what a turnaround it's been further european central bank. we started the year on this automatic pilot on the hikes and now we are going to ended on a conversation around cuts. if you look at the decision today, the european central bank is expected to keep rates unchanged. that means policy unchanged. we already know this by now. it means that they are done hiking. the zeitgeist now for the central bank has to do with the cuts. we've gone very quickly over the past few weeks from this narrative of higher rates to now cutting rates. when you look at 2024, the market believes there will be more than 100 basis points in terms of cuts from the european central bank. because of the deteriorating economic picture for the ecb, there's her number of days on the table. some say you can see june. some believe a soon as march depending on that economic outlook. for me, it will be interesting to see beyond that monetary policy decision which we are exciting them to keep rates unchanged. how they respond to this pivot. the market is already pushing and ru

main event will be the federal reserve which is the us central bank interest rate decision because we have had a tug—of—war between the you —— europeanho will cut interest rates first, we have had a shift in financial market dynamics over the past couple of weeks off looking at the federal reserve there was a distinct possibility last month november they might move december, that has been evaporated, what we need from the reserve is guidance on whether they this policy could be worked anytime before the summer months. fire be worked anytime before the summer months.— summer months. are you concerned _ summer months. are you concerned about - summer months. are you concerned about interest| summer months. are you - concerned about interest rates and new us or the chinese slowdown? it and new us or the chinese slowdown?— and new us or the chinese slowdown? , ., . ., slowdown? it is global central bank policy — slowdown? it is global central bank policy we _ slowdown? it is global central bank policy we have _ slowdown? it is global central bank policy we have had - slowdown? it is global central bank policy we have had such | slowdown?

reserve people that the condo slowdown, but we've had a jack—in—the—box moment because the european central bankto the central bank target. that is why the market is shifting momentum back towards the euros, rather than the dollar, and now we are thinking that maybe we might have a left—field move here and it is going to be the european central bank that will cut interest rates first, which is why we are seeing such a shift in dynamics. why we are seeing such a shift in dynamica— in dynamics. inflation has not been that _ in dynamics. inflation has not been that been _ in dynamics. inflation has not been that been a _ in dynamics. inflation has not been that been a problem - in dynamics. inflation has not i been that been a problem here in asia, but this interest rates are still biting. what do you expect from the smaller economies in asia going into 2024? ~ economies in asia going into 2024? . ., economies in asia going into 2024? ~ ., ., , ., economies in asia going into 2024? ~ ., ., , 2024? we are hoping to see some imroved 2024? we are hoping to see some improved economic _ 2024? we are hop

but clearly, neither the european central bank nor the bank of england got the memo.ft their rates on hold and said it was too early to talk about cutting them. in fact, here in the uk, three members of the bank of england monetary policy committee actually voted to raise the interest rate above its current level of 5.25%. the bank is worried that inflation — the rate that prices are rising — is still not under control. our economics editor faisal islam reports # last christmas, i gave you my heart...# liverpool's christmas market — the festive spirit is here, but little sign of a marked upturn in the economy. people here continuing to have to cope with new surges in the cost of living, even as inflation slows. i sold my car last week. car insurance had gone up, then i had the bank loan. it's everything, isn't it? wage increases, they're not in line with everything. to be honest, i've just i had my flat repossessed. so it has really affected us. the bank of england confirmed that interest rates will remain at the current 5.25% level for an extended period. inflation,

we haven't seen that in data but we had a moment where the european central bank has seen its eu inflatione slowest 2.5, 2.6%, which is very close to the central bank target. that is why the market is shifting momentum, and now we are thinking that maybe we might have a left—field move here and it will be the european central bank that will cut interest rates first next year, which is why we are seeing such a shift in dynamics. why we are seeing such a shift in dynamics— in dynamics. that is all the time we — in dynamics. that is all the time we have _ in dynamics. that is all the time we have for— in dynamics. that is all the time we have for our- in dynamics. that is all the time we have for our asia | time we have for our asia business report. thank you for watching. voiceover: bbc news, bringing you different stories from across the uk. i hate to say it but i do think that— i hate to say it but i do think that if— i hate to say it but i do think that if i_ i hate to say it but i do think that if i had lost my life, i feel— that if i had lost my life, i feel like _ that if i had lost my

close to the central bank target, that's why the market is shifting momentum back towards grabbing the dollar an i think maybe we might have a left—field move here and it will be the europeanth a global central bank narrative steer which is why we are seeing such a shift in dynamics. are seeing such a shift in dynamica— are seeing such a shift in d namics. ., ., ., dynamics. inflation has not been such _ dynamics. inflation has not been such a _ dynamics. inflation has not been such a big _ dynamics. inflation has not been such a big problem i dynamics. inflation has not been such a big problem in dynamics. inflation has not - been such a big problem in asia but interest rates are still biting, what you expect from the small economies in asia, going into 2024? we the small economies in asia, going into 2024?— the small economies in asia, going into 2024? we are hoping to see some _ going into 2024? we are hoping to see some improved - going into 2024? we are hoping| to see some improved economic momentum, significantly because we have seen some of the pullback in us dollars strength, we have to remember we have global inflationary pressures because of the cost of living in

markets are pricing in five or six because next year from the european central bank and interesting tohether they will go full fed and .2 3— four ray because next year and a itself with the markets than has been for a next time. the bank of england is in a different situation, still seeing higher levels of inflation here in the uk, markets positioning for a summer start to rate cuts and only a few next year, so slightly behind the curve. the difference today for the bank of england unlike the federal reserve yesterday, we will get any forecast today, comes in november and february, so we will get any forecast wasn't a press conference and was not expecting any big announcements from the bank of england today. we will have to wait a couple of months. i will not be surprised with the ecb if we see a repeat of the fed yesterday. see a repeat of the fed yesterday-— see a repeat of the fed yesterday. see a repeat of the fed esterda . ., ., yesterday. have a good day. good to see _ yesterday. have a good day. good to see you. _ to the war in ukraine now, because european union leaders begin

investors weigh in decisions from the european central bank and bank of england that rate cuts are notytime soon. we will discuss the rally. the european union fails to agree on 50 million euros of aid for ukraine as viktor orban blocks a deal in brussels, but does agree to open eu memory -- member talks. happy friday. it is just on 6:30 a.m. in london. the party continues despite christine lagarde and andrew bailey. they push back against the narrative vibrated that's next year. we had a surprise court hike from a bank, but futures pointing to write higher opening both here and in the u.s. euro stoxx 50 futures higher. ftse 100 futures higher .3 of 1%. s&p futures and nasdaq futures both higher .1 of 1%. all-time highs on stocks, everything rallying from stocks to treasuries, credit to commodities all an excitement of fed cuts in 2024. treasuries declining in the asia session, two year treasury yield up four basis points. goldman sees dropping to 3.7% by the end of the year. bloomberg dollar spot index to study this morning despite the hawkish tilt from the boe yesterday. brent on cou

this 0n hold, the european central bank and the bank of england keep interest rates unchanged but thehubs in towns and suburbs provide a real alternative to the commute? welcome to world business report. there is a bit of a theme to the programme today because we are looking at the cost of borrowing around the world. we have had two or three key updates in the last 2a hours. the european central bank and the bank of england have decided today to keep interest rates on hold. that follows a similar decision by the us federal reserve yesterday. the ecb says it has also cut its inflation outlook, forecasting that price rises would slow to 2.7% in 2024 and 2.1% in 2025. it has also projected that inflation will fall below the 2% target in 2026. here in the uk the governor of the bank of england put a bit of a dampener on any hopes they may be a uk rate cut anytime soon. it's coming... wait for it.

will there be similar hints from the bank of england and the european central bank at their meetingsuros of funding for kyiv over the next four years as well as over 21 billion in military aid. plus, working near home: could local hubs in towns and suburbs provide a real alternative to the commute? let's focus on the top business stories. we start with the global cost of borrowing. after a steep rise over the past 18 months, has it finally reached a turning point and could it soon be on the way down? on wednesday, us shares hit a new record high after the federal reserve left its main rate on hold for the third month in a row, and said it's now talking about when to cut. in the next few hours we get policy decisions here in the uk, from the bank of england and also from the european central bank. they are both widely expected to follow the fed and leave rates on hold. but markets will be looking for any hint about when they might start to ease the cost of borrowing. more on that in a moment — first here's michelle fleury in new york. policymakers inside the us federal reserve believe

with the head of the us federal reserve, jerem paul, or the conversation with the head of the european central bank's foreign affairs advisor had to resign because of this scandal. a alexey spoke live on italian television, where he was alone against four aggressive tv presenters. i would say propagandists, but in italy now they love us too. what is happening to the european economy, migrants and beyond. ukraine, we’ll talk about this with our experts in the studio. and today with us is designer, vk design director artemy lebedev. artemy, hello, deputy chairman of the state duma committee on economic policy, mikhail dilyagin. mikhail, hello! "first of all, thank you it’s great that you took the time to come to our program, thank you for inviting us, a special new year’s eve, so accordingly, the first question is, what was the main event for you, for you personally this year, for you to celebrate, mikhail, well, for me personally , after all, i’m an economist, because contrary to all expectations, our investment growth continues, that is, it should simply turn off in such conditions, but it continue

haidi: european central bank leaders there on the current state of inflation and their future right strategyt's been a busy week when it comes to our central-bank decisions. as it -- it's interesting. we heard from christine the guard talking about a whole beach you could stay on for a while on hold. i wonder how much of a real substantial gap there is between what we heard from the fed and where we see the boe and ecb, whether it is just down to communication. the fact that chair powell really acknowledged the potential for easing and the fact that the european central banks are quite happy for the lead on this one? shery: it was interesting to see that pushback especially when it comes to eminent rate cuts when we heard from chair powell that the fomc those rate cuts were discussed and when the appropriate timing would be. perhaps european central bank's are taking it more easy, holding back. norway pushing ahead with a final hike. .25%-4.5%. norway talking about how the economy is cooling but inflation is still too high. what a contrast to other emerging market central banks. brazil cutti

of the year, and the pockets of people with mortgages were hit by interest rate hikes by european central bankse as much in installments. hyperinflation of 20%, energy crisis along the chain , everything that needs heating, refueling and lighting has risen sharply. products grew by 25%. the communal apartment also flew into space, more than half a thousand enterprises went bankrupt, because electricity has become almost 10 times more expensive. the crazy prices for natural gas also forced businesses to shout the guard. inflation is actually caused by the very sanctions that the tribalts impose, caused by their ridiculous energy policy, reluctance to buy electricity from wellis, oil and gas from russia. the vast majority of lithuanian residents believe that life is getting worse, the last time such low figures were 13 years ago in 2009, at the height of the financial crisis, in july 2022, 8% of the lithuanian population surveyed said that the situation in the country was improving, and 72% said the situation is getting worse. already this year, the roof over one’s head, that is, housing, has com

of the year, and the pockets of people with mortgages were hit by interest rate hikes by european central banksorcing people in some cases to pay twice as much in installments. hyperinflation of 20%, energy crisis, along the chain everything that needs heating, refueling and lighting has risen sharply, products have increased by 25%, the communal apartment also flew into space, both russian oil and gas and belarusian electricity went bankrupt, therefore, but this is a kind of stupidity that is not even effective, it is not fully justified, society reacted quickly, life became worse, sociologists heard from the majority of lithuanians in 2022. according to a new survey about baltasturimai, the vast majority of lithuanian residents believe that life is becoming. the last time such low rates were 13 years ago in 2009, at the height of the financial crisis, in july 2022 8% of the lithuanian population surveyed, they said that the situation in the country was improving, while 72% said that the situation was getting worse. already this year , the roof over one’s head, that is, housing, has come under

smaller basis price pressure eased across nearly every sector, the latest data is closer to the european central banks, target inflation rate of 2 percent and raises hopes interest rates may have to china's manufacturing activity contracted for a 2nd straight months in november and at a quicker pace. while non manufacturing activity had yet another low for the year, the suggestive was the 2nd for this economy made me more expensive stimulus for sure, of economic multi 1000000000 europe property and retail jain cigna finally declared and solved and see this week after desperate attempts to secure a fresh funding failed, making it the biggest casualty so far of europe's property, downturn owned by austrian tycoon that any bank goals signals portfolio spend jeremy's best known department store. berlin's cottage aid to the country's top high street chain galleria and the futuristic power skyscraper. project of this super your belonging to businessman renee vanco has just come on the market for nearly 40000000 bureaus. the empire of the self made billionaire from austria has been crumbling for some time. r

meeting from the federal reserve were also expected to hear from the bank of england and the european central bankk, the bank of japan is coming up next week the official say they see little need for negative interest rates to end negative interest rates this month as they've yet to see enough evidence of wage growth that would support sustainable inflation paul, you have the japanese yen getting impacted, yet the ecb meeting this week along with the federal reserve and a lot of people expect the ecb is going to be globally to cut rates because europe is a much situation economically than the u.s. is. >> europe has had one negative quarter of gdp growth and we think they will have another, energy continues to be a big issue for them and likely the japanese disappointing with another extension of the negative interest rate policy and that should be strengthening for the dollar. maria: what's your take on some of these areas that have been impacted by higher interest rates, new housing data shows that the average cost of a monthly grant payment in a monthly home payment, the fed interest rate making

in the coming years, there is the hope that the european central bank will also lower interest rates, which then again, could be a boon for the economy. so it's no bad news then. not all that, but um it is, uh, well, it is challenging. all right. uh, business colleague, chris cope, i think so much and with that new up to date and then you can look at them. thanks so much for watching the w i. c, c, the, we want to be the number one for the car is the car to clean empire of crime. who's even up to us tells one point a made up currency. then she disappears without the trains of financial thriller about the world's most wanted woman crypto queen stops december 30th on dw.

of the year, and the pockets of people with mortgages were hit by interest rate hikes by european central banks as much in installments. hyperinflation of 20%, energy crisis. along the chain , everything that needs to be heated, refueled and lit has risen sharply in price. products grew by 25%, utilities also took off into space, more than half a thousand enterprises went bankrupt, because electricity became almost 10 times more expensive, forced to shout karau business. and crazy prices for natural gas, inflation, in fact, is caused by the very sanctions that the baltic states are introducing.

high energy prices, the situation is explained by a number of factors, from high rates the european central bankch makes it difficult for businesses to access credit, to a high dependence on chinese imports. it is necessary to take into account that the rate of profit and profitability in european companies are quite modest and for a long time european business operated successfully, including in conditions of extremely low inflation, eu standards assume annual inflation of no more than 3% per year, in germany itself it was for a long time significantly lower, the explosive rise in energy prices actually ate up the margins of german companies manufacturing sector and therefore. are forced to either increase costs or move to more favorable markets. last week , a large metallurgical plant of the valurag company ceased operations in germany. on the last day, its workers staged a farewell, torchlight procession; due to the closure of the enterprise, more than 2.0 of them will lose their jobs, and the production itself is planned to be moved to brazil. this is just one example of such a relocation, a

craig, there is a reason that the united states ooh' central bank, the federal reserve, the bank of england and the europeanft interest rates unchanged this week, signaling that they're taking a step back after the interest rate raising campaign. maybe it is because things are clearly weakening and we are still seeing the impact of 1111 rate hikes -- 11 rate hikes from the fed, and we could have a of course key six months in the macro story. is that what people are thinking the fed's going to be reacting to with this idea they're going to get three rate cuts in 2024? >> i think it's that and also the fact they took races up -- rates up very, very quickly, 11 in a quick period of time, and new they're taking that medicine. the economy seems to be responding. inflation seems to be coming down. things seem to be moving in the right direction, and they just need to take back some of that medicine. i think it also is noteworthy that the current administration gets no credit for the market at this point in time, and and so what are they doing? well, the fed's coming in, they want to try to get things working, and

the european central bank and the bank of england have decided today to keep interest rates on hold. that follows a similar decision by the us federal reserve yesterday. the ecb says it has also cut its inflation outlook, forecasting that price rises would slow to 2.7% in 2024 and 2.1% in 2025. it has also projected that inflation will fall below the 2% target in 2026. here in the uk the governor of the bank of england put a bit of a dampener on any hopes they may be a uk rate cut anytime soon. it's coming... wait for it. it is to earl to it's coming... wait for it. it is to early to spectate _ it's coming... wait for it. it is to early to spectate by _ it's coming... wait for it. it is to early to spectate by cutting - early to spectate by cutting interest rates, we have to see more progress, i'm encouraged by the progress, i'm encouraged by the progress that we have seen but it is too early to start speculating that we will be cutting soon. weight it was worth waiting for. victoria scholar, head of investment, interactive investor we heard from the bank of england, let's talk about

the european central bank and the bank of england have both decided to keep interest rates on hold.rest rates have been kept at 5.25% for the third time in a row. the bank of england governor suggested it was too early to say when rates could be cut. you're live with bbc news. let's head to australia now, where a state memorial for barry humphries is going to be held at the sydney opera house in less than an hour's time. the australian entertainer passed away in sydney back in april, at the age of 89, following a celebrated seven—decade global career. he was known for his iconic characters including dame edna everage and sir les patterson, as well as being a renowned actor, poet, musician and artist. live now to our correspondent phil mercer, who is outside sydney's opera house where the memorial is being held. great to see you. what can we expect from this memorial service?— from this memorial service? family members, dignitaries _ from this memorial service? family members, dignitaries and - from this memorial service? familyi members, dignitaries and hundreds from this memorial s

the european union are afraid that other states will not want to keep money later, so in the european central bankr in the central banks of other european countries, yes, mr. roman, that's how we understand the difficulties, you say other countries will step up, but when we look at the foreign parts in the kinjal supersonic missile, we see that 77 components are from the united states, we see eight of switzerland, from japan, six taiwan. and we understand the full weight of what is called political will and the full weight of those norms that actually regulate these movements of these constituents or, on the contrary, do not regulate them. roman yedaliv, international lawyer, associate professor of the department of international law of taras shevchenko national university was in touch with us. and then, ukraine has a work plan for the next year regarding the creation of a special international tribunal and bringing russia to justice for war crimes. this was stated by the ambassador on special assignments of the ministry of foreign affairs. business anton korenevich, details below. mr. anton , con

we're waiting on the european central bank. we'll bring you the numbers. u can see, the pound is moving slightly on this, no change for interest rates from the bank of england. time for the hot of topic of the hour. the house gop voting to formalize the impeachment inquiry into president biden, enabling the committees to enforce subpoenas and gather evidence about whether the president is compromised and traded official policy moves for money. this as house republicans you announce contempt proceedings against first son hunter biden after he was supposed to sit for closed door deposition yesterday with the house oversight committee but defied the subpoena. he read a statement outside of the capitol. >> i am here to testify in a public hearing today. to answer any of the committee's legitimate questions. republicans do not want an open process where americans can see their tactics. expose their baseless inquiry or hear what i have to say. let me state as clearly as i can, my father was not financially involved in my business. maria: remember back in 2021 pre

there is a lot markets expect from the european central bank and i think they will probably feel that much so might be inclined to push back on that a little today but fundamentally keeping rates on hold today and may be a series of cuts coming next year. we today and may be a series of cuts coming next year.— today and may be a series of cuts coming next year. we will talk about lenteous coming next year. we will talk about plenteous that _ coming next year. we will talk about plenteous that starts _ coming next year. we will talk about plenteous that starts to _ coming next year. we will talk about plenteous that starts to happen. -- l plenteous that starts to happen. —— plenty is that starts to happen. 11 new hydrogen green projects have been approved by the government. confusingly perhaps it has cancelled it domestic hydrogen trial because it domestic hydrogen trial because it says that is not enough supply although there had also been some local opposition to the scheme. sarah williams is director of regulation and asset strategy in one of the ii regulation and asset strategy in

the european central bank and the bank of england have both decided to keep interest rates on hold.ow. the bank of england governor suggested it was too early to say when rates could be cut. you're live with bbc news. let's head to australia now, where a state memorial —— these are live images from sydney, where a state memorial for barry humphries is being held at the sydney opera house. the australian entertainer — who was known for iconic characters such as dame edna everage — passed away in sydney back in april at the age of 89, following a celebrated seven—decade global career. this service began earlier this hour — we've already heard a few reflections from friends and we've just heard from the australian prime minister, anthony albanese. live now to our correspondent phil mercer, who is outside sydney's opera house, where the memorial is being held. great to see you there. what can we expect else from this memorial service?— can we expect else from this memorial service? this is the programme. _ memorial service? this is the programme, and _ memorial service? this is the prog

the european central bank and the bank of england have both decided to keep interest rates on hold.ime in a row. the bank of england governor suggested it was too early to say when rates could be cut. you're live with bbc news. leaders from across southeast asia will head to tokyo this weekend for a summit hosted by japanese prime minister fumio kishida. the event will mark 50 years of relations between asean nations and japan and comes as tokyo looks to deepen its engagement with southeast asia to counter the growing dominance of china in the region. for more on this we cross live to canberra and joined the deputy programme directorfor joined the deputy programme director for asia joined the deputy programme directorfor asia at the director for asia at the international crisis group. thank you so much are coming on the programme today. how does japan view is relationship — relationship with asean nations, rather, especially in the context of concerns about china's rising influence in the indo—pacific region? china's rising influence in the indo-pacific region? southeast asia is ver

harris keeps her spot number three following the president of the european central bank. the prime minister of italy is number four. taylor swift takes fifth place. the first time an entertainer has broken into the top five. >>> and on the auction block for thousands of dollars. we will tell you about that. >>> taking a look at rockefeller center in new york. luster hold -- lester holt is preparing. a president of an elite college testifying about the increasingly toxic atmosphere on campuses. what came of the testimony on capitol hill today and what they are trying to do to address the safety concerns. loving this pay bump in our allowance. wonder where mom and dad got the extra money? maybe they won the lottery? maybe they inherited a fortune? maybe buried treasure? maybe it fell off a truck? maybe they heard that xfinity customers can save hundreds when they buy one unlimted line and get one free. now i can buy that electric scooter! i'm starting a private-equity fund that specializes in midcap. you do you. visit xfinitymobile.com today. with the freestyle libre 2 syst

including the european central bank and the bank of england. decided to keep interest rates on hold.s inflation outlook for the next two years forecasting price rises would slow to 2.7% in 2024 and 2.1% in 2025. it's also projected inflation to fall below the bank's 2 percent target in 2026 at 1.9%. here in the uk, the governor of the bank of england, andrew bailey, put a bit of a damper on any hope for a uk rate cut any time soon. at the moment, it is really to early to start speculating about cutting interest rates. we have to see more progress. i am encouraged by the progress we have seen, don't get me wrong, i am very encouraged by the progress we have seen. but it's too early to start speculating that we will be cutting soon.

in the coming years, there is the hope that the european central bank will also lower interest rates, which then again, could be a boon for the economy. so it's no bad news and not all that, but um it is, uh, well, it is challenging. all right. uh, business colleague, chris cope, i think so much i it's all right here. uh, some more weld headlines and argentina is new economy. minnesota has announced that he is flashing the value of the country's currency. by more than haul, the move is positive measures intended to ease the worst economic crisis. in decades, argentina is a new right wing populist president, have a male i has promised to drastically reduce public spending. around 12000 baby titles have been released into the river. it 10 years bordering bolivia and brazil in the hoss of the amazon and this is part of the government scheme to repopulate the spaces. total numbers have reduced significantly to, to habits that loss and the illegal trade in the x. now he is considered one of the most important german painters of old time. caspar david finish, loves for his landscapes. his w

and where the fed leads the rest may follow with both the bank of england and the european central bankrest rate calls on thursday. (read on) live now to chris beauchamp — chief market analyst at trading platform ig. good morning, chris. is this your last big week? can you wind down after this week? i think we can. it may be two weeks before christmas but is not done yet. us inflation... so there is plenty going on. we will aet so there is plenty going on. we will get inflation figures out on tuesday which will be watched extremely closely off the back ofjobs numbers out on friday. what do you think that will tell us in terms of how the us economy is doing? inflation figures suggest it is moving well... they are keeping moving well... they arekeeping keeping rates unchanged... audio volume fluctuates chris, can i ask you to move your microphone a little bit maybe a little closer to are struggling with your audio a little bit stop there we go. that is a nice nice. thank you for that. before we let you go, the markets last week were pricing in the fed to start cutting rates in march but t

both of the indices reached record highs last week >>> other comments from the european central bank and this time around supervisory mandate. the central bank raised capital requirements for 20 banks stating they did not have enough cash on hand to cover bad loans. it is preparing for the rise in delinquencies in the higher-rate environment. ubs this morning is up 2%. we found civean raised the stake in the bank on the value expectation doubling in the next five years frank. >>> thank you, joumanna bercetche. higher ahead of the earnings after the close today. the stock out performing u.p.s. as they look at cost cutting efrts. relate revenue is expected to decrease. the metric to watch for the delivery giant is marginal the forecast is expected to come in over 6% compared to 5.3% last year and on top of mind is the raise to forward guidance with the shipping rates to increase next year the stock is under valued joining me now with expectations is the chief investment officer of north star. good morning thanks for being here. >> good morning, frank >> i want to talk about the expectat

central banks. the fed, the bank of england and european central bank, wall street is expecting next year to be in cuttingom all of the central banks. if you look at the graph of that's where rates are expected to go, obviously, you saw that the run up this year that's the high, and then next year, wall street is increasingly getting comfortable with the fact that inflation is coming down to the point where they can begin to normalize and bring rates lower. the thing is, they're now looking for about almost 5 -- around five cuts each from some of these major central banks. is that going to be too optimistic? is it right on target? i think that's going to be the question of the year. as of this morning, swaps market looking at almost 100% odds that the fed goes in march. >> the market has been right. i think you could say the fed has had to come to the market, and that's what happened at the last meeting and why where we are now. in terms of the rally that's happened since, really, a waller started rally that powell didn't do anything to throw cold water on and why stocks were able to continue to climb. we

look at the european central bank, tried to be defensive but pmi data was not that good and there wille more suggestions that europeans have it wrong in terms of outlook. kriti: we'll see how that translates to ethics. mark cranfield, we thank you. coming up china ramping up its iphone crackdown. stick with us, this is bloomberg. ♪ kriti: welcome back to daybreak europe in london. chinese agencies have ordered staff to stop bringing iphones to work. apple asian suppliers are in the red and i want to get details from debbie wu. we knew the ban existed. marley ramping it up? debbie: more state firms across china tell employees not to bring iphones and foreign devices to work. they request employees to carry yellow aprons only, a step up from the hit in september in which a small number of agencies and state firms in beijing told employees to not bring foreign devices into work. so the order was dispensed across eight provinces including coastal provinces, and up to northern provinces. and what happens is for a couple of years now the china has been trying to reduce its reliance on or and

that's when the european central bank, bank of england, swiss national bank and norway's biggest bankest rates. ringing the opening bell this morning, the garden of dreams foundation focusing on young people facing illness or financial challenges. and right in the center of your screen helping ring that bell. this morning with that great organization, four and one half year old cancer survivor charlotte dwyer. they're helping ring that opening bell. taking a live look at the markets, a little bit of a mixed picture now at this hour. the dow jones still up about a quarter of a percent. the s&p 500 up slightly. the nasdaq down a bit, though, so far this morning. but again, could be pretty quiet ahead of the fed meeting this week. a new ai tool is designed to help improve online shopping for customers and stores. my size id is working with major retailers to help reduce the number of returns. now, the company has an algorithm that learns the habits and measurements of online shoppers. it says the tool saves retailers money by reducing returns by 30 to 50. san francisco based levi's is am

implementation of this, she said that this is specifically done for control, here this the european central banke for the european population, is beyond the scope of even theoretical control, that is, they have the brussels bureaucracy, which is all european... in russia, it is quite capable, but it does its job quite well, it is very well informed and smart, she will do anything to ensure that the russians... who are right there, so close to ukraine. i believe these are the ones who suffered the most. you will depend on the help of the west and the united states. and i, i can't control this, but my voice will always be on your side. so, those who most clearly defend the interests of the west suffered, it turns out. well, it is what serves fascism that suffers from fascism in the first place. by the way, after this conversation cnn did. a whole story that was dedicated to us. let's look at the excerpt. a month ago it became known that the chairman of the board, governor of the federal reserve system, jerome pavel, became a victim of russian pranksters. in the video, pavel discussed world politic

he's got the latest european central bank rate decision. steve? ation forecast. it now sees hitting 2% target by 2025. 5.4% this year going on a 2. 7 in 2024. a bit more optimistic than the fed. well,ed fed 21 for 2025. in and around the target by 2025. i don't see anything here about a program, some discussion whether or not they would edit, here it is. reinvest in full principle under pandemic program during first half of 2024. intends to discontinue reinvestments end of 2024. i'm not seeing much. really this comes down to, becky, whether or not christine lagarde president, press conference at 8:45 this morning, pushing back against expectations of rate cuts. already in place, but certainly this morning they are going to be -- pushed higher, because of what the federal reserve did. in part, the ecb has its own independence in what's going on in the fed, but in part it doesn't. over time, if inflation is coming down and the fed is moving faster, it's going to put some pressure on the ecb to respond. one thing i'm going to do right now. look what's

central banks. that's tomorrow including the england and european central bank. joining me now is seth carpenter.t to have you here. >> great to see you. >> you are a fed insider, former deputy director. give us a sense. what are you expecting aftwith press conference and statement? >> you nailed the right issues. at the top of the segment you said investors are looking for clues as to when the fed might cut. that's where fed chair powell and others have to be super careful with what they communicate and how they communicate because the market is looking for any signal that cuts are coming sooner than priced. we don't think there's going to be a policy rate move today. our thought is they won't cut rates until june. to get there, they'll have to reprice them. part of what i think powell's strategy is going to be is to try to say, look, we didn't hike rates today. inflation is coming down, but it's not at our target. it's not anywhere near our target. in fact, if anything, we need a little more conviction that it's going to come down to our target. so to try to push back a little bit that rate cut

central bank, european central bank, maybe others. synchronized combinations are usually good for equities and i think it's the median company in the market can have stable or higher gross margins, i think the risk award skus to the positive in terms of outcomes and i have seen all the outlook snow for most of the institutional investors and i think there is a range out there, but probably i'm a little bit more optimistic than average. >> the stock market has kind of gone a little -- i don't want to say crazy but it has certainly popped. you know the federal return may end up cutting rates may be in early 2024. our next guest may disagree on that but how much in the stock market this year and in talking about the s&p 500, will be reliant on what the fed does versus what it can do on its own? >> there are two elements to answer your question. what is the corporate earnings, profitability, margins and the other is the price to earnings ratio that you pay and you know, the fed certainly -- the fed balance sheet has been correlated to the

central bank activity. we have been getting the pmi numbers. the december flash numbers for a host of european countries.ermany and france got through the flash pmi for the eurozone as a whole and it is not good. it is a lower number for december than what we hehe had november. it is 47 against 47.6. it is ticking downward. the flash services pmi number came in at 48.1 for december. a little bit higher than the november reading of 48.7. still be helow the 50 mark. in terms of other data and comments and what we are hearing from one chief economist froms commercial bank saying the eurozone economy failed to see any recovery for six straight months. in terms of the employment index, 49.6 which is below 49.7 for november. services is seeing a bit of a rebound, but below the 50 mark. this is interesting over what we have found out in the last 24 hours and in the context of france and germany. both of those pmis pushed the two wheeconomies to the brink o recession. the germany economy at 46.7 and manufacturing tumbled to 43.1. in france, the headline number fell to 43.7 and services activity fell to a 37-mont

of the central bank push to ensure banks are prepared for a possible rise in loan delinquencies amid the higher rate environment. throughout all of the year, we have been talking about europeane, but so far not seeing a major credit deterioration. the ecb is beginning to get worried, but we know the tide is tur turning, and the ecb is probably cutting rates toward the end of 2024 we will see how it plays out on the loans with the bank books. >>> let's get back to our cfo of in nord sececurity. apologies for that interruption. you are a security provider for individuals and businesses how do you compete with the u.s. counterparts i know there are many companies in silicon valley focused with the rise of cloud computing and cloud security is a major theme. >> absolutely. that is a great question we compete in several ways first of all, in our core vpn market, which is a cybersecurity product that encvncrypts user traffic. we are the market leader in terms of scale and in terms of the breadth of infrastructure that we have and in terms of the proprietary technology and algorithms to provide the best systems for our clients. on top of that, we have a very strong and diversified

once the meeting is over on thursday, we have the bank of england meeting in the uk and the european central bankght, european council meetings starting thursday and going into friday which is critical for funding for ukraine as well, as you have been hearing. president zelensky has not seen a commitment he wants from the us so far. more on these stories at the top of the hour. you are with bbc news. hello there. wednesday's weather will see big improvements. it will brighten up very nicely from the west, and over the next few days, for the vast majority of us, it will turn a lot drier as high pressure starts to build in from the south, also turning milder into the weekend with westerly winds and temperatures rising across the board into double figures once more. now, that very slow—moving area of low pressure continues to meander its way into the near continent. still plenty of cloud, some showery outbreaks of rain for much of eastern england. we're keeping that cloud here too for much of the day. but it'll brighten up very nicely across northern england, much of wales and down through the south

ed: breaking news -- bloomberg reporting citing sources that the european central bank and its policymakersin expecting to cut interest rates at a later date than the markets are currently pricing in. this is according to people familiar with the matter but it follows the tone of this morning's ecb decision and press conference and rates matter no matter where you are in the world whether you're an investor or an individual citizen but that's what we are reporting that the ucb is united as a policy panel on the timing of those cuts being later than the market is currently pricing in. from san francisco and new york city, this is bloomberg technology. ♪ ed: time for the global vc roundup. an indian startup raised $40 million to strengthen its supply chain and boost vendor partnerships ahead of the stock market debut we think his plan for 2025. it runs an online market place. french clean power firm received $68 million euros in because i equity funding from intermedia capital group as part of an agreement which allows the company to pursue his development plan the next two years. plus the be

that is the concern that european central bank's more broadly have at the moment.ve yet to see the full effect coming through. that could be the narrative the beginning of next year. as inflation comes down, great. but the risk of it bubbling back up with wages is significant. alix: you are still at 7.2% for we growth on a three month average, down from its peak but still quite high. guy: some was on the confident the ecb is definitely looking at that to get some certainty that this disinflationary trend that is accelerating will continue to do that. stocks getting in inflation boost. mark and spencer had a great run this year. kingfisher and diy doing really well today on the back of this idea that inflation is coming down sharply and that the consumer could get a boost as rates decline faster than originally anticipated. that is in outperformance today. some 52 week highs, there have been a few. volume good today as well. we have seen a bunch of 52 week highs. there are some good names from across europe hitting highs today. the closes next. this is bloomberg. ♪

there is such a european central bank, it is no longer in germany.the example of germany. everything is fine, the leaders of c decided not to open negotiations on membership with bosnia and herzegovina, they said that this requires a level in accordance with the criteria, that is , ukraine has it, bosnia has moldova and ukraine, georgia has it, in the second year, if you already switched to this, in the twenty-second year they didn’t give anything to georgia, they had the wrong political regime, so the candidates turned into a bunch of degenerates, but very sovereign degenerates, yes, that’s for sure, andrey, do you want to continue, you will have this opportunity after advertising, in the program is on air for 60 minutes, we have a special episode, we start with breaking news, 60 minutes, don’t miss it, tomorrow on rtr. i decided to return a day early, i want to surprise anton, we’ll look at it on the weekend. i would like to talk to ella. has ella left? take me back. i thought that everything was more serious here, you sit and think. there’s no nee

there will be a lot of data in the european central bank and we will monitor that. so if you thought there was room for a cut that would come in april q1, q2, we will look at the first half of the year to reassess where we are at. to answer your question specifically, how long can they defend this? at this point, it will exclusively come down to the data. this is a central bank that has been accused of being too optimistic about their resilience. the european economy should consider the risks are tilted to the downside. when it comes to inflation, we have seen positive surprises. it will come down to the idea of hire for longer and how they can defend it. when it comes to the messaging now, there is nothing to suggest they want to pivot. they did not follow suit of the fed, and the central bank is saying be patient, because we will monitor the data. it is not q1, it could stretch even longer. alix: and a cut as early as march being priced out for the ecb. bloomberg's maria tadeo, we appreciate it. we want to get more on this and are joined by carsten brzeski. what d

including the european central bank and the bank of england. decided to keep interest rates on hold. this follows a similar decision from the us federal reserve wednesday. the ecb also cut it's inflation outlook for the next two years forecasting price rises would slow to 2.7% in 2024 and 2.1% in 2025. it's also projected inflation to fall below the bank's 2 percent target in 2026 at i.9%. here in the uk, the governor of the bank of england, andrew bailey, put a bit of a damper on any hope for a uk rate cut any time soon. at the moment, it is really to early to start speculating about cutting interest rates. we have to see more progress. i am encouraged by the progress we have seen, don't get me wrong, i am very encouraged by the progress we have seen. but it's too early to start speculating that we will be cutting soon. to early for speculation. earlier i put that to victoria scholar is head of investment at interactive investor. the uk money markets, they are anticipating rate cuts next year but not untiljune, that is when the first rate cut is pencilled in. that was actually pushe