks very much for being with us. what is your view on inflation? has much for being with us. what is your view on inflation?- your view on inflation? has it finally peaked? _ your view on inflation? has it finally peaked? i _ your view on inflation? has it finally peaked? i have - finally peaked? i have certainly think it has peaked. but it hasn't hit the 2% inflation target across the eu, us and uk, so i think the worst is behind us but until that inflation target is hit, think we can expect interest rates as open with to remain higher for a lot longer than we previously anticipated. a lot longer than we previously anticipated-— anticipated. inflation has fallen significantly, - anticipated. inflation has fallen significantly, not l anticipated. inflation has - fallen significantly, not down to tha

. >>> we have fitch saying the falling eurozone inflation puts the ecb european central bank rate peakithin sight near the peak of the interest rates for the ecb. fitch rating is saying it expects inflation in the eurozone will fall to around 4% by the end of the year 4% is a figure for the end of the year ecb will probably not need to raise its near-term inflation forecast further in the month of september. quick reminder of what the ecb had said in the previous meeting was it would see inflation fall from the current 5.4% this year to 3% in 2024 and 2.2% in 2025 fitch then saying the ecb will probably not need to raise its near-term inflation forecast further when it has the next meeting in september those are the latest data points coming out from fitch. >> fascinatifascinating. >>> coming up on the program, fallout from the fitch u.s. downgrade continues. we have the latest on the investors and how they are trading treasuries after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $1

the president of european central bank talking in jackson hole. >> we are facing major shifts. one is there is a complete change in the labor market. there is a complete change in the energy future we are facing. there is a complete shift in how geopolitical forces organize our economies. alix: a much humbler tone for central bankers when it comes to how they look at growth and inflation and the job market going forward. our question of the day centers around all of the words we have heard in jackson hole. there is a theory that could have been more dovish, which leads us to the question, are central banks over tightening, joining us is bloomberg's jp barnett and michael mckee. i have to start with mike. apparently is a big celebrity when it comes to jackson hole. our central banks at a risk of over tightening? michael: are they over tightening or are they at risk of over tightening? the risk is there but i do not think they are at this point. they are looking at the economies and seeing growth in they seeing inflation falling. at this point they haven't either calibrated about

hole, may confirm that germany is backing into a recession and that is a huge worry for the european central bankho were trying to say they would be more -- there would be more interest rates to come but she might have to backtrack on that. because china especially is really affecting the german economy. german exports these days are less than half they were to china before the pandemic started so that is a very worrying signal. plus, germany is still suffering from a lot of the energy related issues that it had when russia first invaded ukraine. so germany is being hit from all sides. the economy is slowing very quickly. for christine lagarde to try to sound hawkish at jackson hole is going to be very difficult. where she might surprise people is that she axley starts talking about risks to global growth, her own area as well, and that might affect the whole panel at jackson hole. we may come away from jackson hole thinking that we are more concerned about slowdowns in china and germany than we are about inflation in the united states. lizzy: speaking of china, give us your view on how markets a

we know the european central bank targets headline inflation but also will have a particular focus onlation to see that this is a trajectory snap that is on a downward's path that is sustainable. it's not pegged to one offs in issues that energy. what i would caution is that the way spanish inflation gets measured compared to the euro step definition is slightly different. a lot of people, as you know, use to look at the spanish inflation numbers as a forward-looking guidance to what the euro area number would you. lizzy: thanks to bloomberg's maria tadeo. we will get more data later this morning out of the u.k., staying with the story of inflation and its impact. this is from the bank of england, the latest mortgage approvals data. they are expected -- you are expecting to see the house price correction having further to run, given the rate of rate hikes on the economy. there was a bit of a bounce in this number in june but that may have been more of a sign that people were scrambling to secure cheaper mortgages before being pulled from the market rather than a sign of health in the

that does give the slight relief for the overall print and does point to the ecb, the european central bankaps we can see some betterment here. but there's warnings things will continue to be a lot more difficult. interest rates will continue to head a bit higher overall as well, so it isn't going to be just easy. but as you said an improvement in that growth number does point towards a slight recovery and a betterment overall for europe, so not doing as bad as some would have thought. >> arabile, the sale of beer is down in a big part of the world. tell us more. >> yeah, actually heineken posting their vietnamese operations have really suffered a big blow then, which has been quite hurtful to the business. even putting down their guidance saying the remainder of the year is going to be actually very difficult for them when it comes to production. but it's weird, actually, because it is only that part of their business. out in asia really being the very difficult one, saying that the rest of the business is actually fairing fairly well, when one considers the fact consumers are premieratizi

central banks scapegoating, printing trillions, causes inflation. the cages are going to go up as a result. there was a recent tweet from the europeank, they put out a poll, said who is to blame for inflation, profits or workers? like is it greedy companies, is it greedy workers? it is the central banks. so wages are finally starting to catch up. the fed of course wants workers deep pay cuts so they can do their work for them to cover up the mess from all the trillions. charles: so elsewhere on this inflation front we see oil up. gasoline up really a lot. it is now priced at 49% premium to west texas intermediate. normally like a 23% premium. how much will this influence the inflation picture? >> yeah. it is already hitting the cpi number. energy as a whole is about 7 1/2% of the cpi and what we've been seeing all throughout this recent inflation is that gasoline and heating has been up even more than oil. there is a bunch reasons for that. you have cost of capital is increasing, prices of inputs, increased risk to the business, increased risk to the demand. we have kind of this zigzag economy where producers don't know what is comi

when you think about the fed, yeah, the fed's about done, but in the last month or so, the european central bank sounding a lot like hawkish, bank of england much less hawkish, bank of japan still confused -- >> as they are >> when you put it all together, it seems to us, on balance, the overall mismatch between the fed and other central banks has come in, and on top of that, data in the u.s. are pretty decent data overseas have been deteriorating. you saw the news on china, obviously. so, we think that bodes pretty well for the dollar despite 145, give or take, on dollar/yen. >> lori, let's say the call for 3.5%, which seems to really stick out, is that definitely good for equities? >> actually, what's bake into our model right now, because we've been looking in consensus forecasts, and it's been around that 3.5% mark at year end for awhile and that should give you a '21, '22 pe mark. so, i think it is positive i think it's positive for the growth stocks that have been a little bit weaker and trying to find their footing i mean, my question for you, actually, is, if we get to that 3.5 at the en

luberg, according to the calculations of analysts of the agency for raising the key rate of the european central banka result, the volume of industrial production will be cut by 4%, the negative forecasts for the eurozone look all the more convincing since its main economy , germany, is already in a state of recession and , according to the german authorities, there is no light at the end of the tunnel, alexeyv. understood the reasons. the german federal statistical office has published a report saying that the german economy is experiencing far, not the best times in the country is still declining production. yes, even as german analysts, of course, did not feed. illusions predicted a decrease in production in june by 0.5%, but in reality they faced a one and a half percent minus , especially noticeably with car building enterprises, where the fall rate was 3.9%. as well as the construction and chemical industries, the main reason for this is high energy prices. we need to reduce the cost of electricity. this could be an important contribution to cost reduction. not only for the industry of commerci

this european central bank president, christine lagarde, insists that male domination of the bankingindustry made the 2008 collapse of lehman brothers more likely. as the guard put it, if it had been lehman sisters rather than lehman brothers, the world might well look a lot different today. this is bloomberg markets today. i'm anna edwards, live in london with tom mckenzie. mark cudmore, our markets live managing editor, joins us from singapore to take u

central banks were tightening. i think even after i think around the time of the lehman bust, the european central bank continued to minute we were all running for fear of deflation. so it's not inconceivable that as in as inflation falls, that we then suddenly the deflation concerns rise. and certainly some of the monetarist economists who look at money supply growth, who were actually quite accurate or more than very accurate in predicting the inflation back in 2020, 21, are now warning of a deflationary bust. now, i don't i think that they're not they're not getting enough time on the airwaves . instead, it's the sort airwaves. instead, it's the sort of inflation beat that we're hearing. >> and if you look at the monetary aggregates, they have fallen extremely sharply from their 2021. their peak in 20 2021. >> yeah . so it could be >> yeah. so it could be particularly if we get a collapse in the housing markets around the world. china australia, canada, us and not least here where i think we mentioned before house prices are have been more elevated and the amount of household debt in mortgage is much higher rela