tom: i agree. christian: let's look at the text side which lifted the market -- the tech side which lifted the market. if you look at the 12 month forecast, you are not 4.5%. and if you get a recession, i do not think it will be a long one. i do not expect growth to shoot up. it will probably be low growth around 1.2% for the u.s. and may be lower around 0.2 -- 0.9% for the your. tom: good morning dr. el-erian. i believe he has been upfront. this goes back to a question a century ago. christian nolting, do you have a linkage of the dudley moved to or .5% which gives first -- 4.5% or can we have the higher yield within disinflation? christian: i do not see higher yield within disinflation. yes, core inflation is sticky and that is why i am not of this nation. you see this in the headline but the core remains sticky. we need to not go back to the old, very low inflation environment. i think we are staying here for quite some time. yes, 12 months, but maybe longer, like you or five years. in my view,

>> tom: no. [laughter] >> tom: maybe it's eight.d those motorcycles are decimated, right? >> tom: yeah, they're gone. >> jimmy: they don't make it. >> tom: they're gone. they don't make it. they don't survive. better them than me. >> jimmy: does your stunt double think you're his stunt double? >> tom: i don't have a stunt double. i don't have a stunt double. >> jimmy: somebody, please, get this man a stunt double for god's sake. tom cruise is here. we'll be right back ♪ save on every perk. sadie's getting her plan ready for a big trip. travel pass, on. nice iphone 14 pro! cute couple. trips don't last forever. neither does summer love. so, sadie's moving on. apple music? check. introducing myplan. the first and only unlimited plan to give you exactly what you want, so you only pay for what you need. act now and get iphone 14 pro on us when you switch. it's your verizon. alright, you guys want to do a little swap? i mean yeah, i could be into it.. just like a one time, casual thing with tyler? i was talking about just switching up te

tom: it's your fault. me i have to watch practice to get a better understanding. jonathan: that's what you're so distracted. i give up. tom: i'm ready to talk to nadia lovell. i'm glad the makeup is not showing me blushing. nadia, it seems like the stock market is going opposite of all the angst in the economics. is that true? >> it seems so. it's been a tough market to navigate as we know that we've seen a wide dispersion in the market and we have seen one of the narratives, particularly for our market that's coming off of a bear market. it's only a third of the s&p constituents outperforming the index since the october low. if you look over the last month, i'm seeing discontinuous narrative of market leadership. it's not a hallmark of a new cycle meaning it makes the market more vulnerable. is really the powerhouse of late and we do believe in that trend but we think there is a lot to be discounted right now and we just question the resiliency of this market going forward. it's trending towards the upsid

tom: good morning. tom keene, jonathan ferro and lisa abramowicz. into a full hour session on recession. jonathan ferro on assignment. recession signals abound. lisa a: this has been a massive narrative shift. we saw it slowly and then all at once. we saw the sense markets could keep rallying despite all the rate hikes. suddenly, it reset. tom: on the radio, you caught it guess the recession friday. we have a great set of guests to start your week in conversation. adam posen will join us later. richard haass will join us later. let's go through the tea leaves. can we start with oil? well under $70 a barrel. $68.75. lisa a: we have been playing this game with the yield curve. going back to 19 whatever, the german yield curve going back to 1990 two. looking at all these signals of recession that have been there but people were able to ignore them and say ai. now, they can say maybe this is over its skis and even that cannot save us. tom: the vix yesterday confounded everyone. i will try to work on this from monday and tuesday of next week. yesterday,

tom: lisa sent tom and john are good people.er] lisa a: would you stand by the on the record? absolutely, some of us are good people. just kidding. [laughter] tom: can you say the offspring are good people? lisa a: some argan people. jonathan: looking forward to that conversation. i promised a call on tesla and dan ives. most are playing chess, the others are playing checkers. 234's were retrade at the moment on tesla. the latest news is verity of gm is joining ford to use tesla's ev charging network. you're going to have an industry-standard in the u.s., driven by elon musk and haslett. tom: i don't know anything about this other than to say that everyone i know who has an ev says this is a huge starting point deal. jonathan: tesla up by 4%. gm up by 3.5%. this is bloomberg. ♪ the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you fi

tom: thank you.stephen: just doing the math alone --michael: just doing the math alone, it would be hard to get a recession mathematically and steve, i wonder, everybody talks about the possibility of soft landing, how would you define it and when would you declare it if you were the fed chairman? i go back to the vietnam war and senator aikman who said we should declare victory and go home. this jay powell get to declare victory? stephen: know and this is the problem with the analogy, the economy never really lands. coming into the year, this was the first question everyone would ask. that presumes we are playing a game with a specific end date. is the economy at recession at june 30 or not and if it is not, it is a soft landing. the economy doesn't land, it keeps going. if we see growth, i would say probably on the subpar side but well above zero. that is not a landing. if that that has to keep tightening, the economy isn't likely to crack. tom: jonathan will -- miller, people are telling me we hav

tom: 1.2 714.inful meetings i have ever gone to with bloomberg over many decades was columbia university a lot of years ago. it was afghanistan reconstruction conference and it was painful in the mist of the horrific war. we are doing this again in london with a ukraine recovery conference. maria tadeo tomorrow has a key interview on this with a leading authority. right now, on the hope of ukraine recovery, i don't get it. we are in ukraine, why are you recovery in london? maria: this started a year ago and was an idea from the swiss who said it is great to help ukraine when the war is going on but you have to figure out the future and reconstruction efforts. why focus on the future when you still do not have peace bank? but the reason for it is the numbers. they are enormous. today, we have the world bank saying ukraine will need $300 billion over the next 10 years as a result of the war. this is three times the gdp of ukraine. this conference is about making sure they have money, funding, and a c

but tom?s always afraid he was going to hurt her. always. always. >> why? what about him? >> his temper. >> you can't go from zero to 100 and think clearly. >> i think that he was just in a fit of rage. and he shot her. >> armed with the new information, the detective went back to talk to tom. and zeroed in on those scratches. officers had given him something clean to wear so they could collect his bloody clothing. >> and you have scratches on your body. >> okay. >> do you see this, this is a shaved chest. do you know how bad this hurts and it just. so when i'm sitting there, i do this off work and day. this is actually her blood, it comes off. see? oh my gosh, it's coming off. it's her blood. >> that's actually a scratch, okay? that's a scratch. >> still, the detective pressed him. he had motive and opportunity, she said. >> so when you went upstairs, you are arguing with her. and you know you are arguing with her. >> she was also reluctant to believe that shooting happened so quickly, no thr

tom: jonathan: stop it -- tom: stop it. he is miles ahead. 52%.he race will divide the remainder of the party vote. he has 30%. tom: is the zeitgeist in washington that the former president is locked up right now? annmarie: not exactly. jonathan: i of about chris christie running for president. annmarie: people say his campaign is a, because the to get on the main stage and help push donald trump out. jonathan: to allow people like senator scott to deliver a positive vision for the country. that is what it felt like. just felt like governor chris christie was there as the, because he candidate to disrupt things -- there as the kamikaze candidate to disrupt things. lisa a: there are giving him big money not because they want him to win but to be the, kazi -- k amikaze. and mariko former vice president mike pence did not mention donald trump at all. normally if you say i am a former vice president, you show a picture of you and the man you served next to. he did not mention him but yes, no one will attack donald trump directly. chris christie was a

tom: good morning. john -- jonathan ferro, lisa abramowicz, and tom keene. it's been a monday and portugal and we watch it every central banker on the planet. many central bankers doing fed presidents and governors speaking. can we get them all there to talk? lisa: jay powell and also of course is counterpoint -- counterpart lagarde. tom: i'm looking at the fallout of a central bank panel in portugal on the markets. it is fascinating. an absolutely brilliant note this morning, harkening back to 2004-2005. you will love this. the vortex of instability. will they create a vortex of instability as howard edwards talked about years ago? this was a famous moment before the crisis and there is that tension out there as central bankers speak to that. lisa: are they going to go too far? that's the key concern. the u.s. possibly has a different situation, much more concerned about downed, more upside surprises in the data so maybe we get a different tone from jay powell. it is in europe, are they going to hike into a downturn that we are going to see increasingly on

jonathan: this conversation is going places, tom. tom: saving as now.et, stop what you are doing. it is those pesky market funds. an expert on this. federated among others, they owned the high ground in developing the concept. first question, easy. our money market funds safe, given the debt crisis? >> before we start that, let me tell you that i am not wearing lululemon, but may be some nordstrom's. i do like the service side. safety and soundness. it is there. diversification is high. high quality securities, very shortly average, maturities. you are talking about high liquidity and the securities that are being purchase and collateralized. or the government with treasuries and agencies. tom: it was sacrilegious and un-american. what is the basis point pickup? do you think it will continue to boom? >> all of our products are yielding over 5%. that is a pretty substantial pickup, when you look at some banks. those who are not necessarily all that excited about it -- there is a substantial pickup, when you go from deposits, uninsured deposit, specifical

tom: good morning. from new york on a monday, radio and television, the markets, yes we will look at equities. bonds, currencies, commodities, but after an extraordinary weekend it is bloomberg international relations for the next three hours. lisa: everyone wants to understand what happened over the weekend with respect to this march on osco by the wagner group by prigozhin who had been an ally of vladimir putin and what this means longer-term in terms of vladimir putin's reign and the war in ukraine in general. tom: we will go to berea to dale in a moment to give us an update. -- maria taddeo in a moment to give us an update. we are going to focus on the news and reporting as we aggregate the news sources here. bloomberg and all the rest reporting on the facts as we see them on this huge event. i was stunned. the rumors and the back-and-forth. i was looking for you on twitter. lisa: [laughter] that is true. everybody gets to be a russian expert overnight. nobody really knows. what don't we understand

tom: do you want to buy the index? do you need to see a broadening of the shift away from the equity rally to buy the index to be more confident? patrick: i think you have to have a broadening if you expect equities to rally. tom: do you see it broadening? patrick: i do. the s&p was treading 16 times forward earnings, we are getting close to 20 times forward earnings. every move from the s&p since the october lows has been multiple expansion. estimates were $233 a share, they are $229. analysts are protesting lower earnings in 12 months tha in october. francine: going forward, will we see a correction? patrick: i think you will see dead money. that is where they do not do anything. they are great companies producing incredible cash flows, trading at 30 times earnings, and it is hard to get further multiple expansion from here. the biggest stake in my career is selling things when they get expensive, then they get more expensive. i'm sticking with them for now. they are incredible companies producing a lot of cash flow.

tom: we are. is advising a lot of public pensions and she said the time to get into equities was last year and now it is more in fixed income. jon: it drives me let -- nuts. i hate that phrase. no one ever comes on tv and says 12 months, make the easy money. tom: the question is how do you have -- if you believe in a october low, what is the second leg of this full market? -- bull markets? --market. the answer is she looks for rotation. jon: a lot of people have missed out on this rally, this move. i will catch up with john michael. look out for that conversation because he thinks it is a real risk to get trapped in cash and that has been a conversation on this show for a number of weeks. tom: can we just get amrita sen on? cofounder and director of research in energy aspects. on the shock of $66 print on west texas intermediate. what is your confidence that demand will weaken in oil? amrita: i think i have little confidence of that because the data continues to come in stronger than expected and

tom: can mr.ein scandal, be a change agent towards a more discerning choice of clients? >> know \ your customer i thinking 101 -- know your customer is banking 101. i have a compliance exam once a year, but there may be requirements on what clients you can take. lisa: you say goliaths are winning. are the smaller banks losing? >> yes. we conducted an analysis. we had 4 haircuts. deposits leave by another 8%. another haircut would be provisions equal to recession level. extra expenses for new regulation. we have the fed funds rate go all the way down to 2.75%, which hurt interest margins. thanks get hurt -- goliath is winning even more. i want to make one clear statement today, and the regional banks are making some come back. this statement is that the detour -- lisa: that is so cheesy! >> detour for not owning bank stocks is over. tom: for those of you on radio -- give me that radio sign -- that road sign! bring a stop sign next time. it is an orange sign. it is like a real sign. he stole this si

tom: as i said earlier,tom: we .r the long weekend and there is question about it. lisa: i am watching yields, i am watching them creep higher. they had been at the highest level since before the banking concerns in the euro gaining just a touch versus the dollar. we have seen that consistency given the ecb productions. tom: as i said earlier, with james bullard of st. louis. i don't know what mckee would say to that. is he the outlier? lisa:lisa: there are a number of people on the same pages him. tom: in the equity space, we have focused on you and you want to know equity opinion around equities, bonds. scott t chronert equities, bonds. scott t chronert from citigroup global markets what a strange time, i want you to decide how you address in writing fear. wherewhere is the liquidity stry right now? scott: it's in the performance gains in this moment of large-cap equities and is increasingly positioning data. equities and is increasingly positioning data. we are looking at futures that are bullish as financial cris

tom: stay with us.ignet jewelers, signet ceo says couples buying lower-priced engagement rings. there is an economic tell whether if i have ever seen it. lisa: we saw it with respect to people -- it is a significant investment, and it seems like the straight down is happening in more sectors. it feeds into this theme. people are deciding where they to spend their money. they may travel more, but that does not necessarily mean they're going to buy a cartier ring. tom: we are not going to buy a cartier ring, are we, ira? there are little things here that get into the growth. we do not have time to continue with ira, but these are important things. with the signet/lou now/diamond ring person says is just as important as what some fed president says. lisa: absolutely. it is telling you there is discretion to feed into the market. tom: stay with us. claims, next. this is bloomberg. ♪ we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just t

tom. >> tom: appreciate it. >> stephen: tom, i love it when you stop by to talk about your latest moviejust recently found out from our producer over here is that you've got a whole bunch of movies coming out real soon. >> tom: they stacked up. i must say. i bankrolled quite a few of them. >> stephen: amazing. i specially am excited because i recently -- i don't know if you knew this because i just found this out, that i found out i started in these movies with you. >> tom: that's how fast we made them. yeah, yeah. >> stephen: no memory of this. >> tom: we didn't work the same day. >> stephen: one of those animation things. i would show up. >> tom: they say we are going to do this and post. they'll fix it. >> stephen: tennis ball on a stick. the entire time. here's the thing. we have no idea what these movies are but my graphics team put together a bunch of movie posters. okay. >> tom: all you have them here. >> stephen: the latest technology. >> tom: that's fantastic. >> stephen: we have not seen these posters before. these are posters for the movies that we are going to be starti g to

tom: they have to. if you're an index fund and you are on the stove because you have to own it and it does well come up goes the index fund. if you're running 92 or 93 or 95 you have to own it, but you want to own x percent of big stocks? this is way too much math. chicago constitutional math. it is scary. futures -14. much to talk about. a former senator from pennsylvania, next. this is bloomberg. ♪ >> today we decided to leave our policy interest rate unchanged and reduce our securities holding. we did not make a decision about july. it came up from time to time. i would say about july 2 things. a decision has not been made. i expect it will ba live -- i expect it will be a live meeting. tom: i thought michael mckee was stunning calling a super hawkish meeting. you reviewed it brilliantly. you set up, up went the markets and then they pulled back. a constructive move at the end. there was a flighty nest to it. lisa: there is skepticism about whether they will go through with the hawkish rhetoric. that

tom: it's like so what?expected policy activity in china over the last 10 years, household and corporate's don't trust what they are saying and i don't see it really working. jonathan: do we have to talk about golf so quickly says br amo? lisa: china has been trying to chart its path in the global emerging sphere with belt and road, etc. so how much can they continue do the do that when they struggled to support their own economy when they have a situation where they're not -- where they are not necessarily bolstering growth. >> we have activity coming up this week. maybe it was a bad month. you have the resurgence of covid in shanghai so it's weighing on industrial production and retail sales and fixed investment. it will be weaker on a sequential basis. tom: so the golf courses is the number one golf course. that's our segway. jonathan: geopolitics, tension captured by one group teeing off thursday. talk to me about the significance of rory mcelroy and brooks kappa being in the same group for the u.s. open

i'm francine in london with tom mackenzie. tom: the pound rises after u.k. core inflation unexpectedly hits a 30 year high. traders fully price and a peak boe rate of 6%. china's you want tumbled past the dollar level -- china's yuan tumbled past the dollar level. jerome powell semiannual report to congress. plus, the eu announces a security plan to avoid overreliance on china, potentially leading to some curbs on trade with beijing. francine: let's look at the futures, stocks are struggling a little bit. we have jay powell speaking later on. dax usurers are unchanged. the ftse 100 is about the inflation print, higher than inspected. we see a repricing on what the boe is expected to do tomorrow. tom: fourth straight month with inflation higher than expected, core inflation above 7.1%. the challenge being laid down for the bank of england amid the concerns about the mortgage market. we look at house builders before we check on gilt and the move on the front end could be pronounced. the ftse 100 down 0.4%. the outstanding index, the most pronounced. down 0.5%.

tom: that data has been the last . it seems they pass the stress test with pretty clear colors. >> rising and post market trading because analysts have listed them as among the banks most likely to see their cash flow burdens ease. i would like to point out that the criteria were announced before the regional banking crisis and maybe that would've made a difference. tom: that's an important point in terms of the health of the banking sector. is this really the stress test that was needed for the banks, and what is your expectation that they will start handing cash back to shareholders or whether they want to keep some stockpiled in the event of a potential downturn? >> last week powell was vague when he mention new capital requirements for the banking industry. perhaps they will be a bit less eager to nancy's buybacks until they get more details that what powell hinted at last week to congress. but i think an eyebrow is always raised with these stress test, ever since we learn that the fed never stress tested banks for

with tom mackenzie. tom: global equities rally. expectation the fed will hold off hiking rates this month. oil gains before the opec-plus meeting. the senate removing the risk of a u.s. default. the measure goes to president biden for his signature. goldman sachs warns trading revenue is down more than 25% as economic headwinds build. bank of america sees a flat quarter. francine: if you look at futures, gaining 0.4%. a lot of folks on tech in asia saw a rally, and there are hopes the fed causes interest rate hikes. tom: those are linked, the fed tying into the tech rally in hong kong, that is pronounced. a number of factors keeping the catalyst around. optimism on the upside. the philly fed president saying we should not only skip in june but in future months as well. it is starting to build a narrative that the fed is in a position comfortable to pause in june, as we await the nonfarm payroll later today. the expectation is from 200,000 down to 195,000. the debt ceiling deal is done, it just needs to be inked by the president. eq

tom: ok. constructive and european equities and may upside on the semiconductor space in the linkage to ai. you had to look at companies that are able to hold onto the merging and pricing power. marcus morris-eyton, european equity portfolio manager at allianz global investors. what is the way forward for european banks? we get the view as goldman sachs international ceo with an exclusive interview. that is next. this is bloomberg. ♪ tom: welcome back to the open. we are 11 minutes into the european trading day. it gains of 0.5%. risk on across equity markets. risks in the u.s. pointing to upside. strong labor data out of view cables during the pound currently versus the u.s. dollar. gdp at 1.25. else selling off. it yields up seven basis points on the front end. 471 on the two-year. let's get to the conversation with goldman sachs, the international ceo richard gnodde is saying the bank is seeing green shoots that signal a pickup in ipo's. speaking slowly to francine lacqua he discussed the p

tom: -- investors. tom: dr.he labor differentials and the changes in negotiation -- as a free market wage solution in america. we see that in france and spain the last couple years. that is one of the reasons why we see that surprising to the upside. tom: sterling 1.2 782. this is bloomberg. ♪ oh booking.com, ♪ i'm going to somewhere, anywhere. ♪ ♪ a beach house, a treehouse, ♪ ♪ honestly i don't care ♪ find the perfect vacation rental for you booking.com, booking. yeah. >> we see the momentum and q2 2023 from a revenue point of view is higher than q2 2022. overall i would say the bank is faring well. in q3 and q4 there is momentum on the business side but for us as a strategy at deutsche bank it is important that we invest overall. tom: cio talking about deutsche bank area. they own broadway and winchester house. and an important discussion with guy johnson in london. he joins us and we talk about deutsche bank. in the bank is underperforming since time began, there is no question about how he has righted the s

tom: willow bay? -- willow bay? -- will they? tom: no they will not. --charles: no they will not. we are looking at 5%. we are seeing mortgage rates at around 6%. when we read office financials to statistics and we look at the inflation print yesterday, really disappointing. i find it very difficult to see any positive indicators there. cars are marginal for me. who declined -- food decline driven by cheese and eggs going down to 25%. that is the cost of living crisis. tom: worked is that leave you -- where does that leave you? is that what is needed to further break the back of the u.k.? charles: we need to dominate inflation. i think terminal rate is 6%. if you cast your mind back to the beginning of the year, it was europe at 4%, u.k. 5%, u.s. 6%. now we have europe, 4%, u.s. 5.5% and u.k. percent. -- u.k. ticks percent. -- u.k. 6%. tom: what is most vulnerable across corporate u.k.? charles: if you look at markets this year, markets have been very generous. with nasdaq up, europe the euro stock up. tom: u.k. stocks have been lagarde? -- have been the laggard? charles: the u.k.

tom: thank you so much. i think what is great there is people talk about 60,000 feet, that is bank ceos where they go, what do you think the economy is going to do? with asset allocators it is like, 60 -- 40. what you heard from ms. mcgill and was, ok, we are going to lighten up on tech. we're going to go long energy. then, how do you affect that? that is the hard part. katie: across assets, i enjoyed talking to people who manage a multitude of assets. that is a two-sided trade. you can do it through the actual commodity market and energy stocks. there has been a bit of a diversions between those two but it is an interesting bet. tom: what it is interesting -- what is interesting here --would say, you have got to diversified. i was thunderstruck at the brian murphy obituary in the washington post, always said i wish i owned more stocks when i was 25. that is a huge deal. i wish i would own more stocks, you are going to hear a lot of that. futures up 17%. s&p up .4%. we say good morning to all of you bloomber

>> tom: right.why, i think, they fear him even more than trump because he's the continuation of maga. we have to continue the maga movement in this country and the voters nor it. they're never going back to that old p. but they think if they can maybe run against trump and defeat him again then they can put the whole thing behind them but desantis is the future and been knows that. >> greg: another great perspective from a white male. [laughter]. >> greg: emily i get bothered wiz trump bash people that worked hard for him but then i think that's part of his persuasive mechanism which is if you do something nice i give you a treat. if you don't -- it's like she didn't do anything really bad. what's your take on this? >> emily: kayleigh deserves only and the utmost respect and kindness and generosity from her current colleagues and from any former colleagues and any former employers. i want to talk for a bit about sonny hostin. the fact it didn't spark outrage is what's most appalling. do you realize

tom: expect range bound u.s.arkets, new opposition for recession in europe, and still a preference for em vs dm. thank you for joining us this morning from emirates nbd. coming up, greeks go to the polls again. the former premier scores a victory. more on that next. this is bloomberg. ♪ >> to get everyone to the table, to than negotiate plus and minus, what zambia expected, what creditor a, b, c expected, was the most difficult thing. now it is simple. tom: that was zambia's president, that set the most of the copart oftiations to restructure the country's debt has been completed. in greece, a landslide victory in the country's second vote in over a month. the former prime minister, serving prime minister, a majority big enough to form a single party government. markets previously rally behind him as he made the economy central to his campaign. we will keep an eye on what happens when greek markets open later. bloomberg has learned goldman sachs has started cutting managing directors around the globe as the firm

with tom mackenzie. tom: here are the top stories. the u.s. debt limit bill heads to the senate after winning passages in the house. fed officials say the fomc may keep the policy rate steady this month but more hikes could follow. u.s. equity futures are little changed as europe points higher. plus, on the 25th anniversary of the ecb's founding, we get the eurozone's latest cpi readings amid signs inflation is cooling. francine: we have a trilemma which is when you are looking at the futures, we see a higher start to the day with dax futures gaining .7%. we have manufacturing from china and averted u.s. default. of course, the fed is now pausing for a possible pause in interest-rate hikes. atrial tom: -- a trio of factors that could lift sentiment. europe is set to break three straight days of declines on the back of those factors. the china data was interesting because it emerges from the official data that came out earlier this week. it was a survey of smaller private companies and came in stronger-than-expected. spanish ibex rallying 1%, a

tom: on the u.s. economy, you would buy the dip. even though for global equities it has been a rough week, you would be buying at this point? diana: yes, we would be buying the dip. we think the worst of the stock market is behind us. we have had a much stronger risk asset move up this year than we had anticipated, but it has been quite narrow. , if you look at the u.s. market, if you take out the big ai-related games, the market is really quite flat. we see earnings starting to grow sometime in the middle of 2024. the market is forward-looking and it will start to reflect that. francine: when does it start to reflect what you are talking about? third quarter, or earlier? diana: the market already has reflected some of that but i think it takes off probably as a bumpy six months, and then higher. francine: morgan has been a lover the place. one day they don't believe what fed officials are telling them, and the other they think recession is coming because of higher interest rates. so markets seem to be tugged between a rock and a ha

i'm francine lacqua in london with tom mackenzie. tom: china's export engine runs out of steam in may. european stocks open imminently. s.e.c. taking aim at coinbase a day after suing binance. plus, we are live in france for the global conference, and in berlin with newsmakers from both events this hour. francine: let's look at the futures, we are 20 seconds from the market open. a lot of focuses on disappointing chinese data. liberty economics is expecting a stimulus and possible interest rate cut. traders are looking for more government support but across the world. tom: the question is if bad news is good news and it comes to the data out of china, will the bleak data picture pressure officials in beijing? bloomberg economics expects a cut in june. that is feeding into the asian session, reflecting what happened in the u.s. the spanish ibex down 0.1%. what happened in the u.s., you ended in the green with upside but the broadening out of the rally from the bull market for the s&p, but the moves in financials suggest maybe that has

i'm francine lacqua in london with, quincy -- tom mackenzie. tom: the fight is not over. traders post bets on a july increased by the fed. rishi sunak goes on an american charm offensive ahead of his meeting with president biden, as he looks to strengthen economic ties with the u.s. lionel messi turns down $400 million a year from the saudis. the argentine football player will join david beckham's football team in her miami. -- inter miami. francine: we go through the economics of what is going on behind football. it is all about the bond yields rising today. stocks are falling. a lot of shift in terms of what we should be expecting with rates. that is filtered through to markets. tom: a reminder from the bank of canada and the rba that there was complacency in markets about the trajectory of rate hikes, and the stickiness of inflation, so you see that selloff across bonds. interestingly in the u.s. session, the leadership being taken by the russell 2000, the nasdaq giving up gains what does that portend? a few seconds into the open, we are weighing up iron ore prices whi

tom: it is tuesday, the sixth of june. countdown to the close stress right now. >> the countdown is on in europe. this is bloomberg markets: european close with guy johnson and alix steel. ♪ tom: sentiment has turned more positive in europe as we head to the close this tuesday. gains of .4% across the benchmark. important survey out of the ecb suggesting expectation amongst the public around inflation have turned down significantly. we will get the reassessment of how far the ecb will have to go. you had money moving into german bund and your down .2%. on the back of the surprise cut announced by the saudi's, prices popped and wti. then it came off. that is reflected. this index now down .3% after the modest gains of yesterday. around the front end of german bund's, three basis points. action more announced about 30 minutes ago. nonetheless, the inflation is starting to turn. that is the survey coming through. you still here officials from the ecb pushing the hawkish line. let's switch and see how things are playing out. f

tom: chester dawson on the resupply mission.ed back down on the landing pad. now you are looking at the cargo as it makes its way to the international space station. let's go to caroline hyde for "bloomberg technology." caroline: thank you so much. we are at bloomberg's world headquarters in new york. ed ludlow is in california. this is "bloomberg technology." coming up, full coverage of that event as apple prepares to debut the long-awaited headset as it nears a $3 trillion market cap. we will get perspective on gaming. twitter ad sales plunging. we will discuss the woes facing the incoming ceo as the company forecasts more declines ahead. all that and much more. first, let's check in on markets. technology we got the service's data showing weakness, pulling back yields in the two year yield. maybe we are thinking the fed cannot hike to the way previously. bitcoin, crypto on the downside. they see sec

i'm tom mcrae.nemployment, poverty, and a stagnant economy are a few of the core issues facing zimbabweans when they head to the polls in august. millions have found themselves caught in a wave of high inflation, unable to afford the basics. now, add several other social issues including crime to the mix, and you have a recipe for deep-seated voter dissatisfaction. the two main candidates are expected to be 80-year-old incumbent president emmerson mnangagwa from the governing zanu-pf party, and his younger rival, opposition leader nelson chamisa from the citizen's coalition for change. so, will they deliver on the promises they are making to voters, and what challenges will they face? we will put that to our guests in just a moment, but first, this report from outside the high court in harare. reporter: the election season has officially begun in zimbabwe. candidates have filed their papers at the different nomination courts across the country. those running for the presidency filed them here at the

. 0k, stephanie and tom, thank you, both of you, for— voices. 0k, stephanie and tom, thank you, both, for talking about - you, both of you, for talking about that, and that is always a story you can get up—to—date with on our website. we have plenty more of the very latest twist and turns on what is happening both in russia and ukraine, buti is happening both in russia and ukraine, but i want to bring you some breaking news that we be getting here at the bbc and it regards the health of a pop legend. the american pop star madonna has postponed her tour after falling ill and staying in intensive care for several days. that is according to a statement on instagram from her talent manager, and it says... that is intensive care. it goes on to say... there is no confirmation as yet on madonna's official tour website, the celebration for. it lists 84 dates. it starts in vancouver onjuly 15 and takes part in 13 countries across the world. ending in mexico city on the 30th of january. so a grueling five months of touring, 45 concerts, all in all, for madonna and they have all been sold out,

and one of those people was tom. and so i wrote an email and we off a copy of the film and i thought that would be it. and then i started getting emails from somebody that was t.h. and i thought, who is this guy? and then i thought, it's that guy. and that started a collaboration, because i found out that tom has a compelling interest in and the who we are project is all about part of our history that has never been told. and so that was the beginning of our collaboration. and i should say maybe, tom, you can talk about it. tom had written an op ed on the 100th anniversary of the tulsa massacre, and that was one of the reasons that we thought, well, we'll send the film to him because sounded kind of outraged that nobody taught me this. yo, what's up? and that how our collaboration started. tom, why tell this part of history now? well, i grew up in oakland, about as diverse racially as cities you're going to find in the united states. i had, i had always loved history, my favorite class and in school in fifth grade an

thank you stephanie and tom. before we move on with - and tom.our panel, i want to get more on that breaking news. the american pop star madonna has postponed her tour after falling ill and staying in intensive care for several days. that's according to a statement on instagram from her talent for more on this i'm joined now by variety magazine's executive editor for music, jem aswad. is there any more that you know that you can tell us about what's happened to madonna? her you can tell us about what's happened to madonna? you can tell us about what's ha ened to madonna? . ., , happened to madonna? her manager is the one who announced _ happened to madonna? her manager is the one who announced the _ the one who announced the postponement. he's a pretty straight shooter so i would think that what he said is basically what happened. we do know that the dancers and musicians on the tour were informed this morning but that's all we know. this tour was scheduled to start on july 15 in vancouver. it was scheduled to go all the way through january, so t

>> reporter: yeah, tom, that's right. in a statement, andrew wold not addressing those complaints, but simply saying that he's thanking first responders, and he's keeping tenants and families in their prayers, and at the same time the city now taking wold to court citing him for failing to maintain, they say, his building in a safe condition. that comes with a potential fine of $300 tom. >> as families still wait for answers. all right, maggie vespa for us. >>> we want to head north now. there is a dire situation unfolding across parts of canada tonight, massive out-of-control wildfires, and there's so much smoke that experts in the u.s. are sounding the alarm with new health warnings here's anne thompson >> reporter: tonight, parts of nova scotia are a hellscape. there are 14 active fires. three are out of control. officials say the situation is unprecedented. >> we're in a crisis in the province, and we want, and we need, and we will take all the support we can get. >> reporter: halifax, its largest city, under siege. a

tom: you trusted this.ex, anastasia, or getting a little more granular, given that the upside is added to the s&p? anastasia: the first leg of this rally has been tech. a lot of people have been liking tech, so much so that it has gotten too far, too baffled to if you look at semiconductors too far, too fast.-- too far come too fast. if you look at semiconductors, it is that an overstretched level. the good news here is that if everybody was so worried about this being a narrow-breadth market that is going to fall apart, i see the other side happening. other sectors can begin to catch up. i mentioned the earnings revision ratio bit the ratio is strong for things like industrials, for example. we have positive news or at least rumors out of china and more stimulus is coming. guess what that is good for? that is good for the cyclical strain. the next part may be not to continue to pile into tech, but to buy to the s&p. alix: the the question of the day was that point, the nasdaq rally. instead the nasdaq down

our very own tom mackenzie is at the event. tom come over to you and good morning.rancine, good morning. a bright and sunny founders form here. i have joe lonsdale, managing partner at 8cv. a cofounder of palantir. quite frankly, a pretty big name in terms of the world attack and investing in entrepreneurship. no, thank you for joining us. let's start with what is exciting you. what is the focus? what is your terms of appetite for opportunity? joe: thanks for having me. it's is great to be here in london. a lot of talent here. obviously, everyone is focusing on ai. we have an industrial revolution that can improve society with healthcare and other areas. we are looking for the top technology cultures in the world working on things that are really possible. your seen stop in defense, bio, a lot of areas these days. tom: talk to us about ai and regulation. jeffrey hinton known as the godfather of a i left google who -- so he could speak more openly about the risks he is worried about, military combined with ai, a irobot. that is the kind of thing palantir might be inv

sorry to interrupt you, tom:— tom. sorry to interrupt you, tom, sorry— tom.onkers, don't they? she's responsible for— bonkers, don't they? she's responsible for those strange eoriy— responsible for those strange eoriy momimg— responsible for those strange early morning interviews on the sec— early morning interviews on the sec trot— early morning interviews on the etc that go— early morning interviews on the bbc that go viral— early morning interviews on the bbc that go viral .— early morning interviews on the bbc that go viral . and she says bbc that go viral. and she says pretty— bbc that go viral. and she says pretty out— bbc that go viral. and she says some pretty out there things she toes— some pretty out there things she toes omi— some pretty out there things she does and that's— some pretty out there things she does and that's true. but, you mov— does and that's true. but, you know .— does and that's true. but, you know . t— does and that's true. but, you know , a colourful politician know, a colourful politician doesn't always mean a bad politician. t

i'm tom llamas in new york.eat night. ♪ ♪ [applause] ♪♪ baby ♪ ♪ any time my world gets crazy ♪ ♪ all i have to do to calm it ♪ ♪ is just think of you ♪ ♪ it's when i think of you, baby ♪ ♪ nothing else seems to matter ♪ ♪ it's when i think of you, baby ♪ ♪ all i think about is our love ♪ ♪ i just get more attached to you ♪ ♪ when you hold me in your arms ♪ ♪ and squeeze me ♪ ♪ and you leave me making me blue ♪ ♪ it's when i think of you, baby ♪ ♪ nothing else seems to matter ♪ ♪ it's when i think of you, baby ♪ ♪ all i think about is our love ♪ ♪ i'm so in love ♪ ♪ i just think of you ♪ ♪ when you're not around ♪ ♪ when i think of you ♪ ♪ so in love ♪ ♪ so in love ♪ ♪ so in love ♪ ♪ so in love with you ♪ ♪ it's when i think of you ♪♪ [cheers and applause] >> kelly: all right, everybody! welcome to "the kelly clarkson show." give it up for my band, y'all! that was janet jackson's "when i think of you," her first number one single to hit the u.s. top 100. i always loved janet at kellyoke here in the show. i'm pre