jordan rochester of nomura.t is next. this is bloomberg. ♪ jonathan: it has been a year of the unexpected in this market come across asset. from new york city, live on tv and radio, this is "bloomberg surveillance." your equity market up about 0.1%. on the russell, up 0.07%. that's the equity story. up almost 30% on the year on the s&p 500, around when he percent higher. much more bullish than the biggest bullish call out there 12 months ago. it was 4400 on the s&p year-end this year. that was the call 12 months ago from mr. kostin out of goldman sachs. here we are looking at 4800. if i told you where cpi would be year-end, would you tell me that 10-year gilts would be at 1.4928%? probably not. yields are higher by is in go basis point. the curve a little bit steeper with the front end coming and almost a basis point to 74 basis points on the two-year. in foreign exchange, the story of the year. the beginning of 2021, when we saw 1.23% on euro-dollar, some people out there thought that was the start of it, the s

shery: central banks feeling the heat for now but nomura sees a different backdrop.sonal varma. great to have you with us. we have seen the supply chain disruptions hurting most of the world leading to inflationary pressures but how varied has demand strength been? and what does that mean for gross stagflation in your? --next year? sonal: the focus is mostly on inflation. we do think it is important to differentiate what is driving inflation in different economies. there is strong demand and supply chain pressures but outside of the u.s., it is mainly supply chain issues driving inflation. this might lead to much slower demand because this crimps profit margins and consumer demand has not picked up. while there is a big focus on inflation, stagflation right now, we believe the risk is more of low growth and stagflation is the bigger risk. shery: who is at risk of underperforming next year? sonal: if we look across asia for instance, or even in the global context, there is concern around emerging markets. while inflation is not a concern in asia, it is a big challenge

francine: thank you so much and we will get you back to talk about nomura, which has had some wild gyrations. investors brace for market volatility, as omicron infections spread in europe and the u.s. we discusse the impac to the markets. that is coming up next and this is bloomberg. ♪ ♪ francine: welcome back to the open, everyone. we are 30 minutes into the european trading day. we are seeing a bit of support for technology stocks, one of the biggest gainers across-the-board. thin volumes. it is three days until christmas so a lot of traders across europe, but especially in the u.k. taking some of, european stocks. on the downside, we are seeing travel and leisure because of omicron restrictions. a global rebound in stocks moderating somewhat. investors wing uncertainty over the omicron variant's economic impact and a foggy outlook for fiscal stimulus. a number of bloomberg tv guests gave us their thoughts. >> well, this variant is significant and the impacts are powerful. i do still, as you said, have my rose-colored glasses on heading into the new year. there is still a lot of opportunit