i'm ritika gupta. democrats are signaling they will accept senate republican leader mitch mcconnell's offer to raise the debt ceiling into december. it increases the risk of another political fight at the end of the year. a federal judge temporarily blocked texas' ban on abortions, saying it was contrived get around a constitutional right. it is a major win for the biden administration, which has sued to overturn the van. apple is working on technology that would allow iphone users to control air-conditioning conditioning, seats, and radio. apple's car play interface is already used to control music, get directions, and make phone calls. 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 ritika gupta. this is bloomberg. ♪ >> we have to build our capacity to be less dependent, and i think everybody now can identify the fact that when we speak about sovereignty, it means exactly that. being sovereign means bein

i'm ritika gupta.emocrats are signaling they will accept senate republican leader mitch mcconnell's offer to raise the debt ceiling into december. that whatever the immediate risk of a default, but also increases the risk of another political fight near the end of the year. if federal judge has temporarily blocked texas' new ban on most abortions. he said it was contrived to get around a constitutional right. it is a major win for the biden administration, which has sued to overturn the ban. damage from the coronavirus extends well beyond the disease's initial stages, according to a veterans affairs health system in st. louis. it claims that even those who were never sick enough to need hospitalization are at risk for heart failure. apple is working on technology that would allow the iphone to control air conditioning and radio, among other features. american express is expanding the perks available to customers of its high-end premium card. one of those will be rewards from discount retailer walmart.

i'm ritika gupta.he u.s. is one step closer to avoiding a potentially disastrous payment default for now. the senate passed a bill that raises the debt limit through december 3. the measure goes to the house, which is expected to approve it next week. democrats in congress are starting to discuss how to make cuts to president biden's sweeping social spending bill. the president originally proposed a 3.5 trillion dollar outline. now he is will and to go down to $2 trillion. senator joe manchin says he could only support $1.5 trillion. senate majority leader chuck schumer is hoping a deal can be reached by the end of october. two journalists have been awarded the nobel peace prize. they were honored for what was called their courageous fight for freedom of expression. past nobel laureates include nelson mandela and the world food program. a key hurdle has been removed on the past two an unprecedented deal for multinationals. ireland will abandon its one point 5% tax and push for a floor of 15% on corpora

bloomberg's ritika gupta is looking at some of this week's flows. has been a really intense week, so let's see how that transcends into some of those etf flows. i am looking at the biggest weekly outflows, and you can see, no surprise, it is coming out of equities. spy,, $2.9 billion. tech bearing the brunt. you got your qqq, $7 billion about flows. tlt also getting hit on a week where we have both selloffs in equities and bonds. let's talk about another theme, investors turning their backs on some of those tech names. we can see that by looking at cathie wood's flagship arc fund, which had its first quarterly outflow ever. this is as investors are nervous about higher inflation, higher interest rates, how it is going to hit some of those tech names, particularly at such elevated valuations area -- elevated valuations. guy: inflation is the story. we are all paying attention to it. are we seeing that reflected in positioning, and terms of the hedging that we may be taking on? is that showing up in the flows? ritika: we have seen inflows into some of

i'm ritika gupta.sident biden will meet with the leaders of the biggest banks on avoiding a default. jamie dimon and brian moynihan are amongst those who will attend. the white house is pressuring senate republican leader mitch mcconnell to back off his refusal to help democrats raise the debt ceiling. it is a strategy shift by the white house. president biden's team is trying to broker a deal to scale back his ambitious economic agenda. and buyers -- advisors are weighing against inflation and tax hikes. the administration is trying to drum up support in trips to political backgrounds. fed reserve chairman jerome powell has gained support that could help him win a second term to lead the central bank. more than half of republicans on the senate banking committee are backing him. his most visible opponent is democratic senator elizabeth warren. business is the u.k. are facing a historic surge in inflationary pressures. one of the country's leading business lobbies warns that more manufacturers than eve

i am ritika gupta. bloomberg. ♪ >> since 2013 we have been building our capabilities in digital security. at the time of covid we became relevant and critical for all of the world's leading companies. tom: julie suite with accenture -- julie sweet with accenture with david rubenstein peer-to-peer tonight at 9:00 p.m.. a different interview this time. for the first time this pandemic we welcome david rubenstein into our studios. thank you for joining us. took you three days to get into the building? david: it is more complicated but it is worth it. mike is doing a good job to make it not comfortable but process driven. maybe that will be the future for business. julie sweet has to do with this at accenture. tell us how the columbia log glad -- law grad is different than what we see. david: accenture is a publicly traded company. more than $200 billion in market cap. one of the largest companies in the world run by a woman. she is trained as a lawyer and not as a consultant. they are the biggest consultin

i'm ritika gupta. this is bloomberg. ♪ >> we are making good progress. i hope we can come to an agreement tomorrow morning. >> the democrats who've run -- who run washington have squandered week after week after week. >> we are not going to default as a country. we will not default. engage, start working. it should not be a crisis. jonathan: chuck schumer, mitch mcconnell, somewhere in between, senator joe manchin. good morning. this thursday morning, this is what we look like, this is how things are set up. yields unchanged. euro-dollar unchanged. the next stop for this one, jobless claims 8:30 eastern time. 24 hours after that it's off to payrolls friday. why mcconnell back down. the former president, the president and was with one agree on something. mitch mcconnell back down wednesday. jonathan: we are really doing -- tom: in washington we are doing some real surveillance reporting. it's understood the compromise is that the debt ceiling will be pushed out to 37 days after the red sox win the world

i'm ritika gupta.his is bloomberg. ♪ >> the bottom line is this chamber must pass legislation to avoid a default. accordingly i will soon file cloture on the proposal that will suspend the debt limit until december of 2022. jonathan: from new york city, good morning. tom keene, lisa abramowicz and jonathan ferro. here's the price action. 16 points on the s&p, up by 4/10 of 1%. a little bounce on the s&p 500. we are down from your previous high on the s&p. it's a draw down it's ugly out there. up a basis point per the fx market euro weaker 116 -- 1.1601. he did not care about this market today. he cares about one thing. it is red sox yankees. tom: this is all there is to it. we've already had a surveillance correction this morning. al from new jersey called in and said -- i have no idea lisa: have you ever worn that hat before? jonathan: are you implying it does not fit? lisa: carry on. tom: your standard red sox hat. we go to annmarie hordern. let's go to the board and explain what matters today. this

i am ritika gupta.ouse democrats went home last night without voting on the $550 -- $550 billion infrastructure. nancy pelosi will try again. it is being held up by a fight between moderate and progressive democrats. progressives will not vote until the full $3.5 trillion spending bill passes both houses of congress. president biden signed a stopgap funding to avert shut down, keeping spending levels flat until december 3. it did not resolve the threat of u.s. default linked to the debt limit. treasury secretary janet yellen said if congress does not raise the debt ceiling, the government may not be able to pay its bills. global energy crisis hit a milestone with european natural gas prices rising. europe is struggling to find enough coal and gas. a new covid antiviral pill by merck reduces the risk of hospitalization or death by 50%, including -- according to an interim analysis. mark will seek -- merck will seek and a mirth -- emergency use authorization. global news 24 hours a day, on air and quickta

i'm ritika gupta. this is bloomberg. alix: thanks so much.t on to say that we are going to have more jobs of higher quality during the energy transition, that consumers are going to have better products. i think the question becomes how long does it take for us to get to those better, higher quality jobs. there's obviously going to be a huge skill gap as you transition into this green energy future. how do you do that? are we going to miss out on a generation? how quickly do we have to invest in those workers to transition, and our people already doing that? guy: this is the problem, isn't it? you've got a series of gaps in this energy transition that we still haven't figured out. we don't have all the technology would necessarily need. we don't have the skilled labor force we necessarily need. i think what we are seeing in europe is maybe just the beginning of this process. it is going to be unbelievably bumpy. he's pointing at china as well, saying you've got to get on board, which is pretty interesting. but this mismatch in terms of aspira

. ♪ ritika: with first word news i am ritika gupta.age yesterday sent facebook falling, it blames it on a problem with the network configuration. it took down core social networks and instagram as well as what's at and messenger service. chuck schumer plans a vote this week on legislation to suspend the debt ceiling but republicans vowed to block it. that raises questions on whether congress can avoid default later. mitch mcconnell says democrats can do it on their own by using the reconciliation process which would require a simple majority vote in the senate. federal reserve's internal watchdog will open an investigation by senior central bank officials. follows revelations about transactions and 2020. bloomberg reported the vice president traded as much as $5 million out of the bond fund into stock funds one day before jerome powell issued a statement of possible policy action. options for preventing coronavirus action going beyond vaccination. astrazeneca asked u.s. regulators for emergency approval for its covid antibody cocktail.

we're joined by ritika gupta.nt state of play when it comes to bidens economic agenda? rikita: we have the infrastructure vote being delayed, nancy pelosi rescheduling to today, the white house press secretary saying progress has been made, but you still need more time, and this speaks to the division within the democratic party between progressives and moderates, progressives wanting to tie it to the reconciliation bill, but you have the likes of senator joe manchin, who says these government programs are fiscal insanity. it will be interesting to see if that eggs on progressive more. dani: i can't help but notice you've got some infrastructure stocks kind you. are they reacting at all to this? ritika: yeah, i have indeed, and we had the likes of some of those heavy machinery companies and material companies. we can see those really rally on into the summer here. this is on the idea of more spending on bridges, roads, but we really have started to see that momentum starting after they august. so it's interesting

i am ritika gupta.omberg. ♪ ♪ >> increasingly we are hearing a story about enacting a mandate, then a few people will leave in protest, but by and large, it seems to boost uptake among the employees and i can understand why employers are doing this, because that's what they need to do to operate safely and have their customers feel safe. jonathan: jennifer needs out -- jennifer nuzzo with johns hopkins. your equity markets shaping up as follows. we are -19, down 4/10 of 1%. adding to the losses of september and september was pretty rough, down the most since march 2020, down almost 5%. yields unchanged on tens, 1.4892. euro-dollar unchanged. news out of merck, they are developing a covid-19 antiviral pill that reduces the risk of hospitalization or death by 50% in an interim analysis of a late stage trial. some decent news. tom: i'm lost. let's go to an adult. andrew pekosz joins us. let me cut to the chase. when i see a scientific statistic that is 50/50 i'm not going to die from a pill, i'm not sure t

ritika: with the first word news, i'm ritika gupta. facebook are rebounding today after that global service outage yesterday sent the stop falling. the company blames it on a problem with its network configuration. the issue took down facebook's core social network plus instagram and whatsapp. chuck schumer plans about this week on legislation to suspend the debt ceiling. republicans have vowed to block it. that raises questions about whether congress can avert a federal default later this month. mitch mcconnell says democrats can use it on their own time using the reconciliation process , which would require a simple majority vote. three u.s. banking powerhouses -- goldman sachs, j.p. morgan chase, and morgan stanley captured almost 46% of the global market for trading stocks and bonds in the first half of 2021, an increase of almost 6% from the same period in 2019. european banks such as deutsche bank and hsbc have given up ground. bitcoin rallied above the $50,000 threshold. it happened as bank of america strategist said crypto is t

global news, 24 hours a day, i am ritika gupta.his is bloomberg. >> you have acted to make our banking system laissez and that -- less safe, and that makes you a dangerous man to head up the fed. >> you are thoughtful, deliberate and transparent, the antithesis of dangerous. >> our country will be better off with your leadership. jonathan: a dangerous man the quote of the week! good morning. tom keene, lisa abramowicz and jonathan ferro. we are pushing 150 again. at 100 49.44, we enter a dangerous -- 149.44, we enter a dangerous period in washington dc. tom: what you call it " relative gloom," jon? lisa: relative gloom -- i like that. tom: house democrats our caucusing at 10:00 a.m.. what is a caucus? do they meet at starbucks? >> we are good at caucus here and by that i mean talking to each other -- at each other rather than to each other. tom: physically what do they do at a caucus? is it a zoom call? isaac it is an opportunity for members to share their thoughts and opinions -- isaac: it is an opportunity for members to share th

tom: ritika gupta on tensions in d.c. and the infrastructure space.joined now by rdc morning editor. -- our d.c. morning editor. what are the chances of that actually getting through? >> that is the big question. obviously the vote was supposed to happen yesterday. it did not happen. i think that the style of nancy pelosi is to have the boat scheduled, but she's not going to bring the bill to the floor and have it fail. if she does not have the votes, and she did not have them yesterday, that's why it didn't happen, it's not going to happen today. the key is watching negotiations and seeing whether there can be agreement on the top line figure for the reconciliation piece. the original figure was $3.5 trillion. joe manchin has said he wants something more in the range of 1.5 trillion dollars. that is a huge gap. it sounds like they made progress yesterday, but not enough to have the vote. francine: what exactly is on the line? is this political or is this money that will not get where it needs to? >> it is both. there is a huge substantive impact give

here's ritika gupta. ritika: a pretty ugly session today in europe, but off the lows.e concerns about inflation feeding and from the energy market, where we have seen soaring prices and gas. we have the race to the gains in gas for the day, but really hitting energy supplies. -- energy suppliers. they are facing big cost pressures now. we did see in the session earlier that yields were rising, but banks were getting hit. we have some of those moves were first, but still, barclays down 1.3%. it is red across the screen in terms of sectors, but there are individual movers weaving went to the upside. ? is soaring, the top performer in the stoxx 600 after beating on its earnings, announcing a share buyback, boosting its profit forecast. very interesting time for grazers in the u.k., with bids from the likes of morrison's. we are also seeing hsbc getting an upgrade, and that is being lifted. back to you. guy: what have we got coming up? apart from the european close, traffic -- trafigura's chief economist is joining us next. this is bloomberg. ♪ it's moving day. and while h

i'm ritika gupta. this is bloomberg. alix: markets definitely volatile in recent weeks. supply crunch added to investor worries about inflation, and then you top it off with slowing growth. just look at german factory orders, down by over 7%. so what do you do with that as an investor? aneeka gupta of wisdomtree joins us now. breakevens are on the rise. real rates are still negative. what do you do with that? aneeka: your absolute right. energy prices have been on the rise, especially in europe. it is clearly feeding into inflation expectations. we have seen u.k. breakeven rates hit a record level, along with germany, france, italy, and spain. it has definitely become a concern for investors right now. guy: do you favor the united states over europe as a result of this? we've got a lot of demand in the economy right now, but if europe is supply constrained because of energy prices, presumably the u.s. economy is going to do better. aneeka: i think the fundamentals supporting the economy are quite different. right now we are still very up to mystic on the european economy

i am ritika gupta. this is bloomberg.ig banks report earnings next week will jp morgan on wednesday, bank of america, morgan stanley, citigroup on thursday, goldman sachs on friday. i want to get a preview with etsy gray sick. -- with betsy graseck. what is this quarter about? betsy: this quarter is about two things. showing that buybacks are accelerating, and two, showing that nii has a forward path, has an opportunity to go up as we look forward. guy: is that this quarter or next quarter? betsy: some stocks you will begin to see this quarter, particularly in the consumer finance names, particular on the card space. of the big banks we will begin to see that in their card portfolios. overall, we are looking at a 2022 story. it feeds into some of the stuff you been discussing, interest rates rising and loan growth is accelerating. a lot of people pushback on that but it is happening. alix: where is limb growth accelerating? betsy: number one is in card. we have credit card in the u.s. running at 2.5 percent up on a year o

i am ritika gupta. this is bloomberg. alix: you and i were talking about this on radio yesterday.ime you have cathie woods going to st. petersburg florida out of new york city, we are talking about the financial drain and how they are leaving and how to get them back, what we need to happen to do that. guy: london is facing a number problems, one of which is pandemic related, the other is brexit related. a number of people who used to work here that had eu passports, it is much harder. the opportunities and the pay is going up in places like paris, making the move for staying at home much more easy. it feels like it is true in so many industries. i do not see why finance should be an exception. london as a financial center will not disappear. a huge demand for jobs. guy: -- alix: for you guys it is covid and brexit, for us it is taxes, the state and local tax reduction which brings us back to the infrastructure bill and if that will be a part of it. if you bring that back or raise the cap, then you can deduct more state and local taxes on property. does that make a difference and

i am ritika gupta. this is bloomberg. alix: thank you so much.he former facebook project manager testifying before the senate about the whistleblower internal facebook investigation. we want to get more on where we sit. we have facebook shares up 1%. anna edgerton joins us now. what have we learned so far? anna: it is interesting to hear what the whistleblower says congress should do about the problems she revealed in a trove of internal document she took when she left facebook. she said when it comes to trying to make sure these platforms have responsible content they share with users, it is not about the initial posting of user content. company should be held responsible for the way that content is disseminated. these are the algorithms the companies use to spread content across the internet and she says congress has a role in making sure the algorithms are used responsibly and are more transparent with users. alix: thanks much the update. here on set for more reaction is a senior technology analyst for bloomberg intelligence. in order for this