>> tom foley.> a year and a half after tom foley's conviction, both sides filed back into the courthouse to once again determine tom's fate. >> circuit court is again in session. >> as before, the state opened its case with the crime scene analysts. >> what is it that you found in the basement? >> on the yellow dunham's bag located inside the bag was three shotgun shells. these are phone records -- >> norris also showed the jury the foleys' home phone records from around the time dar was killed. >> there were no phone calls that either came in or left. >> your wife doesn't show up somewhere, why not call and say, have you left yet? we're waiting for you. >> that's what i would do. >> according to detective carbon, tom didn't bother calling dar at home because he knew dar was already dead. then members of dar's family stepped forward to testify that tom and dar's marriage was troubled and that tom wanted out. >> he told me that his wife is very controlling and that that was wearing on him and he did

, tom. everything. everything we've got. >> what evidence at his place do you have against me? >> that's all you've got to worry about. >> that's all being worked on. >> because there's stuff. >> you won't find anything against me. >> there will be -- there will be a car load of stuff going go to the crime lab. >> well, good. because you won't find one thing against me. >> reporter: when you left at the end of the first interview what did you think? did you think this is our guy? >> i thought clearly he was a suspect. he clearly had done some things that were very troubling. >> reporter: sure. but did that mean he was the killer? what will tom jaraczeski say if we ask him? >>> coming up -- >> they started accusing me of killing bryan. i was scared to death. i was worried that they were going to charge me that night. >> an arrest? hang on. could there be another person of interest in this case? >> we looked at him very seriously. when "dateline" continues. ne" c. it's another day. and anythin

tom: the tots crushed norwich.athan: this was your alternative sports segment on bloomberg tv and radio. [laughter] coming up, jane foley of rabobank, with this equity market up 0.25%. i tried. from new york city, this is bloomberg. ♪ jonathan: some good news for you if you are sick of the fed speak. it is the quiet period. they go quiet for a whole week into the fed decision on december 15 next week. up 0.2% on the s&p. off the lows this morning as we took a dip into negative territory about an hour or so ago. on the nasdaq 100, futures negative about 0.5%. big conversation about the bond market, volatile. you'll tire this morn by five basis points. the distance between dues intends. we ended last year at about 79 basis points. we topped out this year at 1.57%. from 1.5 7% all the way back down to a 74 handle in friday's session. it has been a round-trip, the distance between two's intends getting narrower. tom: abramowicz would be all over it. i don't know which curve matters , but what they tell me is all the st

tom: it is a huge deal. i am going to go to the german response of what the prime minister says about their urgency in the u.k. what does it mean for us? jonathan: the cost of travel. you have to pay for the ticket and the four tests. it is expensive. lisa: there are people who will come to you for a fee. it goes up as you make war tests. jonathan: it is good to see you. over in the u.k. right now, the prime minister facing a testy prime minister question time. ordering a probe into the alleged downing street christmas party. if rules were broken, there will be disciplinary action. tom: what do you make of the dv out -- the devaluation of sterling? jonathan: clearly some nervousness around rate hikes into weakness. that is the concern, or at least it has been over the last few months. facing down the prime minister, boris johnson. more to come. the s&p is up. tom: john, you're talking alabama football with a british accent. jonathan: one heck of a quarterback. tom: crimson tide is not for dishwashing. jonath

tom: what kind of a day are going to see? jonathan: i wish i knew that, tom. [laughter] tom: i just got to say, you wake up from the "surveillance" map which is there -- "surveillance" nap, what is there? jonathan: when we saw there was a case in america yesterday, that was expertly -- that was absolutely ridiculous. of course there's a case in america. how contagious is this? have you got any idea right now? tom: no i don't. lisa does. the theme here is ferro and keene have no idea what is going on, and lisa is totally clued in. i'm going to look at the vix, 29.51, little bit of angst. jonathan: i'm going to look at crude, $65.78. jp morgan looking for $150 on brent in two years time. we will try to get that for you on the bloomberg terminal and on bloomberg.com as soon as we can. tom: adapting to all of this is brent schutte of northwestern mutual. there's been a run on energy and then a pullback. how do you manage sector weights at northwestern mutual when we see such segmented performance, occluding -- performance, including an oil? brent: i think you try

tom: the president of the united states, when he has a cold he sounds like tom keene. a deepening of his voice. tom: we welcome all of you on radio and television. this is the conversation across the station on oil. last week i thought bloomberg as a company was exceptional in driving the hydrocarbon story forward. those looking for a new level of $80 or even $100 a barrel or even higher as jp morgan calls for, and then abrupt opposite views led by deutsche bank. it is a battle over the gaming of oil. amrita sen is with energy aspects and street is hugely -- and she is cute -- and she is hugely qualified to look at global dynamics of a few years ago and a few other selected schools. we are thrilled to welcome you to bloomberg in new york. here's what i thought -- here is what i saw on the jp morgan powerpoint. there is an assumption by the oil price pools it will be different this time. shale oil pricing has not come in as oil price goes higher. what do you say? amrita: i think the price of shale production has changed dramatically. tom: this is not three or four years

tom: a sum of things. the makeup of it is a complete mystery, but if everyone who has missed the boat this year -- it is tangible. jonathan: how high can they go? we have 70 points on a two year. we just caught up with bill dudley a couple minutes ago. he thinks that it goes from 180 to 250 in the forecast. we will get that acceleration to taper. from there, you have to look at the forecast. then what do you do? tom: we got there from george with the new york fed. lisa, that polarity is evident. lisa: it speaks to that yield curve that is flattening. i go back to what bill dudley was saying. this bill is supported by quantitative easing. tom: that is important, the idea of smooth curves. there has been talk about a possible inverted yield curve. jonathan: 70 basis points between the two. that steeper curve. it has been a flatter, ever since. tom: the dow did not get there. jonathan: you know, after today, we only have one more show together for the rest of the year. that is sensitive, isn't it. are you goi

tom: it will be interesting. i want you to stay tuned on radio and television throughout the entire day. this is not a bunch of lipservice. we did the inflation watch the other day. we made it sound like a baseball game. this is different. jonathan: a football game. lisa: it is much different than the baseball game. jonathan: where is the bowtie? tom: we say thank you to greg in atlanta. this is an official atlanta braves bowtie. this is a cut above most mlb garbage. it is a very nice time. jonathan: very cool, tom. very, very cool. tom: you don't understand it, i am medicated because i am told the d.h. will be in both leagues . jonathan: i am medicated, too, to get through this morning. what are you looking for? jack: pretty much consensus. maybe signal a rate hike shortly thereafter. i take comfort in the bond market consensus. i think that is my view that on its own, inflation will likely abate the rollover. we are starting to see evidence of that. if you looked at inflation one year forward, we are pretty clo

tom? ? tom: let's get into the markets driver. what is the top take from you and the team on the market selloff we are seeing now across the europe, the middle east, what we are seeing in asia and the futures in the u.s. pointing lower, as well? kristine: well tom, it's very, very clearly a risk off day today. the deceleration and risk sentiment in the new year, this is very much a combination of the deterioration in sentiment brought about by omicron related fears as we see more countries potentially considering lockdown , and also the fact we are heading into holidays, the year end, liquidity's very thin, the combination of these factors making for a risk off start to this week. tom: and we always knew that joe manchin from west virginia was going to be picking through the details of this build back better plan for joe biden. now the surprise, it seems, taking surprise many in d.c. by killing the prospects, at least for now. could be revived. but it weakened on the back of this. kristine: absolutely, tom. and this is just adding

tom: the markets will react. what really takes my note and this goes to the world of jon ferro and lisa abramowicz is the curve flattening is tangible. the two yearly -- two year yield -- jonathan: we started the program by saying we do not have a clue what is going on, and economists do not either. the ranges anywhere from 800,000 to 300 -- to 375. tom: how about the swiss twenty-year going through to a new negative yield over the last six days, a greater negative yield and we have a euro-swiss with well below 1.04 for a longer period than a couple of days ago. jonathan: how will the swiss national bank respond to this. i love a central banker unleashed, a central banker no longer in a seat or a central banker that has left that seat. the governor in the last 24 hours, a shout out for "the wall street journal. "we said we would wait until we would see the whites of their eyes that we never said they would let it -- we would let them march over them -- march over us." lisa: the shift in tone is remarkable. the fe

tom: the wife moniker? lisa: i sent the moniker of the unreliable boyfriend -- i said the moniker of the unreliable boyfriend. jonathan: tom, stop trying to cause trouble with lisa. joining us now from pimco, the author of the strategic bond investor. let us start with the shape of the cycle. how difficult is it to keep up? tony: thanks for having me. thinking the unemployment rate in the u.s., what is full employment? the federal reserve -- reserve said in september the longer run is 4%. perhaps, we are on the cusp, because of the large output of people retiring. this brings about a late psychodynamic. that is an acceleration in inflation, a reduction in monetary accommodation to a reduction in bond purchases. the fed is still for a rate increase. this is what you get in a late cycle -- a late portion of the cycle. the jobless rate next year, most projects, will be somewhere in the 3%'s, matching the low pre-pandemic. tom: you are one of the most qualified people in the world for this question. do you perc

tom: jonathan ferro, lisa abramowicz and tom keene. the sum of all yourrs

tom: very good.as had the courage to be in the market and informs us with absolutely brilliant charts. i guess it is once more in order. what is the most dangerous cliche right now? >> i do not know if it is a cliche, but the notion that the market has been so resilient in the face of all the risks that are well-known, simply suggesting that you are not even peeling the first layer of the onion back. i posted charts on twitter as the drawdown table, looking at the index level declines. only 10% in the case of the other two, but the average maximum drawdown across all stocks in s&p is -19 and -42 in the case of nasdaq. that is a benign way to go about it. i think we prefer -- we prefer that, but it makes for a more treacherous environment, trying to trade around those rotational corrections. tom: drawdown meditations is about the market. are we guilty of drawdown meditation, where we have become numbed by this bull market? >> there had been a tremendous amount of complacency. we receiving speculative

tom: that is where we are.ot focusing well because today lisa had a nailed it and you and i did nothing. jonathan: she wins every morning. tom: why are we here? jonathan: if we took scores we would lose every morning. tom: i give up. can you say wants to meet, tom, you nailed it? lisa: we said that. we said that about chickens. tom: you threw a chicken at me you are so upset about it. lisa: [laughter] jonathan: of 58 on the s&p. tom: check it is a big deal in arkansas. the first time i saw tyson's chicken, it was yellow. that is their marketing gimmick. jonathan: lisa shalett of morgan stanley will join us at the top of by our. -- at the top of the hour. i look forward to the opportunity to be on my own and operate in a different gear. more relaxed. it is very zen from 9:00 to 10:00. lisa: weight is the book? jonathan: the book comes out for christmas. lisa: what is the title? jonathan: we have not got there yet. tom: he sold the movie rights from capri. lisa: who plays john? jonathan: i am playing myself. like

tom? tom: thank you very much indeed. let's get into the market action with the bloomberg mliv's eddie van der walt. we have to start with the fed, and the assumption that you're going to get an increase in terms of the taper that will give the fed that optionality when it comes to the need to raise rates next year to tackle inflation. what are you going to be looking for? what are the signals that are going to change things for you in terms of your assessment of how the fed impacts markets? eddie: you know what, tom? absolutely right. the fed is going to set the tone for everybody. yes, we have 20 central banks this week. the one that really matters is the fed, because the fed is ahead of the curve of everybody else. they are already talking about tightening. and really, we just want to see how much their thinking has been impacted by omicron, right? i think that will be the key point for markets, whether that means that they are expecting more inflation, or does it mean that they expect, you know, they expect inflation

with tom keene, jonathan ferro and a lisa abramowicz. tom: good morning. we welcome all of you on radio, television as well. jon, buy the dip, that is what we did. jonathan: getting close to all-time highs. a rally this morning. we are advancing 1.3%. tom: 1.2%. nasdaq putting out 1.8%. and talking about apple. dan ives, we were focused on a two year yield that could speak volumes with the inflation report. jonathan: looking forward to hearing from the big bull on wall street. katie huberty of jp morgan will be joining us this morning. increasing that pride target -- price target. we are taking out the highs for the year we could have a more material conversation behind just rates in america. tom: we are serious, two hands on the wheel, please. lisa, i want you to forward a two-year to a high further year into the auction dynamics we may see today. lisa: you really set me up with something that you love so dearly, i appreciate that. $54 billion auction of three-year notes today at 1:00 p.m. what's the conviction around rate hikes after the first two? we kn

tom: this looks great.u on radio, let's be honest, it is work from a hunting lodge for damian sassower. it is like 70 acres. jonathan: that is cozy. tom: he shops everything at the accord market. everything at the lodge is gluten-free. jonathan: good to catch up. good to see you. i am distracted because the u.k. works and pension secretary said on british tv this morning, but what it's worth, i don't think there should be much kissing under the mistletoe. lisa started spoiling the holiday season earlier in the show, and now in the u.k. they are saying no kissing under the muscle to -- the mistletoe. tom: are they letting down? there is sort of a mystery to what heathrow and the united kingdom is doing so far. jonathan: there is a new testing regime. they are tightening that. is got to go back today two. was going to be interesting for me as if they do anything longer than that. anything comes to 5, 8 days again. that is going to be a huge problem for the hospitality industry, for the major cities in the u.k

we are joined by tom metcalf.to the senior bankers, but what incentives are they whipping up for top management? tom: they are taking a special purpose acquisition company, and leadership is pushing for them to get a cut of the profit that the spac might make. they are really looking to juice their salaries and a number of ways. tom: how is it likely to sit with junior bankers? is this deserved? tom m.: that dynamic will be fascinating to follow. be the junior bankers will see the ceos getting paid $30 million but it may be it helps the junior bankers, they can look at the top ranks and see that they can get paid well if they stick it out. dani: shareholders might react to this, would they be ok with the idea that executives are getting higher pay? tom m.: goldman's share price is up. they have record revenues, record profits. what is interesting is the various ways they are pushing for this, and they are being aggressive. tom: what is your sense of how concerned they are about political blowback? tom m.: not much

tom: be careful here. fankly, kailey is probably better read in than me, but the zeitgeist right now is to push aside omicron. i do not agree with that. i really people worldwide are fixated about what to do about omicron, and that has filtered into the market. italy changing their super green pass. jonathan: it is the good news -- it is a quiet period for fed speak. no fed speak going into the decision next week. kailey: and no fed speak in reaction to the cpi data we get later on this week. the question is will the fed have to react to that first? and on the point about omicron, i would say you are seeing some worried about it. goldman sachs cutting their growth forecast for the u.s. this year and next year because of the variant. jonathan: but still looking for 5100 on the s&p year and next year. pretty big forecast out there still. tom: that is important. people are still sustaining equity market valuations. you say why, and it is corporate performance in the bloomberg economy. before we went to air, y

tom: yes, yes, yes.t is what he is trying to achieve probably with the vice president talking into his ear quietly, keep the options open and wait for the data to make a choice. that is always the game. it is a time of year where people retire. jeff fitzpatrick studying the candidates knows that the gentleman from oregon and the governor from massachusetts -- jack, this is interesting to see he does have some health issues at 74 to retire, but the stunning announcement that charlie baker will step aside as the governor of massachusetts. what do you read into the retirement tone and what we will see in coming days? jack: the charlie baker one is hard to read where the defazio news fits into the trend of a growing number of house democrats retiring. defazio fits into the category that we've seen. he led the infrastructure work as chairman of transportation. you see tears and people who look at this as their last big chance -- chairs and people who look at this as their last big chance to do something signi

tom: thank you so much. i want to make clear that mr. weinstein was chosen for bloomberg surveillance this morning only because john said get him on. we listen to the fixed income guys and they are out there gaining the 10 year yield. do they know what they are gaining or is it just a guess? lisa: a lot of people are saying you can bet against the bond market but every time you have a get the bond market, you have been wrong. the bond market has been highly predictive. it is a discount rate so if it stays this way, how much does it continue to be supportive of risk assets at a time even with inflation running hot which is the reason why so many people come on and say real yields remain perpetually very negative. much more so than ever before and will only go more so because of this dynamic that the fed cannot get out of. tom: i'm unclear on this, will it get worse as lisa talks about or do we actually get an improvement? in england, with 5.1% inflation how painful is the real yield? caroline: it continues to

tom: thank you so much. what we are going to do right now, i am going to go to my smartest essay off of the fed meeting in bloomberg opinion. he says chairman powell pulled off a ted lasso moment, that's appropriate to go to bruce kasman, chief economist at jp morgan. and the good feeling creating yesterday. a key moment was where later in the press conference, the chairman extended out his vision to 2023, 2024. the market took off like a rocket. what is the importance that this chairman has the courage to go out to a medium and long-term view? bruce: well, i think we have to be careful that the fed is making it very clear that the outlook is uncertain. but as you are saying, what the fed is basically telling us is they are going to move early. they pivoted hawkish yesterday, no doubt, on a number of fronts. but they are also saying they don't need to get to neutral to contain inflation, and to make sure that the labor market does not overheat. they are basically telling us by moving early, they are going to

tom: and the impact on local businesses? tom m."ok at restaurants and bars, they will have no furlough to support them. francine: how do you see executives feeling about restrictions? tom m: resigned is the best word, and they are hoping for a more speedy exit from this work from home. tom: they have the systems in place to ensure this transition back to work from home? tom m.: it is more of an annoyance with the offices being relatively open now back to being early to be deserted. francine: our finance reporter who keeps calling everyone to find out their plans. that is it for the european market open. "surveillance: early edition" is up next. this is bloomberg. ♪ this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continu

tom: never easy. lisa: i am telling you, my outlook is going to come out next year, at the end of the year. bullish on the economy is different than bullish on markets. jonathan: futures up 55 on the s&p. bob michele in the next hour. it is coming up, right here on bloomberg tv and radio. this is "bloomberg surveillance ." ♪ ritika: with the first word news, i'm ritika gupta. federal reserve chair jerome powell has given a clear sign that the central bank is shifting to tighter monetary policy. he told congress it is time to quit using the word transitory when talking about inflation. howlett knowledged that the trend of rising prices has proven more persistent than expected. u.s. and japan are amongst the countries ready to impose new travel restrictions to restrict the spread of the omicron variant. president biden is expected to require all air travelers to the u.s. to be tested within a day of their departure. japan will deny reentry to foreign nationals returning from 10 african nations. japanese

tom: i'm sorry, caroline. go ahead. caroline: thank you, tom. such a gentleman. your perspective on does the u.s. remain the only game in town. do you still see u.s. equities outperform the likes of europe, even though europe has a little bit more value to it? anna: in the near term, we like the u.s. because we have a little more clarity on it. what will be very important here is where different nations are in their tightening cycle. as you start to see growth divergence or different timing on when people are hiking versus when that accommodation is coming off, that is going to have a big impact not just on equities, but really the underlying here, which is the currency market. these other kind of things we need to consider going into next year, and there may be more opportunities that open up later in the back half of 2022 depending on where we are in our tightening cycle. tom: anna, thank you so much. anna han with wells fargo, greatly appreciate that this morning. i look as we go from anime hunt -- from anna han to chris gersch sandy -- chris croissant a -- ch

tom: jonathan ferro, lisa abramowicz and tom keene. the sum of all your fears. in a moment, david costin of golden stacks -- goldman sachs. it's a bull market. jonathan: sometimes this year if there is one criticism it's you haven't been bullish enough. looking ahead to next year it's all about multiples and to what degree the federal reserve bring those down with a move. what are we expecting, we're expecting to see a couple of highs in the dot plot for next year and three more a year after that. tom: the surprise may be the emphasis in the press conference. how do we link what jerome powell says to the somewhat fragility of this great bull market. >> i think steve is so right to think about the emphasis the central bank. how data-dependent is that first rate hike. does a wrap up at the end of march or just go visit a case of inflation data through q1 assessed with a degree of deceleration in inflation and then work it out there. i wonder where he will push later in that news conference. >> our bond team, two killer stories about the bond market is about the pr

tom: our guest is still with us.t do you make of a prime minister that seems hamstrung on this issue, cut between his scientific advisors and the back benches of the conservative party unable to put in place more restrictions? is that a relief to some extent? >> it is definitely a double-edged sword. what we are really seeing is a government that doesn't have the political capital to increase restrictions. that could be seen as a bad thing because armchair politics are not good for valuations and stability in the market. we could look at it another way. this is a government that has got its back against the wall and it has to do something before the election in 2024 and we think there have been a lot of murmurings about taking u.k. taxes down, maybe not putting that corporate tax rate through and taking income taxes down and that would be really positive for u.k. earnings momentum. what we are seeing is the government at the nadir of their popularity and it is a double-edged sword in terms of boris johnson's tricky s

tom: thank you very much.tes away from the ecb decision, widely understood not to be news breaking what we saw with bank of england. but we do have a moment here as well. it is as you syncretic -- it is idiosyncratic, but maybe not. it is the unraveling of the turkish economy. i don't know what to make of that banner. lisa: basically, there are a series of economic measures erdogan is putting out there, and terms of raising the min wage for next year. this comes as people's money is worth less and less and has appreciated dramatically over the years. this is a run on the banks come on the nation's currency supply when you look at how much you have seen this. what erdogan is doing is lobbying for his job, and i think that is how you have to see this. tom: we see lera unravel. for those of you on radio, just know that it is a day by day unraveling. the chart is exceptionally elegant and well behaved, and it behaves today and goes out to an ever weaker turkish lira by 5%. what i find fascinating is the change of

tom: thank you so much.ow on this jobs day, it is very good to focus on a given statistic, and with ellen zentner of morgan stanley, we can do that. it all folds down to the on the limit rate. what interests me is the 4.4 percent of this december. what is it like compared to the 4.4% one month after the pandemic, the march report, or for that matter, back to the prosperity of 2017? what kind of 4.4% is this america? ellen: i think the mix of the labor market of those that are employed and unemployed is quite different. of course, we've had a record wave of retirements. it is really about retirements that are running well ahead of what age alone would suggest. that is quite different. downturns, we always see an increase in retirements, but you would imagine this would be much more severe, especially with health concerns around covid and especially with the amount of wealth creation we have had as well, allowing people to retire. government assistance allowing people to make those decisions to retire. so i th

tom: good morning.lcome all of you with futures at -29, dow futures -145, and the vix a little but of angst, the vix up 22.02. a modest find of $200 million, something easily affordable for jp morgan. they announce fines over message lapses. caroline hyde and lisa abramowicz with us. i am sorry. this is a huge deal. buried within is does your employer have rights to your iphone messages and email? lisa: how did the work from home era complicate scrutiny? what are the parameters the banks should have when it comes to scrutinizing what you do on your personal devices? there been different kinds of missives, understanding we do not know all of the details. it adds another layer of complication to what was already highly confusing with people texting on their iphones in order to remain outside of the bank system. how they do this without putting up some of their employees? tom: how is this addressed in london? caroline: we have to -- the work from home scenario was confusing when you had bankers from one ba

laura: thanks, tom. we have just seen the biggest ever loan of its kind in the private credit market. sources are telling bloomberg that apollo is planning to lend around $4 billion to softbank. the financing will be backed by holdings of vision fund 2, which is valued around $40 billion. -- valued at around $40 billion. we are told the terms are not yet final and both sides of the deal are declining to comment. wells fargo has postponed its return to office plans indefinitely. it comes amid the worldwide surge in covid cases linked to the omicron variant. according to a statement, employees will be briefed on the bank's plans in 2022. it had originally postponed in -- postponed a november 1 return date to january 20. rio tinto has agreed to buy a lithium mine in argentina for $125 million. -- a lithium mine in argentina for $825 million. it comes as the world's second-biggest miner accelerates its push into battery materials. the firm is looking to expand in the fields of so-called future facing commodi

tom: the stock down 13.5%. francine: i kept this. tom: thank you very much. plenty more coming up.g surveillance: early edition" is up next. this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 >> the committee decided to double the pace of reductions in its asset purchases. in january we will phase out our purchases more rapidly because with elevated inflation pressures, inflation is well above target and growth is well above attentional. announcer: this is "bloomberg surveillance: early edition," with francine lacqua. francine: good morning a welcome to "bloomberg surveillance: early edition." i'm francine lacqua in london. the fed signals inflation is public enemy number one, laying out a roadmap for faster rate hikes. mobile stocks surge.

sophia: morning, tom.you pull up didi's release from this morning, it's actually just three sentences and just over 100 words, not really -- really thin on details. what we do know is that this is a process that didi had been asked to prepare. bloomberg reported that last week, prepared that delisting. this is a company that went ahead in the u.s. despite reservations from the cyberspace regulator in beijing, asking it to wait for security, cybersecurity review. and didi went ahead anyway. we know that it was the second-biggest ipo of the chinese company in u.s. exchanges, behind only alibaba. so, a lot of u.s. money invested in there. now, the convertibility to hong kong should be relatively straightforward. of course, if didi does go ahead with a listing here, because hong kong, as we know, has a currency pegged to the greenback, and also the company saying it will ensure full convertibility. but then again, didi is a constituent of the msci china index, so we could see some passive selling pressure ther

tom: ok. hong kong with that bloomberg scoop on the death for the structure and what it means for the capital markets, at least the changes in the mainland and hong kong as well. . let's get back to richard dunbar , head of multi-asset research at aberdeen, to discuss his calls on the region, china, asia, and globally as well in light of what we have seen at the fed and expectations of a fast taper. we heard from the china vice premier saying he's pretty confident about the outlook for growth for china in 2022. how much exposure do you want to be having to the economy as you look ahead to next year? richard: well, it's obviously going to be slower growth than what we are used to in china but i think it's going to be more growth than what we are going to get in a lot of areas of the world. china has fabulous companies both on shore and offshore. fabless companies. some interesting companies of chinese debt as well. so yes, china does look interesting, from an equity and debt perspective. we hav

tom? tom: thank you very much indeed. let's get into the key market drivers with kristine aquino. some support for the equity markets. omicron and the risks around that variant looking like they will be reduced and then you have a boost in terms of the consumer sentiment index out of the u.s., as well. do you expect the rebound to continue? kristine: well, very good question there, but i think for any rebound or any move in markets, what you really need for sustainability is volume and liquidity. that is something we don't have right now. while we are getting more good news in the omicron situation and there is definitely a climbdown from the very risk off tone that we started this week with, i think it is too early to say whether we can see this continuing into the new year because given the current state of trading at the moment, it could very much turn on a dime if we get more negative headlines coming through over the next couple of days and into next week, as well. while this is good for a short-term, we are seeing some of those more battered sectors at the start of the week

tom. tom: thank you.t and the impact on the airline sector of these restrictions and the spread of omicron for their sta ff. ok, let's get the latest on the virus. u.k. prime minister boris johnson has urged britain to take care amid a recordsurge in cases. merck's covid-19 pill was cleared by u.s. regulators giving high risk patients a second at-home treatment. we saw the pfizer pill cleared earlier this week. joining us now is a professor at the johns hopkins bloomberg school of public health, doing an excellent job throughout this pandemic of keeping us informed as of course the situation evolves. thank you for this time on christmas eve, of course. what is your understanding of the severity of omicron? what is leaving you cautious after studies of the u.k. that suggest the severity of omicron is more muted than previous variants. >> the important thing to continue to monitor are these populations that have been at high risk of severe disease. talking about the elderly, we are talking about those with

tom: in this for the long-haul.ce, rivian missed expectations and the stock got hammered but broadly, the ev space is holding up. >> absolutely cured here in europe, -- absolutely. here in europe, that is the story. electric vehicles are doing well. it is a situation where the industry knows it needs to manage their emissions across their fleet. they are in a saturation where there capacity can be strained and they have to make decisions about what they can and cannot make. there is demand in terms of the amount of electric vehicles that volkswagen and some of the major carmakers are selling. tesla also having a really good year in part because of china. a lot of imports of vehicles from china has been a major story for them this year and their ability to expand in this market because they have more supply to work with because of the second assembly plant to send cars this way. francine: i cannot let you go without asking about elon musk who sold another batch of tesla shares. >> i am counting down the days when thi

tom: thank you so much.abramowicz and tom keene, we welcome all of you on radio and television across this nation. big u.s. jobs report according to michael mckee. always unambiguous gina martin adams joins us, chief equity strategist at bloomberg intelligence. but i see is the omicron fear with the vix at 30 and we are back down to 26.24. is this another vote that corporations will adapt and we need to own shares? gina: it is all in perspective. the vix at 26 is usually affiliated with the market meltdown. we normally would not have a vix above 20. considering where we have been where the vix was at an all-time high in march 2020, we are still seeing the vix correct, we are still seeing volatility normalized. i think the market is increasingly comfortable that the economy has reached -- that is part of the 2021 story. we feel a lot more comfortable that we are going to see more consistent economic growth. the big question is not necessarily how does the economy react to the variant, which has created short-

tom thank you. -- tom: thank you. mr. secretary general, i'd say about 20% of the questions we have got from our audience in advance concern taiwan and the e.u.'s position on taiwan so let me ask you about that. there seems to be an emerging consensus around europe about the need to deep then relationship with taiwan while sticking to the one china policy what steps can the e.u. take to send clear signals to beijing that anything but peaceful reunification will be unacceptable and just as a followup, the european parliament called for a bilateral investment agreement with taiwan, do you think there are any scenarios in which such an investment aimrement might make sense with taiwan? stefano: i think the answer to this question is sort of multilayered answer because on one hand, it is what we are doing. we want to strengthen our economic and cultural ties with taiwan. we are willing to continue our cooperation. taiwan is very important for all asia, exporting and producing the key components for our industry. it's a very l

tom: thank you so much. while lisa was asking brilliant questions, caroline hyde and i were not focused. we were focused on premier league football. this release because to the challenges for andrew bailey and the challenges of the nation. the prime minister, france with really strict new regimes on the united kingdom. the athletic confirming that tottenham and lester -- and like sister -- and -- and like chester -- and leicester will not play. caroline: people are worried about getting into stadiums. the moment, you don't perhaps need a vaccine to be able to go to a big football match. it is not like it is in new york. tom: what about the schools in the united kingdom? lisa has lived this in real time. so have i, frankly. lisa: so much fun we are having. tom: caroline, with all of your connections, what are the schools like in england? caroline: i got a message earlier this morning from one of my greatest friends saying the schools are warning they might shut and go back online in the new year because of co

hi, tom. happy holidays when we talk about faang as your second top sector, you've made a lot of good calls on energy. how do you see that especially with the potential for moderating inflation what is the outlook for energy and materials look for next year >> yeah, energy is our top pick. i know it was the best performing sector in 2021. with almost a 50% gain, but we think energy stocks could produce next year mainly because oil, the supply versus demand gap is going to get bigger in 2022 so i think the market can no longer ignore that oil has price support could get into the 100s. policymakers might tank oil for a week, but it's supply and demand that helps the price. they're better managed producing a better cash flow and now they're cheap relative to oil. that's three strong reasons for them to shine next year and really outperform faang. >> interesting call. to be able to back up the kind of year they had, have had we'll see. pete >> are we talking megacap tech and if so, are we includin

in fact when tom clark came to him, when tom clark came to the oval office with a list he had a list of catholic nominees. his going to have a catholic nominee and harry truman did not even look at said no, no, no prime going to nominate you. he had it in his own mind of who was going to be the nominee to the court. they were going to be men they were all men at this time. they were men he knew and trusted. [laughter] one has got to count. it is incredible. >> throughout you leave two great narratives about how truman is the court. a couple of cases relate to unions and a couple create civil rights. we really do not have time to get too much into those. please buy the book or get it from the library, whatever. it is a fantastic read and you will learn so much. i'm wondering if you could, enclosing, summarize how truman used the supreme court to advance his civil rights agenda? >> truman was the first president to address the naacp. he became convinced particularly after the blinding of sgt isaac ordered, that something had to be done at the federal level to protect the rights of amer

i'm tom hanson. this is the "cbs morning news." away. i'm tom hanson. "cbs morning news." . i'm tom hanson. this is the "cbs morning news." away. i'm tom hanson. this is the "cbs morning news." we do it every night. every night. i live alone, but i still do it every night. right after dinner. definitely after meatloaf. like clockwork. do it! run your dishwasher with cascade platinum and save water. did you know an energy star certified dishwasher uses less than four gallons per cycle? while a running sink uses that, every two minutes. that means even small loads can save water. so why not do it? run your dishwasher every night with cascade platinum. the surprising way to save water. (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain with aspercreme. ♪ ♪ my name's caleb. what's yours? i'm grace! did you just move here? yeah! cool! joe buck and john smoltz welcoming you back to the city center convenience mart. heather's moment

i wrote a book as you know, tom.o she i and i kept a diary for a while when i first came to the house. i just didn't have time to do it. i got all the stuff together and set i can't do it, i spent almost two years writing a history book. if somebody wants to write a book of fiction and has an imagination and can write, anyone can do it. but when you were talking about real facts you can't do that. i wanted to make sure i wasn't doing anything wrong. so i got somebody to help me, a wonderful man by the name of mark warner -- warren. we spent hours to get the talking, looking over some of the newspaper articles and stories written about me there were things in this book that were buried deep in the recesses of my mind. it's not easy to talk about your parents the way i did. in this book. my parents did the very best they could. but they were uneducated, they drank too much. they smoked too much. and so it was very hard. for example, tom, one of the things i talked about in this book is that my dad committed suicide as

when tom talks about the experience, it's not that he had a father figure.essentially an only child raised by four adults. he talked about how important that was in his child development and you know through studies how the first born child does or an only child, he was raised by four. he said that's all we had, it had more impact when anything else in my life on me. >> i'm just thinking, i wonder if that's a relatively ignored field, people talk about the influences in childhood and i wonder if the fact that kids today spend more time with kids rather than adults, perhaps in recorded history, i wonder if that is having a maturing impact on personality. i am just associating here based on what you said. >> it might. i'm not too familiar with that literature but we do know a lot of these backs gaps, academic achievement gaps we are still dealing with and trying to close to begin even before children enter school. we know words in our studies done and you break that down by income level, working-class parents, huge disparities not only in the number of words b

a report you discussed, tom come at the program. the speed up of the iphone alpha after a decline for the past few months. encouraging news. tom: it's a lesson for everybody. we go every 10 days up and down on the stock. i really don't know how you move stocks based on reports on a pacific rim technology. by calculation, $183 a share. that is a $3 trillion company. jonathan: just sort of that at 172. lisa: $201. it will be fascinating to see how people make safeties trades with these big tech stocks. that underpins the calls we heard yesterday from morgan stanley. >> up 3%. unreal. let's talk about the market. we are with a founder and ceo. your words, the risk free asset, the bedrock of the financial market, what did you mean by that? >> it is displaying signs of chaos. if you look at the vix, it is on the move -- up and down, traveling quite a bit last week. so much of this risk equation is priced off the risk-free asset class, and i would argue that it is not risk-free. might be, from a regulatory standpoint or a pension allocati

as tom says, nobody's...— tom says, nobody's... i used to think recognise _ tom says, nobody's...to think recognise was a very - tom says, nobody's. .. i used to i think recognise was a very simple word. now it seems to be a ministerial political word which implies you might be) not to say you�*re close. let�*s look at the daily mail. stopping christmas kill joy's daily mail. stopping christmas kill joy�*s ministers, i have looked at the front page. who is saying the stop? is that the mail saying stop, is that the prime minister?- is that the prime minister? ddiidd males under _ is that the prime minister? ddiidd males under new— is that the prime minister? ddiidd males under new editorship - is that the prime minister? ddiidd males under new editorship and l is that the prime minister? dc cc males under new editorship and the new editor said he didn�*t like restrictions when he exited that newspaper. i think we can bet your bottom dollar it may be the daily mail saying inside of their opinion column as well it would appear that it�*s a hospitality sector the mail are attributing