i'm tom mackenzie in london with manus cranny in dubai.ehly has signed an agreement to purchase chelsea from roman of abramovich read the deal is expected to complete in late may. laura, what did we learn about the nature of this deal? >> i know that you are a gunners fan, so i just hope that you are doing okay. but yes, as expected, todd boehly's consortium came through as be winners in that deal. 14.5 billion pounds was the number. that includes the firm clear like capital, and the current owner of ela doctors. -- the l.a. dodgers. roman abramovich will not receive a penny since he has been sanctioned. that contribution will go toward charitable causes, primarily victims of the war in ukraine. 1.7 5 billion pounds toward redevelopment in the stadium. also be junior players. clear like capital will have the share majority, but voting rights will be equally split. the deal has been advised by goldman sachs and the investment form of the former chancellor osborne. but it's imperative this deal closes before the end of may when that special

i am tom mackenzie in london with manus cranny in dubai.inister boris johnson is warning that his government has limited options in tackling living costs. we are joined by our economy reporter lizzy burden. how we heard anything at all about addressing the cost of living crisis that was central to elections? >> very little beyond an extension of the price cut. the government is focusing on the longer-term health. the prime minister singh there is very little to tackle the search inflation. 's after the fourth straight rate rise, the ball is in the treasury's court. it is not on the cards. the prime minister said it is just not coming. manus: what substance is there to the rumor that the queen's speech was rewritten. >> there is no sign to unravel the protocol. the government pledged to do more to take advantage of its new freedoms. one of the parties is reviewing -- refusing to join after the elections last week unless morris done on the protocol. there were reports that the u.k. could move unilaterally going from britain to northern irelan

start of cash equities trading read on anna edwards in london with tom mackenzie. tom: going green, stocks and futures defining jerome powell again. crypto panic subsides, bitcoin jumps. but terra's problems remain as its lodging has halted and restarted and halted again. rishi sunak promises more help to tackle the cost-of-living crisis, and says the brexit settlement in northern ireland is causing more harm. more from our interview this hour. anna: the last trading session of the week. let's have a look at the futures picture. it is positive. we are expecting that turnaround in u.s. stocks will work its way across the atlantic. so we see futures pointing higher for the start of friday's trade. tom: some calm arguably from jay powell, committing again to 50 basis points and reiterating 75 basis points is not being actively considered by the fomc. the s&p 500, gyrations that we saw yesterday, just a reminder, you are down on that index 70% year to date. citi saying that u.s. equities are coming out of bubble territory. in the first few seconds of this friday open, t

i'm francine lacqua with tom mackenzie. tom: here are your top stories. jay powell gives has most hawkish speech yet, saying he is ready to raise rates past a neutral to save inflation. the unit of allianz will pay 5.8 billion dollars after misrepresenting the risk posed by a group of hedge funds who collapsed amid pandemic market turmoil. plus jamie dimon rebuked. a nonbinding vote rejects the jp morgan ceo's pump and station plan. -- compensation plan. francine: we focus on growth yet again and the focus on inflation and if i could wolf whistle, i would, but u.k. inflation at the highest in 40 years. tom: i would like to hear a wolf whistle. none of that within the context of the highest levels of 40 years. this is dating me, but also more importantly, points to the conundrum that the boe has with that cost-of-living crisis and what it means for real wages when you factor in what is happening with topline inflation. we had comments from jay powell saying that they will continue raising rates until he is convinced of sin stained -- sustained signs that i

i am francine lacqua in london with tom mackenzie. tom: taking aim at china. u.s. secretary of state antony blinken vows to influence beijing, saying its regime is the most serious challenge to the international order. text turnaround. alibaba and baidu jump after a beet on earnings, giving asian stocks a much-needed boost. plus, staging a comeback. signs of robust consumer spending give markets a risk on mood with u.s. stocks poised for their first week in the green in two months. francine: the futures are kind of on the fence right now when you look at the ftse 100. futures are pretty much flat. dax futures are gaining 0.2%. i am freshly back from davos. we spoke to chief executives, the ones that have to do with supply chains, they are extremely worried about the next 12 months and see things get better only when we work through these supply shortages. tom: great to have you back. when it comes to the picture, we have the economic data out of china, industrial production slumping to the lowest level since 2020. the premier and president xi jinping seem to be at

francine: tom mackenzie, how dare you? tom: i am just stating facts.a question as well briefly, laura. laura: during his tenure as chelsea owner, roman abramovich reported earlier this week that they have been contributing about 4 billion pounds but a statement last night from a spokesperson refuted those claims. tom: we will keep monitoring that was in the football market. this is the end of the european market open. "bloomberg surveillance: early edition" is up next. stay with us. this is bloomberg. ♪ >> we think a lot of the work is going to be done by the fact we are experiencing at a historically large shock to real incomes in this country coming from outside the country. >> it is not a situation that calls for an emergency type of move. i think he very clearly took 75 basis points off the table. >> we think there are risks on the upside of inflation, but we also think the core story is the big real income shock to the country. >>

i'm tom mackenzie in paris. here are your top stories.ed hikes the biggest increase in over 20 years, jay powell says jumbo move is not on the cards. we will speak to jpmorgan shortly. stocks search at the open. of england decides later today. finance --binance the bill world's largest crypto exchange its regulatory permit from the french government. francine, i'm looking forward to this. you are in paris, enjoying the sights and atmospheric. what are you looking at? francine: i'm at a conference, they have good coffee. we are looking at what the fed does, looking at a lot of the investors here at the jp morgan conference in paris. extremely interesting to see how you trade this higher inflation, deposit on -- do you pass it on. the focus is on some of volatility in the markets. crypto, now the hedge against inflation. tom: it's been interesting, but a disconnect between the crypto space and the equity space in terms of risk on risk off. the demand you are seeing does provide a hedge in a volatile environment. let's get back into the mark

i am tom mackenzie. here are your top stories. u.s. stocks start on their worst selloff in two years as growth years tumble sentiment. losses at the open. a warning from cisco and inflation pain for retail. plus coming up this hour, do not miss a conversation with the head of boats. -- bolt. let's check on futures falling on the route yesterday, the s&p 500 index down and the nasdaq down by 5%. dropping to levels we have not seen since the 1980's, the biggest stock drop on the s&p 500 index in two years. here's the picture. just as in the first few seconds, lower by 0.1%. you also heard from chicago fed president charles evans saying he would like to see rates at the neutral level and possibly pausing. we have concerns when it comes to inflation on the corporate level with target and the ability of these companies to absorb the margins. and on the geopolitical front, one country that stands out is sri lanka, defaulting for the first time in its history on overseas that. -- debt. the ftse 100 now lower by 64 points. the cac lower by mor

i am tom mackenzie in london. fed minutes show agreement on the need for half-point hikes in june and july. questions remain over the rates later in the year. at apple, the iphone maker announced it is keeping production flat for this year at the same time as raising salaries amid tight labor markets and unionization efforts are now on the news. and the cost-of-living crisis. boris johnson government is set out prepare fresh support for struggling britons. this is after deming -- a damning report legal parties at downing street. we are digesting the fed minutes for june and july. there is uncertainty now around the trajectory for fed hikes. it was articulated in those minutes, there is suggestion that they may be paused and reflected after that to adjust the data that continues to come in. some of the data weaker when you look at new home sales in the united states. raphael bostic spots comments came out suggesting a pause. we are starting to see senses of panic from chinese officials saying that in some parts of

i am tom mackenzie in london. bitcoin extending the losses it has seen in recent days.axy digital ceo says he expects more pain ahead. the next few quarters will be volatile and difficult as crypto remains tied to moves in u.s. equities. >> unfortunately, unlike major sellouts we have seen, if it was the crisis for covid, 2018, 2008 the fed was able to respond. the best response we will get is your only going to hike 250 and they will not make that claim until they see inflation expectations come down and we are a ways away from that. we are in for volatility and pain until there is an all clear on inflation. >> and in for correlation. that is the prayer. this is a non-correlated asset. more institutional players have come in and are having to sell as they see the nasdaq go down. >> it had less correlation until we had free money forever. the correlation increased dramatically after covid because every central bank took a firehose of liquidity and sprayed it on the tarmac. can look at the correlation of any collectible to the nasdaq to as debts -- two assets. we are unw

tom mackenzie joins me on set to take you through the next hour of programming. he will get us updated with the start of trade. tom: the pboc coming in and making that benchmark interest rate for the central bank of china to a record low. the conference this week moves for the most since 2019. that's nonetheless came in below what many of the estimates have been so that is supporting the markets and it does underscore the differentiation you are seeing between the pboc and the federal reserve, both going in opposite directions. the fiscal from the fed this week have reiterated the information to continue with rate hikes despite the volatility on market and the drawdown we have seen across equities. the u.s. stateside ending lower yesterday. this is on the back of the pboc move and a mixed picture when it comes to u.k. consumer sentiment. that sentiment survey suggests it fell below the early 1970 number sentiment taking a hit, but retail sales coming in with a surprise beat as british stocks are up. in terms of what is happening in the space, the german dax is gai

i minute until the start of cash equity trading read i'm tom mackenzie in london. more ecb governing council members say half-point hikes should be on the table. president lagarde says there is no rush. >> i believe gradualism is the way to go as long as inflation expectations are well anchored. if we anticipate de-anchoring or a surge in demand that is a different story. tom: inflation is out of control and investors are losing faith according to bill ackman. we get fed minutes tonight. plenty more from the world economic forum in davos, don't miss our conversations with the nasdaq ceo, the chairman of the standard chartered and the ceo of accenture. let's check in on markets. futures pointing to modest upside after lessons we saw on the european markets. within the u.s. session losses were pronounced within the tech space, particularly within nasdaq, ending lower around 2%. the s&p lower by .8%. the markets concerns have shifted from inflation to recession. we are seeing a repricing in terms of the fed funds rate, it had previously been above 3%, you are starting

laura wright with that wonderful -- tom mackenzie he says he is not interested, but i know he is checkinghat elon musk says. tom: we were saying during the break that there is a $100 million breakup fee. francine: if you look at bonds at the moment, chinese bonds actually opened lower and we are fully focused on the ecb hike bets. wounds have been sliding today and the haven has been unwinding. the money markets wager on maintaining the ecb rate hikes by december. myles bradshaw, head of global aggregate fi strategy at jp morgan, is still with us. is there anything at all that looks attractive in the european bond space? myles: you have got me there. the thing is that the valuations have moved a lot. that is the first thing. when you look at u.s. and european bonds, we see that the first valuation point is interesting. people have been underweight and they knew not -- do not want to risk their equities. now's the time you can buy into bonds. when you look at valuations for the u.s., we are at the top of that range. where going to state in the new normal, the technician type area where bon

i'm tom mackenzie in london with francine lacqua joining me from doorposts. european and u.s. futures jumped after the snp sidesteps a bear market close. but record covered cases in beijing sours hours of sentiment in asia. the u.s. president says he will intervene if china invades taiwan, speaking alongside japan's kishida, the leaders present a united front against russia. the world economic forum in davos kicks off, stay tuned for our lineup of interviews including alok sharma, cop26 president. potentially some debt buying within these markets given the s&p closed out friday while avoiding that bar market. the context is seven straight weeks of declines for the s&p 500, the longest stint for over two decades. when it comes to china, a couple factors to weigh out. one is record case numbers in beijing, whether the capital ends up in lot down. remarks from joe biden suggesting tariffs on china are under consideration. how the markets are opening, the spanish ibex up 1.2%. the ftse 100 gaining 1%, we will hear from the bank of england governor today. and that speakers as well