francine lacqua joins us from the event this morning with a guest. francine: thank you.are here with a senior portfolio manager at morgan stanley wealth management. thank you for joining us. there is a lot going on in the world of finance when you look at the cost of capital and treasuries. the markets are all over the place. i do not know if it is cfa level five but it fears that -- but it feels that way. what is the conversation that comes up with clients? >> thank you for having me. it is such a pleasure to be here talking about these global issues. right now what is weighing on the market is deglobalization. it is no longer a theory, it is point of fact. with that comes supply chain re-imagination and structural disruption that leads to unexpected structural inflation as economists around the world are trying to tame inflation. you have two hot wars that cause inflation, food at the energy level and at the psychological level. clients are worried. my responsibility to my clients is to ensure they harnessed their emotions and their private thinking and we stay practic

. >> on francine lacqua. geopolitics is definitely dominating the proceedings and the conversations. we've heard from china's vice president that the saudi investment ministers have much more to come. back to you. kriti: a lot to digest. we will bring you all the exclusive interviews. first, let's get to the earnings stories. numbers have just come out in the last 10 minutes or so. a pretty substantial beach. the estimate there was 1.4 billion euros. some positive numbers there when you look at that. we are getting numbers coming out of commerzbank as well. we will be speaking to the deputy ceo later on in the program. commerzbank numbers coming out as our admiral. if you look at their share price, you have started to see pressure under commerzbank right now. there -- their third-quarter ratio coming in at 14.6%. a little bit higher than 14.5%. the market will interpret that as a line. let's talk of share buyback of up to -- euros. revenue coming in at 2.8 billion. a slight boost but perhaps not as big as tha

prime minister speaking exclusively to francine lacqua. ith us for live coverage as the uk's global investment summit gets going, including key interviews with key executives. i want to come back to the main topic that francine ended on with the prime minister, the tensions in the middle east. israel and hamas have signaled the temporary cease-fire in gaza could be extended beyond today to allow for the release of more hostages and prisoners. speaking on sunday, president biden backed along the pause. pres. biden: eight is going in and hostages are coming out. we need to keep building on these results. that is our goal, to keep this pause going beyond tomorrow. kriti: henry meyer in dubai going as with the latest. walk us through the likelihood of the extension. henry: good morning. i think it's looking as though that could happen. israel has said it is willing to consider extending the truth, which is in its fourth day today. hamas has said it is ready to do so. under the condition that each additional day that israel refrains from hostili

francine lacqua alongside steve schwarzman.lights of our exclusive conversation with british prime minister rishi sunak. good morning. welcome back stateside following a long weekend. hope you enjoyed your time with your families. if not, welcome back big time. s&p futures -.1%. yields going absolutely nowhere. 4.4626. another call in the mix. 5100, deutsche bank. we are talking about 10% upside and they are still calling for a recession and they are calling for big rate cuts from this federal reserve. tom: i am going nominal gdp. jim bianco out with smart math. the basic line is why do we have multiple 5000 come in the answer is we are overlaying this on top of 4% or 5% nominal gdp. there is a crew that goes against that, there is a crew looking for shockingly slow growth but how do you get to a 5000 level? a lift in the american economy. jonathan: i am wondering what stuart kaiser of citibank is thinking this morning. his view that when the labor data is starting to turn -- if you are at deutsche bank and you are looking for

post-covid, of course it's moderated by francine lacqua. >> on the other hand your governments that are very sensitive, i think if you look at the actual track record of that integration the way it was handled was very systematic. people have to learn german, apply for jobs, the registered, that was done in a very distant, tactical way. you would say they were integrated, about 10%, many people said that was humanitarian. allowing people to remain in their own entry. their own entry. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours. rishaad: the overall position for benchmarks, indexes are hovering around the

prime minister rishi sunak, with our colleagues francine lacqua.gion, slightly weaker on features. also the currency. he inflation numbers are due towards the latter part of this week. cable is a little bit lower early this monday. plenty more ahead. this is bloomberg. ♪ david: welcome back to the show. one stalk we will be tracking, assuming this trades, and it doesn't seem like we will get a trade in terms of just how wide the bid is on this one. this is a management buyout, the price is at 86 20. substantial premium over the last trade. people watch what happens. broader markets are higher. 33,700 on the nikkei 225. plenty more ahead. david: david: chinese authorities have opened criminal investigations into the money management -- into the money management unit of zhongzhi enterprise after the shuttle bank revealed a shortfall of over $36 balance sheet. for more on this worry, belle is your onset. annabelle: we have a statement from chinese police indicating that they were investigating a number of suspects in this. there is lack of details as

kriti: the ferrari ceo speaking to francine lacqua. can watch the full interview on "leaders with lacqua." a lot to digest but a quick recap on information in the last 30 minutes, when it comes to openai, sam altman and ousted leader is now signaled to come back. the board announced he will come, and he has tweeted saying he is excited to take on the role in return. in terms of what the board looks like, part of the negotiations in terms of his return has been this idea that not only will he need new supporters in the board but some of the people who voted to oust him might stay. the new board will include adam d'angelo, most well-known for being the cofounder and ceo of cora, he was one of the people who ousted or voted to oust sam altman. brett taylor has a big resume, he was a board number on shopify. and chairman of the board of twitter as well. larry summers, a wall street week contributor and former treasury of the secretary. more analysis ahead. stick with us. ♪ kriti: good morning and welcome back to "bloomberg daybreak: europe

he sat down with francine lacqua .core inflation is pretty much middle of the pack for european economies. the forecast here is to be lower. the momentum on inflation is downwards, coming down faster over the next 12 months. and making sure we are disciplined with borrowing. ultimately, that is what investors are looking at to make sure and fiscal policy is sensible. we are not feeling inflation. we are being sensible. you are seeing that feed through to the economy. we are also improving labor supplies. businesses are keen to see access to labor. it remains flexible. we are moving people off welfare and into work. all those things are contributing to downward momentum. francine: what does it mean where you can find some spending freeze or cuts? pm sunak: what we have just delivered our significant tax cuts, for business and for everybody working. that is what we did last week. those were the biggest tax cuts in one event since the 1980's. for business, we are making full expensing public. we will be the only major g-7

kriti: unicredit ceo andrea orcel speaking with francine lacqua, bloomberg businessweek as well lookings set on transforming. you can read the latest on the strategy, just type in mag go on your bloomberg terminal or check it out on bloomberg.com. also, some of the other top stories we are following from around the world. n indian government agent on directing it toward a plot to assassinate a sikh separatist with american sedition ship in new york -- american citizenship in new york. it is waging a campaign to target seek activist overseas. it mirrors a killing in canada and risks inflaming already delicate u.s.-india tas following the saga with canada. united auto workers union is launching public organizing campaigns in over a dozen automakers. in the cross hairs are firms including toyota, volkswagen, as well as tesla. the union is aiming to organize nearly 150,000 employees. a spokesperson says many have already signed up. this comes after the uaw strikes earlier this year secured historic concessions from the big three, ford,, gm and stellantis. disney has appointed outgoing morga

guy: richard was speaking to francine lacqua a little bit earlier on.ng its back on the insurance industry with the full buy of global atlantic. you will have the details next. this is bloomberg. ♪ ar. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. alix: -- >> private equity is still a growth business for us and we expect to grow that part for a long time both with respect to the flagship strategies, but also we created a number of different growth strategies, the core private equity business and private equity t

here is some of sunak's contents with bloomberg's francine lacqua.: i don't tend to get in the business of scrutinizing what everything a person says. of course i abhor anti-semitism and we have been unequivocal from the start of this situation that that is not acceptable in our society. i have personally been very firm about that. it is very sad, what is happening. francine: but are you condemning elon musk? pm sunak: i condemn all anti-semitism. it is not about one personality. francine: but he has a big platform and a big voice. pm sunak: as i said, i condemn and that summit is a in all of its forms -- condemn anti-semitism in all its forms. anti-semitism in all its forms is completely and utterly wrong and we have strong laws in place to tackle racial hatred. the police no they should be using the full force of their powers to bring those people to justice. that is what we have been very clear about. we have made sure the jewish community gets extra funding here to ensure their safety and security and we will continue to do that. francine: what k

i'm francine lacqua.ought together global leaders from the private and public sectors to focus on what's been achieved in transition finance to support a

prime minister rishi sunak speaking with francine lacqua.ther big stories we are following, russia saw one of its biggest drone attacks in a munch -- in months. the russian foreign ministry said 23 drones were shut down across four regions, including moscow. one ukrainian media cited intelligence sources saying a total of 35 drones were launched in response to moscow's drone garage on saturday. china's health commission has blamed the combination of pathogens including influenza for a surge in acute arrest rate infections. at the country has seen a series of outbreaks of respiratory diseases that have had children particularly hard. chinese authorities told the world health organization while there have been increases in hospitalizations, sources of the illnesses are all known germs. a foreign ministers from japan, china, and south korea have agreed to push for a trilateral leader summit that has been on hold since 2019 due to the covid-19 pandemic and political tensions. at the three countries have drifted apart as it japan and south korea

shery: ubs group ceo sergio ermotti speaking with our colleague francine lacqua at the bloomberg news continue to watch all the conversations happening there. one of them starting right now, how the inflation reduction act changed everything. and we have seen the u.s. of course starting its policy of re-industrialization. what that means with global competition, even yesterday we were speaking to adam posen of the peterson institute, and he was talking about this arms race happening when it comes to subsidies in the u.s., europe, china as well. haidi: yeah. this is about that zero-sum game when it comes to industrial policy. do we see that potentially seeing a shift, given a little bit of change in in tone between the u.s. and china? let's get into this panel that is underway here at the new economy forum. >> -- maybe i should stop here, with the broader set of themes we have been discussing, which is the rewiring, the reorientation of the global economy. and one of the big questions is which countries can take advantage of the value chains connected to the ira and who just benefits f

alix: that was steve schwarzman speaking with francine lacqua at the uk's global investment summit.eet. we look at what is buzzing on wall street and the world of yanking and finance. we will look at the real estate giant cigna, the european real estate company. that does create opportunities for the private equity firms. sonali: you are seeing potential distress get to the surface. many entities tied to signa. signa going around the world looking for investors to shore up liquidity. some include saudi arabia's public investment fund, elliott management, classical distress investor. a massive question is when does the clearing price started to set in for commercial real estate? with giants like signa turning to face these issues, you see pricing get to a place where investors start to think about where they can start getting in at. dani: as we work through this, as signa faces this cash crunch, what are the near-term issues they might start to face? sonali: first is the idea they are looking to shore up 600 million euros in media funding needs, as well as the issue where this is one

i want to bring an francine lacqua. we have a big interview coming up. francine: we have made it today three. i look forward to speaking with kai-fu lee because the valuation you were talking about, he started another company eight months ago and it has got like a $1 billion valuation like a unicorn. i was speaking to someone who said, you put kai-fu lee next to ai, you will get a big valuation. some chinese companies have been told they cannot use the latest. yvonne: kai-fu lee coming up with me and fran. this is bloomberg. ♪ the chase ink business premier card is made for sam who makes, everyday products, designed smarter. genius! like 2.5% cash back on purchases of $5,000 or more, so sam can make smart ideas, a brilliant reality! chase for business. make more of what's yours. >> the world cannot afford an escalation. and most likely, both countries cannot afford things to escalate in terms of economic consequences. the situation in both countries is fragile and i guess a geopolitical escalation will not be in the interest of both countries. yvonne: tha

there are some big speakers, they will be speaking for francine lacqua and the event in singapore, looko that, ubs dominating the news, plus i think they have the data midnight tonight, big focus of what has happened with the right story. as the bank of england governor has been talking about what these rates are drifting lower -- about these rates are drifting lower. the market pricing of cuts, that continues. telecom italia earnings are out. we get what is happening with the kkr bid. we have a lot of drugs s tocks reporting. running the business, and they begin some positive news with oncology products. what should we be expecting? i think it is a big moment for the markets. alix: the stock has not done well in the last month or so. joining us is sam fazeli, director of research of bloomberg intelligence. always a pleasure. good to see you! we used to see all of the time and we are talking to you and it is not about covid! that is exciting! astrazeneca tomorrow, what will we hear? >> the focus will be on costs. they had a phenomenal first half, 21% are pps and i think that they did sa

the city's mayor spoke to francine lacqua about her green agenda and hopes for the green grant -- greenion. >> the study just carried out by the sea 40 cities, a global network of mayors, shows that cities have succeeded in meeting the objectives set in the cop 15 paris agreement. 75% of cities are in a head targets. in cities are responsible for 70% of greenhouse gases. so if you don't support cities, we don't give them freedom, access to credit to be able to act, this delays the whole process of fighting against climate change. everywhere we are producing air pollution, planting trees, providing most of the action to respond to climate change. i also learned a lot from my colleagues. what i do and peers terms of mobility and cycling, for example, i was inspired by copenhagen. i know that today paris inspires other cities on mobility issues. with the mayor of malan -- milan, i discussed the referendum i organized on electric scooters, we are faced with the same difficulties in different contexts. >> paris will also be the host city to olympic games. congratulations, it's very exciting,

. >> the bank of england's megan green talking to francine lacqua earlier on.ically just highlighting her view that rates will have to stay higher for longer. that this will be difficult for the bank of england and essentially the consumer will have to be put under pressure, the economy will have to be put under pressure. the labor market has slowed down but maybe not enough and that feeds through the narrative we are seeing with the consumer globally. you can see that reflected and you've seen that over the last few decades -- the last few days. burberry is the latest to feel this. burberry is down. i would have thought that everybody by now would've known the consumer will come under pressure. burberry is in that superhigh kind of price point, it is further down. the further down you go the more pressure you will feel. alix: looking through the analyst notes they are saying it looks like about a 10% impact to the full year 2020 for guidance. you have to wonder maybe we were hoping this was the end of the luxury washout but if we are higher for longer will we

lizzy: that was steve schwarzman speaking exclusively to bloomberg's for it -- francine lacqua.ing news, drama in the banking sector. bloomberg learned a group of u.s. health sector finance bankers have left citigroup for jefferies. that's after closing to new municipal banking department. sources say 10 bakers departed from jeffries includes three managing directors. meanwhile, a u.s. judge ruled the cofounder of bytedance has -- cannot return to his home in the uae. it puts on hold a ruling ground team of billionaires earlier request following his guilty plea last week to u.s. criminal charges. this sentencing is due in february. later today we will speak with the former ceo of binance. don't miss that conversation right here at 6:00 p.m. u.k. time. i just want to come back to the u.k. we will look at the consortium data that dropped overnight that shows that inflation is at a 17 month low. the six straight month of declines accompanied by a warning that this may not last. you sign unexpected drop in retail sales last month that suggest the bank of england's policy is hitting

prime minister rishi sunak speaking with francine lacqua in an exclusive conversation. a number of broad topics there. but, honing in on of course, he says, the claims the u.k. is headed for austerity are unfounded, and pushing back against anti-semitism in all forms when pressed about elon musk including elon musk yet -- musk. he says cutting taxes is the direction of travel, denying his economic plans are about to deliver a fresh bout of u.k. austerity, really pushing back on expectations for the election, will not discuss timing saying it's not priority at the moment. just a few things touched on in that wide-ranging interview with rishi sunak. let's bring in the president and chief economist at prestige economics. you look at the u.s. economy closely. what is your take on this fear that these motions will be pushing the economy into austerity? we heard from received sunak -- rishi sunak sang the time to unfounded. he is focusing on efficiency whether then --rather than spending. is that your take? jason: i think there are a lot of challenges for the u.k. and others

rishaad: the blackstone chief executive steve schwarzman speaking to francine lacqua.rnational settlements conversation is taking place right here in hong kong. we can see this panel at the moment, wrapping up. the general manager of the bank of international settlements, he is someone we will be talking to shortly and he's been discussing with panelists including the deputy governor of the bank of england, the governor of the bank of spain, thailand and australia on that high profile panel. we will have more from this event and bring you exclusive interviews. a lot more ahead. this is bloomberg. ♪ my mom's life is the most important thing to me. hi mom! i called my mom, "i have this gene and i think you need to get tested." she feels like it was truly lifesaving. david: the european union's climate chief says countries outside the group of seven need to help pay up for the losses in damage caused by extreme weather. that is set to be a major concern for china and saudi arabia during the upcoming talks. >> there are two things that are very important. one is making sur

haidi: andurand capital management founder and ceo appear underground, speaking to bloomberg's francine lacquakong and mainland china in the next hour, development shares will be in focus. country garden and sino-ocean are included in china's draft list of 50 developers eligible for financing support. we are also watching alibaba as well, founder jack ma reversing his mind to trim his stake in his company. that's about it for ""daybreak asia"." market coverage continues and we look ahead to the start of trading in hong kong, shanghai and shenzhen, this as asian markets sea of muted start to the trading day. japan is on holiday. we are watching the legs of origin energy here in australia. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular da

vonnie: the new binance ceo richard teng, speaking with bloomberg's francine lacqua.gy remains confident in its venture with the firm as they prepare to launch a crypto platform. the ceo says binance was not accused of crimes such as fraud or misuse of customer money in the u.s. settlement. the venture recently received the required license, but binance's guilty plea has cast a shadow over the plan domestic platform. meanwhile, philippine regulars are working to block user access to binance's crypto platforms. the securities and exchange commission says the firm is authorized to properly offer securities there. regulars are looking to address the growing number of online entities soliciting investments without the required licenses. haidi: turning to x, formerly known as twitter, elon musk has issued a rebuke to advertisers who stopped the platform. this is about the fallout of elon musk's endorsement of that antisemitic post, which he has apologized for, but he is hitting at advertisers were dropping their sponsorships? annabelle: that's right, this is getting the fo

francine: in this episode of "leaders with lacqua," i traveled to vegas where nancy pelosi was championing leaders. i asked her about the democrat'' chances at the presidential election, the biggest geopolitical threats, and what she has learned in more than 35 years in public office. francine: speaker pelosi, thank you so much for speaking to bloomberg. you are one of the most recognizable and also one of the most admired politicians out there. what did you learn in the last 40 years about leadership in politics? rep. pelosi: i learned a lot about leadership for a long time. observing it in others, recognizing what is needed to get the job done. and i always define it in this way, know your why, you have to know why you are doing this because you will be under attack. know what you're talking about. know how to get it done, think in a strategic way, and that is all up here and then also connect directly with people. if you can show them how important what you are advocating is so they trust your judgment and you have a plan, you will have followers, you will be a leader. francine: is it h

francine: in this episode of "leaders with lacqua," i speak with patrice louvet, the company's founder ralph lauren and his plans to take the company back to its roots. patrice louvet, thank you so much for joining us on bloomberg. patrice: very happy to be here. francine: do you have the best job in the world? patrice: pretty close. francine: because it is fun? what was the most surprising thing about your job since you first started? patrice: there are so many things. probably the thing that actually attracted me to this opportunity is the opportunity to work with ralph. right? this man is a visionary, incredible entrepreneur, has had amazing success around the world, and the opportunity to work with him and partner with him is really special, and i cherish it every day. francine: you have to get along because he is still such a figure. he has his name on the door. patrice: he does have his name on the door. francine: how much of it is his vision? patrice: it all starts with his vision. what is exciting is when you see where this company started, a tie. see what it has become. it is