shery: downside pressure on u.s. stocks last week, the dow seeing its worst week since -- since september. we had those ppi numbers hotter than expected on friday. we have the fomc decision this weekend ahead of that, we have the tuesday cpi numbers and markets watching that closely, given every cpi day we have seen a move on the s&p 500 on average of 3% in either direction. those numbers have rocked markets all throughout the year. we are watching the 10 year yield holding. wti prices rebounding and mediation session above 71 u.s. dollars after we saw the worst week since april. not only did we have low liquidity but those key oil pipelines also resuming some of those suspensions relating to the supply concerns ring relieved. that this is all about central banks, whether the giant -- whether china, the philippines, colombia -- the list goes on. annabelle: what a list it is to capture but that's the tone coming into the market open for australia. there are moves in bond yields reflecting what you mentioned in treasur

shery: the top stories. media reports signal covid related deaths may be rising in beijing despite china not reporting any virus fatality for two weeks. haidi: bloomberg sources say sam bankman-fried plans to drop his fight against extradition to the u.s. shery: the yen jumps on reports the japanese prime minister may consider flexibility in the 2% inflation target. u.s. stocks under pressure on friday. we are talking about the longest streak of weekly losses for the s&p 500 since september. hawkish fed comments not helping the markets especially after the fmoc and chair powell's comments. a mixed picture for the treasury space but do your yield down almost 20 basis -- but the two year yield down almost 20 basis points. we also have losses for oil. the recession fears being felt although on the weekly side of things we have seen another week of gains for oil prices. this week we will be watching earnings from the likes of nike, fedex which will give us more sentiment when it comes to consumers. we will also

shery: thank you, emma.th korea is trying to become the third's largest carmaker. this is bloomberg. ♪ shery: south korea's motor company has become the third largest carmaker. they are just behind tesla with electric cars. we spoke with president and ceo about the company's opportunities and challenges. >> hopefully you are seeing the progress by the sales volume we have done, we became the first ever global top three. this was mainly driven by sales on the suv and also the genesis. that is what we will be focusing on it to make a transition into carbon neutral as well. the brand has been being -- forced by the customers -- those are good numbers. we are trying to keep up the momentum. >> compared with other legacy automakers, hyundai appears to have a more modest and realistic target for eb's. there is a lot of debate in the industry around the pace of the ev transition. do you think you have a good sense of how long the transition will be and how ready you are to introduce the products and have these voti

shery: what is the timeline from here?n bankman-fried expect if he is extradited to the u.s.? >> there were a number of hearings including on capitol hill as well as the unsealed documents in the u.s. that may suggest that there are a number of steps the lawyers can take. there was not much discussion about what the timeline may mean other than he is being sent to prison. he will be able to help visitors -- you will be able to have visitors, unless they are preparing a legal defense. that must be mapped after the also what we heard from john jay, the new ftx ceo as well as going beyond investigations that are taking place in the bahamas. haidi: we heard from the former federal prosecutor talking about the avalanche of evidence. what is this? tell us about the case that prosecutors are trying to build? >> it seems to be the case in the bahamas that the chief liquidator who has been chosen by the supreme court and the financial crime unit are really digging into some of the transactions that took place on friday, november 11

shery: same in europe.he eu states are set to discuss a price cap lower than what was originally planned. steve, what do we know about the cap? >> it is looking to be about 188 euros per megawatt hour. the european gas prices closed on friday around 115. so the cap is much lower than what was proposed before, which was nearly three times higher and required a 10 day stay above prices. it was seen as window dressing, there is no way that cap would be implemented. but 188 euros for three days, then you will have a cap executed and you would not be able to trade contracts above that price. that has happened in the past and if there is a cold spike, if this cap is agreed to, it could be implemented. so this looks to have more teeth than the previous one. there are a lot of discussions. germany has not necessarily been a big fan of stricter caps so there will have to be discussion as the eu has to agree on the cap but it could provide relief for markets and downward pressure for prices, which are trading near th

shery: we do have plenty more to come.bloomberg. ♪ haidi: we know that australian foreign minister penny wong is headed to beijing at the invitation of her counterpart. penny wong saying dialogue is essential to stabilize the china relationship. the prime minister saying he will pay a visit to the u.s. next year at some stage. they also just announced that the former prime minister is going to be the ambassador to the u.s. this is considered an icebreaking trip visiting on tuesday with talks set to take place on wednesday for a strategic dialogue between us joe you and china and it coincides with the 50th anniversary of the formal establishment of that diplomatic relationship. since we have seen the labour government come into the administration in australia there has been an attempt to reset what is been a frozen relationship that has deteriorated over the last few years, trade and diplomatic point of view. shery: investors will want to bet on china's economic reopening and they are still concerned about the geopolitical

shery: so good to happy with us.h to reopening, a preview of the market open on the mainland and in hong kong, next. this is bloomberg. ♪ haidi: a quick check of the latest business flash headlines. frontera has raised its earnings for the second time in three months. the world's biggest dairy exporter now sees earnings at 50 to 70 new zealand cents a share. that is up from the previous projection of 35 to $.60. milk supply is though a global -- demand for products used in medicinal nutrition have driven strong earnings. china fortune is set to get a london court's approval. encz -- an offshore creditor meeting. nearly $5 billion is scheduled on january 12. china fortune land was the first developers to default on the beijing's effort to curtail that growth in the sector last year. chinese ev maker byd is considering building a battery plant in the u.s., but doesn't plan on selling its vehicles there yet. byd says the inflation reduction act is threatening its ev uptake in the u.s. and would like the language modifie

sheri: the u.s. will send a delegation to china as washington seeks support from allies for its curbs on chinese tech. this was a picture across wall street. a down week with the dow seeing its worst week since september. recession fears. the fmoc decision on wednesday. and all eyes on the cpi numbers out on tuesday. inflation numbers have dropped markets this week. on average the s&p 500 has moved 3% in either direction on cpi day. the tenure yelled close to three point 6%. and a bad week for oil prices. the biggest tumble under weekly basis since april. have recession fears and a risk off sentiment. and the question is what happens to those inflation numbers and tons and tons of central bank decisions this week. >> a lot of investors waiting for clarity on the path ahead and we can see the lack of conviction coming through in a company that has been declining over the last few weeks setting us up for mixed trading in asia. the other factor is what is happening in china. we are seeing cases spiking

shery: what are we expecting of the u.s. hearing, one of their two star witnesses has been arrested. >> it may be too soon to tell. i'm not sure how the lawmakers work, there may now be a bit of a scramble but that is to be seen i imagine, assuming lawmakers will start to digest it. haidi: we've broken the news that sam bankman-fried has been arrested there and we are waiting potentially and of eight when it comes to an extradition request. let's bring in someone else who is probably processing all this as well, always great to have you here on bloomberg. we appreciate you joining us. give us your reaction to these latest development, sam bankman-fried's arrest and what you would expect to happen now and the implications for the broader industry. >> the events of ftx and spf have been unfolding over the last month, and this is not two surprising, after some of the for luminary evidence has come out, people have been thinking that he has committed fraud on a massive scale in terms of what led to the ultimate collapse of ftx.

shery: breaking news out of south korea. the current account surplus and for october to $883.4 million. the goods trade has fallen into a deficit of 1.40 billion dollars from a surplus in the previous month. the numbers have been all revised downward for september but the current surplus narrowing to $883 million. possibly not surprising given high energy prices and external demand pressuring economies, including japan where we saw the surprise current account deficit this week. >> keeping the yen in the overnight session. we come online snapping a three day job at the start. a lot of optimism around the fed is expected to moderate the pace of the rate hikes next week. bonds locally -- look subdued. the aussie dollar has been one of the biggest gainers against the green black. -- greenback. the vix index is one to watch. it is back around the 22 level even though some say it could be -- investors are optimistic and less cautious near-term even as we see nikkei futures looking flat. a lot around the region are pointing high.

shery: what will be the driver?o far markets and investors expecting a pivot playing into the market but today we heard all this doom and gloom. >> we have had a nice rally off the lows and i think it's because of the consumers. they still have a lot of money in banks and the test will be when the money runs out maybe next year, by then i am hoping the fed will have signaled a pause before that and might be on the way to lowering rates so as long as the consumer stays strong and remains confident, the market will go up. shery: does the recent shopping season give you confidence? next year we could see more covid stimulus. >> it's about the consumer. the money we received with stimulus and the money sitting in bank accounts that has not been spent. the middle of next year may be we will test that a little when the money runs out but until then the trend will be on the upside. i also expect inflation will look better and come down faster than what people are predicting. when housing data becomes more current, looking

shery: where does that leave the u.s. the other side of the break ways and, commodities -- of the equation, commodities? richard: the boj spoke about in the precursor is a part of that, it has been a sequence of factors that have drove the u.s. dollar haven story for eight or nine months of calendar 2022. part of that is the boj policy, part of that was fears about the war in europe might escalate beyond the countries involved. supply-side pressure on commodities, geopolitical challenges. none of those issues really evaporated, but certainly they all diminished in a way that has taken away the dull exceptionalism. the fed is not the only game in town, the reserve bank of new zealand, the ecb, a range of central banks are still delivering tightening. i think the u.s. dollar has picked for the cycle. it would not -- the fed will need to deliver easing for that to happen, which is a long way away. haidi: what about australia's economic exceptionalism? even prior to covid zero being dismantled, looked like we were well placed

during the first time sheri launched a sheri on shift, her practice of working alongside constituents at their jobs. in sheri's words the sheri on shift experiment gave her quo qoach a feel --, quote, a feel for what people do for a living and how they support their families. over the past decade sheri served drinks at the golden hen cafe, planted soybeans with a farmer in galesburg and taking care of senior citizens in rockford. she has tried her hand at bee keeping. and with every sheri on shift she would ask her constituents what do you need from me in washington. just ask her staff. the answers to those questions made all the difference in sheri's office. consider the case of a nurse in galesburg who told sheri she was so concerned about the lead pipes in her home that she was planning on dropping out of nursing school to cover the cost of replacing them. sheri told her we're going to do this right. and soon she learned it just wasn't one nurse who was suffering from lead pipes but the entire community. so sheri kept her promise to that nurse. she found the federal and state dolla

shery ahn breaking it all down.et us widen the perspective with carl weinberg, founder and chief economist, thank you for joining us. i want to take a 120 thousand foot view. the japanese central bank has always been the guinea pig, if you will, when it comes to buying etf's. when it comes to other central banks around the world, are we going to start seeing what japan is doing may be more adopted 20, 30 years down the road? carl: before i can answer that question, we have to agree on the premise that the bank of japan is doing anything. i'm very sympathetic to shery ahn's parting comment about if there is more to come. i'm going to say i think mohammed, i respect him a lot, but he is way off base in his assessment. the boj governor kuroda makes policy, as opposed to mohammed told us clearly, this is not an increase in interest rates. this is not an exit, a pivot or a tweak. this is an adjustment. you look at the whole thing of what they did last night, they left every single one of their policy interest rates uncha

shery: chief china markets correspondent.rade in hong kong, shanghai engine gentry of bloomberg markets china open is next. this is bloomberg. ♪ ♪ 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? hi, i'm katie, i've lost 110 pounds on golo in just over a year. so let us focus on the how. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just work

shery: good to have you with us.gn investors have slashed their holdings of china's onshore bonds for a 10th straight month. we have the market open in hong kong and the mainland next. this is bloomberg. ♪ shery: a ceo says european banks should exercise financial prudence while assessing the full impact of inflation and the energy crisis. we spoke exclusively to him on the sidelines of the international economic forum of the americas. >> the financial sector is in good shape, able to finance the economy. yes, the central banks want to fight against inflation, it makes sense. but at this stage we are seeing signs of slowdown of the pace of inflation. i am sure central banks will carry on money to caliber rightly there monetary policy. what is being done is needed. again, i do not think we are facing the same kind of scenario. external shocks can create a problem, but in the absence of an external shock, we have in mind i slowdown we can resolve. >> what sort of schlock -- shock would you expect? >> a geopolitical cri

shery: to visit. not to live in.p there though, jumping into the top 10. singapore, you mentioned it before, i had to point out that every time we get this cost-of-living index, i have to point out singapore is always skewed by the cost-of-living because of how excessively high and expensive it is to own a car. and not a lot of people actually own a car, so the expansiveness of that is actually by design. so really interesting. tokyo and osaka coming down as interest rates release data low there. also how cheap the yen has been for most parts of this year. the syrian capital of damascus the world's cheapest places. the six most expensive chinese cities all actually went up. shanghai is in the top 20, so this of course, despite we know the cyclical nature of the economy. and of course borders remaining i was quite surprised how in singapore there were no cars around. getting to the airport was easy. shery: overall, asian cities cost-of-living's did not go up as much as the global average, globally 8%, asia about 4%. o

. >> from the world headquarters in york i'm shery ahn, the top story this hour u.s. stocks drop in the fourth straight session. investors waiting for the boj decision as it draws to a close. >> twitter users above for elon musk to step down as ceo in a the billionaire pledge to respect. >> the january 6 panel recommends donald trump face criminal prosecution for his role in the u.s. capitol assault. this a be under pressure at one point falling as much as 1.4%, we're talking about the consumer discretionary stocks leading the declines. tesla rally on news that news -- on news that elon musk would step down. that faded throughout the session. we had data that said u.s. homebuilding sentiment sank in december to the lowest in over a decade excluding the time during the pandemic. not surprising given how high mortgage rates are, as input cost continue to rise. the 10 year yield at a 362 levels, treasuries falling, you eight -- u.k. guild falling. there's been a lot of speculation if the doj would carry out a hawkish pivot. that is affecting the global bond market sentim

shery: bloomberg samurai with the latest on china's covid infections.ready the fallout from china's covid zero strategy. key indicators likely to show that the economy worsened in november, putting it in a vulnerable position. this as of course we see more disruptions as emma mentioned given the spike in infections. let's bring back alisa who sees the risk of china reversing course on its reopening. i guess we know that the economic data from november is not going to be great given covid zero. the question now seems to be, given the pace of reopening that we see right now and emma tells us that even she is -- she is stunned at the pace, how soon can we expect the economy to rebound? alicia: the economy will rebound widely because the opening is wise. but of course there is risk. it's not so much reversal, i have to say that as we speak, the risk of reversal is decreasing by the mere fact that it would not be possible to put everybody back and walked down after having so many cases. there is contact tracing you can never do again. so i think the key here

shery: good to happy with us, managing partner at msa capital.m a this is bloomberg. ♪ shery: the flight attendant union plans to implement any work to rule action that would limit employees to doing nothing more than required for their jobs let's bring in katrina nicholas. what is an issue and should travelers start worrying about their holiday trips? katrina: they disagree with the airline over a number of things. insufficient rest periods during stopovers, and [indiscernible] and certainly, the airline has been have been crew ranks depleted significantly over the past few years because of covid. employee numbers plunged around 40% at the end of 2019 do to all the covid-related redundancies and resignations. they are targeting adding around 2000 crew by the end of 2023. as of october, they have found about a thousand people. intensive descriptions over the holiday period, as you said, -- that limits employees to doing their jobs and nothing more. i don't think we expect to see [indiscernible] earlier this month so that customers needn't be conc

shery: top stories this hour, treasuries slump u.s. stocks swing as the boj whitening.an futures signally mixed start. elon musk hunting for a new ceo for twitter while the ftc deepens its investigation. we hear exclusively from the world's -- largest carmaker. this was a picture. a lot of volatility, not surprising given we are going towards year end. and then the boj shock change in yield curve demand. the 10 year yelled spiking toward 370. it is not just treasuries, it is a global bond rout. rising yields pressuring tech stocks with the nasdaq falling for a fifth session. which would be the longest losing streak since october. also, a weaker dollar helping that send oil prices slightly higher. but, it has really been about the bond markets. what happens if you have japan perhaps repatriate some of those funds because yields are rising? japanese investors have $3 trillion in global bonds and stocks. half of that stashed in the u.s.. the question is what are the implications of a change in boj policy? haidi: this could take months to play out across funding channels ar

. ♪ shery: let's talk about the u.k. for a moment.dly finalizing new rules to regulate the cryptocurrency sector. that includes guidelines on dealing with the collapse of companies and restrictions on product advertising. in the u.s. the ftc is following suit, also investigating crypto firms over possible misconduct through advertisements. in march the u.k. regulators send warnings to more than 50 companies over misleading crypto advertisements. that is after cracking and quinn based ads were deemed -- misleading. we want to talk about the future of restructuring. so much more. pleased to welcome to the show k raken ceo dave ripley. first and foremost talk about the new regulation being unfolded in the u.k. tickly when it comes to adverts and you of course have had some concerns there. you have been think about along side coinbase and other companies. how have ways changed at the moment? >> with regard to advertisement in the space in a way we describe our approach to all things crypto is responsible and ambitious. we are regulated in

. >> reporter: sheri and aaron sparks >> i've always loved christmas, but then there is that weight that you're fighting through >> reporter: do you think that the parade coming back will help with that? >> i think for a lot of people it's going to be healing. >> reporter: they're not comfortable going back this year, but credit the community support for those who do want to attend to ensure safety, the city quadrupled police officer presence and altered the parade route from past years, along with an $800,000 investment in new vehicle barriers. >> the most important is the community feels safe and that's something we can't put a price tag on >> reporter: the town's resilience on full display >> remember what a christmas parade it's bringing everyone together in the joy of christmas. you kind of think about how terrible it is that, you know, there has been a stain on that, and there shouldn't be. >> and our thanks to moira for that report. >>> now to idaho, where we have new details in the university murder mystery where four college roommates were killed last month the two roommates who

shery: you are

it is the brainchild of sheri mcmullen. >> what i love about the style is that everyone has their owng for big labels, it is about mixing independent designers. jobina: she has been called a champion of young fashion talent and a taste maker. before that she was a buyer for neiman marcus. >> when i started 15 years ago i wanted to create a space for younger designers. i thought i know that there are more designers out there and those who look like me but how do we find them? jobina: she has it cured out. >> i go to new york, paris, copenhagen, oakland, san francisco. jobina: during the nba finals she styled steph curry including -- and designers including one from oakland. one of her most notable ones is christopher john rogers. >> it was a one collection that stood out and i kept going back to that and thinking we are going to make this work. >> christopher john robert -- christopher john rogers went on to dress the vice president or her inauguration and sarah jessica parker's met gala look. he also created exclusive pieces that floated down the runway at the 15th anniversary show. >

and maybe because of this particular cast, which is politically oriented and whoopi and sheri shepherdr own work, and joy who's a flaming liberal, and once we had barack obama on -- we've had, what, valerie the -- one of the three number one assistants. we had colin powell on last week. we had some of the guests you've had. we had prime minister blaire on with us, jimmy carter on yesterday. we can ask the tough questions and then at the next moment -- >> how long are you going to keep going? >> i knew you'd ask me that. he was going to ask me and i have it prepare. here's my prepared answer. i'll know when the time is right to leave as you did. >> you know when it's time. you do. >> yeah. and the program is very successful. i'm having a good time. i'm in very good health. i will not be doing this forever. i, myself, know when the time is. but right now i feel valued and happy. >> we couldn't have it any other way. >> even if that were not the prepared answer, that's what i would say. >> we'll be right back with barbara walters. don't go away. >> he did say he would do it. >> it's not j

. >> and you had sheri on, terry, anna gasteyer. >> a baker of your generation might tend for a drierer muffin. >> then tina fey was brought on as at writer. >> 25-plus years of "saturday night live," you are the first female head writer. >> i heard, oh, that place is a boys club, it's horrible. when i got there, my experience was it was not that bad. i think i've been very lucky to get to places kind of as they change. >> i quit being head writer, we all sat in the room. i go, clearly it's tina fey who should succeed me. everyone went, yep. we knew tina was the sharpest, strongest writer coming up. >> research is being conducted on the world's first contraceptive patch for women. it's approximately three inches in diameter and reads "get off me." [ laughter ] >> once she became head writer, she was in a position to advocate for the other women on the staff. she kind of explained to men, you know, why something was funny. >> introducing kotex classic. [ laughter ] >> this is the original. i love the bell. it's so complicated. >> i think women really have the market cornered on irony b

and port and sheri have remained english drinks ever since then. but again, for national consciousness. so again, reflecting ranks status, priorities, and so on, this also meant taking great care to present food well. like food is entertainment, food is display, and it feasts you would do these things called subtleties which actually weren't subtle at all, there are ways of showing off crazy things you do with food. like you would big live animals into a pie, not because you wanted to eat the live animal, but because you want to cut in into the pie and have the live animal job surprise a. gets but physical parents, your own physical appearance, could be a sign of your status and the food you consumed. john bowl is obviously very stout, you can't fake that, you can't really pretend making yourself look fat, but as an illustration of something you could, fake all ask one final question, i promise this is a last question about great britain. this time at least playing into another national stereotype. this is a question about english people and teeth.

she got a job in the summer and she got a start, the reason why sheri was jewish and a woman but she had not shown, she wasn't married. they kept her on it till she got pregnant and then she told me they said to her they came to her and they said we are not embarrassed by her situation, as if pulling out the stomach for being -- but her clients might be said to let her go. but then she described how she went back to harvard rekeying and she was some years later and the professor was awi young womn with short skirt and boots and pregnant. she thought progress has been made. [laughing] so anyway just tost be able to follow him through justice frankfurter and the early days of kennedy to these letters to george i thinkt personally that submit the most to me. i found the young guy i never knew. >> a lot of the collection of course sheds light on the relationship with the jfk and then with lbj palette asking about a document on display over at the briscoe center that really hasn't jumped out at me. dick goodwin writes to lbj in march of 1965 and suggests that the president give dick goodw

the next night a rogue wave crashed into the "polaris" killing one passenger, sheri zhu, and injuringt and came over and broke through windows and just washed into these rooms. not only did it wash into the rooms, it broke walls down and some walls went into the next room. >> you could see there were windows out on about, i don't know, somewhere around six of the rooms, six or eight. >> six or eight in varying degrees. >> reporter: viking saying in a statement it is investigating the rogue wave incident and committed to the safety and security of all guests and crew. and pam went on to describe the incident on the zodiac boat as an explosion. she told us the floor buckled, almost like squeezing an aluminum can. now we should tell you this is incredibly rare but workers in the industry, they're concerned because these kind of trips are becoming more and more popular, guys. >> gio, thanks very much. >>> we have new details on the passing of kirstie alley. this morning we're learning more about her brief battle with colon cancer, the fourth most common cancer diagnosed in the u.s. the em

sheri smith. mr. smucker: i would agree with those words. hi the pleasure of visiting the school district as a member of congress, i was able to see firsthand the work that they are doing to prepare students in stem technologies as fifth grade students were participating in a computer coding project. it was encouraging to see the district offer such an outstanding opportunity to their students. i'd like to thank dr. troop for all of his work to provide an excellent education to students and i would like to congratulate him on being named the 2023 pennsylvania superintendent of the year. the speaker pro tempore: for what purpose does the the gentlewoman from california seek recognition? >> mr. speaker, i ask unanimous consent to address the house for one minute. rernd my remarks. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. porter: getting congress to enact widespread campaign finance reform feels as likely as getting snow in orange county this christmas. however, it shouldn't take a once in a