we have the tom hanks. >> tom: well, good, good.> tom: we were debating what the name of it should be. and i came up with it because it is coke and it is champagne so it's obviously diet cocaine. coke-agne. c-o-k-a-g-n-e. that.s the other name you said?h [applause] but confess. it's pretty good. >> stephen: it's really good. it's strangely, strikingly, shamefully good. because it's so refreshing. you give that little caffeine too. keeps you going to that champagne. >> tom: that's right. you'll polish both of them off. a six-pack -- >> stephen: oh, i can finish a diet coke. >> tom: and the magnum. >> stephen: i am no lightweight. i can finish a diet coke. >> tom: two-fisted coke drinker. i love it. >> stephen: we've got to take a quick break. we'll be right back with more tom hanks. i can't believe. [cheers and applause] ♪ ♪ (vo) red lobster's finer points of fun dining. how to endless shrimp. step 1: greet your shrimp. step 2: bid your shrimp farewell. repeeeeeeat. ultimate endless shrimp is back. a cool twenty gets you shrimp aplen

jonathan: we are all excited, tom. tom: i am not.ill work it out, they will do it like they do in brussels. joining us now from brussels, maria tadeo here on an odd monday. there are 8, 9, 10 stories. how confused is brussels, particularly with the overlay of a her thick battle in ukraine? maria: there are two big stories today. we talked about the inflation problem. we have -- if you talk to officials today, they will tell you they are focused on turkey and ukraine. over the weekend you had president zelenskyy on a major diplomatic push. he was in italy, germany, yesterday he was in france, and today he is in the u.k.. a a lot of the focus here has to do with the counteroffensive. preparation for the nato meeting in july that will be incredibly important. tom: what is the significance, and i will suggest was buried over the weekend in the news, but nevertheless germany acted on funding ukraine. reef us on the importance of that event. maria: that is an excellent point. this was the biggest package germany has provided for ukraine to

>> tom foley.>> a year and a half after tom foley's conviction, both sides file back into the courthouse to one again deferment tom's feet. >> the circuit court is now again in session. >> as before, the state opened its case with the crime scene analysts. >> why is it that you found? >> all on a yellow downs. >> located in the bag was three shells. these are phone records -- >> norris also showed the jury the records from around the time dar was killed. >> there were no phone calls that either came in or left. >> your wife does a show of somewhere, why not call home and see, have you left at? where are you? we're waiting for? >> that's what i would. do >> according to detective carbon, tom did not bother calling dar at home because he knew dar was already dead. then members of dar's step forward to testify that tom and dar's marriage was troubled, and that tom wanted out. >> he told me that his the wife is a very controlling and that it was wearing on him. and he did not necessarily want to stay i

tom t.: both.where there are negative net asset values where the government is forced to take the lowest bidder, but you should also be expecting to see typical m&a were regional banks consolidate and become super regionals going forward and even super regionals may grow themselves to breach the threshold. that should be the expectation going forward. the reality is the u.s. banking system is migrating more towards what you have in canada or australia where you have a few large dominant banks. it will not be three or four like you have in those regions. lisa: let's dovetail the question about financial stability versus what we will get, the latest read on inflation. there is a question about whether there is more strength or what we have ceded the banking center is normalcy rather than a sign of some massive fissure. if it is a sign of strength, what does that do would terms of the stickiness of inflation as well as growth like what we saw in england? tom t.: you had mentioned on a discussion of sa

tom: yeah.hey suggested maybe he was cheating which she has pushed back aggressively against. tom: there is a little controversy there. i'm going to cut him some slack. jonathan: we have a great guest. tom: we are going to go to annmarie hordern in japan and with her is admiral john kirby. coordinator for strategic communications for america at the g7 meetings. annemarie: he's on the ground less than four hours and admiral kirby is joining bloomberg first here as he lands with the president for this important g7 summit but of course the president is scrubbing the remainder of the foreign trip he was supposed to have. how much do you think the domestic policy concerns are undermining the foreign policy goals of this administration? >> is not about undermining the foreign policy goals the president has revitalized, he put a lot of energy in this part of the world. here we are in japan for the g7. just a few weeks ago in san diego we were standing next to the prime minister to unveil the next phase

in fact he told the investigator it was tom's partner who fired him, not tom. find another job. >> are you getting any bad feeling from him? are you suspicious of him? >> not at all. >> so you're thinking this is going to be something that we're going to cross off the list? >> yes. i didn't expect to see him again. >> to the investigator and those close to kelley, michael beard didn't seem like a good suspect after all. >> did you think it was -- it was possible that he's a disgruntled employee? he was, you know, taking revenge? >> i didn't. because if you're disgruntled, why wouldn't you kill the person that you're disgruntled against? i mean, "i'm -- i'm angry at you, so i'm going to go kill your wife." >> but as a matter of procedure, the investigator asked beard for a dna swab and permission to look through his cell phone. >> he was very, very forthcoming. very willing, no problems. just very cooperative. >> while the state investigator was checking out the not-so-promising michael beard tip, sheriff's investigators had tom down at the station. detective do

tom: what is a pmi? lisa: the dallas fed president is looking for progress in henry kissinger is speaking on his 100th birthday. jonathan: still going? tom: he's focused on immigration. he's focused on the diaspora of america. jonathan: he's not retiring, still active. lisa: that's impressive. the u.s. microstrategy joins us now. speaker mccarthy says the town was better, does that bring you any comfort? >> it's been impressive considering it took so long to get to where we are. two months nothing was discussed and now. the prior debt ceiling showdowns you had more acrimony going for the last minute but this one feels like they are trying to createkumbaya toward a resolution. it does help that they are more optimistic. we could see some actual details for the markets change. tom: if this gets fixed, what does the three-month t-bill yield do? >> the curve has a bunch of up and down type movements which are sending mixed signals but a lot of it is related to the debt ceiling debacle. we should get some nor

tom: it's really important.esterday there is 432 fed speakers this week they got traction but they are all different. goldspy is looking at a war holistic analysis rather than the algebra of the login of our start. lisa: the bottom line is everybody is pushing back against rate cuts before year end. i think your point about what role did jay powell have to say putting a cap on this we don't care what happens we will cut into we reach 2% is a -- jonathan: it is really subtle. i wonder if this is one of the week where the chairman has to come out and get hold of the narrative. compare and contrast of this. brainerd formerly with the federal reserve and now with the administration over the weekend. he says the staff are very engaged and they characterize the engagement as areas and constructive. kevin mccarthy came out saying that we know what we reach a conclusion. the meetings are not productive at all and they have not lose -- not produced an agreement on anything. that is a groundwork of how the stage is set be

tom: are you guys riveted to m andalorian? lisa a: no. tom: i'm trying.t not the same. lisa a: i will be honest but i cannot watch anything for more than an hour without falling asleep. [laughter] tom: david kelley made a splash last time he was on with us. keith -- chief strategist at j.p. morgan. i have to redo the stunning, may last time you were on. you are looking for negative nonfarm payroll statistics out there. do you calibrate we can actually see nonfarm payrolls at some point give way to a negative statistic after the jobs report? david: it was a good headline for the month of april but it revised on the prior month's by 149,000. the three day moving average is still falling. it is still at 220,000 right now because a lot of workers coming out last year. as the year goes on and as we go to august, september, october, the dangers of a negative payroll read is high. tom: the heritage of economics at the university college dublin is to study like crazy. the waste dynamics of the u.k. in ireland, through the depression, and onto the modern age. the

tom: unbelievable. jonathan: that outperformance from the market cap s&p 500, deutsche bank doing work on this into the weekend. why this outperformance? tom: you can take whatever index and say ok 25% is made up of x number of names but it's up this it's 45 or 50% of the names. jonathan: do you want to talk politics? tom: they have to figure out the path forward. jonathan: this is what president biden said. they get everything they wanted. kevin mccarthy said something similar. you've got to get some pushback on capitol hill over the next couple of days. perhaps we get a vote by wednesday. this is what the speaker promised. tom: for our international audience, we will talk process with others. what's important is there has been american process to legislation which is not to get in front of cable tv cameras and say this is what we believe. that is over right now. that ended over the weekend. now we have actual step-by-step process to get to a successful outcome. jonathan: we will talk about that this m

tom: i'm not. you can have sinbad or roy woods junior show up it will be a more constructive meeting. jonathan: equity futures softer, -0.2% on the s&p 500. the nasdaq totally unchanged. even with the deal between jp morgan and first republic, no relief rally for the banking sector. no relief rally in the equity market broadly. unchanged going into the fed. tom: i am sorry i missed yesterday's festivities. stay with us for jp morgan first republic through the morning. i go back old fogey to three month libor. it is a grind into the fed meeting. jonathan: the meeting begins today and washington, d.c. and concludes tomorrow. will coverage on bloomberg tv and radio. friday, the payroll before, and in between an ecb decision and apple earnings. joining us is the equity strategist at berenberg. you know where i'm going to go with this. the tk is thinking this is the same story. they complain, they kick the can that there is not a big issue with the debt ceiling. is that a complacent way of looking at th

tom: it is a game changer. i am not smart enough to tell you what it means in generative ai and faster computing, but it is truly game changing even if you don't care about the big seven stocks lifting everything up. this is different from what microsoft or google does. jonathan: all raising their price targets on the stock. 11 billion reasons to stay long. an unprecedented influx of orders associated with ai. barclays says that this was at least a quarter early. extraordinary in magnitude. lisa: evercore said what can we say other than just wow. they blew out of the water expectations. we are looking at one of the biggest one-day increases in market history. we are looking at a valuation for this company with a fraction of the sales of amazon that is the same almost as amazon.com. is the hype more than the actuality, number one. number two, what is the potential risk? you will get on my case, but what is the risk with the to -- with the tit-for-tat going on with china? jonathan: compare it to intel, the chipma

tom: well done.is goes to the labor market report we will get, not necessarily children working in topless establishments. i wonder if this is a good thing or bad thing for this administration. annmarie: friday. lisa: tell me about it. what is washington expecting with the labor report? how are they going to spin it when it comes out? priya: the administration is constantly trying to wind -- find one great part of the labor report, usually it is the cpi data. they spend that forward. obviously, if it is a low unemployment number, they will say they have added x, y, z number of jobs. they have this pre-pandemic record low on unemployment because of the joe biden economic agenda. if there is slowing of the labor market and we do see the up limit rate tick higher, not lower, the administration will come out and say, we need to be seeing this. we need to see a controlled slowdown in the economy to make sure what the fed has been doing is working. either way, you are going to get a spin. jonathan: is anyo

pam, you are a rock- i wasn't going to say it. ♪♪ tom: tom: good morning.ing fun on a friday before the celebration of memorial day, the remembrances of memorial day. the celebration in the market is simple. futures doing better through the early trading. you have to believe smaller trading today. the vix 18.52. there are two bloomberg strains of economic data through the morning with the michigan coming up later. michael mckee has the task of looking through 20 items in four pages of data behind each of those 20 items. what do you see? -durable goods orders are out right now but we do not have income numbers yet because everybody is hitting internet at the same time. personal income for percent -- .4% better than .3% last month and it matches the estimate. spending stronger than anticipated up .8% compared with flat reading in march. pce deflator. the fed is watching. it is stronger. .4% up from .1% and stronger than the consensus forecast. it puts us at 4.4% for the headline number over the march number of 4.2%. core is up .4% which is stronger than antic

tom: because of ai?omo if you're an investor and if you are a humanitarian is about the demise of the worker. they are questioning the role of human beings where robots can do a better. jonathan: if you believe that, you should be superlong. tom: in hanover, new hampshire, the dartmouth bubble. in 1956, four bright people got together and began to think about ai. to provide further wisdom mandeep singh steps in. is this something that will go away like it is gone away seven times before? mandeep: in the last 10 years what we have seen this machine learning coming to the scene and enhancing the printout activity, it could recommend you stuff that you may be thinking. this is the logical evolution in terms of ai getting smarter. tom: what is different now? mandeep: it can be a personalized voice assistant. it can be an assistant to a student who is looking to learn new concepts. it can be so real-time and accurate it will make you productive. that is where we are going with this because of the amount of da

tom: really?think the risk is probably having to do with more of the soft landings in area plays out. with all the hawkish fed speak we got over the past week, they are trying to push market pricing showing they are not cutting rates anytime soon. they are still leaning on the side of doing too much rather than too little. we got more hawkish fed speak over the last week. jonathan: when do you have the first cut penciled in? >> for march of next year. we still have quite a ways to go before we get the first cut. jonathan: what brings about that call? >> core inflation we have below 3% and jobs have been running around 40k and unemployment rate is above 4% and it comes down to inflation. jonathan: those of the conditions you're looking for. >> inflation below 4%. tom: they are describing a whole different world. jonathan: are you going to watch the little mermaid? tom: i may. let's get back to the fed talk. the conditions that lead to a rate cut and when do you think those conditions are achievable

i just got a message that said " tom is mr. potter." tom: mr.n the data check. american oil under $70 a barrel. it is going to $100. jonathan: it is not. those numbers started to come through earlier in the session. if you look at the broader market, futures are positive. yields look like this on treasuries. they are lower on the 10 year, down 2 points. tom: we are going to dive into what is happening in a big part of the auto economy. ford motor. john lawler is the chief financial officer of ford motor. off of earnings day, their headline is ford dips as lack of outlook sparks concerns. give us the media outlook for dearborn right now. would you seen the next 90 days 90 days? >> just looking at our q1 results, they were good, 20% topline growth. we held our guidance between 9 billion dollars and $11 billion. i think all of us can agree that it is unclear how the macro economic environment will unfold through the year. there are a lot of puts and takes that we are seeing. with a good, strong q1 and a lot of road ahead, of us a lot of puts and ta

tom: excuse me, i got the m right. jonathan: welcome, tom to the second quarter. back in time. how does this shows the recovery we hear, does that get dampened immediately? we look at housing starts yes -- yesterday, the highest going back 13 months? jonathan: i saw the numbers as well. they are doing ok. it's amazing the situation in america now. all these different points of tension, manufacturing versus services and rates are up here, the red sox not holding on. ♪ ♪ welcome to a new era of flight. ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with global secure networking from comcast business. it's not just possible. it's happening. jonathan: looking for the real view on the debt ceiling negotiations. we've got to so

tom: welcome back. global markets crying something of a relief rally after a tentative debt limit deal was reached in the u.s. thank you for joining us. let's start with the debt ceiling deal. if they get it across the line, does that open up further upside for u.s. equities? >> absolutely. already on friday, the signs on friday that a deal was kneeling was starting to give that just to u.s. equities. now that this noise is out of the way and seemingly for a good period of time, that victory of the middle is good. all that polarization and rhetoric served as a noise that markets did not need given their fragile state. tom: do the fundamentals support the upside we have seen year to in u.s. stocks? aoiffinn: even though u.s. stocks added index level art strong, there has been remarkable dispersion. atrial concentration among life cap tech stocks, even when you take them out, you can see they have been flat even negative year to date to me, that suggest a safety trait going on. large caps tech are seen is

$100, 000, said tom.apparently an amicable break up, people on anna maria island could help but wonder about tom. more than a few said serena's friend caryn hodge, a lot of people whispering inspecting him in a way, because they didn't know. >> he did promotional stills for the hotel, and became good friends. >> there is no evidence found, there is no, nothing about who didn't. this is a murder mystery of epic proportions. >> so it was. but then, 12 days after she vanished from the face of the earth, somebody set fire to haley's motel. >> i'm sure my mouth was hanging open. just going, can this get any more bizarre? >> what was this all about? >> we just didn't know. >> dead or alive, where was sabine? >> coming up. sabine's husband, that 100,000 policy, wasn't the whole story. >> it came out later than it was 300,000. money, a motive? or just maybe jealousy? >> he had caught her having sex in room 11 of the motel. >> when dateline continues. check. psych! and i'm about to steal this game from you just li

i am tom mackenzie. traders expect the fed will hike rates by a quarter-point today and then signal a pause among ongoing financial jitters and pressure from lawmakers. asia stocks drop after wall street shutters on renewed concern about the regional banking sector. but european futures are firmly in the green. plus, unicredit posts its full year profit target as bnp paribas fixed income traders defy industry gloom. let's check on futures as you preview the federal reserve, the tensions and the risks emanating out of the u.s., whether it is the debt ceiling or that regional banking concern coming back to the four yesterday. are we talking about a world of two diverging banking sectors now with strength coming from europe and concerns in the u.s.? futures in europe driven by earnings. bnp paribas, porsche, all coming through with beets. coming up 0.2 percent despite concerns coming through for basic resources, parts of the complex around recession risk, and how china plays into that as well. we will look

tom?om: we are getting live pictures of the russian president on the victory day parade, world war ii victory day parade that is going ahead in red square. you can see the live pictures from the russian capital amid security concerns. we had that drone attack that happened on the third of may, the russians blaming that on the ukrainian spirit the drone attack targeting the kremlin. the ukrainians have pushed back and denied he had any involvement. the russian president will be speaking. you can see taking a pause there. this in pollutions russia -- putin's russia is a big event. a number of grades have been scaled back or cancel because of security concerns. this is coming at a time when russian troops are bracing for a potential spring offensive from ukraine -- in ukraine from the forces. we will have the live pictures and speech from the russian president vladimir putin which is expected imminently. turkiye's main opposition leader accuses erdogan of covering up the company -- country's

tom: mr. at the top of the food chain but i don't think in his model there was a lot door to get into one of his stores 40 years ago. they unlock the door to let you in and they locked the door after you've gone in. you do what you do which is usually just look because it's so expensive and they locked the test unlocked the door to let you out. lisa: jonathan: you are suggesting that for cvs? jonathan: i don't think so. tom: these are sensitive issues and i take your point that there is a partition between an analysis of restaurants and retail. there is a distinction there. what target has done here, this will reverberate this morning throughout all of retail america. jonathan: looking forward to the conversation on the equity market. your broader equity market on the s&p 500 positive by 0.3%. similar on the nasdaq with not much big moves. more euro weakness, breaking down to a doubt -- to about $1.08. we just had a list of missed data points in factory orders and investor confidence at german

tom: yes.e will shift summit away from financial stress and back towards traditional indicators. but i go back to deutsche bank, we have a loss that hiking feeling. that seems to be the conclusion for a lot of people on the street around the federal reserve. tom: i think bullard said it best that they are completely divided. i listened to some people working hard to think through stability or a higher, more persistent rate regime. from mr. bullard, it is going to take a while. we talked to randall crosson or on friday -- krasner on friday. the market wants to say it middle of july, august. what if it is october or dare i say january of next year where everything is more gradual to get where the market is. jonathan: new quotes from bank of america, this contributes to the conversation, it is difficult to market a labor market and the report reinforces upside risk to the near-term monetary policy and a hike in june cannot be rolled out. ethan harris said, there has been only limited progress in b

tom: you talked about positioning flows into u.s. equities and how some of that has not been rewound. if we get a pause from the fed, jay powell seems to be throwing his hat in the ring for june, those that hold that flow in the u.s. longer than expected? emmanuel: we have seen over the long run, when the fed is done hiking rates, when it pauses policy normalization, markets most of the time after the fed moves to wait and see mode. if we get resilient data, and more market-friendly fed communication that might help risk assets. that is a possibility because the u.s. is a long-duration market, so more bond market stability might help things like tech and long-duration which are a big part of the u.s. market. but at the same time, europe has a problem of diversification. we have been worried about a polarized u.s. market with narrow leadership, 30% of stocks have over performed, and they are expensive. we see europe as a more diversified sector proposition. tom: the view that europe does not have that heavy concentration that the u.s.

tom? tom: the gold upside coming through partly as a haven bet amid the banking turmoil.'s show you the kbw, it's down almost 4%. people saying this is not a ", will if it is not a crisis, what is it? what are the next steps for regulars -- regulators? the financial sector of asia is holding up well. looking through part of this to potentially a cut, at least a pause from the fed. a softer dollar for that region. futures in europe, 0.4%. the markets are not convinced there is much more in the pie for the ecb. futures in the u.s. are pointing to gains of 50 points. manus: picked up on that regional bank crisis. western alliance, first horizon, pac west, all lead the slide in the u.s. regional lenders. we have anxiety of financial stability and the latest upheaval started after a that pac west is asked during strategic options including a sale. joining us now is alfonso peccatiello, the founder and ceo of macro compass. good to have you with us. each day, we have a more bruising incident in regional banks. the risk as we go into the weekend, another failure and another domi

what do you go for, tom? tom: you change it to an oatmeal latte rather than an o.a.t. latte.atmeal latte with the topping of quinoa or something on top. manus: i love a bit of quinoa. tom: bring in abby again, save us. >> a straight black coffee, although i'm not entirely sure if it delivers to the office in berlin. as well as the uber eats were also seeing they have forced a concern on lyft as well when it comes to bringing people back to the platform. that is also a big deal because essentially lyft has now got a new ceo, it's done the thing we've seen a lot of tech companies do come have to lay off staff and call their other stuff back to the office. what i'm interested in seeing going forward is if lyft says that what they are going to do to bring back there consumers is drive prices down again, what does that mean for these banner numbers for uber going forward? they've done really well in this quarter but if they're trying to still drive down prices, we don't know what that really means for uber. manus: i can tell you one thing for free, if you come to divine, it will c

tom also now represents tom. and i told him this and he yeah, that's tom's story. i said, no, no, no. tom's given it to me. no, no, no. and he said, in my literary our literary, he's old school. he's not like the kind of guys see slick seattle. he's old school, he's got values and, ethics. and he said he said, no, that's tom's story. i said no, no, you don't understand, tom said i could. he said, i'm not i'm not ripping you on this because it's tom's story. now, if you two want to write it together, think about that. and that's how it started out with the two of us. so it stuck with me. so and as far as the grenade goes, you could put the pin back in. so after the commandant i surrender, he said, okay, we're great. you'll put it to put it back. you know, since you had to surrender. yeah. yes, sir. i'm matt prickett. i'm curious mentioned contemporaneous research. how about contemporary? we have three ranger battalions in the us army now. two are in georgia. one is right here in savannah, georgia. have you had any contact? the current guys that are serving? i gave a

tom: let's check in on stocks on the move.s gaining on the back of news that is indeed doing a capital raise giving some clarity according to analysts around the prospects on visibility around the liquidity for that business. that is accord -- according to city analysts. rio tinto upgraded by morgan stanley railing 3.6%. morgan stanley pointing to its koppers holdings being underappreciated. glencore getting 2.8% on news that the grain trading business viterra is in talks potentially to merge with bunche. plenty more coming up. this is bloomberg. ♪ tom: welcome back to the open. here are your top stories. negotiators inched closer to a deal on raising the debt ceiling said to include capital spending for two years. cathie wood's flagship arkk fund dumped nvidia stock right before the chipmaker's blistering $560 billion rally. plus tech stocks propel asian , markets higher as u.s. futures stall before key u.s. inflation data today. 2-year treasury yields snapped 10 days of gains. we will check in on markets as we way up the exp

tom: more hikes in europe.k of england is set to raise rates for a 12th straight meeting today. the ecb tells bloomberg the central bank is getting closer to restrictive policy but is not there yet. plus, a jamie dimon exclusive. we will be speaking with the ceo and chairman of jpmorgan chase at the conference in paris, a conversation you do not want to miss. optimism coming through european equities on the back of softer inflation out of the u.s., the first print below 2%, yesterday moving 11 basis points lower. you see the yields coming in at 22 and three basis points on the german winds as well as money moves into european debt. over in germany, the dax outing 48 points. we will be speaking to the central bank governor of that country and board member of the ecb, joachim nagel, on the proximity to restrictive territory for the ecb, but certainly not raising out further hikes. across sectors, iron ore is back in focus, the impact on basic resources. that is on the bottom of the list, down 3% the last time i l

tom metcalf there. coming up, ecb president christine lagarde insists the central bank's job to fight inflation is not done yet. we will discuss that next. this is bloomberg. ♪ >> everybody agreed that increasing rate was necessary, that we are not pausing. that is very clear. third, we know that we have more ground to cover on the basis of the baseline we have, which is still guiding us until we have our next projection exercise. it was sensible in view of what i have told you to return to a more standard implement with the understanding that based on the information we have today, we have more ground to cover and we are not pausing. that is extremely clear. francine: that was ecb president christine lagarde at her press conference yesterday. he five basis point rise from frankfurt yesterday, the ecb's smallest rate increase yet in this hiking cycle. however, president lagarde said that they would fight a pause. we are still with tatjana puhan, deputy chief investment officer at tobam. if we see diverg

tom: yes.g for growth the last 10 years and refounded in equity stories and that was the story the last decade with low level growth, inflation. what has been curious about this year's who came into the year -- we kept going on about how we eaten away consensus views. year-to-date tech not going to do well. last year was ugly. guess what? eltek, ripping. that is where you want to be. china come equity market, bear market. the dollar gets short. the longer euro. the euro back down to 1.07. lisa: can i apologize to everyone watching just throwing things at the screen. tom: tomorrow we have our -- that is what the data is. you see it in dxy 1.42. jonathan: nasdaq 100 up 8% and some. on the s&p 500 similar move. we pull back on violence. down four basis points. tom: you have to write a midyear review, what you do here? how do you change from 1231 after the surprises of the first five months of the year? >> i'm going to have chat gpt write the first paragraph of my midyear review then i will write t

tom: welcome to the program. sudan's people are once again living in fear, suffering the consequences of all-out conflict between the army and a rival paramilitary force. the cause is multipronged. sudan has a troubled history. its diverse population is composed of different ethnicities and societal groups. and it is rich in natural resources. we will be speaking to our panel of guests about how these factors could be influencing fighting and sudan's future. reporter: two weeks of waking up to the sound of airstrikes and gunfire. the battle has been in the making for a long time. a political power struggle rooted in ethnic divisions, further complicated over the fight for control over natural resources. at the center of the conflict are two generals, the head of the army and the commander of the rapid support forces. >> both the men are known fairly well. this is not a conflict that just broke out. reporter: sudan has more than 500 ethnic groups. politics has been long dominated by an elite based around khartoum.

tom: that was the vw cfo.pean stocks down .8% and autos amongst the biggest losers currently down 2.3%. let's check in on individual names. mercedes ex-dividends on the back of the move coming through. gam, really interesting. they are selling themselves to lion trust 41 41 million u.s. dollars. -- four $141 million. the share buyback program will be maintained. plenty more coming up. the focus on the ecb. this is bloomberg. ♪ francine: welcome back to the open. here are your top stories. pacwest seeks to, sentiment after its stock dropped 60% after hours. the lender confirms it is in talks with several potential investors. european stocks and u.s. futures dip after the fed hiked by 25 basis points and signals a pause in its tightening cycle. the ecb is up next with markets in a downshift way quarter-point hike. fell source-- wti is crashing. tom: energy is the only sector in the green today. you have seen 40% downside for brent the peak in june certainly. you have seen gains across energy about 1.5%. oil, wti

tom: former u.k.inister tony blair speaking to lizzy burden giving has views on how the u.k. should view its relationship with china. let's briefly check in on these markets before we get to the end of this i would -- segments. range-bound trading across european equities, not surprised given there will be a lot of sitting on hands before the cpi print out of the u.s.. the forecast of 5% in the headline level in april year on year. coming up, continental seeing further improving results as automaker recovers. we will speak to the cfo next. this is bloomberg. ♪ tom: welcome back to the open. 30 minutes into the european trading day. here are your top stories. european stocks and u.s. equity futures edge higher ahead of key u.s. cpi data that may provide clues on future fed policy decisions. there was little tangible progress during yesterday's debt ceiling talks but president biden and republicans pledged to continue negotiations in an effort to avoid a u.s. default. plus, sources say italy has signale

tom: this is "bloomberg daybreak: europe". i'm tom mackenzie in london with manus cranny in dubai. these are the stories that set your agenda. manus: stocks and futures are mixed after the fed signals a pause in its type cycle. fresh turmoil in the regional banking sector and the u.s. place on sentiment. >> we will need to data to accumulate. in the assessment we have made, that would mean we have reached that point, it is not possible to say that with confidence. manus: the ecb is up next, with market seeing a downshift to a 25 basis point hike on signs of inflation may be topping out. another big day for earnings, looking out for cars and ships, as infineon my bmw and volkswagen hit the tape. could morning, ab inbev, how much beer did they sell? tom: the redhead is a decent beat in terms of beer. in terms of first-quarter earnings, a solid beat for the world's largest brewer, 30.6% in terms of adjusted if it -- ebitda for the first quarter. the estimates had been an increase of 5%. maybe concern around volume growth, the estimates have been 1.2%, a little below the estimate for t

tom: great reporting. thank you for us, life in istanbul on such a consequential vote for the people of turkey and globally in the region. let us get back to the politics. president biden says conversations are moving along and he is set to meet with speaker kevin mccarthy and other congressional leaders tomorrow. bloomberg's latest mliv pulse survey looks at what investors will buy if the u.s. hits that healing. -- the debt ceiling. >> it comes right down to the wire. >> the volatility spikes and equity markets can correct. >> the markets with a in stock market will go down. >> you don't want to add to equities for ahead of that. >> the only way we can play this is to sandbag and be careful. >> by one month or two months treasury bill. >> there is a huge load to safety. >> allowed defensive sectors of high-priced. >> investors continue to seek shelter. >> i'm not sure it is as safe as it looks. >> i would not want to try to get too cute round timing my portfolio based on the whims of a handful politicians

tom: tom metcalf with the latest decision on the cma, heading our emea finance coverage.oming up, u.k. cpi shows a sharp drop but inflation is still stronger than expected. the markets are reacting to that. we will break the numbers down for you after the break. ♪ >> the politicians in washington have been debating the debt ceiling for decades. every time it happens, you wonder given how crazy the politics is in the u.s. right now if this will be tightened, but treasury markets are behaving well, credit markets are behaving well, so the market is not pricing in a disaster yet. tom: standard chartered ceo bill winters on the u.s. debt ceiling. welcome back to the open, 21 minutes into european trading day. losses fairly pronounced across european equity markets, the benchmark selling currently down ought 1.2%. in france, the cac is down by 1.4% and we continue to focus on the luxury story on the turnaround. in terms of sectors, the biggest losses coming through for real estate. basic resources also being hit. brent and wti, some recovery for oil on the back of the comments

tom also now represents tom. and i told him this and he yeah, that's tom's story. i said, no, no, no. tom's given it to me. no, no, no. and he said, in my literary our literary, he's old school. he's not like the kind of guys see slick seattle. he's old school, he's got values and, ethics. and he said he said, no, that's tom's story. i said no, no, you don't understand, tom said i could. he said, i'm not i'm not ripping you on this because it's tom's story. now, if you two want to write it together, think about that. and that's how it started out with the two of us. so it stuck with me. so and as far as the grenade goes, you could put the pin back in. so after the commandant i surrender, he said, okay, we're great. you'll put it to put it back. you know, since you had to surrender. yeah. yes, sir. i'm matt prickett. i'm curious mentioned contemporaneous research. how about contemporary? we have three ranger battalions in the us army now. two are in georgia. one is right here in savannah, georgia. have you had any contact? the current guys that are serving? i gave a

tom: it is tuesday the 30th of may. 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. tom: checking in on european equities. 30 minutes ahead of the close in europe. the european benchmark down .8%, setting itself up for a second day of losses. the ftse 100 is a real drag after being out of the action yesterday. that is where on the broader index there is money moving into german debt. it is all european sovereign debt on expectations maybe there is going to be repricing about -- around the ecb and how far it is going to go with rate hikes. spanish inflation comes in lighter than expected. on the tech front, st micro is one example, a provider of chips to companies like apple. it is getting a left from the optimism went to nvidia. now, of course a $1 trillion stock. that is a look at how things are shaping up. the ftse 100 is a real drag as we enter that close, kailey. kailey: you already set me up perfectly. it is nv

fox news contributor tom shillue!rs and applause]. >> pete: she goes against the grain like someone with celiac disease. deputy opinion editor at news week, batya ungar-sargon! [cheers and applause]. >> pete: when he asks women for their numbers, they only give the one for the suicide hot line. actor, writer and comedian, jamie lissow [cheers and applause]. >> pete: and her meltdowns brought a trademark infringement suit from chernobyl. fox news contributor kat timpf. [cheers and applause] >> pete: all right, it's friday so before we get to some news stories let's do this. ♪ >> greg's leftovers. mmm. >> pete: it's leftovers where i read the jokes we did not use this week. and just like greg does it, this is my first time reading these, so here we go. donald trump has announced a contest where the prize is a free dinner at his new jersey golf course. sounds good. former governor chris christie called it grandstanding. then asked how many times you're allowed to enter the contest. too easy >> kim kardashian has reached

tom: what is your sense?question posed by at one of the analysts watching this company is this a short-term move to thought data centers with ai chips? how sustainable is this demand going forward? what is your take on where this positions nvidia going from here? alex: i think there will be a lot of demand for this some time into the future. the question is whether we are at the peak of the hype cycle and actually there will be a dip as we see limitations of this technology. at the moment, we are seeing this going into the cloud servers. increasingly some technology will go towards the edge. we mean alongside -- or smartphones because it accelerates the ability to process this super quickly. if you use chat gdp you have to wait a while because it is been sent off to the server before it comes all the way back and gives you the answer. that power will be brought closer to the edge and present another opportunity for nvidia and its peers. tom: interesting on the prospects for nvidia on the demand around ai. tha

tom: or more pernicious.you have such pernicious inflation. tom: there is a war in ukraine which is an overlay. futures are -10 and yields are higher of american productivity data. an important moment, euro is weaker so $1.10 in the euro is on the move would beginning comments as we go to christine lagarde. let's jump in right now. >> as always, this is a hybrid press conference so for the online participants, would ask them to turn on their cameron microphones if they wish to ask questions and with that, i turned it over to christine lagarde. >> thank you very much and good afternoon. the vice president and i welcome you to our press conference. the inflation outlook continues to be too high for too long. in light of the ongoing high inflation pressures, the governing council today decided to raise the three key ecb interest rates by 25 basis points. overall, the incoming information broadly supports the assessment of the medium inflation outlook we formed at our previous meeting. headline inflation has decl

all right, tom costello joins us now live from reagan national airport so, tom, some good signs out therewhat's going on right this year compared to last memorial day? >> reporter: well, all airlines have hired. they've staffed up dramatically, thousands of pilots, and flight attendants, and gate agents, and ground crews, and they say that they are also ensuring that they adhere to the flight schedule that they have committed to with their passengers, but, listen, weather remains the big variable, and so hopefully it'll continue to be good throughout the entire weekend, tom >> all right, we hope that weather holds tom, we thank you for that. >>> now to the view on the ground, tens of millions are hitting the roads this holiday weekend, and it's far more than last year. emilie ikeda is on the busy new jersey turnpike emilie, show us what you're seeing tonight. >> reporter: well, tom, at the moment, we're doing a bit more sitting than moving. we'll give you a look outside of the car's camera here. we're inching along the new jersey turnpike just outside of new york city, and we've been gett

tom: tom, thank you. the eu is aiming to produce 20% of the world's chips.ow it makes about 10%. today infineon breaks ground on a new chip factory in dresden, the biggest investment in the company's history. let's bring in oliver crook who was on the ground for us. what then is the significance of this project? oliver: so this is all about strategic autonomy, digital sovereignty, things we hear a lot about from the eu commission and scholze. they are both arriving here today which underscores the importance of this project. these chips which are essential to everything which goes into the future of the economy, goes into cars, wind turbines, sits at the center of the future of the entire economy. infineon will break ground today on this project. they have three fabs here, this will be the fourth. this is to create the chips to go into all of these things we are talking about. they will put in 5 billion euros, the government government will match that. this is the reality of this project. we talk a lot about it, but this assembly line which will be operation

tom: tom metcalf on latest in terms of the lines crossing the banking sector. comes to chemicals part of the business, syngenta is based in switzerland but chinese owned set to move forward move forward with a shanghai ipo. people have been waiting for this. it has been delayed for a while. the listing of syngenta in shanghai is a big boost for that market certainly. syngenta is owned by china national chemical corp.. the regulators have yet to sign off on this but the plans are that it will be listing on the main board there in shanghai. that is news in terms of agricultural products with junta. africans ran to hit a record low last week. we will delve into white economists think rate hikes will harm the currency more than help it. we will discuss that next. this is bloomberg. ♪ francine: 51 minutes into the european trading day. the focus of firmly on the debt ceiling. more optimism then there was 24 hours ago. president biden's and hiroshima for the g7 but he is cutting his trip short to go back to washington for negotiations. let's look at key things market