speaking exclusively at the world economic forum in davos to francine lacqua. is going to join us next and we will set up what the next few days will look with fantastic guests lined up. this is bloomberg. ♪ guy: fantastic coverage out of the world economic forum in davos today on bloomberg television. i have to say today was the appetizer. tomorrow is the real deal, fantastic guests lined up the next few days. joining us to tell what we should expect, bloomberg's one and only francine lacqua. talk me through tomorrow. how good is it going to be? francine: tomorrow is when the main event kicks. we have exclusive interviews today and a ceremony this evening called the crystal awards with the president of the world economic forum kicks it all. it is really tomorrow that we get to work. there is a number of panels and there is always the cynical icam mindful -- 7:00 a.m. mindful session, which bloomberg employees never get to but we really all should. and a session on the cost of living crisis. we will hear from the first lady of ukraine and have opening speeches f

francine lacqua is there and comes to us with another really fantastic interview. orning francine. francine: we are joined by dr. anne richards the ceo of fidelity international. thank you for joining us. what is the mood like here in davos? anne: people came into this week feeling may be a bit gloomy but the data points that have been coming through this year on economic sign -- site have been not as bad as people expected. some reports have saint -- said the mood is optimistic. i don't think that's right but at the margin, people are thinking we are avoiding the really bad scenarios really deep recession risks. people are probably leaving on a little bit more positive note than they came in. francine: capital allocator's are they asking the right question but were capital needs to go next? anne: when i look at the set of conversations i've had this week , and i've had conversations with at least a five or six different regulators, i think there is a disconnect between the fear of a systemic risk and the continued drive from a macro prudential point of view to get

i'm francine lacqua in london tom mackenzie. tom: global stocks jumped after wall street's best day in a month. there is optimism after china's reopening. and will the fed need to reign in expectations once again? brazil insurrection. security forces regain control after supporters of former president bolsonaro ransacked buildings in the capital brasilia. sources say goldman sachs will embark on one of its biggest ever rounds of job cuts this week slash, with plans to slash about 3200 jobs. francine: let's take a look at futures. we are risk on. we are expecting optimism not because the data at ugly but because of the optimism of what central banks will do. optimism in asia filtering through to europe. tom: bad data good news for these markets, the ism print much lower than expectations, plummeting. supporting the view that the fed steps it down when it comes to that meeting in february, for the five basis points. the market pricing 32 basis points in terms of the next rate hike. the asian session, we will get to that shortly, c

speaking to francine lacqua in davos.he business and financial elite are in davos is cussing a range of global issues including the climate crisis, energy security and put a call stability. bloomberg's francine lacqua is in davos with another special guest. francine? good morning francine: from cold davos. i am here at west ronald o'hanley from state street. don't know whether you feel the mood here is too optimistic. we are worried about the debt ceiling. that's a huge deal. we are still worried about inflation. what is your outlook for 2023? ronald: i would agree with you that it's more optimistic than i expected, and it is true that we are seeing some moderation in inflation and a some good signs that supply chains have started to repair it themselves, but it is still early to say that it's all over. i think that if you think about the united states, you still have a very, very tight labor market in most areas. that tends to provide inflationary pressure. you have got the situation in china with covid, and we just don'

francine lacqua is back with the south african finance minister. ou for joining us. so much to talk about with scom, the blackouts. are you involved in those conversations with the government? >> yes, i am. francine: what firepower does the government have two try and settle this once and for all? >> there are a couple of issues that need to be dealt with. the first is to get scom to improve its operation and efficiency, improve their existing plants. the second issue is for us to move with speed to major emergencies like electricity. the third issue is to deal with crime and vandalism. fourth, two work with the treasury, make sure that we can reduce the strain on the grid. francine: how difficult is this? the treasury has also said they will not give more money to scom to buy diesel. at the same time, if you don't buy diesel, the prices go up. >> that is a different matter. if scom needed money to buy diesel, it would be a different problem at the moment. francine: what is the timing dealing with these outages? >> from where we sit, we will take a

. ♪ >> this is "bloomberg surveillance: early edition" with francine lacqua. od morning, everyone. welcome to "bloomberg surveillance: early edition". i'm francine lacqua in london. jobs in focus. global stocks and futures edge

i am francine lacqua in

i'm francine lacqua in london. the imf raises its global economic outlook for the first time in a year, as resilient u.s. spending and china's reopening fuel demand. france unexpectedly euros in the fourth quarter, gdp rose 0.1% boosted. we turn our attention to the euro area figures at 11:00 a.m. ubs fourth quarter profit soars, this swiss lender announces a $5 billion share buyback, with the chief executive says it has the right strategy. a lot going on is markets prepare for key central-bank decisions later this week. your stock futures are opening in about two seconds. we will have a countdown together. down .2%. investors positioning for interest-rate hikes from the federal reserve and the ecb. i've seen many analyst notes saying that european central bank is probably the most interesting one given the amount of news and data this week. also, the selloff in adani group shares are continuing. if you look at the 10 companies that make up the conglomerate, they lost $75 billion in market value in the last week. e

francine lacqua in london. with tom mackenzie. >> global stocks and european futures trade higher following tech fueled gains on wall street. earnings in focus. microsoft kicks off the season reporting tonight. investing a further $10 billion in a ichat gpt. lagarde doubles down on her fight against inflation as the ecb and speakers .2 more 50 basis point hikes. francine: let's take a look at futures. we are seeing the dax futures and ftse futures. tom: the centrality of the tech story. the nasdaq ending up pretty solidly on the day. that really bolstered what we saw an terms of the philadelphia semi conductor index. gains on that index of just 5%. potentially a lower rate environment, the softer dollar continuing that trajectory and some of the cost cutting at these tech companies. the ftse 100 opening up. deficit numbers for the month of december i watering. coming in much higher. the spanish ibex of 0.2%. let's switch it over and have a look cross asset as we weigh the commentary from adam lagarde. the lady

paul: the french finance minister with bloomberg's francine lacqua in davos.'s get a quick check of the headlines. asia's richest man is looking to list at least five companies between 2026 and 2028. the cfo told bloomberg the move will help conglomerate improve and broaden its investor base. it's businesses are among those that may go public. beating estimates with net income rising 34%. the indian bank saw a surprise improvement in interest margin as indian lenders --. plenty more to come hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom. su: you are watching "daybreak: austrailia." china says mor

. ♪ >> this is "bloomberg surveillance: early edition" with francine lacqua operating -- francine lacqua

francine lacqua with tom mackenzie. >> here are your top stories. fed officials reiterate the need to raise rates higher for longer to quash inflation. powell speaks today. apple considers dropping a key feature from its devices in favor of its own semi conductors. qatar is said to be looking at manchester united, liverpool, or tottenham hotspur for a possible deal after hosting the most expensive world cup ever. francine: they got a taste for it. this is the picture for futures. a bit of pressure. i have to say, we look at some of the hawkish comments we have from raphael bostic and mary daly. let's take a couple of days off, it is thursday. tom: that is the key data point. we are in -- on tuesday. a bit of profit taking across these markets ahead of the cpi print. in terms of giving it a clearer direction. we did have those officials coming out, nonvoting members, but the view that you will get 5% or above and held above -- for longer. the significance of these markets, we continue to weigh up what is happening in china. a bit of a pause in terms

(upbeat music) >> this is [inaudible] "bloomberg surveillance: early edition" with francine lacqua. francine lacqua here in london. here's what is coming up in

francine lacqua at the world economic forum.ng many things that he said, we also heard him talk about this idea that the french government is picking firm to its plans on pension reform. this is despite the nation seeing its biggest wave of protests since emmanuel macron became president. unions are calling for further action later this month as those people took to the streets yesterday. demonstrators are opposed to the french government's plan to raise the minimum requirement for retirement from age 62 to 64. caroline: right here in paris, only one in 10 regional trains are running. this seems to remain open, one in four is closed in paris. unions have also called for drake's -- strikes in oil refineries. the union from edf has called for a reduction of electricity production. more than two thirds of the french are opposed to the reform. >> it is a very bad reform. it is not the time. we consider that the government wants to make us work until death. >> there is money to be found in other prices -- places. i think taxes could

. >> this is open bloomberg surveillance: early edition with francine lacqua. od morning everyone. here's what's coming up on this program. rebutting the robot all

. >> this is "bloomberg surveillance early edition" with francine lacqua. od morning everybody and welcome to "bloomberg surveillance: early edition." christopher waller says

to kick off, our very own francine lacqua joining us with the head of one of the world's largest sovereignh funds, good morning, francine. francine: good morning, tom. i'm delighted to be joined by the chief executive of the qatar investment authority, he is mansoor al mahmoud, thank you excellency, for joining us. it was the warmest week on record and now it feels like -20. when you look at the world economy and investment opportunities, are you more confident about what's ahead in the next 12 months then you were a year ago? mansoor: as you know, it is a challenging time. inflation is the main topic for the global economy. central banks are trying to contain it. this means they have to raise interest rates, europe is in a very fickle situation. u.s. will be in recession. china is opening up but they need you have momentum. definitely, it is a challenging time. the challenging times will continue this year as well. but the good news, that we have seen numbers that we are on the right path in terms of containing inflation. and i hope by the end of this year, and perhaps next year, things w

haidi: that was francine lacqua in davos. watching for more exclusive interviews of chief executives and policymakers. we will keep you up-to-date on davos throughout the course of this week. this is bloomberg. ♪ haidi: take a look at the outlook when it comes to commodities. the strongest outlook of any asset in 2023, according to goldman sachs. i see a bullish concoction, basically a perfect storm when it comes to this asset class going into the rest of this year. parallels from the run-up in 2007-2 thousand eight. the year is starting out with a pullback in prices, rising rates as well. we are watching for the impact of the china rebalance as well. prices to the downside after last week's gains. iron coming under some pressure, we need to hear from china's top economic planning body asking iron ore traders to provide details as it looks to head all fresh commodity inflation. great to have you with us. what was your reaction when you saw some of their policy makers murmurings out of china and the impact? >> it feels like so

. ♪ >> this is "bloomberg surveillance: early edition," with francine lacqua.morning and welcome to "bloomberg surveillance: early edition." i'm dani burger in london. optimism spreading, european stocks

this is bloomberg surveillance early addition with francine lacqua. >> morning and welcome to bloomberge

when the french finance minister bruno le maire spoke to francine lacqua in davos, he said the foundationresilient. the impact will be marginal but of course, the jury is out on that one. in about an hour's time we will get inflation for france, that is it for the second largest economy in the euro area. dani: and in your home country, inflation was higher than expected, when we look at this data how does that impact the ecb rate decision? maria: we had spain. this was something i did for two years of my life. i was an economy reporter and that was a data point i followed religiously, it has a special place in my heart, you had acceleration of inflation in spain in january. we will find out what happens in france, and we will get data from italy. the german data we will not get. they had quote a technical problem, and we will see it next week. so after that decision from that european central bank. thursday, it is clear the market is looking for a 50 basis points hike, but the interesting point will be the press conference. what type of language, what signal come march? are we going to se

haidi: francine lacqua there ahead of davos.re changing when it comes to the billionaire guest list of those heading to davos. it is a shakeup after two years to reflect how much the world has changed, how much of fortunes and power has shifted. once russian billionaires at davos was a fixture, as ubiquitous as a puffer coat. over the last two years of pandemic disruption, ukraine war, the west efficiently -- effectively banishing the oligarchs. shery: not to mention chinese billionaires will not be inside. we have the covid surge after the exit from covid zero policies across the country. interesting, we will see roughly 116 billionaires registered to attend this years's event, 40% more than a decade ago. filling that void, many coming from the gulf. we know rising oil prices have helped the region. not to mention india, a consistently big presence in the past few years, but we do have others there as well. haidi: americans still the largest group, 33 billionaires set to attend, including some who skipped last year. wall street

dani: that was francine lacqua with a look at what to expect this week at davos. is in davos and will be kicking off our week of high-profile live interviews at the world economic forum, including an exclusive conserve -- conversation with the qatar investment authority chief executive. let's get our first word news with simone foxman in doha. simone: china has announced almost 60,000 covid deaths over the latest five week period, doing calls for more information about the latest wave of infections. the who says it is analyzing the data while urging beijing to share more details, including on subvariants. several studies suggest the number of fatalities in china could be much higher than the official count. nepalese authorities say at least 68 people were killed when a yeti airlines flight crashed on sunday. the twin engine atr 72 turboprop took off from kathmandu in came down close to its destination. the aviation authorities say the weather was clear and there was no distress call before the crash. 15 foreigners were on board. global news 24 hours a day on air a

speaking exclusively to francine lacqua on the sidelines of the world economic forum he also commented on the future of the european energy story. >> i hope so. in europe on the positive side it's amazing told energy supply from russia breaking up. but europe seems to cope. europe, costs for europe will be the highest globally for many years to come and that's a competitive issue. >> what does that mean for the client base. you've had issues with outflows. is it easier now having been able for those lines to come back. >> people are watching carefully inflation is the topic of the day. when you peel back the onion, this is coming with the decoupling slightly from the west we have china, india, of the u.s.. huge opportunities. people try to redirect their investments. plenty of money and resources. and they are looking to drive innovation and find the next wave. francine: we spoke in london and it felt like a turning point. where are we now? axel: we had the social media storm, of the horrible outflows. it's slightly coming back. rather i am optimistic for the remainder of the year. it

we can now head over to switzerland at the world economic forum with francine lacqua speaking to the bachrach ceo. >> the big thing is hope. that is my word at the moment i am using and using it here. francine: hope for a better economy? >> the concept of hope. covid has changed how we think, the fear of mortality has enveloped the world, polarization, politics, a war. if you look at birthrates in the world they are collapsing. you don't believe -- bring a child into the world unless you believe it is better than yesterday. blackrock is a firm that tries to sell hope. why would put something into a 30 year investment unless it is better than 30 years. more money has been held. in china, there is an estimated $2.7 trillion more savings in the system. the savings rates in china are in the high 40's here people are not investing in the future and do not have the safety net of health care and retirement. so we are losing hope in the polarization of politics, which media source do i even believe in? francine: bloomberg. larry: you need to get that out. [laughter] more and more people are f

also in the wintry alpine setting is prancing lacqua, she is there with the head of one of the world's largest terrible foundations. francineng us now is the chief executive of the bill and melinda gates foundation. thank you for joining us. covid anti-lockdown's have taken a hit on a quality around the world. where are we now? is education and poverty getting better or worse? >> we are probably in the most challenging period in large parts of the world than we have seen in well over two decades. the first part of the 21st century, people didn't notice as much but we had amazing progress. we had literally hundreds of millions of people across africa, asia, let america pulled out of poverty. we saw preventions and child mortality and kids in school. covid in addition to the direct impact on health and economic impact as set that back. we've seen reversals. francine: actual reversals, it's not just progress not at the same pace. mark: we saw halving of deaths from hiv-aids and malaria and that his back up. francine: also the -- mark: you have a common challenge where these are countries that never had the physical power that