francine lacqua, good to see you this morning. we have this chart, a magnificent pledge. ancine: we have a great chart. it is real, manus, and it is clear that i spearheaded the efforts and catalyzed and distilled some of the lines that i made -- the minds to make sure a lot of the countries are behind these pledges. but we need to see is which country has not yet proposed its net zero plan. thanks to india and the great report, it is very clear -- thought we would be on sunday. a further 20% of countries have a goal under discussion, bringing the total of 89% of the world's emissions that could be under control. another big thing that happened, pretty chaotic, you are seeing a plenary hall that is quiet because it is pretty early in the morning. world leaders were here for two days. most left last night, so today it is about finance. pledges are methane -- this is a low hanging flute -- low hanging fruit. over the last couple of months, there were serious climate activists lobbying, saying you could do more on the agriculture side. yesterday, we had this pledge brought by

francine lacqua is on the ground, she has been there since sunday. what are the big surprises? india and modi with his pledge? francine: yes, it reinvigorated the talks. the devil is in the detail, and we need to figure out how india will transition this. if you look at the big three emitters, china, the u.s. and india, they are the ollie one who came out with this pledge. it took everyone by surprise. if they can stick to it and find $1 trillion to finance this, this is in line with the 1.5 degrees pledge we are trying to achieve. it was something a lot of commentators were happy about, especially if the other two big emitters -- the u.s., because the president is hamstrung, he could not pledge anything new -- and china with no new pledges, not even showing up, no video address. the other thing is methane, this is a quick fix if people pledge to it, it would cut methane 30% from the 2020 levels by 2030. it is something the g20 tried to rally countries. now we have 90 signatories with this joint u.s.-eu involvement. tom: a big step up from india, but as you say, the devil in the

francine lacqua is up early tracking all of the moves. we spoke just 10 minutes ago, it was hardly what you would call overwhelming or setting a bullish stage work cop -- stage for cop. >> it was disappointing. 80% of emissions are admitted -- emitted by g20. it did not have a lot of the details. we talked about coal. there was no specific target for individual countries to cut down. methane, we have an agreement it was not that global pledge which would cut methane emissions by 30% by 2030. the lack of detail means it will be very hard for countries to find an agreement that can really reduce the temperature to 1.5 degrees set at the climate in paris just five years ago. they failed to agree on a precise date to rule out fossil fuels. they did not say they would reduce it by 2050. they said something more vague commitments midcentury. a lot of testing in if the government center, this is where we are now. we are expecting to hundred heads of state to negotiate, overall 30,000 people in and out of the conference center. manus: we have had

francine lacqua is there for us this week. of course, there's all one up to get that francine will be speaking to. the run-up to this event has been 20 two the digital organization and the storm, the impacts on traffic -- travel. what is the mood on the ground? francine: yep, for the moment, i guess nervousness because leaders are arriving in one or two hours. security is very tight. if it -- if his like you're going through airport terminals because you have to get checked in. you also have covid passes and covid tests you have to show every 10 minutes. the mood is of disappointment. it was short of details. the g20 makes up 80% of global emissions. we were hoping to have more details on what they were planning to do. we did have something on methane, but it stops the global pledge of cutting it down 30% between 20 talk and 20 -- 2020 and 2030. we did have something on coal, yet again disappointing because of the financing, but nothing about the master calls for china. they didn't say they would stop using calls. there were so

in scotland, francine lacqua.aine: he has spoken --francine: he has spoken with his money, and i am delighted to be joined by marc benioff. right before this, you were in a panel. you have been pushing this for such a long time. deforestation is good -- reforestation is good. it is only a drop in the ocean. mark: we have lost 3 trillion trees on our planet. everyone trillion trees sequesters 200 gigatons of carbon. we need that carbon storage. this is really important. so to see world leaders make those commitment's, i am shocked, actually. francine: they are pledges. how do you make sure they actually go out and count what has been done and are held accountable if they don't? marc: this is a huge moment where world leaders and philanthropists and ceos all came together around reforestation. every co needs to do some things. wet need to go zero. wo, we need to plant -- two, we need to plant a trillion trees. to see that amount of progress in 18 months, i feel very inspired and energized today. three, we need to en

i am dani burger alongside francine lacqua.tick further into this story, the new variant that has spread. france is one of the latest countries to report eight possible cases within its borders of the new strain. some countries have banned travel from south africa, where the variant was first detected. we will hear from ed ludlow on the impact on global travel stocks. first, let's check in with maria tadeo, who is in brussels. how is europe reacting to this new mutation so far? maria: when you look at the cases we have already, there have been multiple cases identified and suspected, germany, france, italy, belgium, and the netherlands, where 13 cases were identified yesterday. all of this were people on a flight back from south africa into the netherlands. the message from the european governments over the weekend is the same we have heard for weeks and days. you have to get the vaccine. this is the only thing that will prevent escalation with this new variant. we know it is here in europe. you have to prevent it from spreadin

. >> this is "bloomberg surveillance: early edition" with francine lacqua. od morning and welcome to "bloomberg surveillance: early edition." i'm francine lacqua in london.

announcer: this is "bloomberg surveillance: early edition" with francine lacqua. od morning and welcome to "bloomberg surveillance: early edition." i'm francine lacqua in london. the hottest uscp i print in 30 years ways on r

we have eight fantastic guest coming up with francine lacqua in scotland. cine: we are joined by mark carney, looking at finance. also former bank of england governor. cop26 starts today. that g20 was a dull drum. we did not get the pledges people were hoping for. mark: i am going to quote the secretary general. hopes unfulfilled but not yet. . the 1.5 degrees anchor is significant. big russian fork this wednesday is what can -- the big question fork this wednesday is what can the financial sector do to solve this problem? francine: we do not even have a price on carbon yet. mark: we do not, but our message on wednesday to world leaders is that finance is going to be there. we have retold the financial system, a bunch of forms -- reforms that only the audience of bloomberg would understand and appreciate -- mandatory exposure, stress testing. but it is also about financial institutions saying they are going to finance this transition, this enormous transition that needs to happen over the next three decades, and they are going to mark their own homework. hav

matt: that was francine lacqua speaking with the ceo of credit suisse.ars.com is set to acquire credit iq for at least $30 million. we will discuss the deal with ceo alex vetter, next. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. cars.com today released earnings in line with analyst estimates as the supply chain woes smash into the car industry, making used car purchases much higher in price. let's bring in ceo alex vetter to talk about a really insane time for buying and selling cars, used in new. i should not make it specific to use because dealers can charge 50% above markup. what is it like operating in this? -- 15% above markup. alex: it is incredible. despite the headlines and challenges being written about the auto market, it's a really healthy market, including for platforms like ours, where consumers can look nationwide. with technology, consumers can see the market wide view on their phone, see who has what inventory in stock. matt: to me, coming from germany, where i spent most of my time, it seems like there is so mu

chancellor speaking to francine lacqua.he pentagon wants chinese nuclear weapon capabilities are expanding faster than believed. this is just ahead. this is bloomberg. ♪ shery: a new assessment by the pentagon says china's nuclear weapons arsenal is expending more rapidly than previously believed. the report to congress comes after reports china conducted hypersonic muscle tests in addition to increased tension between beijing and washington over taiwan. it's bring in our chief north asian correspondent stephen engle in hong kong. what are some of the main points of this pentagon report? >> we obviously know by the military budgets that china is most definitely modernizing its military. again, the assessment of the nuclear capabilities, this assessment is coming from the pentagon in its annual report to congress. they are saying the nuclear arsenal allegedly is growing at a much faster pace than previously believed. the pentagon is now saying china could have as many or at least 1000 nuclear warheads by 2030. that is a fest

tom: that was hsbc's group ceo noel quinn speaking exclusively with francine lacqua.ecapping one of the big stock movers of the day, down 20%, metro bank on the back of the news that the discussions it was having with carlisle, that they have and terminated. worth pointing out as well that the banks have fallen to their lowest price since november 3. the end of the talks for metro bank. jp morgan said the restructuring, recapitalization of the plan would be significant. we will see what happens with this bank. pressure on those shares, very significant selloff. let's get to the inflation conversation in more detail. joining us on set i'm very pleased to say is the ceo at captain asset management. do you think markets are underestimating the pace, the aggressiveness with which the fed will be compelled to raise rates once taper comes to an end the middle of next year? >> a first rate is expected in july and then another rate hike in december. that has actually already increased the sentiment around rate hikes. it is hard to see rate hikes aggressively taking place soon

dani: rishi sunak talking about kate pop, apparently, to francine lacqua. -- k-pop, apparently, to francineacqua. we will be speaking to the ceo of abn amro and unit -- munich re. booming demand for goods and a deepening supply chain crisis have driven prices higher. we will be speaking with deutsche post about their third quarter earnings, next. this is bloomberg. ♪ bloomberg. ♪ dani:dani: welcome back, everyone, to "bloomberg daybreak: europe." i am dani burger in london. deutsche post raised its annual profit forecast by 10% after restoring air rates boosted earnings despite a squeeze from global supply chains. let's dig into it more. joining us now is frank appel. good one to you. thank you for joining us pick let's start with your rise in full-year forecast driven by these rates which have been climbing. how long do you see those rates being sustained at the level they are at? frank: this is the most often asked question. this is very difficult to predict. the good news is that our b2b business has pulled back and commerce is on a very good level and that means a lot of our customers h

guy: rishi sunak speaking exclusively to francine lacqua.apparently a k-pop fans. who isn't? let's talk about this and the lead in to what we get out of the u.k. tomorrow, which is that we rate decision. to talk about both, bloomberg's lizzie burden is with us. what do we take away from the conversation with the chancellor? >> you had a lot of criticism from activists and academics saying this is all hot air, they are questioning the credibility of all of these pledges. as you heard rishi sunak all but ruled out these prospects of debt relief instead of climate finance help, which we know -- he defended the aid budget cuts even though they are still going to have to meet these climate targets while having cut the budget. he said by geographical and historical standards it is only a slight change. when he was asked about the governance he said it would be a process. those answers will not be that satisfying. the injection of $130 trillion will be a big boost and mark carney, the former bank of england governor it refers to it as a watershed m

francine lacqua doing a great job. the team on the ground are doing a great job.hen you look at everything we have heard for the past week, we've heard from politicians, big government, the industry, greta thunberg also. she has the catch nine that encompasses this whole conference. more action. we are heading into week two. this is the moment where the cameras go away. this is not about the glamour, the speeches, the glitz. this is about the behind the scenes work. whether this cop is successful or not will have to wait until friday. somewhat argue that -- some would argue there is momentum going into this. on friday, we hear the results from this two-week conference. dani: your work not over yet with another week to go for cop26. that is maria tadeo in glasgow. we are going to be digging deeper into the markets after that surprise bank of england decision that really caused a reset in these global bond markets. we are going to look at the fallout over oil production and what it means for the global economy. we are going to be speaking to amrita sen from energy a

the ceo sitting down a little bit earlier on today with brooks francine lacqua. -- bloomberg's francineacqua. >> i think we are at a different stage in different regions of the world, but we are still not done with the fight against this pandemic. there's still new ways it is spreading across the world in different places, so vaccinations and boosters are really critical still, and of course, social distancing and the use of masks remains critical in some places. guy: got my booster this morning. joining us now, paul hunter, norge medical school professor in medicine. he specializes in medical microbiology. thank you very much for your time today. just give us your sense of where you are, where you think we are, and when i say we, i don't mean the u.k. i think the broader european story is very germane here. where we are in the process of covid re-accelerating as we head into winter. paul: i think it varies, which country you are talking about across europe. we are seeing certainly in western europe it is essentially part of the same way we saw on the u.k. during the summer, and that we

francine lacqua with the gentleman from tennessee. francine: thank you so much. am delighted to speak to al gore, the original proponent of climate change, who for years and decades has been trying to make this a reality. inc. you for joining us. -- thank you for joining us. we are focusing on the funding, the finance come on how we transition better. i want to learn more about your investment firm. this is a joint venture with goldman sachs, and you are basically only targeting the assets that are decarbonizing, which means all of the portfolios are well below the 1.5 degrees. is this how you do it right? mr. gore: generation investment management was one of the small groups that convened this net zero asset managers initiative, and it is now up to the incredibly large number of $52 trillion, and part of the larger package that mark carney talked about. the rules of the road are still being worked out in great detail. for our part, we are actually committed to net zero, real net zero. some who have made this commitment are still working towards that maximum goal

francine lacqua with brian moynihan. the ceo of bank of america.dition of "bloomberg technology" from seattle. make sure you tune in tomorrow. i will be back in san francisco. we will be live with a ceo as the company goes public. plus, a conversation with the lyft president off the company's solid third quarter results. you don't want to miss that. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates or its employees. >> the following is separate -- paid program for car shield that will show you had a paper -- save big money on your auto repair bill. today features appearances by former ghost buster attorney hudson. plus, former crew chief and commentator larry mcreynolds. although stars are gathered to let you know about car shield. the new way you can protect yourself against auto repair bills. h

a ceo spoke with francine lacqua at our forum where he spoke about why it are creeping up. >> we hadrop in 2020. we were uncertain about what would happen, and since the middle of last year we saw people coming back,, e-commerce activities were picking up, people were coming back and this year has been very good. it looks like they are going to finish this year of 2019. >> if you look at the u.s. and china, these are your biggest markets. and china is the premium brand. has any consumption changed and do you see it changing in the next few years? >> what we have seen has been an upgrading of the consumer in terms of his choices. we have seen people coming back in consumption, moving up from that level to this level and all of us have benefited. between china and the u.s. it is different. the u.s. is a lot about cognac and hennessey, the more entry-level hennessey and champagne, a lot of champagne in the u.s. and our new tequila and whiskey, and the china is a lot about xo, the high-end hennessey, and then it is about whiskey but not so much about japan. >> have you had to raise suppl

pandemic emergency purchase program. >> this is "bloomberg surveillance: early edition" with francine lacquacine: good morning and welcome to "bloomberg surveillance: early edition." i'm francine

. >> this is bloomberg surveillance: early edition with francine lacqua. cine: good morning, everyone. welcome to "bloomberg surveillance: ed

. >> this is bloomberg surveillance with francine lacqua. francine:

francine lacqua did a long day yesterday. tell me about the surprises from india. good morning, good evening. francine: good morning. the announcement from the prime minister of india injected new life into talks setback by disappointing outcomes from the g20. it is really down to top emitters like the u.s. and china. president biden did not bring anything substantially new. china did not attend and offered no new plans to cut emissions. the chancellor of india is trying to figure out how to finance the transition to zero. 2070 is a long way off, about two decades more than the developed nations. if they do it in a way that works, it delivers on the goal of trying to keep with 1.5 degrees. that is what the organizers are trying to achieve. trying to get enough commitments overall to stick to the paris agreement. manus: i was listening to mary robinson about the pathway forward, but narendra modi calling for a trillion dollars of financing. day two coming up. we have ceos from unilever and deutsche bank. bank of america and the president of the european investment ba

. >> that was andrew bailey speaking with francine lacqua.'s get to the first word news. >> the white house says opec and its allies are putting everything at risk. opec-plus stuck to the original plan of 400,000 barrels per day in december. putting pressure on oil for the coronavirus. the u.s. will alleviate high food prices. the u.s. market regulator has rejected plans for at least two that point -- bitcoin funds. the first u.s. bitcoin ets -- etf launched in october. it seems regulators are not ready to greenlight more >> derivative based funds. >> going back more than 2.5 years, i have urged us to rethink our products. i think the standard we apply has been different than the one we applied to similar products. i don't know if that will change but my guess is that given they have signaled british strongly that he likes to see these products rated regulated markets, that may be something standing in the way of approval. >> eric adams says he would like to take his first paychecks in bitcoin. he told bloomberg he wanted to turn new york int

francine lacqua with brian moynihan.it for this edition of "bloomberg technology" from seattle. i will be back in san francisco tomorrow. the company goes public. plus, the conversation with lifts president with the company's solid third quarter results. you don't want to miss that. this is bloomberg. ♪ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. haidi: welcome to their break australia. -- daybreak australia had. shery: the relentless rally pushed benchmarks to new high. haidi: investors look ahead to the fed expected to confirm

tom: that was the bank of england governor andrew bailey speaking with bloomberg's francine lacqua.ouple of lines breaking across the terminal. andrew bailey is speaking to the bbc radio. he is saying we are not going back to 4% to 5% interest rates, but he is saying interest rates will need to rise at some point. multiple messages from the bank of england governor. sterling down more than 0.2% as investors continue to reprice what many would argue were mixed messages from the bank of england governor. what turned out to be a consequential day yesterday. we did not know it would fall this way necessarily. was this communication -- miscommunication ultimately by the bank of england governor? >> the bank surprised markets by keeping interest rates on hold at 0.1%. if you think of all the ramping up of expectations in the run-up to the decision, part of it was triggered by all of these hawkish hints dropped by the governor himself. as you heard in that interview, he insists that he never said the bank would act in november, only that it must act if inflation expectations got out of con

francine: you can watch that full conversation on "leaders with look what -- "leaders with lacqua."we have a rate rise from hungary. again, in terms of the foreign rising on the back of hungary raising its one-week rate. let's get to bloomberg first word news now. laura: germany's new government promising to cut greenhouse gas emissions with more renewables and a new carbon price floor after two months of negotiations after the coalition was sealed with the greens and662 democrats. sweden's first prime minister has been forced to resign just hours after her historical appointment. the resignation was triggered after a junior coalition partner left her government over the loss of next year's budget vote. the former finance minister says she is still ready to lead a party cabinet. germany has passed a threshold of 100,000 covid-19 deaths with the latest wave of the pandemic pushing new infections higher at a record pace. german authorities are considering vaccine mandates for people who work with vulnerable age groups. denmark, meanwhile, is seeking to make masks mandatory on public t

francine lacqua is with wpp ceo mark read. francine: thank you so much.ted to be joined by mark read of wpp. thank you for joining us. you have a great overview of what clients are doing. you have also decided to work on your own supply chain and cut carbon emissions by 2030. how is that going? mark: i think it is going well. 32 of our top 50 clients have set their own target to get to net zero in the next five or 10 years, so it is clear business is making its own contribution. we have pledged to be net zero by 2025. that includes media and production by 2030. alix: when will you work on's -- alix: when will you work on --francine: when were you work -- when will you work on scope three of your implants? -- your own clients? mark: -- our major media apartments are making their own commitments. what is really interesting is what we are doing in production. [indiscernible] historically, we would fly people to south africa, and fantastic location. today we are doing that remotely. many people are watching programs virtually on video links, not flying there

i'm francine lacqua. mark cudmore joins us with the action.h trade is less than an hour away. taper talk. the latest fed minutes show officials are open to removing policies up or at a faster pace to rein in inflation, even as price pleasure -- price pressure is shown to ex

he spoke to our colleague francine lacqua on the sidelines of the cup 26 summit -- cop26 summit in glasgownning of the year, we had our best year ever. right now the economy is slowing down. we are starting to move things around in the world. i think it is short-term inflation. >> how much inflationary pressure are you seeing across your products? >> a lot of inflation in terms of the first half, but yes, it is one of the challenges. >> what does that mean? do you hedge? do your clients ask for top -- for time? >> we always have benefited from higher commodity prices. >> where are we in china right now? if there continues to be a zero covid tolerance policy, is it difficult for you to ship things from china? >> the whole logistics market, i still have not been able to travel to china. it is difficult for all of us. >> what is your relationship with steelmakers? is there some kind of agreement you would give them, for example, monetize to fund efforts to become more green? >> first of all, we have very long relationships with our customers. that is where rio tinto and china are aligned. we

in glasgow, -- told our colleague francine lacqua that the company's 20 year project to decarbonizingm is finally seeing promise. >> we were lucky at the beginning of the year. we had our best half-year ever. the economy was growing a lot. right now, the economy is slowing and that problem is -- move things were around -- ultimately i think it is a shorter-term impact. [indiscernible] francine: how much inflationary pressure are you seeing? >> there was inflation in the first half when the world was going on a high pace, but it is one of the challenges. francine: do you hedge? do your clients ask for time? it must be something to deal with. >> it has not been that bad. -- are benefiting from part of the -- [indiscernible] francine: what is it mean for china? does there continue to be zero could -- zero covid tolerance policy, it is -- is it difficult to shift from china? >> the whole logistics swell. personally, i haven't been able to travel to china. where our biggest customers are. it is a difficult world for all of us. francine: what is your relationship with steelmakers? is there

. >> this is "bloomberg surveillance: early edition" with francine lacqua. >> good morning.n london.

our colleague francine lacqua sat down with andrew bailey shortly after the decision was announced and to do with market pricing and out shifted during the summer. >> market pricing, as you can tell from the commentary we made today, the right direction, a bit overdone, in my more candid view.

manus: hsbc group ceo noah quinn -- noel quinn speaking to francine lacqua in singapore.abelle droulers has your first word news. >> many european governments adding new restrictions on the unvaccinated as they battle a wave of new covid infections. germany reported 50,000 cases in a day. it is limiting workplace access to people who are vaccinated, recovered, or provide a negative test. belgium is reinstating work from home for four days a week, despite opposition from business groups. the ecb's vice president says inflation should slow next year, but not as quickly as expected a few months ago. they said easing price pressures will curb the current -- prove the current out of inflation is transitory, he doesn't expect the ecb to raise rates for at least a year. cisco has given a lackluster revenue forecast, lending supply chain issues for component shortages. the biggest maker of computer networking equipment says it is increasing by a maximum of 6.5%, .5% below forecast. cisco is try to reduce reliance on hardware sales and boost offerings of software and internet serv

francine lacqua sitting down with the chancellor.he next hour as well. next hour as well. anna clues of interview with bloomberg ahead of tomorrow's big news out of the u.k. which is going to be bank of england rate decision. an expectation may be in the market that we do see a rate hike potentially coming through, 50 basis points rather than the 75 we have seen in poland. a very finely balanced decision. we will talk about all of that in the next hour. this is bloomberg. ♪ ♪ >> this is "bloomberg markets," with alix steel and guy johnson. ♪ guy: wednesday the third of november. what do you need to know out of europe this hour? let's talk about central banks first off. the fed preparing to taper. christine lagarde says conditions for rate hikes will not be met into next year. today, eurozone unemployment data shows that the labor market has already recovered. the overall economy not far behind. we have just seen the polish central bank raising rates by 75 basis points. nobody expected that. they are leaning in on reasonably aggressiv

paul: that is enel ceo francesco starace speaking to francine lacqua and tom mackenzie.tralia often gets a bit of heat for its record on climate policy. now we've got a few numbers to pin to that. a government report from the department of industry, science, and energy and resources shows the cost of capital increasing if australia has no net zero policy of 100 basis points. if it has no net zero policy and is the only country -- yvonne: that line was buried in a whole bunch of language. our team found it. it is the first time they are tying climate change to sovereign credit risk. it is the first time some say they have seen it on print. it goes to show how investors are looking more into this, that these green bonds have this g reen premium, able to keep borrowing costs cheap. that makes it have more market implications. australia at the top of the list when it comes to that default probability by 2050 if they see that disorderly transition scenario. you have australia, south africa, poland, and japan ranked fourth as well. paul: greenium. [laughter] on the subject of

we turn to glasgow and my colleague francine lacqua. some people were disappointed with g20.xpected at cop 26?

alix: that was david solomon speaking to francine lacqua at the bloomberg new economy forum in singapore. we will be speaking with a big lineup of guests. former treasury secretary hank paulson, hsbc ceo noel quinn, and former u.k. prime minister tony blair. to digest the news of the day, we are joined by bloomberg's ed ludlow and dave wilson. dave, in 2000 we were not in the market. you and guy were. dave: that is the challenge, trying to make a comparison that is meaningful because there was a whole lot of speculation that went on in 1999, 2000, and you can argue if you look at the biggest companies, what we are seeing is less speculative than what we saw then. in mind, you look at what is going on with the electric vehicle stocks, crypto related shares, and some others, and you have to think that perhaps we are getting back to that point. are we there yet? who knows? but i can understand why people's radar are working hard. guy: ed ludlow, what do you think? a lot of people will have lived through 2000. maybe not everybody. what are they talking about? ed: in 2000, the use of software

shery: the bank of england governor speaking with bloomberg's francine lacqua. get more on the boe's surprise decision with kathleen hays. we saw the decision hitting the market really hard, we saw the pound tumbling and yield some blink. what does it -- and yields tumbling. what does it mean going forward? >> it remains to be seen. that was a great interview with governor andrew bailey. this 7-2 do not raise the rate, to not do anything with bond purchases, just keep them as is, after he has made many comments suggesting he was worried about inflation, starting back in the son hole conference, he was sounding more hawkish, that in september, -- then in september, he was alluding to the boe having to act. you see inflation is way above target, wages are rising, and inflation expectations have been rising a lot in the u.k. he was widely criticized for not pushing back. then holding all the rates steady. people are throwing around the term, unreliable boyfriend, a reference to mark carney, his predecessor, the bank of england indicating rate were coming and they n

yvonne: that was the hsbc group ceo speaking with francine lacqua it still ahead, we are speaking to be asked -- the act sure ceo. up next, the danish minister for climate, energy and utilities joins us. this is bloomberg. ♪ yvonne: you are watching bloomberg markets: asia. it's good back alive to the bloomberg market forum where manus cranny is standing by with her next guest. good morning. manus: a very good day to you. denmark's minister for climate, energy and utilities. probably the busiest minister in europe. good to see you, minister. we caught up yesterday and the new economy form. with the gas markets and energy crisis we have in europe, prices up 19%. we move from these moments of existential angst to moments of relief when putin says he will get us more gasp at how serious a crisis are we facing? ? it is a huge crisis. it is different from country to country but it is serious for all of us. for the ones hit the hardest, this can run the economy of many households. it will lead to poverty even in some places. it is considered one of the most serious crises we have an in for

hsbc group ceo noel quinn speaking to bloomberg's francine lacqua for the bloomberg new economy forumin china feels like a different one at the moment. noel quinn, i always feel he chooses his words incredibly carefully trying to manage this process of being a western bank operating in china and hong kong. incredibly difficult. he hopes he does not see decoupling. i wonder if we were to see it where that would leave hsbc. alix: and many other companies. i also find we spend not a lot of time talking about china and what is happening with cobit and the zero-tolerance policy. why do we think that will have implication for ports and goods? that is why we talk about inflation and supply chain issues. if china continues down this route of zero-tolerance, i do not know how the supply chain issue gets resolved quickly. guy: it does get resolved but the operative word is quickly. it feels like this will last for a long time. car guys are talking about it lasting for a long time. the only thing i would say is post holidays some of this eases, maybe this huge push into the holidays starts to fa

i thought francine lacqua's interview with the governor was fantastic, really pushing him on whether it was down to them talking too much through october. tom: they are managing the message and where i see it is in the real yield. the real yield this afternoon will be fascinating with jon ferro. you see off of bailey, off of jay powell, where nominal yields are and higher inflation -- we should name a tv show after that. jonathan: lisa has the perfect set up. she can hear me but she cannot hear you. can it get any better than that? it means lisa and i get to talk to each other and she gets to ignore you this morning. lisa: i did not hear anything. today is a massive date and i wonder what the threshold is for jay powell to come in and say it is running hotter than we expected. jonathan: the chairman reportedly visited the white house yesterday. a report over at ask eos they have been encouraged -- at axios that senators have been encouraged to meet with the fed chair before thanksgiving. lisa: has four months left before the end of the four year term of jay powell. the past 4, 8, and

shery: bank of america ceo brian moynihan speaking with francine lacqua at the summit in glasgow.ncellor joins us at cop26. we are seeing pressure on oil prices toward $82 a barrel. trading ahead of the opec-plus meeting. yes tutors under pressure, ion or under $100 and shrinking steel output in china. the market open in seoul is next. this is bloomberg. ♪ shery: welcome to "daybreak: asia." haidi: asia's major markets have just open for trade. our top story this hour, corporate profit margins hold up despite inflation and supply chain pressures. investors are also looking ahead to the fed, scaling back on asset purchase programs. and will hear exclusively from one ceo. shery: south korea coming online, health care and consumer discretionary, leading the gains. we have utilities and material weighing the index. this coming as the korean won is now under pressure against the u.s. dollar. it was leading the gains among asian peers in the last session because we got inflation numbers out of south korea reaching that level for the first time in almost a decade. and the minute showing

shery: the binance ceo speaking with francine lacqua.pto revolution, we not only talking about it coin reaching new record highs. we are also talking about implications for actual stocks in the stock market. we solve that with what happened with tesla. over the weekend with elon musk's two week, we got a sense that his selling of the 10% stake as his followers wanted would lead to his real shares tumbling this monday, which is exactly what happened. because the cryptocurrencies tied to tesla on the exchange had actually taken a hit over the weekend. the thing is that crypto trades 24/7 every single day. this looks like it is going to start ruining weekends now you have the digital tokens tied to real shares having a real impact over the weekend by whatever happens with that company. haidi: it is exhausting. i can only imagine it is exhausting and before you get to the exhaustion of dealing with the volatility and the roller coaster ride of this market, we are at a $3 trillion market cap as you see bitcoin and ether gaining. it coin seein

anna: that was the former google china president speaking with bloomberg's francine lacqua. on "leaders with look while -- "leaders with lacqua." the impact of rising inflation on americans' turkey dinner might just dampen the mood. we are joined by bloomberg's ed ludlow to talk us through the rising cost of this annual event. talk us through the rising price of not just the turkey, but the whole thanksgiving spread. ed: what really comes down to is americans will be paying 14% more across the meal than they did last year. the centerpiece, the turkey. 10% to 20% more extensive the nastier -- expensive than last year. we had those ecb notes, the fed minutes in the last 24 hours. there's this idea or discussion about how transitory inflation actually is in all regions, and people are looking really closely at food price inflation. nomura said if you look at cpi, food price inflation is such a big contributor, more so than energy in many respects. if we bring up a chart that looks at how inflation is playing out in the u.s. and europe, you see the white line -- actually, that i

francine: tom mackenzie understands the lock what -- lacqua values. i don't know whether we talk about doordash and takeaway and alcohol consumption in january, but the markets are very focused on oil inflation. >> this is part and parcel of the big story of rising costs for consumers. oil is part of that equation. i suppose it is a good thing markets are taking it is good news that the u.s.-backed away from tapping their oil reserves. consumers are already struggling with household costs. tom: we are seeing what is happening out of china. producer prices. cpi coming in marginally above estimates. the concern broadly is that inflation is becoming more entrenched. what are we looking at out of the u.s.? >> we are looking for that core number and the headline number. that will really tell investors how entrenched prices are getting and whether that transitory argument that central banks are still putting forward still holds water. consumers, banks, we have heard warnings that it is looking more than transitory. i think any evidence particularly from the