i'm sonali basak jon erlichman.l taubman says any slogan is an opportunity to pick up new talent. that has helped him in the past decade. here's my interview with him from earlier today. paul: we see tremendous opportunity to grow. this is a conducive environment to grow. you need to see m&a slow down in order to hire the best m&a bankers. that is the ultimate paradox. the reason for that is because the switching costs are much lower when dealing with a low velocity environment. trying to get a best in class m&a banker to leave in the midst of an m&a bull run when there loaded with mandates, the costs to extract themselves, they leave their clients in the lurch. we are advantage of the fact that even though the environment is challenging in the near term, we know it is going to come back. we want to continue to press forward and grow the franchise. sonali: how fast do you actually expect acquisitions to be coming back to the market? paul: the pace of activity and dialogue is picking up. we are looking at levels toda

i'm sonali basak.at, my favorite bead, turning down to a slowdown in the hedge fund industry. it is specifically for the funds run by tiger cubs, the names given to the proteges of julian robertson. we will bring in hema parmar are to talk about what is going on. the numbers are abysmal relative to prior years. they are clamoring to get into funds before and now they are clamoring to get out area so how much have assets dropped by? is it mostly outflows, performance, a combination? >> what we tracked is from the d regulatory filings showing in foes from u.s. clients alone. it does take into account redemptions but it does show the demand investors have had for these funds over the past 12 months. what we've seen is a start decrease, drop as much as 99%, 81% in some of the funds generally performed badly last year. so these are some of the biggest names in the hedge fund space because the name to stock pickers, some of the best for warming starkly but have a -- have had a difficult year last year and su

bloomberg sonali basak -- bloom's sonali basak will join us for the conversation. ♪ somebody would asker something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. matt: this is bloomberg markets. on the heels of that treasury penn, --auction, let's discuss the trading rates with michael de pass. sony bassett joined us as well -- sonali basak joins us as well. tell us your thoughts on the amazing -- of supply we will get. more than $1 trillion will come this quarter. is there enough demand for that? >> there are a couple things to consider when you look at the supply that is coming. it is significant, the first concern would be if they're going to be a crowding out effect, is it going t

ed: alex blania of world coin and sonali basak, thanks to you both.up on "bloomberg technology," we speak to the ceo of portage about the state of fundraising in silicon valley, today's vc spotlight, focused on fintech. as we go to break, watching shares of microstrategy, down around 7% in the session, the leadership of the company giving pretty consistent long-term, bullish outlook on bitcoin which underpins a large chunk of their balance sheet. this is bloomberg. ♪ i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save up to $500 on the new sleep number® smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number®. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimi

sonali basak joins us on set. what do we know about the new clash? sonali: there is a separate memo that has gone out with america's leadership, dozens of employees affected in addition to the hundreds we know that might be laid off in the process. some ubs bankers are leaving, some very famous ones. mike santini has been executive chair when andrea was under sergio to do initial rounds of amplifying the investment bank. he will be leaving, ross stephenson will be staying on the executive team. there are two other senior leaders, he was a high flyer at ubs for a while. there are new high flyers including one from barclays in recent months, so a lot of the new team reports to him. a few pieces i find interesting because credit suisse staff is being brought up to the top. it is not in spades, about a half dozen or so, including in the americas co. heads of financial sponsors now led by a ubs veteran, so a mix of both banks as well as barclays at the top. significant moves. matt: this was expected. one of the things i did not expect on wall street in ter

sonali basak joins us now. wasn't anything materially new in these downgrades, but it seems like investors still don't like to hear about it. sonali: to the point you are making, we have seen significant downgrades by moody's, and the munis news was somewhat worse because you have seen firms placed on negative watch, whereas you have s&p saying there is a lot of stability on the most recent action. you have the kbw bank index down another 2.2% on the day, and if you see the banks that are moving the most, regions can financials, and zions. not all the banks have faced potential downgrades. s&p said zions in particular remains negative after the review. the uncertainty would weigh on the heels of these banks. remember also there is another thing as well if you are concerned about the direction of interest rates and the impact it is having on the banking sector in terms of the available securities, in terms of the health of maturity securities, and the price paid for deposits. two-year yield surging above 5% doesn

sonali basak joins us, is this what we expected? sonali: increased fee disclosure , this is a $17 trillion industry that has faced regulation. now you're watching the sec under the biden administration start to grandfather a new era for regulation for an industry that has blossomed. part of this is to limit preferential treatment. the idea of giving larger investors longer standing investors better terms. it has become common practice. what chair gensler is saying is they are looking to make sure one group of investors is not burying an outsized share of benefits in terms of fees being reduced relative to other investors. something interesting about this is if there are complex deals to cash investors sooner rather than later or transfer positions from one fund to another, which again has become fairly common practice, they will need an independent auditor to ensure a fair deal across investor basis. there are some wins for the industry. we have seen hedge funds and private equity firms lobby aggressively against the rule, which will

get a read on the private equity space with michael fisch, ceo of americans agrees, as well as sonali basakrter. michael, thanks for coming into the program. we talk so much about higher rates. i did a story on mortgage rates over 7%. we heard from larry summers, who think the 10-year will average 4.75% the next decade. how does that affect your business? michael: it affects it a lot. it is very important to plan for rates. it's not catastrophic for private equity. deal flow is down 40% from last year, 60% from the year before. that means half the deals are getting done. rates matter. when you plan for and what you expect -- 40 years ago senior debt was 14.5%. the private equity business was exploding then and it is doing well now. but if you bought companies planning for lower rates and didn't hedge add, that is a problem. the cost of your image was complete europe because of supply chain problems and inflation, is another problem. in a projected earnings don't come in, management has to be nimble. sonali: curious about the inflation store and how that is reading through your portfolio sti

. ♪ sonali: this is "bloomberg markets" and i am sonali basak.rivate credit managers have turned to wealthy individuals as a fresh -- almost $65 billion from a retail investor contributing anywhere from $2500 to $1 million for investment. raj dhanda, thank you for joining us. i know you have had a lot of roles when it comes to wealth. we have been talking about the market rebounding, what is the pitch to private investors when they can just be investing in the s&p? raj: great question. thank you for having me. there has never been a better time to reflect on your investment portfolio. we have had an unprecedented move in investment rates and characteristics from the alternative market is important to dampening volatility and helping advisors keep their clients invested in the market. we think this is as great a time as ever to reflect on a 5% allocation to alternatives and take that to 50%. sonali: that seems like a lot of your money tied up in a certain investment. raj: you have to zoom out because the liquidity discussion is important. today, a

joining us is bloomberg's sonali basak. for private equity to have a pipeline to offload investments. where are you at? sonali: if we look at the deals announced in the last seven days we are looking at multibillion dollar deals, significant announcements come and of those announcements we have private equity names. think about subway. as they come to the market for financing that could be more than $5 billion package. not only the m&a fees but also the financing fees associated. blackberry, we reported they are in early talks as well. blackberry give or take $2 million. you are seeing private equity -- what is private equity matter so much? if you think about 2021, where there was a massive boom of deals, you see the chart, the exits in the m&a and ipo markets were almost $800 billion worth in 2021. that has fallen by 60%. if we look at the data by bloomberg intelligence, it is not that it is going to come back so quickly, because the market has not stabilized quite enough. this is why the post labor day rush matters so mu

sonali basak, wall street beat.meeting will be the subject of great discussion, i suspect. we are about to close the markets in europe. stoxx 600, that is the narrative. it is going to be the beneficiary of this microsoft activision deal being done with the u.k.. yields are big, low yields today. it is amazing to see that happening. close is coming up next. this is bloomberg. ♪ start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com guy: 22nd of august, tuesday. that is the mystery and the chinese story being represented in europe. the countdown to the close starts right now. >> the countdown is on in europe, this is bloomberg markets european close with guy johnson and alix steel.

current -- fantastic coverage, sonali basak on what is happening with the wall street beat.ou have a picture developing of a government that is taking a portion out of the finance center -- sector. is this a long-term story, does he get through parliament, -- does it get through parliament? unicredit down hard on the back of that. the 10 year yields reacting to a bunch of factors but yields are lower and china is probably a big factor. there is a ripple effect coming out of the states. stocks 600 -- stoxx 600 down 3/10 of 1%. the ema head of equity sales at barclays joining us. this is bloomberg. ♪ 76% of 23andme health customers surveyed reported taking healthier actions. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. you don't have to worry about things like changing tax rates or filing returns. avalarahhh (jennifer) the reason why golo customers have such long term success ahhh is because we focus on real foods in the right balance avalarahhh so you get the result

ed: let's get some more, bloomberg sonali basak care. was the interviewee wanted to get and you got it. what else did you learn from it? sonali: some things are important. if you look at the way gptc, the grayscale bitcoin trust, is trading, when i sat here with you yesterday, it was at a 15% discount to net asset value. that has gotten a little wider today to 21% as i sit here with you today. because there is still uncertainty around the path forward to an etf for gptc, more around the timeline especially. one of the key concerns here, and you heard it from michael sonnenshein himself, they don't know if they have to refile to convert to an etf in the wake of this process. there is a timeline here. we do not know whether the sec will fight the decision and michael himself said this is day one of a 45 day process in which the sec can request potentially a hearing. the ruling yesterday was three to zero so this is not quite likely per se, deathly going against what the court has said unanimously yesterday. however, it could certainly happ

going to understand what happened, it was a surprised let's bring in sonali basak. a good place to start, what did the appeals court say about the original sec decision to block an application for bitcoin etf? sonali: i think the part important here is this idea the denial of grayscale's proposal and this is according to their ruling that the denial was arbitrary and capricious because commission failed to explain the difference of treatment of similar products which was a key part of the grayscale argument here. and you look at the decision by the court, and remember there are three judges that ruled in grayscale's favor, there is a process that you have to understand. it is this idea there are 45 days in which both sides review this ruling and the sec could always push back. the other thing that is a big open question for grayscale is the idea of whether they have to refile for an etf. when you look at grayscale's filing relative to many other filings including blackrock's filing is this surveillance sharing agreement, which has largely said to be benefiting some o

sonali: hi, i'm sonali basak. this is "the next big risk."ting is a business of managing risk for the long-term. in a year where recession fears abound, a war in ukraine rages

matt: sonali basak is here with more. one of the questions i've been hearing today is why now? sonali: we know these ratings reviews always come with a big delay with what is actually happening. they look at these longer-term pictures for the banks. it's very important that a lot of these notes from moody's had said the capital picture when you look at the new rules being put up by regulators will be net positive for many of these banks which is reflected. however, you see the market reacting strongly to the news of the day and it makes sense because once you are downgraded, it certainly has an effect in terms of counterparty risk that is being taken off. you have 10 banks that were downgraded including m and t more than 200 billion dollars in assets but you also had a group in review for downgrade and another 11 that had negative outlooks. that uncertainty is sending every bank in the kbw bank index down on the day. the entire index is down about 14% on the year. it's the news that the banking system did not need on top of all the structural headwinds that had been there for a

. >> i am sonali basak. we are kicking you off to the close. big day at jackson hole.point 3%. nasdaq 100 up over .1%. the two year yield is at 5.05. interesting moves, three basis point hike off the heels of that speech at jackson hole i fed chair powell. the 10 year yield, st

i am sonali basak.for opportunity is a daunting challenge, given fears about a recession and historic

sonali basak is joining us. all right. tell me what we got. well, we have to talk about the technology story here first. as you've been saying, because we did see a big movement into technology, but it was largely weighted in things like amazon. and you have seen some famous traders, the tiger cubs in particular, have really trimmed their holdings. when you looked at what they did in the tech world. take, for example, co two, that is philippe laffont fund. they had trimmed some of the largest holdings that includes nvidia, meta, tesla, netflix. you've seen stan druckenmiller at duquesne and soros fund management really exit exposure to alphabet, for example. so there wasn't a singular story in technology. i would also say for me, the larger story was not actually in technology, where you also saw some other interesting moves like rokos fund management by qkc. you also saw the use of etfs to do things to get exposure to bonds. particularly, you think about soros fund management upping on lqd and you think about the fact that gvc, which is an is

bloomberg sonali basak and all things 13. thank you. coming up here on tech, new proposals backed by netflix and disney to the hollywood writers. when will the strike come to an end? we're going to give you some new details next from san francisco. and over in new york, this is bloomberg technology. rise up this morning. smile with the rise in sun. three little birds. pitch by my doorstep singing sweet song of melodies. pure and true. saying this is sinus rhythm and blues. caribbean seal now on visit sandals.com. the first time you connected your godaddy website and your store was also the first time you realized, well, we can do anything. cheesecake, cookies, the cookie, manage all your sales from one m(jennifer)your sales from one pthe reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the rel

sonali: hi, i'm sonali basak. this is "the next big risk."ting is a business of managing risk for the long-term. in a year where recession fears abound, a war in ukraine rages for a second year, and geopolitical tensions across the globe are boiling under the surface, three wall street

sonali: hi, i'm sonali basak. this is "the next big risk."ng is a business of managing risk for the

sonali: hi, i'm sonali basak. this is "the next big risk."ting is a business of managing risk for the long-term. in a year where recession fears

joining us is sonali basak. ng at the clearing a significant dent in the system. alix: finally. sonali: finally. when you think of what will happen in the second part of the year, there are deals in the pipeline that are already there where it will be an interesting story of how they are financed, or there are going to be new deals that we may see, back -- we may see come back. we also saw a record deal when you look at finasteride, and the idea that more than $5 billion of the package was put together by private lenders. very importantly, one of those lenders was blue hour. i had a conversation with the resident of blue ow -- the president of blue owl. he was telling me in the next couple of years you could see deal package of $10 million put together by the private lenders. he told me that over a 12-month span, he has gotten at least 60 views of more than a billion dollar deals. if you think $5 billion is rare, imagine a $10 billion deal a couple used on the road. guy: blue owl, cool name. they finally get to m

getting the details on the revelatory progress and understanding the reaction with bloomberg's sonali basakplain to me, this was supposed to be a big move for the industry and you look at shares lower, hard to understand. sonali: all things start and end on where the quote -- crypto is going and bitcoin has been under pressure. the point we are making is what does it mean for coinbase to become a features clearing merchant. the idea of this was they tried for a couple years and the derivatives market and the futures market around bitcoin has become large. for coinbase to become a futures cleaning merchant, it adds another player in the market which has become smaller over the years in the broader derivatives market. for coinbase to be doing this makes this option more available to retail trailers -- traders and institutions. this is not something that will be rolled out tomorrow. it will be offered in becoming weeks. ed: approval to sell crypto features in the u.s.. in that era of tech showdowns and cage flights, there is one relationship that we pay attention to which is coinbase and the f

sonali basak is here. why are venture capital companies worried about these new rules? : you have to think about other funds like tiger global moving into the equity structure, venture capital structure. what they are initially concerned about is straightforward. very much new rules for $17 trillion industry that hadn't faced this much disclosure or scrutiny before. the industry has ballooned meaningfully. i will say that even though they are concerned about these new rules, one of which involves sidecar vehicles, which is preferential treatment that often applies to large investors , the sec is trying to level the playing field in terms of fee structures. importantly, there have been large when he w -- large wins. when you look at the open meeting they are discussing these rules, but the commission is made out of five members in which three of them are democratic and expected to vote in favor of the rules. where the industry has won is the idea of a grandfathering provision, investing agreements will -- previous agreements will investors will live on. this will be for n

sonali basak joints me now. e host of reporting, what has the responsibility like? what is the support for a john madden -- a waldron led that she -- sonali: his loyalty and intense drug has been a hallmark of his personality. this tension to break with david kind of goes against that. you have not seen john break with david, but you have to remember something interesting. when investment bankers came and took over the top of goldman sachs, the traders dubai in large love john. he has won the hearts of the inside of the firm largely, as well as the client base. we even included this in our story as well. it is his style, his down to earth-ness. you think of people saying john waldron is blue-collar, from the midwest, down to earth. that is what they are relating to, relative to his more abrasive style. lisa: he is trained to keep that popularity as he moves toward a pretty tumultuous time. if you like this is a topic of discussion because it is a slow summer. is that all what's going on? sonali: it's kind of a st

sonali basak joins us. put this in context. how big of a decision is this on grayscale? ssive. this is been a years long pursuit. it has been fighting the decision and now has the courts in their favor. if you look at bitcoin trust, this is one of the longest standing, largest trusts holding bitcoin in which retail institutional investors have been able to gain your for many years. you are looking at a discount to an asset value really narrowing here. at this moment, it fans and about 24% of its asset value, but that is expected to narrow as they get closer to the etf conversion which has become a main nieces for investing in this. beyond that, there is a whole host of other etf filings in the pipeline. this is boding well for those firms. in addition to the grayscale- bitcoin trust, finding some love on the heels of this decision, you are seeing bitcoin up above 27,000, 4%, almost 5% jump in the market. the idea is that by a potential conversion into an etf, it could drop massive adoption from financial advisors, retail investors. think about how much many on the sidelin

coming up, the grayscale ceo will be joining us and should only invest our -- sonali basak tomorrow atg up, caroline hyde and ed ludlow. this is bloomberg. ♪ i may be known for my legendary football career, but truth is, i love a bunch of sports. the only trouble is knowing where to find them. that's why i got xfinity. so, i can easily find and watch whatever sport i'm into all in one place without missing a thing. even if it's football, australian football, or football football. in a word—it's fitz-credible. i got to trademark that one. this season, eligible xfinity rewards members can get up to $100 off nfl sunday ticket from youtube. sign up for xfinity rewards now. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with gol

grayscale ceo and bloomberg's sonali basak, thank you for joining us. bloomberg. ♪ dani: just over 30 minutes until the end of cash equity trading in europe. some of the bite has come in. we were up about five basis points. those are now about 2.2 basis points. what really set things off out of the gate we get some regional data of inflation out of germany. hotter for another month. we got the overall german picture recently which was above 6%. perhaps coming in a bit with the rally that's happening in american bonds. the euro holds onto strength versus the dollar. got to imagine this is more of a dollar story given the gdp reaction we saw hours ago. the relief, the ease at which treasuries rallied next to softer data. it's an interesting dynamic about what is the trade-off for the ecb. it is growth versus inflation. do they have the luxury of waiting it out to see if inflation is reined in and wait for more growth data to see if there are more cracks. european stocks, and not a lot of appetite for those. not too much action. coming up we will speak wit

. >> i'm sonali basak. we are kicking off to the closing bell here in the u.s.y. a lot of exuberance we saw, wiped away. the s&p 500 down .1%. mixed earnings picture out here in the u.s. the semiconductor index, this is where nvidia earnings could have had more of a difference

sonali basak has more detail. >> as pressure mounts on goldman sachs ceo david solomon, the spotlight on his number two, longtime deputy john waldron, coo and president of the firm. executives are asking waldron to pick a side. to stay loyal to solomon and risk being passed over as ceo for that choice, or to win over disgruntled executives. inside the firm, waldron is responsible for much of the strategy, including turnaround that consumer business which they are exiting certain parts of. pressure mounts this quarter, as they are under pressure to post a better quarter than the last couple quarters we have seen so far. lizzy: now to european corporate news. bloomberg learned that bae systems is in talks about a possible acquisition of ball corporation's aerospace division. in what would be the largest takeover of the year by a u.k. company, it is in talks for the unit which manufacturers instruments and sensors. at 9:00 a.m. u.k. time, we will have the latest rate decision from the norges bank. the current rate is at a 15-your high of 3.7 5%. at 1:30 p.m. u.k. time, u.s. initial joble

joining us as sonali basak. this is the only thing bond traders are talking about. so great and outlines the difficulties facing leadership at coleman. sonali: the fishers have been paid attention to for months over a goldman sachs. part of the reason is there have been a lot of leaks about david solomon, a lot of concerns and griping about his personality. we have seen it happen but it did not matter. performance was so good the last couple of years. the pressure started about this year. over the weekend we saw the new york magazine story outlining almost of issues around -- a host of issues around goldman sachs and personalities. it draws attention to john waldron, is number two. they have been colleagues for three decades. one of his most trusted debbie's. they cannot be more different people. david solomon who has this more abrasive, brash style, more highflying. the private jets is something people refer to a lot here. then there is john waldron. he's described as blue-collar. he's midwestern, low-key, father of six. he's working 24/7 all the time. that persona

sonali basak, thank you very much indeed. bloomberg. ♪ guy: earlier rally running out in europe. stoxx 600 back to flat. luxuries have a better day. some of the older stocks of had a better day. after being bashed last week, it has not bounced. down by another 6.48%. i think citi is back with the most negative view on what's happening. a whole raft of downgrades and the stock remains at a significant price. that certainly under pressure. gas has been bouncing around. it's a big week in terms of what's happening and the -- whether having in australia. you can feel the market could go one way or another. the facilities in australia, you could see a big spike higher but if the deal gets done and an offer gets accepted maybe you get a crash in prices. the details are huge on that. obviously these are relatively low levels. but nevertheless the volatility is picking up. what is going to continue to shape these markets this week. we get an answer to that question. this is bloomberg. ♪ to finally lose 80 pounds and keep it off with

sonali basak covering that story.buying into its own private space, satellite out of germany, around 34 but i probably need to check that a big bounce today. there is a bit of activity in the m&a space that can be done. final cpi numbers out of germany , continuing higher. iag will be interesting, telling us what's happening with consumer stories. the summary is going to be hot in many ways. the earnings story is going to carry on. this one is important, glencore is out. we've already had the numbers out already and there is a narrative on what's happening in china with metals prices and coal, m&a. it's interesting, this is a business, and industry at something of a pivot point. alix, these will be interesting numbers to be dig into. alix: tech resources, a canadian company, glencore wanted to buy it and merge it into their own company and that did -- bid has not materialized yet. core business with m&a going forward, let's get more towards mining and commodities. grant, good to see you. what are the tea leaves tellin

>> welcome to "bloomberg markets," i'm sonali basak. we will go straight to breaking news regards it -- were guarding the kansas city fed. it has been the longest search this entry for new president since the previous president retirement may of 2022 announcement. michael mckee has the details on who will take the job. michael: we have a replacement forecaster, george, he is jeffrey smit -- jeffrey schmidt, the ceo of the school of banking at southern methodist university and will serve out the five-year term. he can be reappointed in 2020 six. he will be a voting member of the fomc in 2025. he's a nebraska native, he began his career in 1981 as a field examiner based in the ftse in kansas city and he follows a trend at the kansas city fed because esther george and her predecessor or bank examiners, and 1989 he became president of american national and oman moved on to mutual of omaha, the insurance company as per german and ceo. he has been running a family-owned bank in dallas, graduated from the university of nebraska, has a business

jon: this is bloomberg markets, i am jon erlichman with sonali basak. ollo shares sitting right now at a record high. apollo recording a record profit as it continues to focus on areas such as credit and insurance. sonali: absolutely. adjoining is to discuss that are allison mcnealy and cameron. allison, you not only have a record high for the apollo shares, you have the minting of more than $1 billion in profit. what does this mean for the path forward for apollo? when you hit a record, the pressure is up to hit another one. allison: the path forward is credit. private equity has been going through a bit of a tough time right now, but with higher interest rates, there is a ton of investor demand for private credit, which is something that apollo specializes in. sonali: a couple of days ago, you had written a profile of who took over apollo and had been known to be changing apollo's image from a feared asset manager to your friendly neighborhood asset manager. how much is that working for them and is it true? allison: based on the stock performance, i wo

guy: thank you, what a fantastic week of coverage from sonali basak. thank you very much indeed.talk about where we are in the market. europe is coming to the end of the week which has been painful for europe equities. up by .3% but on the week the stock is down by 2.5%. this is where we are right now up for 60 and we were at 470 with the key technical levels which is worth watching. german factory data we see a bit back into the german tin year yield driven largely by what is happening in the u.s. and the reaction with the payroll number. and ap is having a reaction to the market. what is coming out of this is there is slow growth but not a recession. that is telling. that seems to be where most people are at the moment. one of the world's biggest shipments -- shippers is saying that which is important. we see -- we see a stop drop today. and we look forward to our upcoming chat with the ubs chief strategist. this is bloomberg. ♪ start your dna-powered health journey today with personalized insights from 23andme. when you automate sales tax with avalara, you don't have to worry

sonali basak just spoke with him last week here on bloomberg tv. a lot can change in a week.nificant is the move? >> it is like the world changing over at citigroup. paco ybarra was one of the most trusted lieutenants when you come to the strategy changes at citigroup under jane frazier. he led all of the institutional businesses including one of the largest trading houses on wall street, certainly a giant in the space of fixed income, rates, currencies, commodities. rates, currencies across the globe, the most global bank in the u.s. also he ran and oversaw the security services business. this is the business that deals with payments across the globe for many corporations. fintech companies and other banks. this is one of the fastest growing parts of citigroup that they are trying to get investors to focus on. a week ago, this is what paco had to say to me. >> they are getting more challenging in england and parts of europe. they will get more challenging in certain industries in the u.s. that is how we think about the world in 24, 25. along with the evolution of how capital

joining us now to discuss is sonali basak, bloomberg wall street correspondent. sonali, just to get started, what is the latest in terms of how goldman is responding to this and how they're sort of setting it up, given clear internal dissent? this idea here that mike mayo had brought up that performance has not been impacted. listen, this year's a tough year for goldman. the roe has been the worst it's been in years. and we are splat dab today in the center of the third quarter. this is a pretty pivotal moment in terms of what goldman would post at the end of this quarter. they have to finish their consumer strategy exits. they have green sky, they have balance sheet reductions to get through. and so this idea about performance being impacted by a lot of the distraction happening at goldman, this is when it's being put to test most. why are people so fascinated with goldman sachs in particular? they're the biggest when it comes to the high flying world of investment banking. goldman sachs has changed a lot. this was this closely held partnership and when david sol

basak. paypal is the og name in payments and you follow the modern era discussion around crypto this is a significant piece of news. sonalik about the paypal mafia all the time. it's not surprising to see paypal be the first to come out and make a stablecoin announcement. they are also working with paxos which is a longer stablecoin issuer and is regulated heavily in the united states. they are trying to get something off the ground in a way that's already regulated and well known by the regulators and it makes sense especially because if you think about the way stablecoins are used as an on-ramp/offramp and on the people the house financial services committee trying to proceed with a new bill for stablecoin legislation. a lot of movement on that front but unclear what the endgame is. paypal has 430 million users that are right for the taking when you think about the movement to digital payments. ed: the basics of stablecoin is a crypto token that's pegged to a real asset like the u.s. dollar. is that the case with the paypal stablecoin? sonali: it's fully backed by u.s. dollar deposits, treasuries and cash equivalents. i