in total, lvmh houses 75 luxury brands.irman became the world's richest man last month after elon musk's net worth tumbled. he can stay at the helm until he is 80. after the company lifted the maximum age of the ceo. he has been carefully crafting his succession plan slowly elevating his five children to bigger roles. his owner daughter -- only daughter has just been named ceo of dr. his oldest son now runs the christian dior holding. the third child has been vice president at tiffany. it was acquired for $16 billion during the pandemic. then one who owns the swiss watchmaker tag hoyer. all five of the heirs are vying to take over their dads luxury empire. europe's most valuable company. guy: just like succession, maybe not. lvmh numbers are hitting the tape right now. the fashion organic sales number plus 10%. they are ahead on that. organic revenue plus 9%. dividend per share a little low. revenue comes in ahead of expectations. lvmh is confident to continue the growth and observed in 2022. the headline number the fashion

caroline connan giving us the latest on lvmh. we will have more this morning, talking to an analyst, and later, an exclusive interview with the lvmh cfo in the next half-hour. pershing square's bill ackman says brought acquisitions against adani group look credible. his tweets come as adani's companies explore legal action over what it calls maliciously mischievous accusations. pr sanjai is in mumbai for us. we are getting another day a price fraction -- price reaction today. where do we stand now that ackman is joining the bearish voices against adani? pr: in last two sessions, adani group already lost $30 billion of wealth, hindenberg had come up with the 100 page report that alleged adani group companies -- including uae and where is that led to money laundering, and tax theft. the same day, adani enterprises is launching its fpo on 25 january. that is the same day the story landed. the cfo denied all the allegations. they said they had not contacted adani group for contact before publishing this report. yesterday the market h

lvmh up five -- 5/10 of 1%.ising 10% in the last quarter and they are optimistic about the future as chinese consumers come back out and starting to spend. we will be getting the latest from an lvmh executive. reporting on the slump in chinese demand. at the luxury giant says the year started well as the restrictions of ease. we will hear from an lvmh executive, the cfo. it is next. this is bloomberg. ♪ >> from this low amount of business we have recovered significantly in january. it is only three weeks and it is hard to make a trend of three weeks but we can be really optimistic that china has turned a page of the disruption of the pandemic and we can look forward to the business with more optimism. tom: the lvmh cfo speaking exclusively to anna edwards. for more on europe's most valuable company, joining me now is bloomberg's european luxury reporter. what are the main takeaways from these results from lvmh? >> basically when it comes to the fourth quarter, they were heavily impacted like their pee rs by thei

my name is arabile gumede and these are your headlines this hour lvmh posts record sales for the second straight year, but margins disappoint some investors. >>> retail h & m posts a much worse than expected drop in operating profit hit by rising costs and weaker consumer confidence >>> sainsbury grew after it confirms it will not make a takeover offer. >>> futures point to a negative open on wall street after key inflation data as the economy grows at a better than expected rate in the final quarter of 2023 >> this is all evidence that we have a plan and it is working. it's working it really is >>> it is a flat start with the positive move. a lot of it is based on the retail numbers that have come out today as a key element to look out for, but one element is the 2.9% figure from the united states for the fourth quarter of 2022 that number is better than the 2.8% anticipated giving a sense that things are growing in the united states, but it may be the last quarter that we're seeing positive growth or solid growth numbers until the fed's hikes begin to kick in. that is the expectation

will run higher. >> i like lvmh.ina reopening, obviously the euro strengthening. then just a much better outlook for europe in general. that is the base macroeconomic case. but the real push for lvmh is china reopening. those chinese coming into europe, spending luxury brands, spending, that is where a lot of revenues are based. so that is where you see that. that is one of the reasons it has been the high. i have a couple stocks for europe that i like. but all about reopening, better than forecast economy. particularly that luxury end is one of the better placements for the space. liz: after rocking year for the u.s. dollar last couple of months, it started to waiver and falter discuss a bit. that was the reason that a lot of americans were rushing to europe to buy things like all of the lvmh brands. where do you see the dollar playing into that luxury brand? that is separate from the chinese who are coming back as you say? >> certainly for u.s. consumers buying directly in u.s. dollars that can obviously be a downp

in total, lvmh calls 75 luxury brands.lt became the richest man in the world last month after a long must's the net worth tumbled. the company lifted the maximum age of its ceo. over the past few years, he has been carefully crafting his accession plan, slowly elevating his five children to bigger roles. his only daughter has just been named ceo of the cutera brand dior. his eldest son now runs the christian family holding, which controls lvmh. alexandre is running tiffany, which is worth $16 billion in the most profitable m&a deal. then you have frederic who runs tag hauer. all five of the billionaire's heirs are dying to take over their dad's luxury empire. incidentally, europe's most valuable company. tom: bloomberg's caroline connan on the expansion and succession plans around the owners of lvmh. coming up, adani refutes allegations in what they call a maliciously mischievous report by shortselling hindenburg. more on that next. this is bloomberg. ♪ ver to■ get your projects done right. inside, outside, big or small, a

you can see this morning the con conti continuation lvmh up at an all-time high. note worthy. >> i think with lvmh, it is question of succession insight into the person leading the luxury giant and certainly a fascinating sector to watch and trade in the coming weeks. >>> coming up on the program, harris associates cuts measures ahead. we'll have details just ahead. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we work together, the future is bright. it doesn't have to be lonely at the top. join the millions at finding success on their own terms. start your journey with a free trial today. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation

another 52 week high for lvmh. the bottom of the market is insurance.is where we are seeing the pain in europe. it is directly a result of direct line. direct line down by 22.85%. the reason for that, quite simply -- this is a company that promised it would not do away with the dividend, and it has. the pressure is significant in the auto sector. the younger consumer is still spending. sainsbury, the big u.k. grocer, is down. the numbers were good. the outlook was good. the problem is it could have been better. i think that is what the market is reacting to. let's talk about the day ahead, because we are not done with the grocers. we need to talk about what happens tomorrow. first thing in the morning, we are going to get numbers from tesco, m&s, and asos. we will also get u.k. housing data tomorrow. i think we will get persimmon numbers. later, we are going to be watching out for gdp, and we have euro area data and u.s. cpi. keep an eye on these stories. u.k. housing from persimmon, but i thing retailers continue to be the big focus. alix: it is all en

china's reopening driving shares of the luxury giant up double digits just this mon lvmh up 16%, itsket cap over $26 billion, the largest company in europe by value you' looking at hermes and other brands that could grow 25% to 35% as well as the rise in domestic sales, chinese tourists expected to return to europe this spring in their summer where prices for hand backs, shoes and other top luxury goods can be 30% lower burbury siting very luxury signs and omega is up 5% today on the forecast of a record 2023 driven by china china had been the top luxury market pre-covid accounting for over a third of all sales. last year that fell to 17% with the u.s. taking the lead kelly, the big question now and for whether the stocks have run too far too fast is whether u.s. demand can hold up as the economy slows. we're going to know a lot more when lvmh, the dominant in this whole group, will report earnings on thursday >> even ge offering a bit of a window into this morning, robert, saying there's seen a huge snapback in chinese travel demand >> yeah, and we're seeing a little bit of that as

dani: lvmh reports its full-year earnings later tonight.ing up, we will discuss more earnings and speak with allison kirk be. that is next. this is bloomberg. ♪ manus: it is bloomberg "daybreak: europe." we have the stories as set the agenda. dani: production turbocharge. elon musk pledges to accelerate output on continuing demand. shares jump in after-hours trading. president biden commits to sending advanced tanks to ukraine as part of a broad allied effort to support kyiv in its fight against russia. hong kong trading resumes following the lunar new year holiday. treasuries advance. great to be back in the studio, oliver was telling us about the continuation of this bond market rally, but watch out for high yields, he says. manus: he sees 3% by the end of the year. inflation could be sticky and that could dislocate everything. bank of canada raising rates for the eighth time in a row. let's have a look across the assets because yields drop. could it be that the fed moves into cause mode, two-year yields rolled down. the biggest monthly r

lvmh with the market cap over $400 billion it is bigger than walmart or any other american retailers richemont and hermes up this month. calling it the big bang with the china reopening sparks more luxury spending in china and boom in europe as chinese consumers head to paris and milan where lux ury goods are 30 cheaper. burberry citing sales in january. bernstein projecting that demand could surge 25% to 30% which puts global luxury in the teens. and then bain & company with a 6% to 8% swing the issue is will demand in the west hold up as the economy slows? we will know when lvmh reports on thursday. >> the numbers is there anything to indicate, robert, that we had this information hole with china for years. we have had eunice yoon reports for years and they have been locked down for those years. do we know if the purchasing power from the chinese consumer is still there you wonder if we will see the same number of travelers come to the united states or will it take a long time to tick back up i imagine after what they went through, they will still have a lot of hesitancy or shell s

increasing their stake very interestingly, lvmh still resilient in the market despite the consumer having suffered a bit. now the reopening of china certainly giving more optimism as well. they are saying things are looking better as you can see, it has portrayed itself slightly better move across european market front in asia, we are seeing positivity across the board for most of these. not every market is very open considering the fact we are still scelebrating the lunar ne year the nikkei and hang seng is in the green this morning as we said, lvmh is one of the key interests as well as that is the stock to focus on as china reopens. >> arabile, thank you very much. have a great weekend. >>> to the top money story that is intel. intel stock slammed. it is down nearly 10% with a warning in the tech sector pippa stevens is here this morning. >> brian, shares of intel sinking ahead of the open. missing top and bottom estimates in a big way for fourth quarter. coming in half of what was expected things are worse with guidance for the corrupturrent quarter, sees sales at $10.5 billion which

lvmh, the luxury sector has had an incredible run since the start of the year.time kind of tomorrow looking at the results. stock today down by 2/10 of 1%. it's talk about what we will be talking about tomorrow morning. the chip story will continue, what picture will they be painting after what we saw for easyjet. we also a volvo earnings. what is happening in the car sector and the demand picture as well. after markets tomorrow, lvmh, today i think has been dominated by a lot of the chip narrative running through this market. but tomorrow following asml today. >> i love it. you really can't lose when it comes to earnings in europe. they europe ahead of technology equity research. a price target of 735 euro. amid -- what was your biggest take away from asml today? >> with regards to asml, the biggest take away in my eyes was the resilience of demand not only did we see the company, in the december quarter in line with expectations, of the underlying performance was better. more importantly as we look to 2023 the company gave a robust outlook which i believe was

lvmh named two new ceo's. lvmh is already up 13% this year.n spielberg was a big winner. the veteran filmmaker won best director for "the fabelmans," winning the golden globes for best drama. global news 24 hours a day on air and on quicktake by bloomberg. powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪ this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. >> it was a complicated year in europe and we want this war to end in the year to come. if you look at the economic indicators, the fear for recession is diminishing and there are good reasons for that. first of all, the agreement on the gas price cap was necessary. and is a strong indication, in europe, we will not pay high prices anymore. jonathan: a better outlook for the europeans. good morning to you. your equity market looks like this. up 0.2%. yields come in three basis points. it is a quiet morning for the markets so far. i want to turn to the airlines to keep everyone up to spe

that is the narrative that i bring up lvmh. it has been one of the strong outperformer's. china has been driving it after a 52-week high. the process comes to a halt. down by 3%. may be some profit taking. >> i love that you ended on that because i wonder if this story is tracking in the u.s.. the s&p is down .9%. we are very close to the 100 day, but we have to wonder if people were surprised by the rally in last couple weeks and they want to take profits while they can while we are dealing with a different fundamental positioning. look at these earnings numbers. this is interesting. procter & gamble are down .7% off of lowe's. the quarter didn't sound terrible, but volume sales slowed. the margins were ok, and the outlook for organic sales were ok. the revenue stayed the same. but the stock got hit. that is a worry about the consumer. can they digest higher prices? then things get worrisome. alcoa is talking about a slowing down of demand. europe is responding to higher prices and cutting demand. that is the fundamental picture in the backdrop. then on the bond market, w

. >>> ahead on "pouter lunch", retails are still struggles with companies like lvmh and h and m seeingssues. we'll discuss that when we return on "power lunch." ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? ♪♪ good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. [music - cover of blondie's “dreaming”] td ameritrade. [music playing] ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd bui

i would argue the highlight of the week, is going to be what happens on thursday with lvmh.u.k. data you want to be thinking about. the euro zone as well. we have german ifo coming out on wednesday. alix: you made that guy, you're still standing. let's get back to the earnings versus the underlying economy. christine lagarde spoke on a panel and she pushed back against suggestions to slow the pace of rate hikes. lagarde: stay the course is my mantra for monetary policy. i think other players must also do the same thing. alix: joining us now is melanie debono pantheon macroeconomics ltd from is the market still fighting the ecb and is that a mistake? melanie: markets are acting as if the shock to the economy is over but we see christine lagarde is right. inflation as well above target and a has to continue with its hiking cycle. guy: why is the market looking through what the ecb is saying? bond investors have assumed that the ecb will not go as far as it is signaling and then there will be some sort of recession and then the cuts will come quickly. melanie: earlier there was

his oldest son now runs the family holding which controls lvmh.rd child has been a vice president which his father acquired during the pandemic for $16 billion in the most high-profile luxury m&a saga. then you have his on who runs the swish wash -- swiss watchmaker here. >> all five of the heirs are vying to take over there dad's luxury own empire. incidentally, europe's most valuable company. let's have a look at what is happening with the markets here as we go to the hong kong lunch break. hong kong is at levels we have not seen for almost 10 months for equities. this is what we have for the asia-pacific index. consumer discretionary there. we have finance up. we are looking at possibly why we see a bit of a shortfall there. wti group pretty much unchanged. this rally in chinese stocks extending after the lunar new year holidays came to an end in hong kong. we are seeing lots of people going to the movies. that is why we are seeing these on the way up. we are looking at the number of people going to the movies being higher than pre-pandemic lev

lvmh, just a little fun story. 6 billion euros in terms of export demands.al shipments within its coterie of products and brands. talking of france, taking part in the nationwide day of strike action. against the government plans to revamp the pension system. what do we know about the disruptions likely to impact france today? >> it is the first day of the general strike against the pension funds. it is, according to the transport minister, going to be a very painful day for the friend. we expect disruptions in public transport, schools, hospitals, oil refineries, even nuclear sites. the tgv high-speed trains, there will be one in three maximum. some metro lines will be totally closed. some open only at rush hour. for those who have children, it is a very difficult as well because 70% of primary school teachers are striking today. to give you an example in paris, at least one quarter of the schools are completely closed. in other schools, there will be minimum service for those who cannot do without having their kids at school. is a lot of disruptions also i

in europe, lvmh is tracking higher, di is tracking higheror.ese companies are higher because of an expectation that there will be a tailwind out of china. do you agree? torsten: yes, but there is one big difference. we are not in a shopping spree in europe chinese clients. that does not work for rolls-royce. rolls-royce need to be bought in china. if the chinese market opens up more and covid turns down, then i see a tailwind, but that is difficult to judge. the great relief his travelers back. -- is travel is back. we are seeing lots of chinese clients with us and that will come again. i am looking forward to welcoming chinese clients back. alix: that brings me to the car dealing, the first ev from rolls-royce. our these customers different from your usual customers? torsten: both is true. the order book is strong, exceeding expectations. it resonates well that we are going electric. one portion of existing clients love it because it is a rolls-royce first and an electric car second parent then there are new clients with the first times with t

lvmh and l'oreal all are amongst those winning bids.ut has agreed to lower its stake in nissan. the arrangement will also allow renault to carve out its electric vehicle and software business, which the company wants to take public this year. that is your latest business flash. tom: thank you very much indeed. let's take a look at where european markets are trading as we had to the close. you are seeing losses. i want to highlight a couple of individual corporate stories. we have had a note out from barclays. they have come out with an upgrade for european banks. on the back of what they see has continued higher rates for longer. also saying the value has yet to catch up with the prospects around the banking space. this is one just detailed in terms of the job cuts, you've seen the biggest jump in that stock price. the biggest jump in about two years. they are cutting about 6000 jobs but also saying they are starting to see some of the supply chain constrains ease and a pickup in order. you're just seeing eye gaze of 7% in the session a

you would have thought those two would maybe go hand-in-hand come and then we come to the lvmh up by. that stock has hit a 52-week two week high. the luxury sector going from strength to strength and europe. alix: can it last? european luxury versus u.s. tech. do you sell u.s. tech and buy european luxury? >> probably that is right. u.s. tech is quite wide-ranging. some large names have built incredible competitive advantages, but there is a huge tail of mid-cap and large-cap companies at the end of last year, which got up to $100 billion in market cap. i would still avoid those. the long tail of u.s. technology shares. when you look at european luxury, it has tailwind and is a consolidated industry, hard to crack into it. these brands have a huge amount of heritage and are doing well. you have the china reopening story on top as well as a little bit of people trying to find ideas outside the u.s. for the first time in a decade. i think i would be a buyer of european luxury versus u.s. tech. guy: you talk about people looking for opportunities outside the united states. is that the t

lvmh continuing the run that it has been on.thansa, continuing to see upgrades in the aviation sector. european engineering firms like safran, new 52-week highs being generated there. the european close coming around in about 10 minutes, and i will update you on that. before we do that, let's go back to the world economic forum. kicking off today. david westin -- we are hoping that larry summers will be there shortly. you are a fantastic person to talk to at the world economic forum today. the reason i say that, on friday, we saw a whole range of banks coming out with numbers. tuesday, we got the same thing. sandwiched in the middle, they are all coming to davos to talk to you. david: i'm not sure that they are coming to talk to me, but global wall street does come to here. larry summers is in the country, i'm not sure that he will make it for this hit. the real issues we are talking about is what challenges we face as a world, government, academia. 42 years ago, they came here to try and help the world. as we meet here, i think

lvmh with the big story this time yesterday.he stock has eased off a little bit with just -- we are just shy of 800. the numbers yesterday look fairly good, particularly looking forward in the market. -- forward, and the market that fairly badly. you saw a slowdown into last year and pick up in the beginning of this year. the market focused on the former yesterday, beginning of today they focused on the latter. we are even stevens are now. the stocks trading 798, higher again early on. alix: heading into the numbers, it is no surprise of -- no surprise of getting an easing. s&p is down .1% but the economic data is interesting and set us up for the soft landing scenario. incomes rising, savings rising, spending is slowing, core inflation slowing a bit. you are seeing of thanh of lowe's into europe, still trickling in somewhat into the u.s. but the money into spy, the etf that tracks s&p is slowing. that is an interesting fact as well. idiosyncratic stuff, hasbro cutting its work hours. cutting its workforce but the stock is down

lvmh buying tiffany. their jewelry, watch numbers up 18%. that is smart acquisition.ne by bernard arnault. that is another great acquisition for the consumer too. charles: what should we know with respect to retail? one reason i love you as a retail analyst, you're on the ground, you do that kind of work and well-respected in the industry but you connect the dots for us on the stock side. like this morning for instance, macy's upgraded at one firm, the same firm downgraded kohl's. you can't just throw a dart and say i like retail, can you? >> you can't. we talk about a bifurcated market with the consumer. you really need to pick your spots. every day it is fast nating with a darwinian moment in retail. macy's took sales down on holiday season. kohl's is self-inflicted hot mess. i take my pause there with those types of stocks but you really can't look at different areas of retail as a whole. you can't just sell teen retail. some teen retail is doing great. some not so great. you have to really follow the best in breed. >> all right. sounds great. kristin, thank you ve

a donation from luxury goods giant lvmh paid nearly $47 million for the painting titled a boating partyy a french artist. just some of the other stories beyond our borders tonight. we'll be right back. teeth sensitivity is so common. it immediately feels like somebody's poking directly on the nerve. i recommend sensodyne. sensodyne toothpaste goes inside the tooth and calms the nerve down. my moderate to severe plaque psoriasis... ...the burning, the itching. the stinging. my skin was no longer mine. emerge tremfyant®. with tremfya®, st p# n at 5 years. tremfya® is the first medication of its kind also approved for adults with active psoriatic arthritis... ...and it's 6 doses a year after 2 starter doses. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them. tell your doctor if you have an infection or symptoms or if you had a vaccine or plan to. emerge tremfyant®. with tremfya®... ask your doctor about tremfya® today. ♪ >> bret: president biden is facing pressure to come up with new police reforms in the wake of the ty

liz: yeah, i'm liking some lvmh. oh, you mean the stockings. [laughter] never mind.s green as we kick off the final hour o

lvmh hit a record a week ago. you like this name. specifically why? >> we do.n. however over the next year we think it's a kicker to their growth. in part because again, the chinese consumer has been locked down unable to travel. the euro right now is 20, 30% cheaper than we went into the lockdowns. and we do expect that chinese consumer is going to hop on a plane and go buy their lv bag. the interesting thing about lv, a family of different products. they have taken 20% price in last two years. we expect another pricing increase next year. liz: that goes to positive more margins. thank you for joining us. come back again. >> thank you. [closing bell rings] liz: the s&p and the dow open the trading week lower. nasdaq makes it seven straight winning sessions up 16 points. yes, the dow off the lows of the session.

. >> you know, leland, we've seen a big bounce in consumer related stocks like luxury goods, lvmh on the notion the chinese consumer will all of a sudden go out and spend all sorts of money. if you could talk to us about the state of the chinese consumer because while we think here about getting lots of stimulus checks, it was different in china and the fact of the matter is when there are many lockdowns more recently a lot of chinese consumers were faced with mortgages that they couldn't pay, properties that they couldn't pay for anymore because they couldn't make their livings. they weren't getting any help from the government. what is the state of that consumer and their actual ability to spend >> well, the state of the consumer in china is very poor you know, you had a different type of stimulus in the west you had consumers were stimulated, households were stimulated you didn't have that in china. it was going to the supply side so you've had a problem with consumption falling for several years and, you know, the government's promise there will be a shift from investment to cons

. >> lvmh. nike coming back in china.lar said they're not coming back that much in china difference between a shoe and a machine. lululemon has had a bad run here, and this does not help maybe there's some people who didn't know they had footwear and they have footwear, let me check it out no david, these are companies, nike, lululemon, they're like the new generation companies. >> they are. >> owe hannah's marc benioff being charged too. >> they are. >> you never can tell the real impact of a lawsuit on stock prices >> some of these are [ inaudible ]. >> lawyers. >> i like lulu, but you get e-mails every 30 seconds about something they're discounting. >> lulu? >> we'll talk about it. >> i don't get any. >> you have to shop -- >> i have family members who do. i have two ladies in my family who like to shop there. >> he's thinking google is in his head, but they're everywhere else project nike and project perot justice found out. you know i bet google is happy that memo was written. >> they weren't. >> holding steady s&p u

operator >> what about the notion that, all right, it was a good quarter but it's a luxury story after lvmhesterday, second consecutive year of record sales and profit is it a matter of the rich have the money, that's where we are >> no. no it's chevron that works for the rich people. mike wirth just kidding but no, i think it's pretty across the board i do think that millennials like to go out, to have dinner a lot. because the dinner numbers -- i never thought they could move the needle boy, are they popular. >> and after mastercard's cross-border guidance yesterday, right? >> mastercard's doing so well. he's really good, very real, the ceo of mastercard. and by the way, their cfo is very real. congratulations. she's got a board seat at salesforce lot of activity in the credit card area. i really like the kind of things where if you look at the actual american express number, you have to add back some money that they spent on some venture capital products that have -- 23 cents, add that back, because that's how much they put into some of these venture capital fintechs that are not doing a

tesla stock down about 69% in the last year, the world's richest man, now the ceo of lvmh, the parentnd privacy experts have a warning for parents who may have just purchased or received smart toys for their children as a holiday gift, high tech toys equipped with voice assistants could be used to spy on children or even steal their identity. they are often equipped with a camera and a microphone that can connect to the internet and that could create an unwanted connection. to hackers. spam cook that's look at your dollars and cents. and thank you happening today bar changes in its service in the early morning and night time is adding four morning trains to train start in daly city, one at south hayward and the other in antioch trains running between daly city in west oakland after nine o'clock at night will now be separated about 15 minutes. san francisco riders won't have to wait as long for service because there won't be late night single tracking as a translator. tube seismic retrofit should be finished later this year. alright let's check in with traffic here. i want to show you

lisa: you think about all the people in china leaving to do revenge shopping at lvmh and a host of luxury. you start to see a rebound. copper has been one area people have been watching. copper prices rising significantly. that might be the first indicator. jonathan: i was speaking to someone who knows more about this that i do. china's reopening, is a different china, it is much more nationalistic. you get the knee-jerk reaction into european luxury the may you -- the way you might expect a couple years ago or does the money go somewhere else? look at the travel restrictions and the cone out the foreign ministry spokesperson about this travel restrictions who been put up across all the west as they reopen. does that shape things further and make sure they spend their money in china? i wonder how much commodities they have stockpiled over the last 12 months? lisa: these are great questions. the nature of china will be different. people who had their adolescents obliterated by years of covid restrictions. jonathan: revenge spend on what is my question into 2023. the former prime minister o

jonathan: lvmh is flying as well. tom: unl margins for the pandemic, 16 percent, 17%.way back to normal. it will take longer to heal. jonathan: prices are high, supplies are constrained. they are doing ok. that is the take away for the airlines at the moment. tom: we move along after the pandemic. the world does get in the way. jonathan: someone is surprised that the stock is up by a third year-to-date. tom: that is the china plan. jonathan: equity futures up .2% on the s&p 500. a little on the nasdaq, by a similar amount. held up by the boj decision. tom: i would go with that. there's a knock effect from the bank of japan. they have an arch rule. it's an all the histories of the central bank. they love to surprise. if they moved on yield curve control today, that was widely anticipated and would not have surprised. jonathan: in march, his last meeting. were you surprised? tom: ben emmons writes it up. i have quoted off the bloomberg terminal. topline inflation japan tonight. 4% inflation. i never thought i would make that statement. jonathan: it was as high as 131 ear