tom she 's choking on the ambulance. what happened quickly close quickly, quickly, call.r, but without tantrums. now let's call the doctor, everything will be fine. zhenya you called, what is zhenya oh. now for sure. if you hadn't saved her, she would have died. whether? what happened between us and him, it concerns only us. and the children have nothing to do with it, i see. well, what if dad comes back, it will still be the same as before. as before? zhek will no longer exist. but are you and i feeling good together? is not it so? well, yours is right. well, daddy loves you anyway. sister, he will always love you equally, we'll see. maybe you can ice cream pizza right away, they gave it fat normally. will you be borscht? and she said subtly that she did n’t have time to cook anything. will you be mine? this is not for borscht flare. if it weren't for you it's okay, crying again. family what? how can they write anything in a couple of days. i'll cook chicken broth and make cheesecakes, will you take it well? are you taking care of yourself? sorry, there is no one to take

s. a has been surrounding new russia with a belt of hostile nations pop liberal swans, and in order to come knock the inch dot come. tom, gus s. olsen. zinn for la not. hi t go on. our price is easy. can i in and talk to him in patient lynn? usher. oh, the color revolutions is a strategy to overthrow these regimes install puppets. and that are there from that point forward. are very susceptible to influence kurdistan, georgia and ukraine. these countries were targeted by the george h w bush, or george w bush, the senior vice president of ronald reagan and bribed with hundreds of millions of dollars. and these monies were given a countries in exchange for their acquiescence and their submission to american military and economic and political objectives. the ring of nato military bases is being formed around russia. the u. s. and nato have over 600 military base. his world wide. russia has just 18. but the west still claims that russia has aggressive intent by turning this russian soviets. and to this dangerous bo, you man, that wants to take over the world. that was a content strategy to create this image at the soviets

tom: back to the 1970's. you do a log chart of the total return index and take the credit level, i don't care. the answer is this is very 1978-1979. jonathan: you said it, it is very 1970's. tom: late 1970's, there is a difference. it was before k pop. . lisa: i think there's a larger point about liquidity and the issue of the incredible swings you see in conviction and where that stability comes from. this is supposed to be the deepest market, most liquid bond market in the world. what happened to that liquidity? jonathan: mohamed has been saying that over the last few months. futures are positive by about 1% on the s&p and on the nasdaq, up about 1.5%. from new york city, this is bloomberg. ♪ ritika: keeping up-to-date with news from around the world with the first word, i'm ritika gupta. president biden arrived in south korea and underscored the importance of resolving the global semiconductor shortage. the president toured a chip factory for a model when the company plans to build in texas. the white hous

think it is by many measures more dominant than it was in the 1950's. tom the 1950's, and let me digress, this is so important in germany right now, is germany held back by a memory of economics? is germany reticent with a war in ukraine from another time and place? is the dollar from another time and place? kenneth: i'm not quite sure what you are asking. are you asking is germany not moving more aggressively in ukraine because it is concerned about deficits? i don't think so. i think it is much more the concern about escalation, how much do you push putin to push them over a cliff. i thing that is a very tough call, and the germans don't see at the same way that the american administration does. tom: i'm sorry, my question was not all that clear. i fail when the red sox are in last place, so i am failing right now. on germany and the euro, the challenge for christine lagarde given what i'm going to call the german reticence, how difficult a moment is this for the politician guard? -- politician lagarde? kenneth: i think the toughest spot is that they have

tom: what is this, little britain? jonathan: are we done? futures, negative have a percent on the s&p. i'm just going to get the value meal and coffee. jonathan: that is not what you do in the u.k. tom: i go to dunkin' donuts and get a cup of coffee. jonathan: maybe you want a meal. lisa: you could walk an extra thousand steps. tom: rochester was out of control there. jonathan: you were out of control, too. tom: wearing a trade? jonathan: we had a lot of people, the show and talk about the move to 1.20. they said rates would go back to zero, but what we have experienced in the u.k., rates go up, but growth expectations come lower. currency has been hammered. tom: i will tell you this, john, i am wearing a triple leveraged cash trade. jonathan: cannot take you anywhere. really cannot. tom: you don't know who cindy is. jonathan: no idea. tom: it is like ted lasso. a third of the time when he doesn't have a beverage of his choice in him, i have no clue what ferro is saying. jonathan: generations removed. tom: that austrian bond i looked at this morning. jonathan: that is ugly. that austri

alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures up 1.8% on the s&p. retail sales just around the corner. tom: i look at s&p 500, and off that low, under 4000 on spx, we are nowhere near the midpoint. that is how depressed we have been. but we are working our way back, and you really wonder within a bear market, and of bear market, whichever it will be, is there something in the wind about china and the end of a lockdown? jonathan: looking ahead to the data as well stateside. we know how the consumer feels, dreadful. sentiment a decade low. what are they doing? we are going to find out at about 8:30 eastern. tom: retails will be a huge deal. it is not only the control group where they take out the variables that the pros do not look at, but i love that we have they nicole sy before we get to the economics and retail sales about what is actually going on in the stores. jonathan: a lot of retail sales earnings through the morning. home depot sales out. lisa: they really beat expectations after sales were pummeled so for you today. -- so far year to date.

tom: heebie-jeebies is from the 1920's, from cartoon strips back when everyone -- lisa: i was expecting some kind of regression of mentions of heebie-jeebies. tom: some of our guests, paulsen was basically saying have courage and stay in this market. we hope you have courage to stay with us through the morning, including the open coming up on bloomberg television with jon ferro. i think mohamed el-erian is in the building and i wore my new york jets bowtie. i don't know if he will speak to me. stay with us. this is bloomberg. ♪ jonathan: what a week in this market. equity features of 1.4%. it will it stick? the countdown to the open starts now. >> this is bloomberg the open with jonathan ferro. jonathan: from new york city, we begin with a big i

that means that the s&p 500 index is going to pose some slowdown. tom: may further pain for the s&p 500 and the nasdaq. the nasdaq futures pointing lower this session. what do you make of the fed minutes as well? it seems we got some consensus around june and july, and then a murky picture around whether or not there is a view of pausing after those two rate hikes. what stood out was the downgrades in terms of those forecast for inflation. what stood out for you? ven: i don't think we got too much in the way of new information. they want to take the rates over to a neutral. policy as soon as they can. . and they want to get with policies that are appropriate. some the past couple of weeks, we have talked about 50 basis points on the fed rises for the remainder of the year, but you mentioned earlier on the show, the fed is going to keep going simply because i don't think this inflation can be pushed away. earlier this week, we had the rbnz meeting, and they said that was more to come. they started raising rates much sooner than anyone else apart from nor

futures down 0.9% on the s&p. tom: our conversation of the day , john stokes was just john stoltzfus joins us of oppenheimer, their chief investment strategist. you will rationalize this to retail and institutional. how do you have courage to own equities this morning? john: well, thanks for having me on the show. i got to say, where we are right now, the market is all in a tether because what is happening is we are moving from free money to money that is less free. essentially, perhaps easy money come along way from what people are thinking here. i think the danger is negative projection taking anything crossing the tape here that is worrisome in projecting that will stick. the big call here, regrettably we have to wait a little bit to see if what the fed is doing is the right thing. if that shows that inflation goes into check, things will get a lot better, we would expect. tom: the legend of opp co. is details. what is your experience about how corporations will adjust to this new 2022? john: just think of that cru

s. was troubled by images of israeli forces intruding on her funeral. while tom needs the u. s. embassy to israel's that he encouraged the investigation into had death person's ambassador. israel shared a similar tweet, edging for an investigation on western media, also chose vague language to describe the attacks against strains funeral, using words like violence broke out israeli forces antagonized mona's. and that they clashed with police. richard boyd. barrett's is a member of the irish parliament for the people before profit potty. he says western government shouldn't enable israel or less it act with impunity. i mean, when you look at the footage of the funeral yesterday, you know anybody looking at that will realize immediately dot words like disproportion s, u r. i rages in their failure to actually acknowledge what was going on is, is going to take the people of europe and who can see these double standards to force their governments and to have real principles instead of simply having cynical and strategic interests these. yeah. and i do think i am confident, certain

slovakia is in the 90's. tom: all i know is that the russian bond of 2042 is price up, yields down.ollar-ruble is stunning. 66, down from the 80 level. jonathan: the money that slovakia has to spend as they work through this, who knows if they will get the exemption. they say they have to adjust the refinery for light crude oil, and that would cost a few hundred million euros. they also need investments to adjust the pipelines to reverse the flow from west to east. of course, none of this is simple, but there are different countries across europe. i mentioned 12% number four germany, 90's in slovakia. hi as well in hungary. for other countries come it will be a bigger thing to shoulder compared to the germans. tom: we will watch the recent quiet in the more news as well. chart of the day with kriti gupta. kriti: as we talk about this fomc decision, we have to talk about and only second long trend coming to an end, negative yielding to. all main -100 yielding bonds in the world, mostly in europe. you can say a steep drop starting your to date, everything to do with an extremely hawki

tom cruise was in these jets, f-18's on loan from the u.s. military. $11,000 for one hour. : that's crazy. tom: was not allowed to touch the buttons, went up about 12 times. he does his own stunts so this is all part of the tom cruise mix. "top gun maverick" is out, it's well reviewed. francine: i have to say, i add in if i with james bond, i do not identify with any of the "top guns." tom: we are going to get francine into top gun. reducing emissions and retail. we will speak to namrata sandhu, chief executive of vaayu. this is bloomberg. ♪ what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. whoa. francine: welcome back to the open, 30 minutes into the european trading day. ticking aim at china, antony blinken vows

our inland areas only in the upper 70's rain. tom, thank you for that. will we do have a traffic hazard right on the bay bridge near the toll plaza. so a disabled vehicle. >> that down a little bit. 17 minute drive making it from the maze to that fremont street exit. now, the san mateo bridge, no delays along 1, that's why we have a 13 minute commute for you as you're traveling across towards the peninsula. well, if you're traveling southbound 6.80, doubling down to fremont. that's a little under 20 minutes. a lot 8 80's silly down to milpitas about 26 minutes to make that drive. so thankfully, no major issues here and the south, a little one, a one. 85 into middle part around. 33 minutes for you to 37 17 to 18. 82. i don't see any major delays slowing you down crockett down towards the maze 5, 80, 80 around 15 minutes for you. there and we'll leave you with a look at 24 walnut creek down to 5.80, about 12 minutes. james, back to you. >> time now to talk winners and losers on wall street with financial expert rob black and rob, good morning. we're waking

jonathan: futures up 1% on the s&p. toma two hour conversation is what they deserve and emily wilkinson -- is in washington and maria is in germany. i cannot pronounce it but i hope that i came close. they are in search of unity, are the germans able to spell unity this weekend? maria: yes. and it is a key point because we are seeing that the longer the war drags on it becomes very difficult to maintain this unity. when you look at the question of oil, the g7 agreed a week ago that they will phase it out. having said that when you look the europeans they are not able to get the deal through the finish line so essentially you have the italians, french, and the germans agreeing to something on paper that the e.u. cannot follow through. and there is the economic repercussions that will seep into all of this. the european union will be deeply affected. yes on the political front they say it is about unity and they want to help ukraine when the war and they now say that this is about winning, it is victory for ukraine, but nonet

tom. we will see what ken rogoff thinks of that a little later on . futures down about 0.3% on the s&p.e nasdaq, -0.3% also. this is bloomberg. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. there's a report that the u.s. supreme court is on the verge of overturning the roe v. wade ruling that legalized abortion. that punted protesters to turn out at the court monday night. politico says it obtained a draft majority opinion from justice samuel alito. alito writes, "roe was egregiously wrong from the start." the bank is expected this week to raise interest rates to their highest level in 13 years. it may also clarify how it plans to sell some of its 1.1 trillion dollars in government bond holdings. that would take the u.k. central bank into uncharted territory. none of its major economy peers have yet sold government bonds accumulated under quantitative easing since 2008. it is the largest move by wall street's main regulator to crackdown on digital tokens that may break the rules. the sec is adding 20 more officials to a team dedic

you start to see that trajectory climbing back up words and by wednesday, we're nearing the 90's reyna. tom, thank you for that. let's get a look at as you're heading into the city this morning. a 10 minute drive from the maze to that fremont street exit. >> the san mateo bridge heading across towards the peninsula. about 13 minutes for your drive. there. the start of the richmond, sandra fell bridge about a 10 minute morning commute and the golden gate bridge. 37 to the tolls. 20 minutes on this friday morning. well, happening today, the nra is planning on going ahead with their convention in houston, texas. well, the convention will bring together the nra's top brass and notable conservatives, including former president donald trump. senator ted cruz. guns will not be allowed. the group released a statement wednesday expressing sympathy for the victims in the school shooting but called it the act of a lone deranged criminal. and some of the musicians scheduled to perform at the nra conference are dropping out because of the shooting in texas like don mclean, known for the 1971 hit america

all right, kellyanne, tom, great to s to see you both. think of roe versus wade as purely a political matter. butt what does it mean to be aea survivor? wen talk to one in moments. if something happened to you, what would happen to them? their home, their education, their future. you need life insurance. the chances are selectquote can help you get it for less than a dollar a day. selectquote found jacob 40 of five hundred thousand dollar policy for only $19 a month and select quotes found his wife wendy of five hundred thousand dollar policy for only seventeen dollars a month. our secret that select quote we aggressively comparison shop to ten highly rated companies to find you the company with the best rates we found gary thirty a one million dollar policy for only twenty two dollars a month. why pay more ? give your family the security they need at a price you can afford text quote to thirty two thirty two thirty two or go to selectquote .com now and get the insurance your family needs at a price you savefr. >> all of this is humanitar

that's the energy players on the s&p 500. tom say that when you look at the literature from royal dutch shell or the jp morgan work we have cited, cole is sort of -- coal is sort of flat on its back, and you need investment across a lot of different makers of energy, whether it is solar or biomass or certainly hydrocarbons and gas. jonathan: you have cited the work of jp morgan, capacity, capacity is a word that comes up again and again when you speak to christyan malek. lisa: it has to do with investments, it has to do with how much you have to pay everybody, how much the actual materials have increased to expand, but also shareholders don't want those investment's. shale producers in the u.s. have been penalized for overbuilding during good times only to get busted during the bad. jonathan: and these are some better times for some of those names, for sure. futures are down about 28, 29. down by 0.7% on the s&p. from new york, heard on radio, seen on tv, this is bloomberg. ♪ jonathan: we are coming off the back of a big week aga

tom: probably not? that is not the right answer. you are supposed to say yes. michael: energy is only 2% of the s&p 500. m: you have to understand, casper got into union college. all you have to do is spell schenectady. lisa: michael casper, thank you so much. honestly, you asked him, are you going to be reporting on hydrocarbons? he just gave an exhausted sigh which speaks for all of us, this has been an exhausting year. tom: look at what j.p. morgan said about a clearing of the china lockdown. boom. demand comes back. lisa: that has been a huge theme this year, the one place that people have hidden is in the oil stocks. maybe it gets to be a bigger part of the index. i think it has a bigger economic implication when you talk about oil and gas and equity implications because that has already been an area of incredible interest but on a broader sense does that take away from the prophets and earnings on the other side? stuart keiser summed it up, this exhaustion. please reach out if you want to vent. that was in his comments this morning. tom: there is a lot of that going on. this is the dow, which i kno

i am jonathan ferro, futures down 1.6% on that naz -- on the s&p. tom: the vix down two big figures. 30 is the level of brutal as you described. we are onto 33.02 and anything on the 40 level is the beginning of that cathartic wipeout that everyone has been calling for. did we get there yesterday? no. with today's action we are getting there. jonathan: deutsche bank says we are at the recession rate crossroad. those risks are right now and barclays the risk is up firmly. tom: when you own equities with a three year or longer time horizon this is supposed to happen. we have a global wall street that has no history with a bond bear market. we are in one big time and minimal history of true equity sell down, not -18%, -25 or -35. that is when you get the emotion. jonathan: this is not your regular correction. lisa, dollar tree down by .5%. cosco 12.5%. cosco 10.5%, all of these down by more than 17 percentage points which is a problem. lisa: this is a concern about margarine pressures -- margin pressures and compression. here's what i do not understand abo

about the same time, it is the s word. tom: there's a job openings at arsenal.nt to take one of them? tom: no, i'm not qualified. you are. jonathan: -- newcastle united were fantastic. arsenal just did not show up. final game of the season this weekend. tom: well, they are underpaid. jonathan: yeah, ok. [laughter] futures up 1.5%. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. >> right now we are just bordering on calling for a recession. >> if we did get one there is a lot more room for spreads to widen and even exacerbate there's losses we have alrea

tom: checking in across features. its snp -- s&p following. -- falling.e and july were already priced in. markets are pricing in a 50 point basis hike in september. a question of inflation is some start to question the cards. 5 billion euros for the first quarter. let's start with the funds. they came in below some of the estimates, do you expect that trend to continue? what was behind that? giulio: good morning. yes, we saw some outflows during the first quarter. we had positive inflows. there also moderate. rates are going up. when rates go up, bond investors will on the sideline. our flows were moderate. we expect this will continue we also believe these outflows will be the new flows down the road. investors may be on the sideline now but they will come back. it will be a very strong environment. we are not looking at these trends with any kind of concern. this is very positive for the performance of our fixed income management. manus: $14 billion worth of outflows, can you say that is a moderate outflow? have you seen a steadying? have they stopped f

tom: someone very good at this will be the secretary of treasury, janet yellen. she is an expert on modeling out the language of uncertainty to our president. jonathan: futures are down about 17 on the s. tom: dow futures are down 134. jonathan: i bet you had a good time last week. did you ask for the bank of america year and forecast? does that exist? lisa: he did name check you every time he talked about the down. -- about the dow. jonathan: from new york, this is bloomberg. ♪ ritika: keeping you up-to-date with news around the world, the european union leaders have agreed to back a partial ban on russian oil that would be part of a package of sanctions punishing russia for an greeting just for invading ukraine. it would been petroleum products delivered by ship but it temporarily allows nations to buy russian oil i the i blind which will get -- russian oil by a pipeline which will get hungary to sign on. food and energy were the big reason for causing a debate at the central bank about how fast interest rates will increase. president biden has set limits as to what he can do about guns. the present cited the texas elementary school and has a new call for congress to crackdown on as

futures unchanged on the s&p, unchanged on the nasdaq. tom: is newcastle united dreadful?onathan: they are not that dreadful anymore. they are better at this point in the season than they were about six months ago. you need them to win, tom? or at least get some kind of result? tom: it's in the middle of the "surveillance" nap. jonathan: you will wake up and watch it? this is bloomberg. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. twitter is now on course to wipe out all of the gains the stock has made since elon musk disclosed his stake in the company. chairs are lower in premarket trading. on friday, musk tweeted that the deal is on hold, but that he is still committed to buying. after a trip to kyiv, senate republican leader mitch mcconnell says he expects the senate to pass a $450 billion -- a $40 billion aid package. last week, republican rand paul held up the aid bill, arguing it is to ask pensive. germany plans to quit importing oil by the end of -- importing russian oil by the end of the year. german officia

futures up 1% on the s&p, headed for the longest weekly losing streak going back 21 years. tom: that was maybe the gloomiest opening we have had in the history of the show. it is toxic through friday, no other way to put it. the emotion out there, i saw a banner headline on another network, not a financial but it is boom. can i note that the vix, not even into sweat level or gloom. jonathan: bank of america said true capitulation equals fed capitulation. it goes on to say the bottom line is to take a very vulnerable market but we would sell. it has been buying the dips and this has been more like selling the dips. tom: along the continuum of the summer and target and what we saw at kohl's and the others, these including airlines booming will adapt. jonathan: a tough week for retailers. if you just had the airlines, consumer demand i and tolerant high. lisa: right now, we are looking at a tale of many different industries. this is really the big question, how much are we seeing a massive compositional shift from goods to services that is not anything in the history books because

s&p will touchdown to 3600. >> if anyone has it my phone number -- [laughter] tom: that was our mliv survey considering when the might hit rock bottom. we are joined by dani burger. dani, we had a lot of people saying i don't know when it will happen. ken griffin said it is like looking into a murky crystal ball. what are we looking at when we look at the s&p 500? dani: i do feel like the general sentiment is pessimistic. a lot of people are not willing to put an exact number on it, but we have our mliv poll survey. when it is aggregated, a little more anonymous, people are willing to give a more exact number. the median of the survey, it was around 3500. that would imply another 10% drop from friday's levels . indeed, only 4% of respondents to the survey believed we have hit the bottom. you heard a little of it in that. tape we just played a few people think we will go back to pre-pandemic levels. there are definitely concerns of the tail risk, and it is this mantra of don't fight the fed. they are tightening conditions, and a lot of that concerns stock markets falling as well. we are also asking them about th

communist party, according to the wall street journal, the company tencent with a 12% backer in tom cruise 's out because well, it's a pretty patriotic american movie, they don't want to be part of it. back to you. neil: interesting, all right, don't give away anything. don't give away anything. great, thank you very very much gerri willis on all of that. gary kaltbaum movie buff and stock market buff and just all around buff. let me ask you, gary. that's a lot of interest, you know, they don't crowd theaters for any old movie obviously blockbusters lead the way and theaters and amc beneficiary of that trend. how long you see that going on? >> i think for a while. look, covid, i think, we are now in the mode of get me the heck out of the house mode and they are putting out some movies that people are jumping on. the big movies of the last few months are batman, dr. strange, spiderman, something called " fantastic beats" i don't know what the heck that is and for the kids"sonic the hedgehog" so people just want out and a little bit of fantasy. you know, we've all been involved with this covid

s&p. five weeks of losses. tom: the headline is the selloff extends with the vix up three figures. there is tons of international relations news. vladimir putin speaking in moscow. all of it secondary to the market response we see this morning. dollar stronger. jonathan: the dollar strength is unreal, the strongest since 2002. we had another 1% move in dollar china. tom: i know you came in late. i was here at 3:00 with lisa. we were looking at the dollar, fx charts. 2002, strong dollar testing out the historic dollar strength back to the plaza accord. jonathan: lisa abramowicz just told me she had an extra hour in bed. lisa: it did not work. i tried to hide under my covers. jonathan: it was a 20 basis point move on the s&p. absolutely brutal. lisa: the intraday moves were dramatic. this volatility is something people were not used to. people can attribute it to the fed but it is not the fed. this is the realization they are tied between a rock in a hard place. increasingly concerned about recession and tied to what is going on geopolitically, whether having to do with ukraine or ch

tom: that is today? i did not know that. he was on yesterday. jonathan: we go again. futures up .9% on the s&p. the nasdaq up 1.1%. tom: i am trying to give you the inflation of bulbar, the inflation of another time. jonathan: you are taking us back. no one wants to go back there. this is bloomberg. ritika: keeping you up-to-date with news from around the world, i am ritika gupta. in baster's are waiting -- investors are waiting on today's report. cpi is expected to show inflation fell to 8.1%. the cpi comes out at 8:30. the u.s. house is approved of $40 billion emergency spending bill for ukraine. the measure pays for new weapons and provides economic and humanitarian assistance and is significantly larger than the $33 billion president biden asked for. the bill heads to the senate where approval is likely next week. economist lisa cook will be the first black woman on the federal reserve board of governors. she one confirmation by the narrowest possible margin. the 51 to 50 vote required a tie-breaking appearance by vice president kamala harris. republicans questioned her qualifications. researchers in shanghai s

s&p 500 is down. we live in the most chaotic macro economic times. tom: we will get you up to speed on that in moments with michael mckee. atlanta gdp now situated well below 3% seems to be an american economy returning to something like normal. jonathan: looking ahead to decelerating growth and hopefully looking ahead to decelerating inflation. tom: of all the research this weekend, michael mckee is on it. forget about now, look out further to disinflation. jonathan: that seems to be the consensus we see on laois and. it's about the month on month readings in core cpi that this market will be excited on this wednesday and that's what we will be looking for. tom: the president is fixated on inflation. lisa: how much can he really do at this point? they have talked about possible profits at oil companies but it's not necessarily economic for them to invest in drilling more. what can he do against the supply chain in china? what can he do against the war in ukraine? there is uncertainty stemming from things well outside of policymakers control and that's w

tom: yoon seok-yeol, ts lombard freya beamish head of research stays with us. coming up, queen elizabeth will miss the state open up a u.k.'sament or only the third time in 70 years. we will dive into the economic outlook for the u.k. next. this is bloomberg. ♪ tom: welcome back to the open. 43 minutes into the european trading day. gains of the .8% across the benchmark. need to music -- mood music has entrusted. -- adjusted. s&p futures chinese with gains of .8%. u.s. retail gasoline prices hitting a record of four dollars 37 cents per gallon. a reminder that even as oil prices have come up in the last few days, it is not necessarily translating into lower prices at the pump. anna: we have an opinion piece which illustrates this nicely saying which if you are not an oil baron, you are not paying wti oil prices. gasoline and jet fuel are areas where we have seen continuing moves higher. let's turn our attention to the u.k. queen elizabeth will miss the opening of the u.k. parliament for only the third time. the 96-year-old monarch is suffering from what the palace calls episodic mobility problems. her speech laying out the

tom: you can go back to the 1960's with our washington correspondent.he remembers lbj coming out with -- they had to do it two years later with an exorbitant 5% inflation. what is the track record the white house has to go after this inflation? >> you guys have the same music taste. what the white house is worried about is jimmy carter. they are worried about joe biden and the democrats in general, unable to keep control, just because of inflation. it is suspected to come down. if you look at goldman sachs, in november, there will be 7% inflation. that is something that will haunt this administration. tom: there had to be a radical change. how do they respond today? >> these are numbers that wall street will talk about, but in washington, the main issues they are talking about is what we have today? fresh record. you are going and filling up your truck. they will come out with another inflation speech, blaming the war in russia, the fact that they account for outside perspective. you look at wheat and how they can do more to keep a robust, domestically

tom: i thought your people talked to you and told you what we are doing. [laughter] lisa: the s is up 25, so you have a little bit of a lift. perhaps people trying to take a breath after the longest streak of losses going back to 2001. tom: 10 year yield, duplicate 2%. we got so much more coming up. rebecca patterson to be with us, and also, dr. win thin of brown brothers harriman. stay with us from davos, on radio, on television. ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. tom: good morning everyone. from the world economic forum in davos, so different this year. much talk of the war in ukraine and much talk about deglobalization. lisa abramowicz

s&p. the nasdaq nicely about one third of 1%. 2.9558 on the 10 year. euro-dollar, 1.05. tom be watching currency. i think it has to go to the job economy, talk about how hot it is. if i get a dxy stronger dollar breakup, i think that tells more of a story. jonathan: he said something like the market is too strong. if you want to rebalance, can you do that without a recession? tom: i will go back to wage inflation. that is where they become data dependent. jonathan: futures up .4% on the s&p. this is bloomberg. ♪ >> a very different environment where the bed is trying to get to neutral much more quickly. >> the fed want to stop being a source of volatility. >> how aggressive the central banks are expected to be over the next year. >> look across the globe, global forecast for growth are being revised down. >> it is clear that things are way out of control. >> this is bloomberg surveillance with tom keene jonathan ferro, and lisa abramowicz. tom: a fed day on radio and television.

s&p. valuation and technical support live. tom: everybody was adjusting a not to criticize this extremely difficult to do the point of where you're going and the timing of verio going and a lot of adjustment over the weekend. i'm just an essay everybody is data-dependent including equity market strategist. jonathan: last week the fed president gave the game up for a lot of people. again and again, i expect financial condition to tighten even more. i would like to see continued tightening of financial conditions. what does that tell you? lisa: this is kind of what they welcome. this is what they're trying to gather in the market which is a less optimal financing condition for people who want to get out there and get going because it's antithetical to what they are trying to do which is essentially slow demand. i wonder how much of the decline we've seen so far is because of tightening and how much more could, if people do agree the growth scare is real. jonathan: data point of the morning out of china, in shanghai they did not sell

tom: maybe a bit of an overreaction to what is happening for richemont. and it comes to the s&p 500, the futures are pointing to modest gains today, but we are looking at the seventh straight week of declines for the s&p 500. do you think the fed blinks at this point? when they look at what is happening, the route we are seeing across u.s. equities? patrick: i do not think this is a blinking moment yet. they will look at the month coming towards september. we will get points in june and july. the fed will assess whether economy is and if they see inflation plateau and start to roll over, i think they are going to air on the side of letting inflation run hot rather than risking a recession. the window to get in between that and the soft landing powell is hoping for is so small, that i think it is next to impossible. tom: patrick armstrong, cio of plurimi wealth, we are happy to have you staying with us over the next few minutes. coming up, chinese bakes -- banks having a key rate by record amounts, trying to boost the country's ailing economy. we dig into patrick armstrong's st

and the s&p 500 recovering, too, after dipping in and out of bear market territory. tom costello tonight on new concerns for the economy. >> reporter: facing the growing possibility of a recession, wall street spent another day in turmoil. >> the body blow this market keeps taking and when it might end. >> reporter: the broad s&p climbed back after heavy selling, but it's still down 18% year to date the dow was down 600 points, then rallied, but still lost ground for eight consecutive weeks, the first time that's happened since 1923 among the inflation sensitive retailers getting hit hard year to date, dollar general, target, home depot and ross from housing to groceries to gasoline to air fares, hotels and restaurants, inflation is forcing families to make tough choices. >> i have three kids and see what i'm going to do with them for recreation because everything is crazy expensive. >> reporter: to tame inflation, the federal reserve is raising interest rates, but going too fast could push the economy into recession. now, treasury secretary janet yellen is warning there

s&p 500. a big day ahead and a big week ahead. tom: up to the jobs report and we get june data out tomorrow. the changes are so abrupt now that day to day today doesn't really matter. i will not fuss about case-shiller but i want to know the pulse right now and in the oval office this morning, that's with the president will ask. jonathan: it's not just in america. the numbers out of germany out of italy and france and spain. the euro zone has an eight handle. tom: jp morgan has a research piece. gdp of hydrocarbons is about 9% globally. every time you see that oil price tick up, it permeates throughout the system. jonathan: crude oil is $118 in gas prices keep climbing the wrong way for this white house. lisa: people are trying to frame out a six dollar per gallon of gas and we are already seeing that in certain areas. what does this do to the willingness of american consumers to absorb higher prices? the ceos we spoke to an even the business owners i speak to day to day save there is no limit as to what -- as to how they can hike up prices. jonathan: they can't get a read on this economy. t

tom: before the hurly-burly is down. goldman-s says swings will remain large into the path -- until the path of inflation as clarified. will we get that clarity on wednesday? the cpi is expected to come in softer. we checked in on the markets. $20 trillion in market cap wiped off global equities compared to last year. you are seeing that pressure. you saw it yesterday in terms of the bloodletting on wall street. the biggest drop -- down to a 13 month low on the s&p. dropping around 17% year to date. the futures point to a bit of moderation. nasdaq futures gaining 0.9%. technology was worse. you would not want to swap places with kathleen would after an almost 50% drop in terms of that etf on concerns of the more frothy parts of the tech market. here in europe again ending lower on the session yesterday but pointing to gains on the futures. 0.2%. modest at this point when it comes to european sentiment on the back of the losses we saw yesterday. the focus continuing on recession concerns. in asia, the benchmark down by 1%. manus: 5

alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures down 0.4% on the s&p. on the nasdaq we are down 0.75%. lisa: so why is nobody buying the step? we heard that -- this dip? we heard that people were coming in. it feels like people are waiting for another shoe to drop. what is going to give them conviction one way or another? jonathan: psychology has shifted in a massive way. the buy the dip mentality has been retired alongside the fed put. equities were up off the back of the inflation report. it lasted about five minutes. i think that is representative of so many people. we're looking at the moves, we see the nasdaq down 27%. we have seen these big tech stocks down by monster amounts and they are still nervous. that is when the psychology starts to shift another way and we are really gripped by what is happening in the bond market. lisa: we have seen a bubble burst. that's your words, basically talking about some of the tech names, some of the high flyers that have been a spilled -- that have been absolutely even serrated. we are not seeing a blowout when

s. about 38 .70. tom: folks off-camera, twitter pros are heated he is overpaying.athan: lisa, there were a group of analysts that believed this stock was heading south. they had a sale at a price target in the 30's. lisa: they thought perhaps elon musk could bring his brilliance to the company and they could bring it forward and he could actually get it done. but there has always been a huge margin of skepticism in the market and it has gotten super wide at this point. does he even intend on buying it or was there other motivation? these are some of the questions as he looks to get financing and seems to be approaching this with a less calculated view. jonathan: a dangerous business to work out what people are thinking. what if he is right? what if he is right in the number of boxes really high? -- bots is high? once it leaves the company with no deal and a lot of the user base is just bots? lisa: that is probably what some people think. jonathan: journalists are speaking about where markets are. futures on the s&p up 1%. lisa: you are trolling us. trolling ourselv

s. but also from the g 7 countries. this is the tom and ukraine says they want to win this will because they don't want this war to be frozen and russia to attack again in a few years from that from now. he w correspondent, funny fetch our reporting from keith. thank you. now while facing rages and dunbar, the city of ha, keith is firmly in ukrainian hands after russian troops were driven away. authorities are now eager to restore public life, and that includes guessing the ca, heath subway running again. but there are some obstacles to that. as our correspondent mathias bellinger has been finding out why they came here to flee the bombs and now they don't want to leave with people who have been living in the subway station are petitioning the government to let them stay. subway stations here and hargrove, have been serving as bomb shelters since the beginning of the war. ve katerina top i and her husband have been living here since the very 1st day. you do have a value rough that he dearly i go home every 3 weeks. so visit us today, b

back up, though, and by tuesday will be back into the 80's inland. reyna. tom, thank you for that. with the bay bridge this morning. a meteor lights are still off. easy ride for you. 10 minute drive. >> to make it from the maze to that fremont street exit, the san mateo bridge you're traveling across towards the peninsula. about 13 minutes for your drive. let's check on the richmond center fell bridge. look at that under 10 minutes to make it out of richmond and the golden gate bridge. 37 to the tolls. a quiet 20 minutes on your friday morning. >> well, on average 3 people were hit by a car while walking every day in san francisco is according to a local nonprofit. the number one culprit speed walk. san francisco and san francisco bay area families for safe streets held a vigil at the fatal crash site where a mother and her daughter took their last steps. >> this past sunday on 3rd in mission, the memorial brought attention to all 10 pedestrians have been killed this year by just trying to get across san francisco streets. the group is calling on the city to do 3 things and for slo

s&p. we were recovering, tom keene still recovering.will be back tomorrow ahead of a federal reserve decision after payrolls on friday. 44, crude down about 3%. the germans making some noise this morning saying they are open to a possible crude embargo. and they are open to it. >> they have already cut back their oil imports quite significantly from russia. really the main story with oil is what's going on in china and the shutdowns and how much that will affect the global demand supply picture when they could have a negative print. jonathan: joining to discuss. annmarie hordern. keeping my voice. let's start with you. maria, the germans open to doing something on crude how quickly can they do it? >> i think they want to do it quickly. if it was up to them they would agree to it this week. i would note the details, it doesn't mean the implementation will happen immediately but the germans say they would drop the veto if they get a transition phase for this so the german industry is able to adjust in a phaseout that's gradual from now ti

tom: true. jonathan: i've heard that so many times in the last year. futures down 0.8% on the sso. this is bloomberg. ♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business, with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want—your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with unbeatable business solutions from comcast business. powering possibilities™.

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tom: i am still here -- jonathan: i am still here. futures down .2% on the s&p.or our audience worldwide, this is bloomberg. ♪ jonathan: live from new york city this morning, good morning. for our audience on worldwide tv and radio, here the price action. s&p 500 down .2%. futures negative. here's a headline for you, target. it's a downside surprise. the estimate $3.06. margins lower than expected. this is sounding a whole lot like walmart. target down by 7.6% in early trading and this ceo note sounds a whole lot like walmart, too. throughout the quarter we faced unexpectedly high costs driven by a number of factors resulting in profitability that came in well below our expectations and well below where we expect to operate over time. that stock you getting here in the premarket. tom: i go back to the legend philip caray who died at age 102 and he would talk about the bright lights of inflation. we had a nominal gdp that was a risk -- that was a gift to performing well. the comp sales of target don't look like that kind of nominal gdp. they look like a normal eco