now, let's get to the bloomberg business flash with laura wright. hipmakers posted their smallest gain since october. the delivery of a ship has decreased 222 weeks compared with last month. according to research, the data suggests the chip shortage that affected a broad range of industries may be starting to ease. heineken has reported a decline in beer consumption at southeast asian markets suffered from a resurgence of covid-19 cases. beer volume fell 5.1% on an organic basis, more than the 3% drop expected. the world's second-largest brewer says asia was especially weak with volume slumping 37%. robinhood shares tumbled below the ipo price as third-quarter revenue fell short due to cryptocurrency transactions slumping 70% from the previous quarter. the company posted a net loss of $1.3 billion, drizzly -- driven largely by equity compensation for employees. tom, francine. tom: thank you. coming up, billionaires ray dalio and larry fink say they would pay more in tax, but only if funds were spent well. more on that next. this is bloomberg. ♪ >> i'

i am laura wright.his is bloomberg. alix: thanks so much. the top story in the u.k. are the comments from officials driving the surge in gilt yields. it started a few weeks ago when they doubled down on the possibility of an imminent rate hike on rising inflation risks. he tells "the telegraph" it is appropriate the markets have moved to price in significant tightening earlier. geoff yu joins us. what is your call? is the market right? is the market leading the boe? geoff: it is not. i think it is a policy air. i do not think the u.k. is in a position to withstand rate hikes. this will bring the cost of servicing mortgages higher. it does not sound like much. on an individual basis, it is ok. real incomes are probably not going to rise as strong as inflation. with other supply issues, i think this is risky territory. guy: let's talk about what the other side of that is. if we end up in a situation where inflation starts to become embedded, the bank may take the view that is the bigger threat. what is wr

i'm laura wright. this is bloomberg. ♪ >> it went well. few more things to work out. >> do you think you will have a plan before wednesday? >> do you want a deal by the time you leave for cop? >> that is my hope. jonathan: a lot of hope in the past when he four hours. that was the president of the united states. this tuesday morning, all-time highs coming into tuesday. equity futures up 19. the recent rally up 4/10 of 1%. the nasdaq aggressively lower from september 7 and eating its way back to within 1% of a record itself. crude pulls back in tk. and about $.40. >> we are really going into the heart of this tech earnings stream today. i don't think we expect earnings from non-tech companies to be this poignant. we are not where we thought we would be right now. >> the likes of ups doing nicely. within sectors, winners and losers. unilever raising prices passing them onto the consumer. kimberly-clark struggling with costs. it's a story of curved winners and losers. it hasn't been that broad story. tom: a brilliant tweet overnight beneath t

i am laura wright.this is bloomberg. ♪ ght. this is bloomberg. ♪ >> we know that we are close to a deal. >> we are united in this legislation, and i want to make it very clear. when you are united, does not necessarily mean that you are unanimous. >> we are on the precipice of something really extraordinary that is going to transform the lives of people in america. jonathan: from new york city this morning, good morning. tom keene and lisa abramowicz, i am jonathan ferro. pulling back from all-time highs by a whisker. in the bond market, yields at a basis point, it is the front end to get your attention. this move is building towards 50 basis points in america, barely breaking through that level, one week from now, you will hear from the federal reserve chair jay powell after that news conference and decision with the federal reserve. what we have heard so far from the senate planning committee chair is there are two tax codes in america. the first is mandatory for workers who pay taxes out of every pay

i'm laura wright.resident biden heads to the capitol today to brief democrats in his social spending agenda hours before he heads to europe. the president wanted to have an agreement when he arrived in rome for a g20 summit, but house and senate democrats can't agree on how the increased taxes pay for the measure. in taiwan, president tsai ing-wen has said the u.s. would come to the island's defense if china tried to invade. tsai said the threat from china is increasing every day, and cnn says there are fewer than three dozen american servicemembers there. the price of european natural gas and power fell today after signals from resident vladimir putin that russia will send more gas to the continent next month. putin has told gas pumps to start refilling at european gas facilities on november 8. one of the founders of palantir technologies has started a furious debate on twitter about parental leave. the venture capitalist tweeted that any prominent man who takes six months off with his newborn is "a l

i'm laura wright.. and chinese governments have made incremental progress in their economic and trade negotiations. treasury secretary janet yellen and chinese like khmer liu he held their second -- chinese vice premier liu he held their second talks in a few months. senate democrats has moved closer to an agreement on president biden's economic agenda. senator joe manchin expressed optimism there could be a deal this week. he has been pushing to shrink the size of the social spending package. still, some house lawmakers raise doubts about the terms of the deal being discussed. hong kong will soon end most of the quarantine exceptions for overseas and mainline travelers. the city is under pressure from the chinese government to tighten up what is already one of the world's strictest coronavirus containment programs. hong kong's goal is to eventually reopen the border with mainland china. general electric has reported third-quarter earnings that beat estimates. the ceo said orders grew, margins expanded

i'm laura wright. this is bloomberg. ♪ >> now is the wrong time to raise taxes on anybody whether it's millionaires or average consumers. the problem is it probably won't raise much money since a lot of this money will be given away to foundations so it won't be taxed. the other issue is probably unconstitutional and the third issue is it creates very bad incentives. tom: the former secretary of the treasury yesterday. i thought it was quite something to listen to secretary mnuchin talk about something that six hours later seem to evaporate off the landscape. jonathan ferro on sabbatical. beginning his sabbatical. what do you think lisa? lisa: definitely capri. he needs it. tom: he got the gulfstream. pager and sullivan in the washington post. i guess driving for the conversation. this was nailed yesterday. a revised framework deconstruct for us now this new phrase, revised framework. >> democrats are trying to come to an agreement. they want to come to an agreement today, preferably by this morning wh

i'm laura wright. coming up, the lme ceo.loomberg. ♪ let's check in on the bloomberg first word news. the u.s. has arrested a navy department employee and his wife for allegedly selling secrets on nuclear powered submarines. according to the justice department, the buyer was an fbi agent posing as a foreign official. authorities say the case involved cryptocurrency payments and a memory card hidden in a been a butter sandwich. the u.s. and european union plan to announce at least 20 more countries will join a pledge to reduce athena missions. bloomberg has -- reduce methane in missions -- methane emission s. the human has found dusty -- the un has found that 80% of methods to reduce emissions can be of limited at no cost. the imf will meet today on the fate of its managing director, kristalina georgieva. georgieva has denied any wrongdoing. residence in new zealand have been tasting freedom at the coronavirus lockdown. new south wales has been one of the most prominent success stories and containing the coronavirus under the

i'm laura wright. this is bloomberg. alix: thanks so much.kets digesting earnings, plus inflation. what is already priced in is the question. joining us is sarah ponczek, ubs private wealth management financial advisor associate. we are headed into earnings. you've got jp morgan with great numbers. that stock is down. what is priced right now? sarah: always great to see you. we have to be careful. yes, we had earnings reports this morning. but 45 minutes into the trading session, we can't take too much of a definitive message away. what has been interesting is heading into this earnings season, markets have really been trading off of the macro. ever since early september, the last time markets hit all-time highs, there has been focus on d.c. drama, focus on the federal reserve, a more hawkish than expect it federal reserve and the expectation of higher bond yields, which may be we are not seeing so much this morning. but that is where the focus has really been. so now as we enter earnings season, we get to focus a little more on the fundament

laura wright in london. joining us is our markets reporter. earnings really joining that momentum. more optimism around data that has come out around u.b.s. can this momentum continue on the earnings front? >> exactly, tom. inflation concerns and monetary tightening from the feds. the question is what happens once it is over? i don't know to be honest. it is a good question. tom: the next drive is for the market as we focus on earnings, particularly technology, microsoft, apple and others. the commodity complex, iron ore, what are we looking at as far as the drivers from oil? >> i think the thing about oil, the near term moves have been impressive. we're talking about six quarters with bounces. we saw saudi talking about how there has been pressure on output. until the supply demands -- we're going to see the oil price slowly squeeze higher. goldman sachs with that $90 barrel forecast. the catalysts that are driving the market this week. let's bring in a portfolio manager for asset allocation strategies at pimco. thank you for joining us. what is your view on what the next catalyst

here is laura wright. s chief executive of asos as it reported a profit of one edge is 77 million pounds. the company says it is confident of the opportunities ahead but is warning of global supply chain and cost pressures. nissan will spend more than one point $2 billion on technology upgrades to make its global factories ready to produce evs. it spent the last two years revamping its factory in tokyo. other nissan factories and japan and the u.s. will now get similar treatment. dolce & gabbana ceo will remain independent to create more freedom and is expecting global sales to return to pre-pandemic levels this year but the ceo says the label is still struggling to overcome a setback in china. sales there have rebounded 20% but remain lower than before from a bungled advertising campaign. that is the bloomberg business flash. tom: coming up, further talks. we take a look at what went wrong. this is bloomberg. ♪ anna: welcome back to the european market open. 21 minutes into the trading session and we see a

laura wright is with us. what do we learn about apple and amazon? ura: the focus is on supply chain concerns. tim cook referenced it was a shortage of semiconductors that led to a $6 billion miss on revenue. total revenue for apple coming in at $83 billion, below expectations. in terms of products, wearables, below expectations. services at record revenue, trying to gain more revenue from subscription services. iphone shipments reached 50 million, which means apple is the world's second largest smartphone maker, but when the markets open later today, apple could lose its crown as the world's most valuable company to microsoft because of these concerns. we take a look at what we saw from amazon, similarly supply chain concerns, net sales coming below expectations of $110 billion. this shows comparisons between the estimates and how the results came in quarter on quarter. one upside was amazon web services from which it derives most of its profits, coming in at 39%. it was wages, labor shortages, and making an impact on amazon. anna: the cost of wages,

laura wright joins me with the details. let's focus in on alphabet. t of all, the stock fell post market trading. where was the disappointing part of this? laura: the disappointing part was the cloud business which came in below analyst expectations. the unit continued to be lossmaking. on the call, the ceo said he sees continue to momentum but the real darling for alphabet was the advertising business and you can see here the advertising growth for alphabet, how it has continued quarter on quarter, coming in at $53 billion. manus: and the take away from microsoft and twitter. microsoft, it's going to be on those recurring fees but twitter, i hear you are building a bit of market audience. laura: microsoft, it was really incredible. this is the 17th consecutive quarter of double-digit growth. you can see this threshold here. 22% year on year and this is primarily due to the cloud business. microsoft, as you are tying up a lot of deals. if we flipped aboard and take a look at twitter, that is all about daily average users. how they can be monetized. tha

. ♪ laura: with the first word news, i'm laura wright.resident biden is set to announce that there is an agreement on his economic agenda area bloomberg has learned president will announce that democrats have agreed on a framework of tax and spending proposals that he is optimistic congress can pass. he will go to capitol hill and brief house democrats on a deal. later, the president will speak at the white house. in taiwan, president tsai ing-wen says she has faith the u.s. would come to the island's defense if china tries to invade, a comment bound to annoy beijing. tsai told cnn the threat from china is increasing every day, and confirmed the presence of u.s. troops in taiwan. cnn says there are fewer than three dozen american servicemembers there. the price of european natural gas and power fell today after signals from president vladimir putin that russia will send more gas to the continent next month. putin has told them to start refilling european gas facilities next month. caterpillar posted third-quarter earnings that beat estima

i'm laura wright. glaxosmithkline is preparing to spin off its consumer unit.as learned a number of private equity firms are interested in what could be a $54 billion deal. among them, kkr, blackstone, and carlyle group. the glaxo units also attract some of the world's biggest pharmaceutical and consumer goods companies. in the u.k., a parliament tree report found that boris johnson's government made serious mistakes in the early handling of the coronavirus pandemic erie lawmakers say that imposing a full lockdown more quickly would have saved lives. the european union drew record demand for its debut green bonds. there was more than one under $56 billion in orders today for a sale of almost $40 billion of securities. the money will be used by you nations for energy efficiency, clean energy, and climate change at a patient's. -- clement change expectations. -- climate change expectations. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright. this is bloombe

let's get the latest from bloomberg's laura wright. how significant is this deal? pretty significant. we learned yesterday that newcastle has been taken over by a consortium of investors, led by the saudi public investment fund. the consortium paid over 300 million pounds for 100% of the shares. the structure will look something like this. the saudi public investment fund will have 80%. pcp capital partners, which is owned by the businesswoman who was instrumental in brokering this deal, she will have 10% and sit as ceo. finally, rb sports and media will have the last 10%. this means that newcastle will become one of the wealthiest football clubs in the world. mark: good morning. whenever i hear the name amanda stevia, i reminder -- remember her deals in the bailout crisis in 2000. how did this deal come about? laura: it's been in the works for around a year. newcastle founder -- fans disgruntled with owner mike ashley's ownership because of the perceived lack of ambition, lack of investment. a year ago, this same deal fell apart because of accusations that saudi a

here is laura wright. scape climate change in avoid sharp increases in fossil fuel, the warning of the international energy agency. they say that investing in green energy is what is needed to meet climate targets. at the same time, fossil fuel spending is more than efficient to be the demand. china's export search to a new record in september. strong demand in advance for the holiday shopping season outweighing the shortages across the country. exports grew 20% from earlier, beating economists expectations. the house has approved a short-term increase in the u.s. debt limit, sending the conversation to president biden days before the treasury says that will run out. they are delaying a conversation on debt and spending for two months time. the u.k. says protocol is harming the region and has to change. they call for the current agreement to be replaced. frost did leave room for compromising the u.k. is prepared for conversations without triggering a trade war. global news, 24 hours a day, on-air and at blo

let's get bloomberg first word news with laura wright. laura: u.k.ms are facing a surge in inflationary pressures according to a survey by the british chamber of commerce. a record number of manufacturers are poised to increase prices as a result. firms are grappling with supply chain disruptions and staff shortages. elizabeth warren has criticized the federal reserve leadership, saying jay powell shows bad judgment by failing to stop trade activity by top officials. warren questioned why powell did not prevent officials from making the investments and in a later interview with bloomberg, she repeated her opposition to the reappointment. >> i cannot support jay powell for renomination. my view is he ends his term with somebody else in place and i think the fed will be better off and i think our economy will be safer. laura: germany's greens have highlighted major policy differences with the cdu after they sounded each other out on forming a three-way coalition with the free democrats. the conservatives are hoping to lead a government under their cand

for that, here's laura wright. paul: good morning -- laura: good morning.e maire is calling on the u.s. to drop trade tariffs against european countries after the global deal on corporate taxes. the u.s. is unhappy on french tech levies on tech firms, which lemaire says will be abolished when the new agreement comes in. speaking to bloomberg, he also says the allies have a different approach to china. bruno: the united states wants to oppose china. europe wants to engage china. so there is a difference of view we need to discuss about that because this is a clear strategy question. laura: bloomberg has learned to -- has learned china is loosening restrictions on mortgages on some of its biggest gains, adding to signs of concerns of contagion from the evergrande debt crisis. they told major banks to accelerate approval of mortgages. lenders were also committed to apply to sell securities back by -- backed by residential mortgages. president biden said it remains too high and is calling on more businesses to impose mandates. biden also said u.s. health offici

. ♪ laura: with the first word news, i'm laura wright.esults from apple and amazon have stoked fears of an unhappy holiday. both companies posted disappointing earnings reports, a sign that the supply chain crisis is hurting even the mightiest corporations. amazon is suffering because of a surge in the cost of labor and fulfillment. meanwhile, apple is taking a hit because it can't meet demand for its products. france and italy drove economic growth in the 19 nation euro area in the third quarter. a surge in consumer spending boosted french output to 3%. italy supported an expansion of 2.6% bolstered by industry and services. meanwhile, germany and spain posted gdp figures that were weaker than expected. overall, the euro area economy grew 2.2% in the third quarter. president biden has told house democrats that his future and theirs depends on passing his economic agenda. there is a scaled-down version of his tax and spending plan that drew widespread praise from within the party, but left many details yet to be filled in. progressives st

here is laura wright. >> third quarter profit rose more than expected as the italian energy company benefited from higher oil and gas prices. adjusted net income was 1.4 billion euros, beating the average analyst estimates. bloomberg sources say some holders of a china evergrande dollar bond have received an overdue interest payment within the grace period. that would be the second time this month the trouble to developer has staved off a default. despite those repayments, it remains at a distressed level. coca-cola may be close to buying a controlling stake in the sports drink maker body armor in a deal that values the company at about $8 billion. the deal could be finalized in the coming weeks. the move would help coca-cola compete with pepsi's market-leading gatorade, which controls about two thirds of the sports drink market. francine, i'm still all about original. francine: i'm usually a soda kind of girl, but i guess things may change based on the demographic they are going after. joining us to talk about the markets, our tech reporter. let's kick off with you. good morning to you both.

let's get to bloomberg's laura wright with the takeaways. what are you looking at this afternoon? arket was really focused, what are they going to do for advertising revenue? can they overcome that negative crescendo of new slope? the earnings came through and it was a -- crescendo of new slope? the earnings came through and it was a slight miss. they were at the lower end of analyst expectations. daily and active monthly users broadly in line with expectations. this is in the context of a stock that, year-to-date, has rallied 20%, but still 14% down from its september peak. i can show you some of the most interesting takeaways. the reason why facebook missed primarily is those apple privacy changes. on the call, executives cited that is the key reason for the mess. -- for the miss. facebook is essentially boring world we can't perceive or imagine at this stage. the oculus headset. we also had the collaboration with ray-ban on smart glasses. the market like to the news of the $50 billion stock repurchases going forward. we learned that facebook already bought back $14 billion of st

. ♪ laura: i'm laura wright and on capitol hill democrats have unveiled two new taxes that they hopedould help to pay for the president biden social spending package. one of them would target billionaire assets and those who earned $100 million a year for three years in a row. the other is a minimum tax for corporations for companies that report over $1 billion in profits to pay at least 15% in tax rates, even if they qualify for tax breaks. china flouting u.s. efforts to boost taiwan's participation in united nations. beijing says that the island has no rights to join the u.s. half a century after it is kicked out . antony blinken has called on other countries to join the u.s. in pushing to give taiwan a greater role at the u.n. and it's another blockbuster deal involving tesla with uber drivers in the u.s. offering services for tesla electric vehicles that were rented from hertz starting next week and meanwhile, hertz signed up carvana to dispose of rental cars and no longer wants and earlier this week, hertz purchased 100,000 cars from tesla. global news 24 hours per day, global ne

. ♪ laura: with the first word news, i'm laura wright. the u.s.nd chinese government have made progress in their economic and trade negotiations. treasury secretary janet yellen and china's vice premier liu he held their second call in around four months. beijing described the conversation as pragmatic, candid, and productive. china has repeated that the u.s. should lift tariffs on chinese exports imposed during the trump administration. senate democrats have moved closer to an agreement on president biden's economic agenda. senator joe manchin expressed optimism there could be a deal this week. he has been pushing to shrink the size of the social spending package. still, somehow slum acres raised doubts about the terms of the deal being discussed -- somehow slum acres -- some house lawmakers raised doubts about the terms of the deal being discussed. starting on november 8, singapore is in the open so-called travel lanes with 10 other countries, including the u.s., the u.k., and germany. ubs has joined wall street rivals with a third quarter profi

i'm laura wright, this is bloomberg. ♪ i think that there >> is a high probability >> that that is goinghappen and i would hope that it passes wednesday evening. the president needs to take something with him by the end of the week. jonathan: the words of senator joe manchin there from west virginia. tom keene, lisa abramowicz, jonathan ferro, just a little bit light, soft and lower on the negative two s&p 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'

. ♪ laura: i am laura wright. coming up, aneta markowska.s is bloomberg. >> russia thoughtlessly -- russia selflessly fulfilled its contractual obligations to our partners, including our partners in europe and insured uninterrupted gas deliveries to europe. alix: that was vladimir -- guy: that was vladimir putin speaking at the russia energy week which is being held in moscow. let's go back to moscow. maria belova, vygon consulting head of research joins us. she is a member of the expert group on russia eu negotiations on transit protocol under the energy charter treaty and perfectly positioned to give us an idea of what is happening. president putin says russia stands by ready to provide europe with whatever gas requirements it has. it will provide. i am assuming that comes with strings attached. what are those strings? maria: the strings are mostly the nord stream 2, which is top of agenda for europe and russia. i think everybody is waiting for this pipe to be launched. hopefully that will happen before the end of this year. according to t

let's get a business flash with laura wright. laura: easing covert restrictions in the u.k.arkets. in september, more than 2800 new jobs, marking the busiest month since 2014. vacancies in third quarter were more than double of clusters level. the first vaccine for malaria is set to be deployed after more than three decades of work. the shot has been recommended by the who for use in children in africa and other regions with a moderate to high transmission. the vaccine prevents only about four in 10 cases but could still reduce the 400,000 annual deaths from the disease. twitch leaked critical data including source code and the earnings of its tops gainers. the leak shows documents of six-figure payouts for the highest grossing account. that is the bloomberg business flash. anna: thank you for that. coming up, more on our interview with the u.s. secretary of state as he criticized -- criticizes china's military moves. he has been urging leaders to stop such behavior for fear of miscalculation. we hear more from his -- him next. this is bloomberg. ♪ tom: welcome back to the o

laura wright joins us. bring us up to speed on where things stand. what happened? >> there was a network configuration which led to a global outage affecting two point 7 billion users across platforms including messenger, facebook, instagram, and whatsapp. even facebook's own internal systems were affected. mark zuckerberg was led to apologize. it took engineers to officially be on site -- physically on site. it took a dive, facebook, closing down over 4%. that prompted the nasdaq down over 2%. facebook was already under pressure because of a whistleblower who had given an interview to 60 minutes on sunday evening regarding privacy concerns at facebook. one prominent democratic congresswoman tweeted her concerns yesterday about facebook, saying it facebook's monopolistic behavior was checked back when it should have been, people who depend on what's happened instagram for communication or commerce would be fine right now. break them up. more regulation concerns ahead. dani: thanks so much. tom, i think i spent maybe 15 minutes thinking my internet was just out. tom

here is laura wright. >> southwest airlines has apologized for canceling more than 3000 flights overs. the carrier says a shortage of workers overlapped with storms and an air traffic control interruption. southwest says it has hired about half of the 5000 workers it wants to add before the end of the year. jamie dimon is forecasting higher regulation for cryptocurrency. he told the institute of international finance that anxiety around stable coins and the asset class more generally is growing in washington. >> i personally think that bitcoin is worthless. i don't care. it makes no difference to me. our clients are adults. they disagree. if they want to have access to buy or sell bitcoin, we can give them legitimate as possible access. >> a new california law will require big retailers to create gender-neutral departments for some toys and childcare items by the start of 2024. larger retailers will have to maintain gender-neutral sections for a reasonable amount of children's items. clothing is not included. the legislation is the first of its kind in the u.s. that is the bloomberg

>> well, laura, this is what bothers me, since when did americans lower their expectations? what if the wrightthers had low expectations? how about the hockey team in 1980, the u.s. hockey team, what if they said we are going to go to the owner picks we are just want to play pretty good, we are knuckling to play to win. this is where socialism always takes you. it takes you to mediocrity, it takes you to average in us and the arrogance that they talk about this, jen psaki yesterday saying oh, americans may have to wait before they get their treadmill on christmas. i mean, this is where the left goes and you're exactly right, it's going to show up next year and a big way when we take back the house because americans, we always dream big, we always go for big things, we don't settle for average next, we don't settle for mediocrity. maybe the biden demonstration does, but turn people -- a member, president trump was making america great again. joe biden is make america average again. that is so ridiculous. >> laura: i think you're right. they don't want to have to compare biden's record with trum