jonathan ferro returns same time same place next week.s was "bloomberg real yield," and yes it is finally actual real yield. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advic

abramowitz and tom keene, jonathan ferro on assignment.utures at -13, the vicks 31, yields higher, the yen prints 150, a week yen. but all eyes in international politics turns toward london. david will join us with his work from the bank of england and now dartmouth. in front of 10 downing street, history is made, our lizzy burden. there is so much speculation and the british press is a beast. let me go to the discussion of this committee that makes the rules for this leaguer conservative party. tell us what the 1922 committee is thinking on a thursday. lizzy: the winds seem to have changed in westminster because yesterday it seemed as if the tory party was going to give liz truss a chance to cling on until the halloween budget. but since the chaos yesterday over the fracking vote, the resignation of the home secretary and another, there is massive call for her to resign. there are discussions of who is going to replace her. they are talking about rishi sunak, some are calling for boris johnson, saying he has the biggest negative anyone be

jonathan ferro jonathan: lisa abramowicz -- jonathan ferro, lisa abramowicz, and tom keene. g at goofy stuff. jonathan: chaos here are chaos elsewhere? tom: chaos here! the padres won. it is the second largest beating of a team like the dodgers. the dodgers lost. jonathan: are you done? i'm just joking. tom: what is so what about 10:30 this morning on global wall street. jonathan: the debt market, financial markets are so severe it has for the government to do a u-turn. tom: i saw it, jon, this weekend. is the united kingdom on the edge of becoming italy? jonathan: i don't think so. it has its own central bank doing its own thing. it does not compare to what is going on in the euro zone debt crisis. this government has been forced to do something it did not want to do. the chancellor is leading the country right now. not the prime minister. rishi sunak -- tom: let's bring it home. some up all of this international blather -- sum all of -- sum up all of this international blather. people who are looking at rent's up, tuition is up and food. lisa: moynahan is talking in the ear

with tom, jonathan ferro, and lisa abramowicz. : live from new york city, alongside tom keene, lisa abramowicz, i'm jonathan ferro. futures down on the s&p, jobless claims are big this morning. tom: 207,000 four week moving average on claims. a fully employed america. the fed wants us not to be fully employed. jonathan: well the fed might get something extra and maybe we can look at the soft landing. we can decide how skinny the leading strip is. we have to talk about this debate over a series of months, but he got people hoping. lisa: they got people talking about the pivot which i know. -- tom loves talking about. it's going to kill you. and as we have seen come out good news and good news being bad news, trickling into the fed again on the market. that said, going forward, it is because they are consistent. they're going to be showing until they have seen inflation come back. this is very clear cut. either the fed speakers are wrong or the market is wrong. jonathan: are they going to cut in the recession is my number one questio

jonathan: live from new york city, i'm jonathan ferro. this is "real yield."ow we kick things off in europe. 70 billion euros of debt sale -- of that ending. another slow week and a high-yield. a canadian energy company was responsible for the only debt sale this week, $625 million. pgm seizes birds starting to move closer to fair value. -- sees spreads starting to move closer to fair value. >> earning expectations are coming down. margins are getting compressed. are we going to have a big increase in defaults? unequivocally, no. are they providing really attractive yields? absolutely. jonathan: krishna, you said you were leaning long into the treasury market. can you say the same about credit? krishna: not at all. the point about banks not defaulting is a ridiculous point. that does not matter. we don't have a banking sector problem at the moment. we do have a corporate debt problem. we issued a lot of corporate debt over the years and if we get into a recession, there are parts of the markets that would be vulnerable. the challenge with the high-yield market

. ♪ jonathan: live from new york i'm jonathan ferro this is "bloomberg real yield."s time for the auction block really kick things off over in europe, the weekly issuance missing estimates with borrowers front knowing -- loading sales with the ecb. 13 borrowers raising more than $34 billion come another week without a single junk bond sale and the united states keeping monthly supply below 4 billion working the slowest october since 2008. they say credit spreads do not spell the recession. >> the credit markets are penciling in more stresses, we look at the spread measure it does not speak to any imminent recession beers. -- fears. we should not be holding the high-yield market, does not likely to happen this time around, the recession is mild. jonathan: i've talked about those comments a few times this we come it is important, just how much the quality the high-yield index has improved over the last five years or so. can you speak to that committee think there is a deeper understanding of that through this year? >> >> i think that is a key to understand, this is bas

tom: jonathan ferro is on sabbatical. at a symposium on the history of the dow jones industrial average and he's giving up paper on the ftse and the dow. it's like a 42 page paper. he got it couple of kids at nyu to write it for him. let's talk about the dog of the day which is from santa barbara california. omiplex down a gazillion dollars today and we thought we would go to the shampoo that is so expensive. tell us about down 45%. kailey: it's brutal but this is not cheap products, high and hair bonding stuff. this is the stuff i splurged on before my wedding. it was by definition a splurge, this is not drugstore shampoo and they are seeing their sales slowing down most of its pointing to reduced spending power on the part of the american consumer. why would you spend $80 for a small hair care products? tom: i just use that irish spring. lisa: there is no way you use irish spring and you don't use it on your hair. their shares are down about 45% and if you miss given how expectations are, you get pummeled. to me that's

trading, this is bloomberg, the open with jonathan ferro. ♪ jonathan: live from new york, we begin withe are worrying about

this is bloomberg, the open with jonathan ferro. thing all over again.

this is bloomberg the open with jonathan ferro. the big issue kicking off q4. >> we have done a lot of of damage third quarter. >> the dollar is a challenge. >>

this is bloomberg, the open with jonathan ferro. ♪ jonathan: live from new york, next up is cpi. >> we

tom: the only person i have ever known who had more than you is jonathan ferro. hank you very much. jonathan, could you see you or me in 40 meetings? jonathon: i don't think so. not the morning after the nights you and i have sometimes had, tom. [laughter] tom, thank you, sir. over at the imf down in washington, d.c. not a moment to start talking about 3%. the question adam posen is raising about next year is whether they start talking about. lisa: as tobias adrian was speaking, i was reading this oxford economics report where they were talking about how the increasing risk of financial instability will phase out quantitative tightening. how much are we going to start hearing about this, which will necessitate a higher inflation rate for longer? because this really does create a ceiling for how they can fight inflation. jonathon: will this fed still be doing qt in 2023? lisa: can they afford to, or will something break? and if something breaks, can they tighten faster than what they laid out? it is just watching paint dry right now. jonathon: i don't buy that at a

this is bloomberg, the open with jonathan ferro. york city, bear market or the real deal? >> that is the risk here. >>

. >> this is berg surveillance with tom keene, jonathan ferro and we sever avoids. jonathan: i heard them by name. i told -- i was not going to speak to you this morning. tom: do you like my bowtie? somebody on radio said i wore this for pharaoh. jonathan: no love for you. live for our audience worldwide, good morning, this is bloomberg surveillance. equity futures just about positive on the s&p. what a turnaround friday. would start there. tom: his clients pushing very optimistic into the end of the week, he resets over the weekend. i would focus on destruction sooner, china -- sunak, china. the markets are speaking volumes. jonathan: i agree. the u.k. has punched well above its weight. china doubly down. some real market reaction in response to that. chinese currency is weak and the equity market really struggled overnight. tom: the funds flow out. 7.267 yuan was a big deal, 7.26 is even bigger. but given that heartbreaking -- i editorialize, that video we saw. to the markets tell their political step of what to do like the markets told liz truss would? jonathan: a

announcer: this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: grandma will expend what will happen yesterday. i've got no idea. live from new york city this morning, good morning, good morning, for our audience worldwide, this is bloomberg surveillance on tv and radio. later this hour, jp morgan kicking off earnings. should we start with yesterday? lisa: let's. jonathan: would you like to explain? lisa: people say it was technicals because they have no other acclamation for it. [laughter] some people saying it hit the point of a 50% retracement since the gains of the post-pandemic and that was suddenly a buy trigger for the algorithms. say what you want to do, it's a messy market. where's the compass for what is axley meaningful in a market that makes no sense? jonathan: jordan rochester with her quote at the top of his nose, if it doesn't smell right it probably is not. lisa: i love that. jonathan: that's how a lot of people fell at the close, the two-year, 450 in yesterday session. typically if you tell me where the bond market is i c

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: live from new york, we begin with theook for guidance from cfos. >> investo wt

this is bloomberg, the open with jonathan ferro. unting signs of capitulation. >> what is happening now is very extreme. >> companies are getting ready for chapter times. >> there

. >> this is bloomberg surveillance, with john mccain, jonathan ferro. >> good to see you back. tom: it is good. the judge looked at me jonathan: and said, i know you. jonathan:he said, see you. good morning. we have got to talk about credit suisse as well. credit suisse down hard. tom: we are talking about this for the bloomberg world and wall street, this is painful and somewhat clear, as lisa was mentioning, and little opaque. i am focused on the stock down 16%. a further dilution. it is dilution. jonathan: the rights issues that a lot of investors wanted to avoid it. there are two other issues at play. yet the terrible earnings and the real. tom: yeah, they want to be james gorman. jonathan: that is going to be the spinoff for the investment bank. they are considering a ipl for that particular unit. lisa: they're looking far outside funding to go out and buildout. how much can they really. that using private capital without necessarily some of the consumer composites. i am curious about what kind of equity stakes some of the senior managers have. facebook is at 20% in the fre

. >> tom keene, jonathan ferro, lisa abramowicz. >> with our audience worldwide, this is bloomberg surveillance with jonathan keene, and lisa brown was. >> may be the one main constructive story with exxon and chevron is well, but you are right. what it means is that you cannot take this as an industry group had the idea of big tech, i do not i. mehta is dramatically different than abell. >> microsoft is down hard. lisa is down 12.6% in the market. we are talking about how the performance of the shares in the aftermarket are probably more interesting than the actual earnings. what i find fascinating on bloomberg intelligence is coming out and saying you've already downgraded expectations substantially, and they are still distant in. in real time, there is a forward look. that is due to international. that is how much they are discussed with the idea of the weakness around the globe, and the united states problem, calling for action. >> lisa is dead on. this is an international story. ask we will get cpi later. looking forward to that. germany is not looking for that. anne-marie is joining us th

tom: labor secretary marty walsh speaking with bloomberg's jonathan ferro.g up, credit suisse's securitized products unit. we will get details next. this is bloomberg. ♪ tom: welcome back to the open. happy monday. this is how big euro market is trading. the benchmark is down 0.3%, paring some of the heavier losses at the start of the session. futures in the u.s. pointing lower by 0.2%. euro-dollar getting you 97 u.s. cents. the boe reinforcing the ability to step in with liquidity. let's get to what is happening on the corporate breaking front. a couple of fascinating stories evolving. we cannot spend too long away from the credit suisse story. that bank has drawn interest from the likes of pimco and a center bridge partners for its securitized products unit. it is a key pillar of the swiss lenders planted downside its investment bank and would help pay for that restructuring. joining us for the details is charlie wells. what is the appeal of this part of the business? are they likely to get good value for it? >> this is a striking part of credit suisse's b

trading, this is a bloomberg: the open with jonathan ferro. begin. >> they step down. >> a step down. >>

this is bloomberg "the open," with jonathan ferro. rk, we begin with the big issue. it is jobs day in america. >> we still have

jonathan ferro is off we have had hundreds of emails.ihood of a ferro sighting monday? lisa: it depends on if there is a sighting of a new prime minister. tom: it is hinged on a new prime minister he will be back with us. lisa: he will be back. tom: thanks to tom mackenzie at parliament this morning. this is a movable feast. ben wallace, the secretary of defense, as an american phrase, and the united kingdom has ruled himself out from running. features negative. vix more constructive. oil doesn't give me much love. stronger dollar. yen is the story. sterling took a run to 110. market movers, lisa. lisa: thanks for that. i have been looking at the tech names. we get the big tech on thursday, amazon, apple. we got snap and snap chat has been on a downward trend, down more than 27% after reporting its slowest quarterly sales growth ever. they missed estimates. how much does this speak in the broader ad driven tech world and this is why you are seeing others selloff. meta down 6%. alphabet down. this speaks to why advertise if you don't have

announcer: this is bloomberg surveillance with tom, jonathan ferro and lisa abramowicz.yone, this is "bloomberg surveillance." a common theme of the earnings season from industrial america this morning, john, right over to where we are with tech this afternoon is dollar ramifications. jonathan: microsoft coming up a little bit later. 3m is taking that opportunity to blame fx. the dollar is a whole lot stronger and if you are an international company this year, it makes a difference if you are based here in the united states. tom: a great chart showing that domestic company outperforming versus multi national and international as well. the conversation, jordan rochester, just simply not about the yen, it is about a holistic thingy, the developing economy, and there's real dynamics out there. the question, the step down. tom: the blink down. jonathan: they are not looking for that. tom: but then what? do we all agree 75? then what? lisa: at what point, if they do pause and -4.5%, what happens then? jonathan: i didn't say anything. lisa: if they don't do anything further, i