tom keene, lisa abramowicz, and jonathan ferro. e back by 4/10 of 1% on the s&p. 80 euro-dollar -2/10 of 1%. tom: 1% move. [laughter] jonathan: i cannot take you seriously with your red socks. tom: this is bigger than the socks. a global audience says, what is the big deal? peter gamin's talking about the calvinism there from stockbridge to boston. let's look at red sox baseball. this is in the time of ted williams. for those on radio it is calvin in bed after the homerun in 1978. and the problem we have is yankee fans shopping for a fancy yankee paraphernalia. jonathan: goodness sake. is that an official new york yankees ralph lauren? tom: you can be sure the gentleman from brooklyn is a yankees fan as well. john, spirit of the moment and fun for everyone. jonathan: it is. there is a reason annmarie has not come back. she feels like she has been trolled by you. [laughter] tom: get a detroit tigers fan acting nice today. jonathan: president biden is blaming republicans. others are saying he is right. frame us what is going on in d.c

. >> this is bloomberg surveillance with tom keene jonathan ferro, and lisa abramowicz. jonathan: it is payrolls week. for our audience worldwide, good morning. this is bloomberg surveillance live on tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. coming off the back of the biggest weekly loss since february. investors worldwide gearing up for earnings season. tom: i'm going to take that over payrolls. payrolls will be important. i like what john stauffer said this morning. moments ago, he said we get a sense of what lies ahead with selective late reporters this week. those names will get us in the big banks october 13. jonathan: capturing the argument of the debate almost perfectly. the risk is supply chain disruption persists, and these expected earnings that you could recoup in future quarters will not happen. is this a story of recovery delayed or derailed? tom: i don't know. i think it will go sector to sector and company to company. which sectors will get hammered by supply issues and which will not? jonathan: 400 70 k, just eight 500 k s

. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: let's get this week started. for our audience worldwide, good morning. this is bloomberg surveillance live on tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. tom keene front and center. we have a bigger rate hike debate. tom: you highlight goldman sachs and the bank of england. there is much more going on than that. the major central banks versus others whose hands are forced by inflation. jonathan: they are already moving. let's look at the front end in new zealand, the u.k., and the u.s. in new zealand they have already hike. the u.k. is encouraging the move at the front end. the united states is doing anything about. this is becoming a bit of a market test for chairman powell going into november 3. tom: what you see, and this goes to the central banks, is the linking in of energy costs, hydrocarbons into other commodities. i was younger at the last time i talked about that. jonathan: central banks are starting to respond. we are seeing it in the

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: big tech on sale. good morning. this is bloomberg surveillance live on tv and radio. your equity market, futures bounce back up 4/10 of 1%. we need to discuss the damage to the index level and the damage done to big tech. lisa: you have to partition it -- tom: tech there is some real damage. we are back to support, by on the depth. we will find out where it is this morning. jonathan: the moves on apple, facebook, amazon. apple down 11%. amazon and facebook about 15% for the highs. tom: these are real moves. i will tell this again, if not percentage moves it standard deviation moves. it's a bigger move i will go with that. a standard deviation basis around 11% on big tech is contained, it's sitting on one of the moving averages i look at. jonathan: the latest just occasional years blame the bond market. two fridays ago, 1.45. tens this morning 1.49. it hasn't seemed a big move over the last week to justify this gap we've seen in the s&p 500. that in the last 24 hours is felt l

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning. this is bloomberg surveillance live on tv and radio. following the biggest one-day reversal on the s&p 500 since february, we add some weight to yesterday's rally. advanced by 6/10 of 1% on the s&p. tom: mcconnell to the rescue, prudent to the rescue. you capture the turnaround in european hydrocarbons. jonathan: i think you nailed it there. mcconnell to the rescue, prudent to the rescue? how much faith can you have in that lasting. tom: what i know as we go to the data check. we are in the midst of a market up. it's a draw up. standard & poor's 500 up to point some percent. nasdaq 100, was the opposite of craters. lisa: surge. let's think of what lingo we can come up with next. this is a question of what has material change. trying to lighten up heading into what should be -- so high. our valuations -- are valuation still so high given where we are on value expectations? jonathan: the image of a friendly russian bear telling us it's going to be ok. it's a littl

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the week begins right now. from new york city, for our audiences worldwide, good morning. alongside tom keene, lisa abramowicz, i am jonathan ferro. tom keene, jp morgan earnings this hour. tom: they get us going this morning, and what will be so important are the conference calls, the nuances of what they say, not only what jamie dimon says, but then, jon, we dive into those important tech earnings. jonathan: before we get the cpi, we need to talk about apple. fantastic reporting from debbie woods out in taipei. that stock is negative, just .6%. apple is likely to switch its projected iphone 13 production targets buys many of 10 million units -- why? because they can't find the chips. tom: my carrier is t-mobile, and they said the same thing to me, jon. they are having trouble getting the phones. to things are going on. one is the shortage of daily reports. but the other thing is they are selling the unit. people want the new toy. the team i bloomberg intelligence says the d

tom keene, lisa abramowicz, and jonathan ferro. this is bloomberg. >> with first word news, brinkmanship is on capitol hill bringing the united states closer to a catastrophic default. democrats and republicans must decide in the next day or two how far to take their deadlock over the debt limit. senate republicans plan to bulk another, credit effort to raise limit. the former united nations ambassador nikki haley is setting the tone for a possible presidential race in a speech at the reagan library in california. she urged republicans to return to their roots. at the same time, haley defended president trump and promised to consult with him on the 2024 race. in hong kong, there were plans to develop the border with china. more than 900,000 homes will be built to ease a housing crisis that has led to social unrest. they want to develop the area with intelligence and technology. tesco plans to buy back shares to boost his pop debts profit ability. his lackluster stock performance -- tesco's price has trailed private equity firms as

tom keene, lisa abramowicz, jonathan ferro. is bloomberg. ♪ >> live from new york city, on radio and tv, this is berg surveillance with tom keene, jonathan euro and lisa abramowicz, and the s&p is really making a statement around these levels for the last year and year-and-a-half areas we are going nowhere this morning. it is a bomb market. 160 2.67. jonathan: is this a big deal? tom: i think it is. exit london. they are taking the traders to milan. was clarify the exit. i think you're right when out the tray. it is most luncheon traders are headed towards milan. early planning is to move most london traders to milan. jonathan: we have the details. of a chat with them and reach out to them in with them. tom: were going to set up with matthew was steady. deutsche bank is doing good. good luck with that. but it is important to talk about the changes in the dynamics of the fed policy and economic growth. you have a comment. jonathan: here's a quote. with the committee sensitive to higher-than-expected inflation data from earlier t

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. m: good morning, everyone. kailey leinz in for lisa abramowicz. the bond market is closed. abramowicz says i'm not coming to work. jonathan: but it is open in germany, open the u.k., and those bonds are lower, yields are higher. the u.k. joining the likes of new zealand, mexico, brazil, norway, hiking interest rates. tom: price down, yield up. along the way, there's got to be touch points. a german 10-year getting to zero is a huge deal in this 13 crisis. -- in this 13 year crisis. jonathan: can we talk about that $81, $82 handle on wti? we haven't talked about these numbers since the back end of 2014. tom: we have only come back to normal when you adjust for a lot of fancy mass, but i'm sorry, we had a rounded up $85 a barrel on brent crude an hour ago. when do we see $90 a barrel? jonathan: maybe soon. what does that mean politically speaking? the politics of $90, the politics of $100. we got to have a bigger conversation about that, tom. tom: as we dive into earnings season, kailey

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: let's get this trading week started. this is "bloomberg surveillance" live on bloomberg tv and radio. i am jonathan ferro to gather this morning with -- together this morning with kailey leinz. tom keene, the beginning of the end of easy money. tom: the beginning of the end of easy money. jonathan has no clue. it is a different day. after the jobs report, this gives us a great day to set up the economics moving. also i'm seeing inflation front and center. jonathan: i'm seeing crude front and center. hikes in norway, brazil, south korea, new zealand, will the bank of england join in? tom: this goes off of the jobs report, full employed america, fully employed united kingdom. central bankers are under pressure not to be legislators. the backdrop is there going into this with the fiscal impulse that is drifting away. tom: let's talk about the growth import -- jonathan: i have more people downgrade growth expectations that upgrade. goldman joins in. kailey: yes they did for 2021

jonathan: from new york city, i am jonathan ferro. this is "bloomberg real yield." coming up, inflation warnings. american economic data sending conflicting signals and markets pricing and early fed move. we begin with wall street heavyweights pushing back. >> the idea of transitory -- >> transitory-- persistent transitory. >> inflation is running at a must -- much higher pace. >> it is not temporary. >> that is why the fed is starting to indicate it is time to move. >> the rise in wages -- >> not transitory -- >> the longer they wait, the greater the risk. jonathan: joining us now is krishna memani, marilyn watson, and matt brill. it is with the economic data, i have been scratching my head or try to reconcile this. near record highs, consumer sentiment highest since 2011 pick and make sense of that? marilyn: it is very complex. when you look at the labor market and the rate, it is below for break 2020. however, i do think we will start to see easing in the labor market, when you think on appointment insurance is running off we are seeing more people able to reente

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issueonger. >> the transitory stuff. >> transitory. >> transitory is mons turning took orders -- >> the market seems to be buying into the fence inflation dismissal rhetoric. >> inflation is hot. >> inflation is above the fed target rate. >> it is very unlikely they can get to their target. >> it is still transitory but definitelylo

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issuefor earnings to counter inflation concerns. >> there's a lot of talk around inflation. >> the inflation rate is the supply-side. >>looking for earnings to countr inflation we have not seen a hue impact from the supply chain disruption. >> a catalyst to get the markets to recover. >> look at the earnings story for the s&p 500. >> outright inflation should dissipate. >> it blew expectations out of the water. >>

it was someone named jonathan ferro. amatic central bank taking out by who was chairman with a massive french education. from where you sit in your decade of watching the ecb, how cultural is this? jonathan: there's been a massive shift. in early 2011, the then chair of the bundesbank was a leading candidate to take over the ecb. there were some -- there was a real pushback that started to build up. he resigned, it was unexpected. the idea being that the president spot was open for someone and then all of a sudden you introduce president draghi and from that point to totally changed and the ecb was no longer just a reflection of the bundesbank, became something much bigger. it went way past that and here we are today. tom: research of deutsche bank led by david, of the originality of negative interest rates. let's dive into this right now. julia coronado, she is truly an academic of the fed working in market economics with the knowledge of -- as well. would you suspect he left because of the transition to something new fo

we are still growing well above potential. >> this is "bloomberg surveillance" with tom keene, jonathan ferrosa abramowicz. jonathan: sperry thought for an equity market bear. -- spare a thought for an equity market bear. alongside tom keene and lisa abramowicz, i'm jonathan ferro. up 22, up another 0.5% on the s&p. it is a four-day winning streak, within one present from all-time highs. tom: the way we do it this way is an impulse. must watch, must

jonathan: i am in for jonathan ferro, and this is real yield. we are going to take things off. $133 billion in short notes, and investors demand has improved on the seven-year sale this week. let is been an onslaught of degradation slowing, but we are seeing this fueled the biggest october in four years. there is a little bit of a sour ending to a busy month and jump on sales. with an additional $4 billion in sales, it is the slowest week in february since february. great, let me start with you. some of the losses you've seen in credit, is that a function of rising rates, or is there something sinister going on with this fundamental? >> i don't think it is sinister. taylor: i said that for halloween. >> i think things are quite good, and this is not a story where fundamentals are deteriorating. it is not a negative fundamental story. i think it is quite frankly, volatility happening around the seams of treasury. it is causing investors to take a step back. i would not read too much into it. at the same time, the value proposition of credit elsew

i'm alongside tom keene and lisa abramowicz, i'm jonathan ferro. tom we are getting deeper into earnings season, 80 4% -- tom, we are getting deeper into earnings season. so far so good. jonathan: i read -- tom: i really want to emphasize that this is not a quiet day. there's a terrific slow on economics, finance investment, and off of it as well. jonathan: we do have two commissions with some research written for you. is the dow jones stupid? what's that about? tom: laidler made an observation and i completely missed this. in the flaunted dow, everybody -- the flawed down. everybody looks in the investment world, it is growthier. he nailed that it's not copper anymore. jonathan: hardly anybody has allocated to the dow jones index. do you listen to what they say or watch what they do? tom: i watch what they watch. which according to google trends is four times the dow. jonathan: and then pay money to the other index. tom: we have to do both. lisa: i'm gonna let you guys decide the important developments of the dow jones but i do want to pick up on 8

kailey leinz in for jonathan ferro. he -- we will get to the equity story in a moment. lisa, i'm thrilled to speak with you about this standard deviation move flattening curve. the real yield on most a jumping condition to a new negative statistic and what absolutely stuns me here is it's a hawkish dawn. >> i look at canada setting the tone for the market yesterday surprisingly ending the quantitative easing purchases bringing forward the rate hike expectations paid are they a harbinger of what's to come at other central banks or are they independent. this is one of the key questions on the precipice of next week's fed meeting. >> george says the macro analysis, we will do the ecb today, out the window, this is about risk. what that means is positioning. how would a filter is this. >> over the last three days we've seen volatility in the short-term rates of the developed markets globally. shocking move talking about standard deviation. how much of this is a complete inability for wall street houses to gauge central-bank reaction function. a time of faster inflation and

this is bloomberg the open with jonathan ferro. jonathan: we begin with the big issue, stop market back at all-time highs. >> the market is climbing the wall of worry. >> not a problem for stocks. >> we don't think there is a lot of pain trade. >> that's been the story over the last month. >> it's an earnings story. >> our profits are going to be robust. >> we move our way through earnings season. >> is interesting to see th

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: elude bit of calm before a payrolls -- a little bit of calm before a payrolls storm. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive zero point 8%. we advanced 36 points. a can kick set up downing d.c. -- set up down in d.c. tom: drawdown, gloom and all of that, institutions solve the problem. the institution of the gentleman from kentucky solved the problem. the institution of mr. putin in moscow solved the problem. jonathan: how sustainable is every thing you just said? that's the question to me. tom: i'm in trouble leveraged all-cash. it doesn't matter to me. jonathan: thanks for participating this morning, tom. [laughter] lisa: i think it is hard to put your head around any narrative. we've just had a shift in are we in any sort of stagflation fears. have we shifted now to, no, it is not that bad, and policymakers are so concerned about keeping everything going

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: another wednesday with another all-time high. from new york city, for our audience worldwide, good morning, good morning, this is "bloomberg surveillance," live on tv and radio. alongside tom keene and lisa abramowicz, i am jon ferro. your equity markets slightly negative, down 5 on the s&p, down .1%. big tech doing what big tech does. tom: big tech delivers, absolutely, jon. i sat with my beverage of my choice, and i said i'm going to look at the bloomberg analysis. we will not slow down the show, but jon, the year-end of 2022 of big tech is $1.404 trillion in revenue where is the digital place in the future, it is join or mess -- ginormous. jonathan: it is a deflationary force in an inflationary economy. tom: it is incredibly true and cuts that way. jon, 31% ebita margins, everyone raising the price targets, i think google, piper jaffray one up as well. john, -- jon, it is a shift. jonathan: lisa, price hikes at jaffrey, alphabet. people see it as a disappointment, stocks u

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: sperry thought for an equity market bear. -- spare a thought for an equity market bear. alongside tom keene and lisa abramowicz, i'm jonathan ferro. up 22, up another 0.5% on the s&p. it is a four-day winning streak, within one present from all-time highs. tom: the way we do it this way is an impulse. must watch, must listen in minutes, gina martin adams will discuss and link this into earnings like netflix this afternoon. jonathan: we've had that big churn beneath the surface. a lot going on. at the index level, is it fair to say this is one resilient equity market, tom? tom: the gloom crew has been crushing it. we heard this morning about sluggish growth in inflation, and maybe you can indoor from that. this idea of slug-flation. jonathan: we are staring down all-time highs on the s&p 500. the least bullish survey from the bank of america fund managers survey in a year. nixon's of that. lisa: if you tamp -- make sense of that. lisa: if you tamp down inflation, it pushes dow

tom keene, lisa abramowicz, jonathan ferro, just a little bit light, soft and lower on the negative two 500 with numbers so far doing what they do, beating expectations. coca-cola, mcdonald's this morning. jonathan: -- tom: the cynic in you is 100% right. i don't like the word beat, frankly, but it's the way we are beating with a revenue moving forward and outright guesstimates on revenue. it's really something. jonathan: people thought that the constraint on high prices might weigh in on demand but has that happened? it doesn't look like it's happened in a big way. tom: it's microeconomics with ambiguity and a give-and-take and frankly there is an unknown and we are learning as we go in a natural disaster. but i'm sorry, company to company, things are better than good. jonathan: and it's going to go on longer. coca-cola is expecting elevated commodity inflation. tom: doug has a long-term vision on amazon. what's our vision, our collective vision, john, of some of these companies, i don't care where they are, three years, five years, 10 years? no one is doing it, no one is thinking that

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: earnings season just around the corner. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive 0.1% on the s&p. earnings coming tomorrow. tom: i am going to say it is a modest pullback over the last number of days. i did the chart for francine earlier this morning. we are basically at a july 21 level, and we have to reset. it begins tomorrow. jonathan: the market worried about higher interest rates and supply chain issues. a haven so far over the last couple of months. the banks have been rallying hard going into numbers tomorrow morning and through the rest of this week. tom: the banks talk about recovery and use of cash. that will be a huge part of the discussion, not only the banks, but everybody else. what i see more and more is there simply two camps looking at the same narratives and saying we are going to get over this

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: there is an equity market lift this morning. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. this hour, morgan stanley. next hour, citi. tom: the gloom crew gets a pause this morning. it's been a really good tape for two and a half days. to walk into the washington studios and see the vix under 18 is a big deal. jonathan: the doom crew gets a challenge. the transitory crew increasingly has a bigger challenge on their hands, too, going into year end. tom: lagarde making headlines, the president of the european central bank. the second round is a really distressing thing. when they take a second round at the university of cambridge, e 0 -- of cambridge, el-erian goes nuts. what is second round? are we substituting second-round for the even squishier transitory? jonathan: that's the story for inflation at the moment. yesterday i think the cpi, you can't get away from that number. lisa: if you look

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: investors focusing on one thing -- thisason -- >> inflation. >> rising inflation. >> inflation concerns are on the supply side. >> supply driven to increase inflation. >> concerns about margin. >> companies' earnings reports will be a bellwether. >> how will we overcome these inflation challenges? >> inflation is likely to be higher on average. >> and how to overcome supply chain issues. >>

jonathan ferro is off and kailey leinz is in. i wonder, as we talk about the geopolitics, how inflation really is the backdrop as we get higher than expected inflationary expectations. tom: we have been a little bit off the market coverage today, we will try to get back on track now. to your point on inflation, lisa, what i suggest for the world leaders in rome, and onto the 30,000 people in glasgow, what i would suggest is inflation is different in many different areas. not just american inflation. lisa: well said. tom: did i do ok? lisa: honestly, with the euro region, what we have seen with the ecb is they are dealing with imports. and the inflationary print is more disinflationary than in the u.s. quite but how does that factor into discussions about supply chain disruptions, about how to alleviate this at a time when there are other issues present. tom: and we are setting up for that year and dash -- end dash, i love what michael purves said, the beta chase. lisa: it is meta, ask mark zuckerberg. i think it raises a question

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: a bit of risk aversion this wednesday. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. this wednesday, futures -53, down on the s&p 1.2 percent. on the nasdaq, down 1.4%. tom: it is moving out there. you go to the currency dynamics as well. what about the thundering silence of the weak dollar crew? it is stunning how that has stopped. jonathan: strong dollar this morning. you by the greenback, you by the u.s. dollar -- you buy the greenback, you buy the u.s. dollar. some indicators showing the tension. it folds into washington as well. our guest coming up has really pushed against weak dollar for months and months. mark mccormack looks like a genius. jonathan: is it fair to say the epicenter of all of this is energy? lisa: natural gas in particular. when you take a look at the united kingdom, prices absolutely surging. but there's a bigger story here, and that is the transition of the economy at

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the payrolls report 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. payrolls just around the corner. tom: unchanged from the last payrolls report ago? no, from that 1.12% level to go to 1.50%, that is different than what we saw a week ago. jonathan: the question is a simple one. what gets it done for the fed? we caught up with thomas caustic of picked at -- thomas of pictet this morning. 700000 and see estimate out of morgan stanley. lisa: how much does this bleed into inflationary outlooks, and how much does this move the fed's needle, given that they plan on tapering come november? jonathan: they want to hold your hand, tom. they want to gradually get you there. it looks like they decided at the last meeting. do you think anything can derail that? tom: i think they are completely data dependent. a limbs and her -- ellen zentner

trading, this is bloomberg: deal been with jonathan ferro -- bloomberg: the open with jonathan ferro. from new york we begin with a big issue -- wall street heavyweights pushing back. >> unless you embrace the analytically meaningless phrase of " transitory." >> worker shortages. >> this inflation round is not transitory. >>

does not need to be a knockout. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, andcz. jonathan: the payrolls report 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. payrolls just around the corner. tom: unchanged from the last payrolls report ago?

good morning, good morning, this is bloomberg surveillance live on tv and i am jonathan ferro. tom keene put it in a headline, the week begins on wednesday. tom: it begins tomorrow. the inflation picture with all its complexities. jonathan: it is a test for the big story we have discussed for week, the upside risks for inflation. the upside risk for inflation. tom: the conversation we had yesterday was important. he implied we need to be very careful. you can get back to a 4%, nominal gdp. that is a topline gdp. i don't think anybody is mentally prepared for that. jonathan: we can pretend it is a monday and welcome back in lisa and brahma wits. -- risa abramowitz. -- lisa abramowicz. lisa: the idea that consumer sentiment is declining and this, white is confidence in the reflation story picking up and we are seeing small is this optimism, disappointing. people's optimism seems to be waning on a consumer level. what gives? jonathan: look out for the fed speak. lisa will give you the day ahead. the s&p 500, totally unchanged, advancing a single point. outside of that, yields in on

this is bloomberg the open with jonathan ferro. jonathan: we begin with the big issue., same issue. -- same issue. >> the trajectory of growth. >> growing anxiety. >> historically, september, october and november have been volatile months. >> the story is the same. >>

this is bloomberg. ♪ jonathan: from new york city, i am jonathan ferro.e to go to the auction block. in europe, raising 34 billion euros this week, a green sovereign offering in the u.k. and worst ever twenty-year auction in the u.s. this week, missing the mark. and carnival returning to the junk bond market, upsizing its offer and pushing weaker supply close to $8 million. my colleagues include zach, still with us, and mike collins. bank of america coming out with this data the week, turkey cutting rates, it is the 1000th rate cut, a cut once every three trading days. all we have seen is hikes. can you tell me what is happening in the emerging markets? mike: china will be joining the rate cut story. china is always the big story in emerging markets. and they are, unfortunately, slowing really quickly. it's not just the property sector, some of it is secular, tighter regulations, but certainly they are outsized relative to other their measure of economic activity. and as the air comes out of that, the rates are at 3%, they will have to come down. but ever

trading, this is "bloomberg the open" with jonathan ferro. in with the big issue, here comes big tech. >> we have the majority of s&p market caps coming in. >> big tech. >> whether it is facebook, microsoft, apple. >> the earning fundamentals are validating this rally. >> you can point to specific stocks like you did and say it is a crazy market. >> tesla. >> tesla is in its own special bucket. >> fundamentals are good. >>

with jonathan ferro. an: from new york, we begin with cracks in the transitory narrative. >> we know we have inflation. >> inflation is rising. >> ratcheting iron every day. >> as we start to see numbers take hold. >> it is no

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issueeason is underway. >> earnings. >> earnings. >> earnings season. >> but start with what is happening. >> supply chain disruption. >> are companies going to eat these costs or will they be able to pass it along in terms of higher prices? >> which companies have pricing power. >>

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue before payrolls. >> some of the pressure has been taken off. >> gas prices. >> all of that stuff is temporary. >> we may have seen a peak in some of the cycles. >> we have been through this many times. >> especially heading into payrolls. >> a data point tomorrow. >> we need to have some ease

tom keene, lisa abramowicz and jonathan ferro prayed all-time high for the equity market.her four tents of 1%, up 20 points on the session in the earning this morning are looking ok. this is bloomberg. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of anything. (announcer) if what you're currently doing to lose weight isn't working, or you feel like diets don't work, you're right. don't g

. ♪ jonathan: i am jonathan ferro. this is bloomberg real yield.t is time for the auction block, with thermo fisher leading the way. sales of u.s. investment rates topping forecast this week. and junk-bond sales getting a big boost from energy companies this week, rushing to market, capitalizing on surging crude prices and robust demands. back with us, bob michele, bob miller, and winnie, straight to you. walk me through when you think the story hits the market. bob miller saying maybe we neutralized the impact of the treasury market. what is your thought on that? >> i think it is important, but you have to take a step back and think, what else is available in the broader universe of fixed income? because despite the fact that there might be a little give and take of neutralization in the treasury market, i do think we will continue to see robust corporate credit issuance and issuance across the board of fixed income, so it can still go up a bit and be a compelling place for issuers to be borrowing capital. as we start to see more of these moving p

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue >> this mindset has to move decisively away from thinking that our problem is sufficient aggregate demand. >> the real question will be on the supply side. >> the vent -- the demand will be there. >> supply is falling faster than demand. >> there is no quick catch up in terms of revenue. >> there are questions about third-quarter earnings. >>

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue.eling inflation jitters. >> inflation is more persistent. >> going from transitory to being here for a while. >> oil and natural gas prices. >> gas prices pushing extremely high. >> gas prices skyrocketing. >> inflation is hot. >> you will see inflation rise. >> inflation is not going down. >> we have persisted inflation. >> this is

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: i am alongside tom keene and lisa abramowicz. we had down .25%. we are trying to set up for the season. tom: we need the earnings. it really gets by. as you say, we get to a most unusual earnings season. it is compared to the caution of morgan stanley. jonathan: will they take a bite out of profit? we saw it in fedex as well. tom: and what will happen to revenues versus the pricing of the revenue point? enormous mystery there. jonathan: powerful stuff. the big question for the fed, will pay rules pay for it? lisa: higher prices are bleeding into confidence. you do wonder how they deal with these competing issues. jonathan: we shape up as follows. we had down about one third of 1%. yields are higher. .2%, a stronger euro. lisa: we are climbing to new highs in oil. i'm really watching factory orders that we will be getting for the month of august and durable goods orders. this comes as companies are trying to stock up before christmas. how much i you going to see those lag time

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issueces jeopardizing earnings season. >> supply chain issues. >> it is a risk for everyone. >> there is no quick catch-up in terms of revenue. >> what will the supply shortage mean? >> our company is going to be forc

jonathan ferro.m new york, we begin with a big issue, democrats looking to wrap up a deal. >> it does not excite me that much. >> it is going to be lower than $3.5 trillion. 50% of that. >> we are in that ballpark. >> the trick is how to pay for it. >> corporate taxes may be off the table. >> how are they going to pay for this? >> other tax possibilities. >> it concerns me. >>

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: is the slow grind act towards all-time highs. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market totally unchanged on the s&p after five days of gains. we are almost there. tom: jacob kirkegaard this hour, the interview of the day. i'm looking at the earnings come in. i will defer to gina martin adams, david wilson, and our great equity strategists who come on the show, but to me, it is earnings glass half-full. jonathan: another developer hitting the wall. chinese home prices falling for the first time in six years. there's a real slowdown developing their. tom: i want to listen to leland miller and others about the real pulse of the chinese economy. i will be honest, i am simply confused. jonathan: tom is not the only one. we are all confused at the moment. lisa: not just on the slowdown in the housing market, but the ripple effec

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: just pulling back from all-time highs. good morning. this is "bloomberg surveillance ," live on tv and radio. your equity markets after by 13, down 0.3%. this run has been pretty tidy. we've had a series of execution after execution in earnings season. does it validate where we are priced or inspire further gains? tom: against the gloom crew, it has been a tidy set of days. i would suggest the news flow this morning incredibly nuanced around the waiting for earnings season. jonathan: we are waiting for a few more earnings later this week. we have been doing this in the face of conversations about higher rates, slower china. if you told me in august that some timber would not develop into the september we hoped it would be, that supply chain issues would start to heal, that did not happen. maybe it is next september. here we are staring down the barrel of all-time highs again. i would not have guessed that in the summer. tom: i am afraid to go back and look at the tapes of how m

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: this is not the earnings season the bears were hoping for. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up another 0.4%. the earnings so far, so good. tom: the vix under 15. there's a reaffirmation today that is very different than five days ago, 10 days ago. more earnings coming in. tina martin adams and the others we have talked to have said, you know what? the sum total of the earnings and revenues up. jonathan: the big tech players after the bell. microsoft, google. then onto apple. apple was in the news because of the supply chain story, a struggle to meet demand. we thought that would really define this quarter. so far, it hasn't. margins have held up. that has been the story of the year so far. tom: i think the powerpoint, buried in it, you see the reality of ge aviation. their fleet is down 18%. that is their calculati

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: earnings season is underway. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive five on the s&p, up a little more than 0.1%. jp morgan first out of the gate. tom: i think it is being underplayed. everyone looks at the stock price and says so what. they are doing fine. i thought dames diamond -- i thought james dimon's opening salvo, forget the gloom. jonathan: if you had a headline, things are improving. lisa: however, there is another headline underneath some of the numbers, and that is lending. average lending going up, being driven by the corporations, not consumers. you are still not skin consumer loan growth. to me, that indicates this question mark around how much resilience there will be. jonathan: the equity market not doing much of the back of this. equity futures on the s&p advancing five points, up a little mor

going with some of these supply chain issues. >> this is "bloomberg surveillance" with tom keene, jonathan ferrobramowicz. jonathan: there is an equity market lift this morning. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. this hour, morgan stanley.