we are very lucky, kailey leinz and damian sassower in. dible week i'm resetting expectations for the fed funds rate, how difficult it will be to bring rates down. kailey: i was speaking to max of hsbc earlier. on the one hand, you can say the data will hold up. that just mean central banks have to be more aggressive. on the other hand, if the data starts to deteriorate, and growth goes down, that is also difficult for a lot of scenarios. a lot of pain on the screen this morning. lisa: the big question of the week is what has to break before the fed starts to take notice? it has not been the currency market, even as we see things unravel at paces that track what you been seeing in the past couple decades. damian: unemployment, credit spreads, that is what you need to look at for any signal on when the fed will ease up on its hiking campaign. it is a painful morning for most. lisa: a lot of people are talking about why credit has held in so well. you raised something, and i want to harp on it for a moment, this question about if things are t

joining us now is one of the host, kailey leinz. you're a big sports nerd. what is the show about? excited by the nfl season finally upon us. but essentially a view this is an extension of of what you and i do every day. so they can place them usually in the financial markets. and this is just bringing that to sports. we have troves and of historical data that essentially looks at bats over the course of history, and looking at which one historically paid off the most so when you're gearing up for a weekend of games you know what that might want to play. guy: did you understand all of that? alix: there are sports and money on the sports. this is what i'm getting. [laughter] guy: alix steel, massive sports fan. in terms of the market, how big is the sports betting market in the united states. back in the u.k. sports betting has been legal long-standing for quite a while. it's a rapidly developing story. >> and you still haven't seen the most of it. a lot of this had a $57 billion market as of last year. the total dollar amount spent on sports betting. this year that handle for entran

if you could tell me what will happen to gas prices, kailey leinz, i have a much better actor of whatar looks like -- i have a much better picture of what next year looks like. kailey: it is whether that will actually materialize. there are questions about how they might be able to rein in demand, allowing people to potentially for more electricity. the problem in the u.k. is something that lists stress -- liz truss will have to speak to in parliament. jonathan: good luck. i think it is an occasion where circular storm -- where sir keir starmer has to let the prime minister talk. lisa: would you want to be prime minister right now of the united kingdom? jonathan: i used to think theresa may had a tough time when she became prime minister, but perhaps this is a different moment. we have to say how brave these policymakers were to do these massive things. the bond market was wide open to do massive things. much more complicated to calibrate the right policy response when monetary policy and fiscal policy is almost in conflict with each other. the decision now is not the policy decision

francine: the pantera capital chief executive speaks to kailey leinz and matt miller.et breaking news out of unicredit read -- unicredit. the former chief executive saying he is expecting a recession on the question is how deep. at the same time, we are getting the german chancellor olaf scholz saying that russia does not want to deliver gas as an excuse. it does not take a lot look at the picture that gazprom posted and wonder what that thinking is and whether this is political retaliation. it is about the yen, a currency we have talked about. stocks are dropping with commodities at the prospect of aggressive monetary tightening as the dollar gains to another record today. the 30 year u.s. yields also around the highest's 2014. the bond selloff races another interest rate hike by the fed to tackle inflation. traders are also bracing for the european central bank edition due tomorrow. we are also watching the u.k. cabinet members that are arriving at downing street. that is it for the european market open. "bloomberg surveillance: early edition" is up next. this is blo

shery: that is joseph speaking exclusively with kailey leinz and sonali basak.heck on the latest is this flash headlines. the trial against a man who they say it was a serial lighter -- liar. the niccolo one model is not even functional when it was unveiled in 2016. it was -- the defense is saying that the prosecution was distorting the facts. he face a five years if convicted. volkswagen has agreed to buy stock, volkswagen has said it is over the evaluation of 70 billion euros. it is looking to finalize a price range and take investor orders early next week. starbucks jumped after boosting the outlook for sales and profit on rapid expansion and the expected recovery in china. it sees earnings rising 15% to 20% in each of the next three fiscal years. sales are a key metric and they are seeing rising 9%. haidi: twitter shareholders have approved the $44 billion buyout paving the way for a pile next month. bloomberg's sarah joins us now. we see training to the base of its own story, a selloff we saw across technology stocks overnight. >> it is really an indication

jonathan: kailey leinz -- tom: kailey leinz, thank you.can't be found. the dow is down. we were good three hours ago. lisa: i do want to bring breaking news, roger federer, that tennis champion, saying this season will be his last. he had been writing a memo, a letter to his tennis family and beyond those that on twitter. saying that he has worked hard to return to full competitive form and he knows his bodies capacity at 41 years old, i must recognize when it is time. tom: i remember when he stunned the tennis world, a young thing out of switzerland, beating a guy named sampras. who is that guy? he's been doing it for his entire career. who is this guy? he doesn't win in clay, doesn't do well at the french open. lisa: he broke the mold of big serve and it was the end of tennis. tom: truly it was with pete sampras, who is this guy with his philanthropy. continuing our dialogue here, things are sliding. michael purves is with us. ceo of capital advisors, continuing with julie deal with us as well. michael, i've got to talk about this gloom

tom: the only one i know in our orbit, kailey leinz. she is so wired.han: is the closest you get to european football in terms of atmosphere. go into a college game in the south. am i right? lisa: come and see. uva is not alabama. jonathan: do we have a uva connection? lisa: a good clarification. from new york, this is bloomberg. ritika: keeping you up-to-date with news from around the world, the justice department is considering whether to appeal a decision regarding documents seized from donald trump home. they argue the former president's request to have a special master would be --. the judge was appointed during the trump administration temporarily block them from using the documents in the criminal investigation. liz truss officially become the uk's next prime minister today. she is announcing plans to aid businesses to lower energy bills. but the bills could cost $200 billion. an energy crisis is getting worse in germany. the government reversed policy moving to keep two weeks of pipelines alive. germany has agreed to export more electricity to f

kailey leinz has more. kailey: yesterday was brutal. tom: brutal.ilders, technology, the big laggards on the day. this morning they are seeing the smallest of rebounds. still very small. the homebuilders turning negative as is the case for retail stocks. obviously, even the gains of today we are seeing for technology does not do much to unwind yesterday. the homebuilders down 7%. retail and apparel down 6%. tech down 5%. crushed, brutal, whatever you want to call it, it has been tough going for the stocks since we saw inflation become elevated in may 2021. for obvious reasons. the homebuilder decline of 21% goes hand-in-hand with the idea if inflation is high, the fed has to raise rates. that means mortgages go higher and housing demand cools. we have seen that in the economic data. for consumer discretionary and tech stocks, that is because those stocks command higher multiples. when you command a higher multiple and rates are rising, that value of earnings going forward that your prices based on is devalued. that is why we are seeing vstoxx coming

haidi: a cerium cofounder and ceo speaking exclusively with bloomberg's kailey leinz encz and ali bosticake asian stocks on market. nikkei down 2.8%. reaching that two weeks year and asia. kospi off by 2.5%. pressure when it comes to currency. watching the fluctuations in the yen, which continues to lose data as we have global intervention from the japanese in currency chief. the yield differential is really the key thing when it comes to performance between the yen and the dollar pay there as well. australian stocks down by 2.9%. it's regardless of whether you look at utilities, materials or health care. tech also following the selloff across the nasdaq 100. we had that downside of 5% plus when it comes to tech stocks of the u.s. more than 4% downside for the broader s&p 500. kiwi stocks down by one and about .25%. shery: we were slightly higher earlier in the asian session and have given up all of those gains and really those tech futures leading to decline down 2.1%. even small-cap really feeling the brunt. we have seen the russell 2000 and the new york session seeing it more safe sin

we can talk about the survey right now with kailey leinz. it super bearish, a record 52% of those surveyed were under equity -- are underweight equities and overweight cash. the growth's partitions are browned and a all-time low, 72% expect a weaker economy with most expecting in a recession since may of 2020. typically that level of bearishness is bullish. bank of america says the short-term -- is up. as for the most crowded trades, no surprise once again come along dollar is topping the list, 56% of investors give that answer. that is the most extended position since long u.s. tech in 2020. compare that to just 20%. you also have short treasuries and long growth in there as well. as for the biggest risk, inflation fitting today given the hotter than expected cpi report is number one followed by hawkish national banks. equitable refreshing -- recession moves this month from the number four spot to the number two spot. jonathan: miserable. thank you. that is the angus -- that is the english version for anyone who could not translate that. [la