juliette saly in singapore. nordea bank ceo is in the wings, frank vang-jensen will talk us through the risks. and he has got an optimistic outlook. on bloomberg. ♪ manus: nordea bank results are on the tape, the helsinki lender posting higher-than-expected net income for the third quarter and said lower costs would contribute to the improved outlook. joining us now is frank vang-jensen, the ceo of nordea. well done on the numbers, a comfortable beat on the estimates, was it on cost-cutting or what has the delivery been? good morning. frank: it was a strong quarter with strong credit quality, that lands at 1.3 billion euros in operating profit. income was up 7%. [no audio] manus: we seem to have just lost the telephone line for now. it's interesting that this is a ceo talking about cost to income ratio at 48-40 9%, it's going to be a tough quarter in terms of how they are positioned going forward. we're going to try and redial, and look through the rest of these numbers for a moment. dani: third quarter net fee

juliette saly is with us. we thought 145 was the breakpoint to yield curve controlling significant intervention. what do we have today and what do we expect? juliette: the yen still at the 32 year low. let's start with the broader picture. we had the factors rebecca alerted to, there wasn't a turnaround from covid zero policy or strong policy support for the policy sector. csi 300 trading at the lowest levels since the beginning of the pandemic. certainly a lot of weakness in the legs of iron or futures in singapore as well, leading to a negative day for asian stocks and tech players under pressure as well after the broader u.s. tech selloff. the pboc once again trying to stem the decline in its currency with a stronger fix. they also rolled over the mlf without rate, two .75%. a slightly stronger offshore your one, but city is saying -- offshore yuan, but that will continue to prop up the dollar. the yen, more verbal intervention from the likes of the top official candidate of the g20, and suzuki as well. no

juliette saly is a very patient lady. in the next hour, we will catch up with the roche ceo, that is at 7:30 a.m. and they missed on the headline sales, the question is the covid-19 antigen test were a big part of their business. they had to -- that will fall this year probably to about 2 billion from around 5 billion. that is one of the key questions for that interview. tom: yeah, that will be a really interesting conversation with that drugs maker. another conversation, jeremy hunt is seeking to reassure the markets and arguably he had some success yesterday, but the u.k.'s of finances are sustainable but has the new chancellor done enough to keep this going? we will get the details later. stay with us. this is bloomberg. ♪ >> no government can control markets, but every government can give certainty about the sustainability of public finances. that is one of the many factors that influence how markets behave. for that reason, although the prime minister and i are both committed to cutting corporation tax, on friday she

dani: juliette saly in singapore. alex webb joins us in the studio to discuss the latest major twist in the elon musk twitter saga. and of course manus cranny. we are missing him in london but he's going to be in vienna all day covering opec. twitter shares soaring after elon musk revived his bid to buy the social media giant at the original price of $54.20. he had previous efforts to quit the deal. bloomberg had the story first which was then confirmed by a letter must filed with the sec. -- musk filed with the sec. so what now? >> it certainly looks as though the court case is done. elon presumably completes this deal. it seems that the die is cast. he's now going to pony up the money and perhaps more significantly, the banks have to find a way of financing this. dani: that is such a good point. that markets are absolutely dead at this point. there was this discourse of everybody wants to see him forced to buy twitter. now there is discourse, what does a twitter with elon musk look like? >> what emerged from the dis

let's check on asian markets and get back to singapore with juliette saly. juliette: we are watching hong kong as his today because we had the first policy speech from john li, investors have not reacted well, down 1.3%. they are trying to lure foreign workers as well, they have announced a two-year visa for those earning about --, they did announce a easing of stamp duty for non-permanent residence but you have seen a tick down in hang seng property index in late trade. covid cases in beijing a four-month high, and watching movement in the yields particularly new zealand, the two-year up four basis points after the hot inflation print yesterday. let's flip the board because we are on intervention watch, and there have been spikes coming through in dollar-yen, there is the music behind me. we are waiting to see whether there has been stealth intervention, but you can see big moves where there is speculation there has. the finance minister is increasing monitoring of fx moves, and kuroda saying it is not surprising one-sided moves are bad for the economy. manu

manus: i told juliette saly, the end of today, you will have a lot of notes. the fed will have to move from talking a talk into walking a walk. up 24 basis points in the trading session. we will get some reprieve this morning on the back of that. 100 basis points hikes. cable, managed to run up almost 2%. will they move from number 10 to cut the budget. 89.90. the moves from the oil market are trying to push it to the global economy. 34 year low on the dollar-yen. dani: i will take the other side of your bet. i will say we get no. i for like i will lose that one -- manus: it is normal. [laughter] dani: reporters around the world before i lose all of my money. they are hand to unpack. manus: let's get to juliette saly. how do you market those? i am good. i will come back later. dani: she is not ready yet. i am too excited for this friday. we can be delay again. cpi is at 6.6% in september. president biden acknowledging there is more to do to come back restless. >> america's are squeezed by the cost of living. fighting this battle every day is a key reason about

juliette saly is in singapore with the latest. >> failing to move the yen, that was last month.ove speculation. -- yen, they are back at levels that sparked speculation last month. a spokesperson is telling reporters that they are watching the moves in the fx market with a sense of urgency. we are still seeing weakness filtered through the asia-pacific through these april 2020 lows. the exports are really adding to woes for the supply chain. number watching an uptick in the korean won. let's look at the jumbo hike we saw. the fact that you have got this as a reason why they would for the jumbo move. this is only the second time we have seen a 50 basis point hike and history. we are echoing what we heard from mario draghi. they said they are going to do whatever they can do to tame inflation, even if it means sacrificing the economy. dani: thank you very much. juliette saly in singapore. we will get u.k. gdp numbers along with industrial production data. will that change anything for the boe, are they all on financial stability watch? that 10:00 a.m., we will get more figures lea

let's get our top stories this morning, with the first word news is juliette saly. ette: the white house is accused of sending technicians to crimea to support -- the ukrainian president says russia must compensate his country for the discretion that has been wrought by moscow's invasion. the european union will press ahead with emergency actions to address the energy crisis. that is after germany paved the way for a temporary price cap on natural gas. it sends a clear signal to the market that the bloc is ready to act together. the st. louis fed says it will think differently about officials participating in private events, after criticism of james bullard for speaking last week at a private event hosted by citigroup. bullard's appearance could be seen as a violation of federal rules to avoid providing advantage to any market participants. adidas issued a profit warning as good pileup in china and western markets. the german sportswear maker expects an operating margin of 4%, down from 7%. the ceo has announced he will step down next year. global news, 24 hours a da

juliette saly in singapore has been tracking the reopen. juliette: covid restrictions meant many people staying at home, tourism down 26% from last year, down 56 from the golden week in 2019. investors selling into markets and midst concerns globally. csi 300 testing april 2020 lows, and u.s.-sino-american tension s in terms of further curbs for tech companies that is weighing heavily on the tech space. the hang seng tech testing its lowest level since january 2019 with a drop of 4% in the morning. you are seeing stronger offshore you one today -- yuan today, but it has been a bit of a dampener after the golden week holiday. the only bright spot is property stocks, as we look ahead to support for the beleaguered property sector. when it comes the overall picture, we also had weakness in the services picture, it fell below 50 for the first time since may. adding to expectations we will see more targeted policy support when the party conference kicks off on the 16th. manus: i think you hit the nail on the head with u.s.-saudi relations, and th

manus: thank you very much, juliette saly on taiwan semiconductors we will break those numbers when they come through the tape. you've got your m -- u.k. turmoil, the latest news follows the bank of england stepping up 4.6 billion pounds of gilts yesterday. let's bring in our chief rights correspondent for asia -- rates for spun it for asia. the bank having lived -- of england restrained the gilt market. what happens tomorrow when they close up shop on threadneedle street as buyers? >> some of the answer to that, what level of thermal we get, depends on what cpi we get and the way the u.s. treasuries market reacts. what we get out of the fed with guards so that -- regards to that and how much that plays into increased or decreased fed hawkishness. there is the possibility we get a fairly quiet finish to the week in the gilt market if uscp i can set the right stage. bailey's comments on wednesday or tuesday did seem to lead to a lot of selling overnight in the gilt market, and the boe came in and did a lot of buying and ultimately they settle down. they have gone the market used to the id