sonali: thank you.ll stay with florida where ian is leaving behind floodwaters and tornadoes in its wake. commodity analyst for bloomberg intelligence joins us from miami. what are you keeping an eye on? mike: it's the significant from commodity standpoint with the major natural gas production going further out west. so that's been an issue, jumped a little bit and hasn't mattered much. it's more proudly signaling global recession. in miami specifically the micro not bad. just some flooding. a couple of trees down. i rode my bike in on tuesday, decided to work from home yesterday and wrote in no problem. not so bad here. guy: long-term is a something this regions can have to think about, adapt to and change the way it does business. or we can is see this -- are we going to have to see this shift to different area. will we see commodities more broadly rethinking this. >> i think you are right. all the storms are going up there the last 10 years. but what's happening here is orange production has been dec

sonali: property is a great place to ask this question.ked about this great liquidity suite, but the brunt of that is not nearly been felt. how are you as an investor preparing for that? >> it's depends on what we are talking about. talking about commercial real estate, we are in a two-year margin call for commercial real estate globally. if it's not two years it because price moves quicker to shorten the time. i think it's true in commercial. look at retail spaces and other things like that they more reflect the reality on the ground. you can find property companies out there, pretty well fixed over the next five to seven years. what would we half to go for that right now. we might have to pay 15, 12% of that issuance to get that financing. we are looking for asset rich businesses that have great financing terms and the market is not praying the team he him -- pray -- paying the premium. i agree with you in terms of commercial we couldn't be more negative because the commercial market will take a long time to recover globally because the

we turn to sonali. sonali: jeremy, you have this new deal, this partnership with robinhood.mebody who has already worked at so many institutions. what does this ad for your base retail customers? jeremy: thanks so much for having me on. we announced a broad partnership with robinhood here today at converge, our first platform ecosystem conference. you have thousands of people in san francisco, which we are excited about. this morning, to go on stage -- the robinhood cto talked about this. robinhood is an amazing retail investor platform. they have 23 million users. it really sort of represents the kind of mainstream user participating in this more democratized financial system, and what we have done with robinhood is a few things. i think the first is just making that one of the currencies people can trade on the hood. they started with some traditional popular cryptocurrencies. it has become a critical part of anyone operating in the digital assets stage, whether you are using exchanges, while it's -- having them built in to robinhood and their 23 million users is really po

sonali punhani, credit suisse's chief u.k. economist.ing up, consumer inflation soaring to euro area highs. we will look at the reading later today. this is bloomberg. ♪ >> we will do what we have to do, which is continue hiking interest rates in the next several meetings. >> i think for most of us, all of us, 50 may be the minimum. >> my choice would be 75 basis points. >> some have asked for 100, but i don't see that going as fast. >> it is also clear for now we are low the neutral rate. >> as long as we don't get to inflation, we will not have a career -- clear path. >> most probably it is somewhere around 2%, but i accept there are different views. >> we could see higher inflation for september for the euro area, 9.1%. >> the distance to the interest rates that will show 2% inflation over the medium-term is still relatively large. >> this is what we have to do. returning inflation to 2% in the medium-term. >> if we go back and forth, this will send mixed signals to the markets, to our citizens. that is bad. dani: from hawkish to dovi

sonali: there were two announced archers.y joined about three years ago and was part of the firm's management team. goldman is not alone in the musical chairs we are seeing. there still a lot of movement on wall street when it comes to jobs and it's interesting to see it happen at the highest level of the firm still. so it will be interesting. this is a man who is there to help on recruiting silicon valley and was responsible for a lot of the changes you saw at goldman when they had done a lot through the pandemic. kriti: let's get a quick check on the markets because once again stocks are on the move. we see the s&p 500 down .6% and the story is all about currencies. the dollar still hovering at those record highs. john: whether we saw a technical bounce and are back to the interest rate story, we will see. after three weeks of challenges for the s&p 500, as we head into the afternoon, we have seen that weakness which we will continue to watch. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind.

bloomberg's sonali basak joining us there.s talk about some of the assets we are watching over here in europe. stocks are down. we are getting quite close to recent lows. that seems hard to say right now. just north of 400. we are at 403 right now. riksbank, 100 basis points. the swedish krona is down today versus the u.s. dollar. look at what is happening to the u.k. to year ahead of the bank of england thursday. that is absolutely fascinating. steve jakobson, saxo bank cio, is joining us. the close is coming up. this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. so... i know you a

sonali: you find that people who believe in bitcoin are relying on mining.you talk to investors, what is going to be pushing people into more environmental concerns? guest: this is important for applications. users care about energy efficiency. we see web three companies pick solana because of this. sonali: we are a couple of days away from the great merge, but does that mean for you? guest: even post-merge, ethereum is less energy efficient. i'm excited by the fact this will finally put the debate over whether this is secure. it will prove to everyone the technology is not mature enough to handle very large capitalization for a network. emily: how far could you go in terms of rewarding the validator's our computers that themselves use renewable energy? anatoly: this is not something we have looked at yet. overall, the network uses so little energy. we have our own offsets they cover the entire network. emily: when you look more broadly, crypto gets a bad rap for its energy use. do you think that is deserved? anatoly: mining is energy intensive. folks need t

sonali: two different sets of concerns.ne thing is the economic environment might get more challenging. the challenges are no less daunting even though the worst of covid is behind us, jamie dimon said it's a tale of two cities and highlighted inflation is a big issue. if you look at lawmakers, what happens to the consumer ability to borrow as it gets more expensive to do so. haidi: are there specific issues that have been addressed by the ceos in terms of the regularities? sonali: you have seen them address some of this and prepared testimonies. addressing the issues of fees and overdraft fees that have been contentious. that is one thing there has been direct response to as well as commitments to minority communities in terms of banking services. one of the things under review is legislation, you're going to hear the banks speak to the ability of these firms to grow, what it means and whether it is serving the best interest of those communities, by and large some of these banks have reduced the footprint. shery: these con

sonali: what do you think about it relative to bitcoin?to ask you in terms of valuation and usage and culturally, you see a lot of people splitting off, spending one chain or the other. i am wondering what you think it does to the community. does ethereum become more dominant? >> proof of stake is not all roses. there is concern that there is this rich get richer type of fact that if you own ether, you can get more. the only way to earn more is to buy some ether. at the same time, there is concern that there will be vulnerabilities or bugs. some investors will still prefer bitcoin and its inertness and the fact that it does not change. it does what it says and it will probably never change, unless there is a massive upgrade. what we have seen, this is a technology, as well as the type of monetary asset. in the long run, technology that is able to iterate and operate will win over technology that cannot. when i talked entrepreneurs and investors, most of them are excited about building on ethereum or their smart contract platforms. emily: t

sonali: there is also this idea of spinoff.you have kind of an estimate on how many more spinoffs you can see in the next year especially as their activists on the sidelines and other investors who want this to change at a time that companies are under pressure. cary: if a company is under pressure and it's viewed as being undervalued in the public market that is can it distract -- attract activist attention. there's a time when -- we are in a time when boards understand that. highlighting high-value businesses is certainly something we would expect going forward. guy: can you describe to me the difference between the picture in europe in the picture in the united states? cary: that's a deal we are around. what i would say is lots of the tension around it is how it's received ultimately in the equity markets but i think it's a sign of broader reopening within the markets. guy: but more broadly is there a concern that the wider environment euro will be struggling with an energy crisis we are seeing certainly a significant econom

sonali, we thank you.ne more corporate story, shares of nike are lower today after barclays downgraded the company from overweight to equal weight and cut the price target to $110 a share, down from $125, head of their earnings release next week. one of my favorites is joining us now, our very own equities reporter, bailey. walk us through the pain that barclays sees. bailey: they are not only sounding the alarm on rising inventory. nike reported their inventory, but there are concerns about a strong dollar. nike drives about 60% of sales from outside of north america so when the dollar is strong it weighs on demand. at the third issue is the chinese market, so in china they are sticking to the zero covid policy, so people are not going out to spend money on new shoes trying to impress their friends. it's not just ahead of the earnings, it is really looking at the mid to long-term over the next 12 to 18 months, giving it is a stock already down. it's down 34% over the past year and down 40% this year. krit

sonali: it's not just a regulatory issue.ugh market more generally because we know consumers have been a little more stretched. there was a report last week in the u.s. that folks need to buy more gas and more groceries on credit more than in the past but it's a large global market and it still expanding. still a product that many banks have adopted and terms of installment loans but you see tech companies like amazon deciding to work with other tech companies. a firm has been under a lot of pressure this year. we did havemax lechvin speaking about no late fees. it's something that could change in the industry. kriti: this comes on the heels of the acquisition of pay right. sonali: they announced that deal in late 2020. we saw a lot of market turmoil and it spoke to the potential for acquisitions. they want to be cautious but they want to be the wire of choice. it's important because we are seeing what it has done for them step it helps them expand with apple in canada and is now pairing them with amazon canada. where else wo

sonali: how do you know when this will be successful?ce action today was not not all that good and actually was down, but you did see it rising very significantly until this point overall before you really hit the crypto winter. when do you really see the benefits of the new economy? >> we are seeing the benefits today. the switch is immediate, right? the energy efficiency gain we have realized with the more efficient model is in effect immediately today, so we already see that. we see the benefits of increased decentralization. there are way more actors producing blocks today. in principle, ethereum's proof of stake is working now. it is successful now and running smoothly. david: there we go. ethereum developer preston van loon. up next, we talked through the china gas terminal. this is bloomberg. ♪ david: welcome back to the show. commodity markets doing a 4% drop into this morning, so some reprieve if you could call it that. u.s. net gas down about 1/3 of a percent. rishaad: the gas price going down means all that cold will not be de

sonali, thank ou. the history in the making. sonali, thank you.about the continuity. the - has always been. david, it is all- about the continuity. the monarchy keeps going. we have had the death of the monarch very recently but the passage keeps continuing. the crown is being handed on quickly. it is almost hard _ is being handed on quickly. it is almost hard to _ is being handed on quickly. it is almost hard to believe that it is 48 hours _ almost hard to believe that it is 48 hours since — almost hard to believe that it is 48 hours since the passing of the queen because _ hours since the passing of the queen because things have happened so quickly _ because things have happened so quickly in — because things have happened so quickly. in the age of absolute monarchs _ quickly. in the age of absolute monarchs there are a dangerous reason _ monarchs there are a dangerous reason she — monarchs there are a dangerous reason she wouldn't want accession to be _ reason she wouldn't want accession to be confirmed, proclaimed and unquestioned. i think wha

sonali: we have been asking about this.hat was reported by sky news is something the banks can really do. they are intermediaries so they were told to not short the pound that some of the banks are doing anything -- anyway if the clients would make decisions. so the chancellor would have to meet with a different set of advisors i thing that's the key question but is there anything market wise and really stopping folks. >> some executive markets have been probably quite happy to be out of the spotlight. ftse 100 up. the dax stabilizing and the cac stabilizing. bond market more broadly around the world, we will give you the details next. this is bloomberg. ♪ guy: the equity market closed. not the main event but we will talk about it. the ftse, dax all broadly higher. it is worth paying attention to. the action is elsewhere. the actions in the bond market. we are waiting to see just the impact these rate rises will have around the world. we are certainly seeing evidence out of europe as well. that's what's happening with the g

always appreciate you joining us, alongside our own sonali basak.g up, getting ready for the kickoff, 2022 nfl season starts this week. we will get in full gear with a jason robbins, ceo of ash talking about the sport for the series and the introspection of technology. ♪ emily: nfl season is kicking off we are exploring introspection of sports and technology. we are starting with sports betting. in 31 states, kansas being the first -- most recent to join. draftkings, contains their leadership on daily fantasy sports, market that has gone $4 billion. they're predicting this football season will be the biggest season yet. joining us to discuss the ceo jason robins. give us a status update on the numbers and how much you think nfl kickoff will kickstart and already building industry. >> this is our holiday season, to make an analogy. this is when everything come all of the numbers go up and it is a fun time of year. a lot of work from the team goes into preparing for this. we lost a lot of features and products, in the last 90 days, including our new r

welt ah oh, is it ok to simply make music in times with an encounter with ukrainian store conductor. sonali need celebrated by audiences in by voice books on on the need, on balancing part and for march 29th. next on dw. i will not send another generation where we're enough canister. afghanistan and the unforeseen dangers for america may why? i am prior military. i am christian, i am a 2nd amendment is and now supposedly on the chair the war comes home in 45 minutes on d w. m. what secrets lie behind these walls? discover new adventures in 360 degrees. and explore fascinating world heritage site. d, w world heritage. 360. get the app now and i couldn't get there to matt that are you cartoons on eden freedom. but at the moment journalists, dick freedoms are being curtail. jeremy, trying to show the world that it's changed. and then this event.

sonali. new celebrated by audiences in by voice of son, albany on balancing part and war. barnes 29 dw. we've got some hot tips for your bucket list. romantic corner tread hotspot for food, please check and some great cultural memorials to boot d w. travel off. we go and i can get there to make that gallery cartoon, glen eden freedom. but at the moment during the listing freedoms are being curtail . jeremy trying to show the world that it's changed and then this event happened.

sonali basak is here to break it down. sonali: happy friday. you have the s&p down more than 1%.n the back of that expectation of a hawkish fed. it did try to scrape higher in the day, ending lower. the nasdaq 100 ending more than 1.4% lower on the day. you are seeing the s&p 500, both indices down on the week significantly. the two year yield, interesting you have that arise significantly into the week. getting well above the 350 level. really tiring some of those rises you see on the two year yield. those yields have a big impact on how you value a lot of these high-growth companies moving forward. bitcoin is back below $20,000. $19,959. we are watching that closely. it has not broken too far below these levels. bitcoin trades into the weekend. let's look at another asset. correlated to bitcoin is the nasdaq 100. the five-day move here, when i said significant, but i meant was 4% drop. not the biggest drop we have seen, but moving into september, a traditionally hard month for stocks, it will be interesting to see how this trades next week we saw traders try to get back some of

emily: it is great to hear what you are doing now, kevin rose along with our very own sonali basak.are going to be right back. 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. ♪ -- this is bloomberg. ♪ emily: here are the stories we're watching tessa considering building a better be great let the refinery of the gulf coast of texas. the company is filed an application for tax breaks with the comptroller's office and will be the first of its kind in north america. the electric carmaker is evaluating a site in louisiana. and amazon sellers are bracing for a bleak holiday shopping season as inflation bitten consumers are curbing their spending. many merchants who sell more than half of the goods on the amazon website are concerned they will be forced to cut prices to move a mountain of unfilled inventory. this is a break from -- that let them check up prices. that is a trend we will continue to follow. that does it for this friday edition of bloomberg technology. monday excited to have ray donahu

sonali: he saw them being asked this yesterday. see each bank ceo sitting there and saying yes, savings rates will go up. if you look at the national average, we are still looking at a 17 basis point return there. it is not a lot to your point, but remember, these banks are sitting with more than $6 trillion in excess liquidity. that was in the hundreds of billions. j.p. morgan alone has that much in excess. they are having the dual problem of having a lot of savings and having trouble lending into a tough environment. to your point, that is the critical question here. lawmakers were very angry that rates were going up. jonathon: so excited for this. thank you. just unreal to 10 basis points. a scapegoat down in d.c., one of the bank ceos -- not the bank ceos, but fed chair jay powell right in the middle of that. another announced extreme interest rate hike. i was worried it would millions of americans out of work and i would say he is already on the path to doing so. tom: nobody has got a clue on this. i think everyone is flying b

sonali need celebrated by audiences in by voice books on, on the need, on balancing part and who are marked 21 in 60 minutes on w. o. and then jim, in which the deputy at any time in place using video, nevada we have i don't feel like if it was cracked summons to sing along to download the isda compatibility from super msc often use of doing for tie have varied courses, put us into active exercises are available at d. w dot com slash dog planet on facebook. oh, in the still land gym and for free with b. w. look closely for listen carefully. don't know how to miss today. ah, feel the magic discover the world around you. subscribe to d w documentary on youtube. with business d. w use live from the lead. russia turns off the gas tap to germany, state energy giant gas from and definitely suspends the north stream. one pipeline, shutting down a direct link to europe. also coming out united nations.

with oh is it okay to simply make music in times ah, an encounter with ukrainian store conductor, sonali, ne, celebrated by audiences in by voice. son, albany, on balancing part and who aren't 21 in 30 minutes on d. w. small acts can inspire big changes, meet the people making a possible go africa joined them as they set out to save the environment. learn from one another and work together for a better future. ah, many thoughts to you all for choosing it to africa. on d w. oh, hello guys. this is the 77 percent. the platform for africa. you to defeat issues and share ideas. you know, on this channel we are not afraid to dedicate young people clearly have the solution. that future belongs to the 77 percent. every weekend on d w in mind, when you were an architect local on land or not at all, women in architecture. why are they so invisible to the larger publisher? we decided to ask them and help women go up with the inefficient home model. if they can't identify with certain professions about their guiding principles basis. and what is the poetry, the secret of the houses and i'm homes ab

sonali, thank ou airfield for one final time. sonali, thank you very — airfield for one final time. five past eight, but we will just follow the progress that it makes and it will be slow, steady respectful progress as you would clearly want, as you clearly expect. to look ahead to tomorrow when we will also have another solemn event, which will involve quite a lot of ceremony, but ceremony in the sense of showing respect, showing admiration, and conveying all of the grief that people have been feeling in recent days, and giving people an opportunity to file past the coffin itself, in westminster hall, where itself, in westminster hall, where it will be lying—in—state. let us take a little look at the location, because this will give you a better sense of what will be going on and there you have buckingham palace, with green park on the left hand side, stjames park on the right, and then, on the left as they go up the mall, clarence house, and st james's palace, very familiar buildings of course for the royal family, and then turning left towards horse guards, and across the parade,

sonali: i think that's a great question.ember, there's been a lot of discussion about the sec of the last couple of days. today, when you look at the banks testifying at the senate inky committee, remember, that hearing has ali been going on for about 45 minutes. there is a lot on the sec's agenda right now. the house was very upset that the chair had not testified there. but they are upset about climate change, which now the banks are answered questions to. we expected that this could be a little contentious. a lot of political issues at play here. but you do have shared ground out of the gate. first question before anything had gotten started, charlie sharp and wells fargo broke into fits, saying they are still caught up in political issues. it is going to be another long day of hearings ahead and a lot of rhetoric. the question is, is post midterms -- in post midterms, what did those moves really look like? guy: absolutely. if you want to follow this on bloomberg, you can see live pictures on bloomberg. as ever, thank you

. ♪ ed: time for our daily crypto report with sonali basak. >> we are going to talk about the intersectionweb three and politics. thank you for joining us. i'm curious because you have about 800 people that you surveyed. was there anything early surprising to you? we know that more money has been going into crypto lobbying. it will be seen as an issue for lawmakers. what was different here that you didn't expect to see? >> there were a couple of real standout issues going into the midterm elections. the next congress is very likely to write the rules that will define policy for the next generation of the internet. it is critical for those policymakers to know what americans are thinking as they embark on that process. the first big take away for us is the web three voter is now a significant constituency. if you think historically about the role that organized labor has played in u.s. elections and it has been consequential role, we have 50% more voters in these key swing states that hold digital assets than a union card . this is a very substantial swath of the electorate we are talking a

sonali basak has been covering this for us. have you been up all night? >> i woke up at two a.m.at it happened. while it was successful, also one of the biggest upgrades in the cryptocurrency industry, it is still the beginning of any changes for ethereum to get to those ultimate goals they are looking for. what is changing? now, we are moving to the proof of stake model. they're looking to become more scalable, improve transaction fees and gas fees. that is not going to happen right away. there are things that will be talked about today on twitter that will get closer to that, but there are concerns right now as we look at the merge and how the next couple of days and weeks work out. those concerns include scammers attentively appearing and creating forks that look like the ethereum chain as it continues through the merge. also the impact on layer two tied to ethereum. also any unanticipated glitches that are not tied to this merger, but other upgrades that will continue to do the things that we want to see from ethereum which is improved transaction fees and speeds. to your poi

shery: that is joseph speaking exclusively with kailey leinz and sonali basak.heck on the latest is this flash headlines. the trial against a man who they say it was a serial lighter -- liar. the niccolo one model is not even functional when it was unveiled in 2016. it was -- the defense is saying that the prosecution was distorting the facts. he face a five years if convicted. volkswagen has agreed to buy stock, volkswagen has said it is over the evaluation of 70 billion euros. it is looking to finalize a price range and take investor orders early next week. starbucks jumped after boosting the outlook for sales and profit on rapid expansion and the expected recovery in china. it sees earnings rising 15% to 20% in each of the next three fiscal years. sales are a key metric and they are seeing rising 9%. haidi: twitter shareholders have approved the $44 billion buyout paving the way for a pile next month. bloomberg's sarah joins us now. we see training to the base of its own story, a selloff we saw across technology stocks overnight. >> it is really an indication

sonali: the bank ceos have already talked about what they have done for consumers the last couple ofrs including more minority communities but what was the most biggest part of this was maxine waters and congressman henry disputing the purpose of the hearing. you had them focusing on the policy rather than financial policy and its posturing possibly for the midterm. it's how these lawmakers dispute among the social concerns and the roles banks play on everything from guidance climate. maxine waters is speaking a banking desert and the impact of mergers contributing to decline in the availability of banking services and you have congressman perlmutter talking about cryptocurrencies with a lack of trust in the financial system so a lot of veterans. these hearings only started a couple of years ago. this was not regular until then and the action becomes, what will the face of financial regulation look like as we had out of the midterms based on what happens today. alix: what are the ceos most scared of? soanli: they are worried about the concern about banking mergers. you have them talk

ed: sonali basak, thank you. coming up, a delay in depositions.heir depositions before the october 17 buyout trial. we bring you the latest next. this is bloomberg. ♪ ed: three weeks away from the court showdown between elon musk and twitter. starting october 17th, a delaware judge will decide whether the world's richest person has legitimate grounds to walk away from a deal from -- a deal to buy the platform for $44 billion. monday was supposed to be a key moment in the lead up to the trial but it did not pan out that way. joining us to discuss, kurt wagner. elon was supposed to be deposed it did not happen. monday. what happened? >> both elon and prague are trying to reschedule their depositions. elon was scheduled to be deposed in delaware. the ceo of twitter was going to do so in san francisco. in both cases it seems like the timing is not right. we are told this is not super rare in a situation like this, but what makes it interesting is the trial is three weeks from today so there's only so many days they can push this thing. ed: i want to b

oh is it okay to simply make music in times with an encounter with ukrainian store conductor sonali need celebrated by audiences in by voice of son, albany on balancing part and who are marked 21 in 10 minutes on d. w. o. and sometimes a seed is all you need to allow big ideas to grow. we're bringing environmental conservation to life with learning facts like global ideas. we will show you how climate change and environmental conservation is taking shape around the world and how we can all make a difference. knowledge gross through sharing, download it now for free. we're all set to go beyond deal with as we take on the world. 8 hours. i do all this. yeah. we're all about the stories that matter to you. whatever it takes hide. policeman a pain deal. here we are. your is actually on fire made for my ah, ah ah, a who's ah all way can be the generation that ends it for good malaria must die. millions can live. ah, ah ah, this is a w news live from berlin. nasa's moon mission is grounded for weeks. p automates launch is cold off again. control is a human command era may have caused a fuel le