dani: standard chartered ceo bill winters there speaking to francine lacqua.e will bring you more that conversation later. let's dig more into the inflation conversation. joining us today is william hobbs, chief investment officer at barclays. it is great to have you here. this is a nice change from at-home zoom. on this inflation debate, we're looking at yields at a 19th month high. we have the feds debating this issue, how is the market looking at it? is it here for a little longer? william: that is a good question. the interesting thing is that they are incremental central-bank indicators, talking about outside risks, inflation, transitory is trying to be emphasized. from our perspective, will be have to watch is how the current inflation has been longer than everyone expected. the collective consciousness, it is not easy to measure it. wage data is noisy at the moment. and makes a story difficult to judge. we still look at it as a hump, not a new trend. they are right to add some compensation at the longer and. -- longer end. manus: good morning. great to

tom: that was secretary of state anthea blinken speaking to francine lacqua in paris.d news. laura: democrats have signaled they will accept mitch mcconnell's offer to raise the u.s. debt ceiling into december. the deal would alleviate the immediate risk of a government default but racist the prospect of another political fight. -- but raises the prospect of another political fight. bloomberg is studying a new bond buying plan from the ecb about wind -- when economic crisis help will phase out. currently over $20 billion in debt. u.k. calls off airline refund over -- flying illegal. they believe people should get refunds. they will not take action as the law is not clear enough. ba only offered vouchers and rebooking. global news, 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. anna: thank you. coming up, bloomberg scoop. the ecb is stenting a new bond buying program to prevent market turmoil when emergency -- are phased out. we will get into the market impact with our

he spoke to francine lacqua, saying china should cease actions towards taiwan. that was during a talk. that coming up next. this is bloomberg. ♪ >> i'm not surprised to see this most recent retreat in correction we have been going through. >> china has already gone through a bit of a correction. >> they are playing this to be a superpower and moving consistently in that direction. we think it is investable. >> diversification is key. >> being somewhat better diversified geographically. >> you have to have it change, be agile. >> it will be more important in the next decade. >> we have seen a dramatic growth in allocations. >> anybody on the sidelines under allocated to pre-pandemic and saw the performance with this reopening. we see a real resurgence of demand. >> it has never been more punitive to hold cash. >> if the inflation piece pulls over, the whole thing falls over. >> the problem is stagflation. that is the real risk. >> there are no answers to it yet. we should expect continued volatility. dani: on day two of the bloomberg invest global conference, top

francine lacqua sat down with u.s.ry of state antony blinken on whether he sees any thought in the tensions between the u.s. and china. more on that next. this is bloomberg. ♪ ritika: this is the european close. coming up, dow chairman and ceo at 4:00 the new york, 9:00 in london. this is bloomberg. alix: u.s. secretary of state antony blinken says china should cease its aggression towards taiwan. secretary blinken spoke earlier with francine lacqua in paris. sec. blinken: they spoke on the phone a few weeks ago and had a productive conversation covering a lot of issues. whether they will have occasion to get together in the months ahead, we will see. they are likely to participate in some fashion in the g20 meeting. they had a productive conversation and we will continue the work they set out stop francine: with seen incursions of chinese planes in taiwan. is there a redline you think president xi will not cross? does he understand a redline or are tensions high? sec. blinken: the actions we have seen by china are pro

francine lacqua is in london and guy johnson is off. believable move in the bond market over the last few days. thank god it's friday, right? francine: for an equity analyst you've had a million and one earnings so it's been a pretty long week. and we look at technologies so it has been a manner of confluence all coming together on this friday. alix: and, by the way, is the end of october. the nasdaq down .5%. blame apple and amazon despite the fact that they are off the lows of their session. i wonder how much of the issues that they are encountering is transitory versus permanent? and the divergence there? the bond market is where i see the really interesting action. it started yesterday and continued in australia, two-year yields spiking come huge in the last few days. the central bank did not defend yield targets. the 10-year yield in italy is 15 basis points higher, the last two days 30 basis points higher for btp. similar in the u.s. the 10-year yield feels calm, but the 2-year -- the market does not believe what the central bank i

this as we track closely francine lacqua's conversation going on with jay powell right now. about the impact delta has had, jay powell says growth will return to summer high levels. that in some ways, you can argue is a difficult thing to manage because it is fine if that goes into services, but if it continues to drive this hotter economy, more desire for people to purchase stuff and it continues to have an impact on the energy market. it can continue to further the -- he is talking about the fact that they are watching carefully that second round effect, that move from energy inflation into wage inflation. taylor: i am confused -- i thought we already got that a few months ago, guy! [laughter] guy: it is not consistent. taylor: i'm giving you a hard time. guy: give jay powell a hard time! taylor: in all seriousness, the markets are a big deal. what is so interesting to me is we are taking a look at yields falling across the curve. you're seeing technology that hit the hardest. at that is a relationship we do not typically see. even though yields are falling, it is financia

let us catch up with francine lacqua.ncine: i am at the science museum where we heard from the prime minister on innovation. one person who was in the room and who i believe had dinner with the prime minister yesterday is david solomon. david: it has been a while since i have been in london. i am thrilled to be back. good to be spending time with you. francine: the pitch from that u.k. government is come here, invest, be green. have they been persuasive? david: i think they have a good pitch, but we have been committed to the u.k. for a long time. we have 6500 people here in the u.k. pre-pandemic, we built a new building, a billion-dollar commitment. we built up in birmingham. we see the u.k. is a tremendous opportunity for us to have a significant outpost, serve our clients and provide resources across the continent. francine: has that changed because of brexit? is there anything you need to ask authorities to do better? david: we are and moment in time, coming out of the pandemic , where there are a handful of things go

eastern time, the big event of the day, fed chairman jerome powell and francine lacqua will moderate a panel on financial stability channel edges in the central bank. this conversation is at a moment were central banks are in a tough spot because we have inflation caused by supply-side challenges and monetary policy can't be much about that but they might be forced to hike rates anyway. jonathan: what a phenomenal panel stuff we need to ask that chow -- the chairman where he stands on rate hikes. tom: this is an important panel and not only the physical issue globally but how do we unwind from the physical access? do we grow our way out? i would love to know just what do you do about burgeoning bitcoin business they have to police? jonathan: that's 11:00 a.m. eastern time. i remember the morning in the summer in a note job from jonathan at credit suisse with a year and outlook of 5000 and many people just said here we go a in step they say he is too bullish and here we are at all-time highs. why do you think we can get to 5000 from 4500? >> earnings benefit from these shortages. i kn

manus: that was the banco santander german speaking to francine lacqua. third-quarter numbers. it is a beat. we discussed. this is bloomberg. ♪ manus: this is bloomberg daybreak europe. we have the numbers from tsmc and it is a beat. demand for chips stayed robust. we know that in spite of a worsening supply chain. let's get to our senior editor on tech. we have the numbers. what has driven the growth? >> yes, it looks strong across the board. tsmc has the largest contract maker of chips is really still enjoying from the boom and demand and everything from cars to smartphones to gaming consoles to personal computers. consumers are just snapping up gadgets and devices and tsmc is enjoying the growth and benefiting as a result. dani: if that is the positive, what is the negative? it has not all been rosy for the chip industry. >> there are certainly a lot of risks or a lot of things to look out for. margins has been one cause of concern and that is a result of capacity constraints in the chip supply system. right now, it seems like tsmc's margins for the la

francine lacqua will have a discussion. south africa reserve bank governor, and the chair of the fed, jerome powell. that is it for us sy "bloomberg daybreak: europe." u.s. stocks start to come down. anna edwards and mark cudmore will walk you through that, next. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. anna: good morning. welcome to "bloomberg markets europe." mark cudmore joins me to take us through the market action this hour. here are your top headlines. evergrande back from the brink of default, expected to make a last-minute bond payment. inflation fears away on the market. breakevens had a 16 year high.

she spoke exclusively to francine lacqua.re not zero in her own operations, and how do we help customers transition to green? we need a common language. we call it taxonomy. what is green? we need to ensure stress tests are aligned across countries and regions. we need governments to have policies where you do not have unintended consequences, and others financing what some are not financing. we need that clarity of court nation across the world. francine: if you look at anxiousness in the banks now, how much more will be done in the next two months? ana: i think covid has helped us because we depend on each other. it is the same for climate change. some people say you are not seeing it, you see extreme weather a lot of the times we are in a dangerous path. it has to happen now working together. it is very much with us in the private sector, banks, governments, regulators. there is a real push for coordination, and having clarity. what is green? how do you measure it? what do we do about it? francine: that you changed some la

francine lacqua is in for guy johnson, over in london.azed by the moves in the bond market here as we sort of ignore what christine lagarde said. we are

with francine lacqua. welcome to "bloomberg surveillence: early edition." it is friday, october 1. i'm francine lacqua in london. red october, stocks drop at the open. sept

. >> this is "bloomberg surveillance: early addition," with francine lacqua. od morning. welcome to "bloomberg surveillance," on this wednesday. the inflation rate eases.

i'm francine lacqua.o asia, supply restraints from the world's top producers, it could spell an energy crisis that could upend the global recovery. the post-pandemic rebound collides with colder months in the northern hemisphere. avoiding a winter of discontent, governments warn of blackouts.

. >> this is "bloomberg surveillance: early edition," with francine lacqua. od morning a welcome to "bloomberg surveillance: early edition

he spoke exclusively to flint -- francine lacqua.ia is that we do no harm. if you're doing harm to communities, indigenous people, biodiversity, it will not qualify. that is a defensive approach. the offense of approach is to say, what we want to do is create a market that is what we're are doing. there are also attributes that are important to you. climate, water resources, not just do no harm, but do good. people who are good in the climate investment, if you look you were happened to oil companies or large airlines, it is bad. if you're investing directly in projects to protect rain forests, but also local as well, employment, bow diversity, natural carbon, protect biodiversity. it is important to them in their business model. doing something good, but also about being transparent. francine: are we transparent enough? bill: right now, no. it is over-the-counter. we are trying to bring everybody to put the trains out onto the platform. we have created something called climate impact x, we have our first auction of high integrity ca

♪ francine: i am francine lacqua and welcome to "front row."essor was ousted by the board and now he has to show he was the right choice to run the largest bank in europe the long history in china. noel: if you want to be an international bank serving the world, serving 60 markets, at times, it can be difficult and i'm not going to deny that. fr

he spoke with francine lacqua in paris.y asking him about that phone call between president biden. >> they spoke on the phone a few weeks ago. they had a productive conversation covering a lot of issues. whether they will have occasion to get together, we will see. they are likely to both participate in some fashion in the g20 meeting, for example. but they had a good, productive conversation. we will continue the work that they set out. >> we've seen chinese planes in taiwan. is there a redline that you think president she will not crash? our tensions high? >> the actions we've seen by china are provocative and potentially destabilizing. so what i hope is that these actions will cease. there is always the possibility of miscalculation, of miscommunication. that's dangerous. in the past, we've managed to handle the issues surrounding taiwan. in a way that is actually sustaining stability. provocative actions go in exactly the wrong direction. it is very important that no one take any unilateral actions to change the status

i am francine lacqua in london with dani burger. the cash trade is less than an hour away and here are your top headlines paid evergrande shares halted pending news about a major transaction. china's embattled said to have guaranteed a bond that just matured. electricity and gas prices surged more than 1000% from spring 2020 lows. boris johnson says britain must adapt amid fuel shortages. it will be a hot topic at the tory party conference today and we will be speaking to them on this program. we are one hour away from the start of cash equity trading here in europe and this is what the futures are telling us. the focus is on inflationary pressures. we hear the word stagflation more and more. you could see a repricing of certain asset classes but like we see in the last two weeks, every time there was a dip or small correction in equities, there was always an excuse for investors in the rest of buy the dip. futures for the moment in europe practically unchanged and you can see also similar patterns for the ftse on the dax. a lot wil

francine lacqua caught up with the european commission president, ursula vendor line. -- ursula-- >> we need to know about the need to fight climate change, and we have to agree on how we want to move forward. the most important part is innovation. we are investing a lot into innovation, intimate clean and sustainable technologies market feasible. the second is that we help as much as we can from the public sector, that there is emphasis on producing clean energy, on having the transformation necessary and the carbon price and market. -- carbon pricing market. for me, two things are important, innovation and market driven mechanisms, that is how we proceed to fight climate change. francine: do you think the eu can have new rules to make sure finance sticks to what they have pledged in terms of climate change and esg? will we see stricter measures? ursula: we see two things, first of all there is huge demand for green bonds. green bonds we are issuing, there is a hunger out there for truly green that is clean and sustainable projects. we see also the reaction to the taxonomy as very p

coming up later we have francine lacqua speaking with jay powell. a conversation taking place from the research conference. david: just ahead, supply chain issues plaguing, mattel says they are working through all of these issues. that is coming up. this is bloomberg. ♪ >> the choice of doing nothing is not an option. >> we have seen an increase month after month, a surge in demand for goods driven by e-commerce but also a shift away from services towards goods. >> it is a market influx. unlike the recession or bankruptcies or the tsunami that has caused shortages in the system, it is a supply issue. >> it has gone up in the volume is up 20% right now. it will even be more as that year goes on. >> the bigger issue right now is the labor force in the united dates and specifically getting more truck driver and truck capacity and warehouse capacity to labor and distribution centers. david: talking to us about the ongoing supply chain squeeze. we also heard from the ceo of mattel who says that his company is working through a lot of these that are hobbl

dani: let's keep that investing conversation going and get over to francine lacqua.he is joined by barclays ceo jes staley. good morning. >> good morning. amongst the turbines and first engine trains. i'm delighted to be joined by jes staley a barclays. jes: it's great to be here. >> we are going to focus on climate change and some of the things you are seeing out there. what do you need for finance at cop 26? jes: i feel a little bit guilty we are surrounded by steam engines, which created this climate issue, barclays was the first financer of steam engines. it is a great opportunity to come together and focus on the climate challenge and the role that the united kingdom is taking and trying to be a leader in dealing with the climate issue is terrific. one of the assets that the u.k. brings to the climate issue is great universities and great scientists and new ways to deal with the climate issue. i was recently in glasgow, where we have a new technology center. it has also to of universities around it. cambridge, oxford. i think the investment in technology, innova

he told francine lacqua we need to adapt in order to prove the world. >> will have more jobs of higherlity, consumers will have better products, electric cars are better than internal combustion engine cars. we can do that in every sector of our economy, we can improve our agricultural systems, we can return the natural world to the way it was 500 years ago. caroline: he says governments, businesses and consumers need to adapt and countries need to be more ambitious with chemicals. facebook restricting sales of the amazon, the rain forest. they are banning selling ecological areas. they found huge trump -- chunks of the main force have been listed or sold. the company said it will block certain listings if they are in protected areas. and beijing finding a food delivery company because of anti-monopoly regulations. it has been ordered to improve its mechanism and ensuring rights of restaurant partners and it will step up protections for delivery writers. a special contingency against facebook, some looking for alternative social media. now a decentralized platform, how it aims to fix c

[laughter] tom: for those of you that know mario draghi and his visits with francine lacqua and davos, to call him his excellency, the m.i.t. professor has a bit of humor to it. i believe there's a little but of confusion, but there's not going to be a large press event to this important moment for the president. lisa: to me, this sets up the g20 meetings which of the main issues when we are talking about what is going on with vaccinations, what is going on with global warming, and with an economy that is very much divergent from the markets we see that are elevating and continue to be elevated today. to me, the idea that they are looking at a drastically different economy than the inflation, than some of the other readings we get from other market measures. tom: we welcome all of you will and say good morning as we look at the markets. we will address the g20 without russia and without china in a moment. futures -20. nasdaq futures taking a real hit off the apple, amazon supply-side disappointments as well, down zero point 8%. in the bond market, let's discuss this before we get to a

tom: our francine lacqua interviewed -- in the last 48 hours. you conflating antony blinken with rex tillerson? >> no, but this administration has been surprisingly maladroit in its diplomacy. people who speak french fluently could have called the french and said it doesn't make sense to sell these diesel submarines, they don't have the range, they aren't sufficiently quiet, we want to find a way to compensate you for the lost submarine sale. this ought to have been within the realm of doable diplomacy lisa: how significant is it that we are talking about the fairytale of vladimir putin coming to the rescue for the energy situation in the united kingdom and europe more broadly. does it signify the changing world regime? >> what it signifies is vladimir putin as plate is limited cards very well, whether it's nuclear, conventional military or cyber, his energy. the europeans of bought into it whether if it's with nord stream 2 and the germans. the brits have not been strategic and allowed themselves to become dependent. tomorrow he could take it a

shery: -- haidi: antony blinken with francine lacqua.s great to have you with us to mcgregor. -- richard mcgregor. they are combating for desire for global.--dominance. how's the situation changed in light of what we have seen with the recovery in the united states and regulatory overhang in china? richard: i don't think leverage has fundamentally changed. i guess you me and has the u.s. leverage increased and has china diminished. i think if you look at chinese, it is overnight. they say we are not afraid of a long drawn out petition or a contest with the u.s.. the sorts of short-term problems you see in the chinese economy now, the u.s. recovery, which has been truncated by their own problems with covid, that fundamentally changes the course these two countries are on in competing with each other. possibly moving toward some form of conflict. haidi: it doesn't sound like you think share dominance is a likely scenario. richard: shared dominance? haidi: yeah. is that a possibility? richard: i guess shared dominance sounds like an oxymoro

coming up, my good friend and colleague francine lacqua will be sitting down with the fed chair jeromed the south african reserve bank governor come and that is coming up shortly. it is interesting to date we've seen the russian central bank significantly outperform expectations when it comes to rates, 75 basis points. the expectation is that south africa will be following, the big question is what about the fed? taylor: and coming up the data we got this morning and the reaction of the five year the 10-year breakevens now going back to 15 year highs, and this idea that the markets are seeing inflation that might not be transitory, the federal reserve continuing to say it is and they are not behind the curve. you really wonder how we start to digest all of the inflationary data. guy: are we going to be in a wait, wait, hurry up scenario? we are starting to figure that out as a possibility. we will dive deep into all of this paired we are looking forward to this panel. this is bloomberg. ♪ >> the countdown is on in europe. this is bloomberg markets: european close with guy johnson and a

she spoke to francine lacqua ahead of cop26 which tips off this weekend in scotland. >> we are not on track at the paris agreement and the goals we set ourselves that are necessary to fight climate change. we see ahead of cop26 the commitments by the different countries, we are not there yet. we have to be much more ambitious, show more leadership, transform our economies and the way we consume. mark: she called for the rich countries to step up their commitment and financing to help poorer nations cope with climate change. china is sticking to its existing climate change targets to zero out admissions and not advancing any of its key targets. that is reducing the chances for more ambitious global action at the cop26 summit. matt miller joins us now in berlin. matt: thank you. mark zuckerberg is holding a keynote address in menlo park. >> i'm going to keep pushing and give everything i have got to make this happen. i know some will say this is not a time to focus on the future. i want to acknowledge there are important issues to work on in the present, there always will be. for many p

francine lacqua and tom mackenzie will walk you through it.the comfortable way to work out. -that looks fun actually. -it looks fun? it looks comfortable and fun. it looks like something i would put by the pool -or something. -looks like a paisley. -hey, a paisley, we'll take it. -yeah. oh my god, i could do this and watch tv at the same time. -exactly! how do you feel? -it feels good. feel my heart racing a little bit, ya know, gotta catch my breath a little bit, but it's good. oh yeah, i can definitely feel it. fantastic. oh yeah, i can do this. this is easy. yeah, that feels great and definitely better than the floor. treadmills, you've seen the bikes with clothes hanging on them, but people don't use it. what's the point? the aerotrainer, people want to use it. -wow, this is easy! -absolutely! it feels good. it feels sexy. i love this, aerotrainer, i want one. i like this. like, i can do this. i want this in my house. (host) wondering if the aerotrainer is tough? you bet it is. (upbeat music) ♪ (engine revving) >> good morning and welcome

right now, within the g20, within glasgow next week, francine lacqua will be in glasgow, we must digresswhat people in both jagged -- both geographies use, an apple iphone. alex, i was so fascinated at that i went to the financials last night for apple, and the jump from 2019 to now shows a company that may be the most successful cash generator in the world, so why is the market so upset this friday morning? alex: they are looking to the future, unfortunately. we knew that things would be difficult. our colleagues in taiwan have reported that they were not expecting to make as many iphones as they had expected, and now they have put a number on that, there will be a $600 million hit to revenue in the next quarter. there's some good news, that this is all about supply. the demand will continue to be there. that is different when you think about others. tom: when i look at the technology, which of course mr. cook loves to speak about, there is an extraordinary chip here, that meant but row -- that ma cbook pro there. where are they with technology and innovation right now? alex: do you mea

i am francine lacqua in london with dani burger.ade is less than an hour away and here are your top headlines paid evergrande shares halted pending news about a major transaction. china's embattled

i just featured alien -- asian lng with francine lacqua. you can go anywhere in the terminal and see yes, john, i go back to for five or six standard deviation moves in that gap area . jonathan: prices are absolutely surging. expectations are higher. what you buy with yields up with the dollar. the dollar is handling comfortably through 94, .4% on the session. it all lines up pretty well this morning. it is the story of today and the story going into your end. tom: going into year end as well,. atlanta gdp. atlanta gdp now has gone to 13% down to 1%. the fx market -- you are absently right, folks. foreign exchanges deepest when the markets is like this. what is jordan rochester doing? does he take that a big figure? jonathan: what did the governor of the bank of england do? what does the fed do? it is a divide -- an environment like this. what can they do? tom: going back to general pershing, they will be overcome by events, and you get that feeling, john, i want to speak and standard deviation moves. these are not small moves. four standar

jonathan: great to hear from david solomon there, sitting down with francine lacqua in london.rom new york city this morning, good morning. equity market up 21, advancing 0.5 percent. there's a lift. four days of gains on the s&p, the longest winning streak when back to august. yields are lower by a basis point to one point -- to 1.80% -- 1.5880% on tens. up $0.60 on wti on the session. tom: whether you own or rent, housing data, we see that in 12 minutes. we go on to other housing data. all that matters is oer. linzie p aqsa -- lindsey p iegza joins us, chief economist at steeple nicholas. what is -- at stifel nicolaus. what is oer, and what does it mean for our viewers? lindsey: it is the fed's attempt to stake rising prices, essentially trying to capture overall shelter costs. for the fed, this is creating somewhat of a conundrum because we have seen oer on the rise, and the fed continues to tell us this is part of that transitory component of inflation. tom: ok, stop there. how in god's name is rent transitory? lindsey: rent itself they are not saying is transitory. consume

. -- spoke to a panel hosted by bloomberg's francine lacqua. >> all g20 members should commit to thes, the so-called ndc's, consistent with being net zero by mid century. some g20 countries have yet to do this, but many have. ritika: bezos also called on elimination of the internal combustion engine. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: thanks so much. he also went on to say that we are going to have more jobs of higher quality during the energy transition, that consumers are going to have better products. i think the question becomes how long does it take for us to get to those better, higher quality jobs. there's obviously going to be a huge skill gap as you transition into this green energy future. how do you do that? are we going to miss out on a generation? how quickly do we have to invest in those workers to transition, and our people already doing that? guy: this is the problem, isn't it? you've got a series of gaps in this energy

francine lacqua is in for guy johnson, over in london. am continually amazed by the moves in the bond market here as we sort of ignore what christine lagarde said. we are off the highs. nonetheless, it feels like we are pricing in central banks being a little more aggressive than anyone really thought. francine: it started this morning with a 20 basis point priced into the markets of a hike by december 22 in the ecb. christine lagarde did push back against it, but you are right, she wasn't forceful enough, so the markets still think this will happen. it is also because we had this pretty incredible inflation print out of madrid. spain is at a 30 year high, it 29 year high in terms of cpi, so it fuels the fact that inflation is here, it is transitory possibly, but if it is here for five to six months, how transitory is that? alix: totally right. in the u.s., we got third-quarter gdp missing expert patients. consumer spending consumption was also lower, but prices were higher. mike mckee says that is not going to last, but for how long migh

tom: with francine lacqua moderating, far more of what we are going to see here, comments from lagardenathan: and the space race. are we still calling it the space race? tom: that upsets me. jonathan: are we going to air every single rocket launch? tom: mr. musk is in the space race. the others are in the tourism business. jonathan: there we go. that distinction is important. i agree. tom: should we continue on payrolls? we are 10 minutes away, and not enough time to speak to james glassman of j.p. morgan chase, with wonderful work and an exceptionally strong note this odd jobs day. you talk about the technology, the globalization that is still with us. the hope of the politicians is reshoring. is manufacturing going to reshor e? james: i don't know how, if we don't have the people to staff those places. manufacturing has one million jobs that folks can't fill. we've got 11 million jobs in the country. by the way, because of this labor shortage, pay is going up, but rising labor pay in america means there's going to be less incentive to bring it back here, so i think it is doubtful. to

he spoke with bloomberg's francine lacqua. >> one of the criteria for our core carbon principles is we do no harm f you do harm to local communities and indigenous people and biodiversity it will not qualify as a contract under our carbon brin pell. that's the defensive approach and the offensive approach is create market and we are doing that right now which -- this is the carbon standard that we set. but there's also -- you may have additional attributes that are valuable to you. local unemployment. protection of water resources. not do no harm but do some good. you may want to pay extra for that contract. so when we talk to the people who are really big in the climate investment game, many of them happen to be oil companies or other -- airlines. very advanced in their thinking. and they're investing directly in projects to protect rainforests but also almost with a secondary objective as well. promote local unemployment -- employment to protect biodiversity and protect natural carbon and protect biodiversity and they'll pay more for that because it's important to them and their busi

. >> this is bloomberg surveillance: early edition with francine lacqua. lcome to bloomberg surveillance: early edition. here is what is coming up. default averted for now. the u.s. senate passes a

shery: the standard chartered ceo bill winters speaking exclusively to francine lacqua. more ahead.♪ haidi: seeing some upside across markets in asia. let's turn to sophie for what is up to watch. sophie: we're watching chinese education stocks, the government introduced plans to develop the sector through 2035. citigroup says it will benefit companies that have bigger revenue exposure. keeping an eye on those stocks. keeping a close eye on chinese property developers, one warning of imminent default there as we are seeing it unlikely to pay off dollar bonds. haidi: the morning session being canceled in hong kong on account of the number eight typhoon morning. the stock exchange delaying the morning trading session. strong winds and rain lashing the city from the typhoon passing through there. we remember what those warnings art like. it could end up being just a light drizzle. shery: i'll never forget my 1st avenue working at bloomberg. i had to get it cap at 3:00 in the morning. there were no cabs. they were saying it was a t8, and i learned the hard way. depending on what it look

francine lacqua will walk you through that from paris. halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. >> the loudest voice in this hall is facebook. they are the ones who undermine basic premise of democracy. >> it's about transparency, disclosure, protecting against fraud. it's facilitating these vibrant capital markets. >> when it comes to u.s. tiny listings. if i were investors i would be careful here. francine: good morning everyone. welc

. >> this is bloomberg surveillance: early edition with francine lacqua operating franci: