tom mackenzie in london hq. he fed's mary daly warns about the lag effects of rate hikes. 75 basis points is not needed. stocks mostly higher. crypto form genesis warns a bankruptcy as it struggles to raise cash. prosecutors probe sam bankman-fried. keeping the lid on. oil web saws. -- whipsaw. s. manus: let's pick it up right on that point. the whipsaw you referred to, down by 6% and an immediate rally. straight out of the traps came the prince with a from denial, we are not in the process of hiking. the market turned around. in the statement from the saudis, this is what you call buying optionality. if there is a need to take further measures by reducing production to balance supply and demand, we are always ready to do that. this is about the preparedness to do more. what a global brouhaha we had last time we were in vienna. that was politically awful between the u.s. and saudi. the prince is keeping his options and his powder dry, but they are prepared to pull the trigger again to reduce production. tom: that

tom mackenzie is there live.is bloomberg. ♪ >> the subscription advertising model is a smart move. the verification, that little check is very important to people and could help clean up the platform considerably period -- considerably. dani: ark ceo cathie wood. after this brutal selloff, we are live at the summit at europe's largest technology conference. at the ground there is bloomberg's tom mackenzie, who is there with a guest. tom: thank you very much. i am pleased to say i am joined by sir martin -- sir martin. we just heard from cathie wood saying that the subscription model may be pursued by elon musk at twitter is a good one. she also said the route for advertising sales -- where are we in the downturned? sir martin: it is not a rout. if we look to google q3, it is up 11%. -- a lot of people would die for that. we are projecting about 14 billion. meda is the issue. the big factors, about five hundred billion dollars this year. google, 225 billion this year. meda is stable at 150. that is where the issue

let's get to tom mackenzie at the web summit. we got to start with cathie wood.e view twitter under its new leadership? >> it is interesting. she's controversial, you love her, you hate her. she still is the touch point when it comes to the tech sector. the questions about twitter are really interesting given that some of her funds were selling off earlier this year. when we set in with her exclusively, she said we have a relatively small stake in twitter and she is super optimistic about twitter under elon musk. >> the subscription advertising model is a very smart move if he goes in that direction. the verification is very important to people and could help clean up the platform considerably. >> the way she is looking and viewing twitter is potentially what she describes as a super app, providing banking services for example. amid all this concern, given that he has dissolved the board, cutting jobs, reactivating banned accounts, here's one person saying she is fully behind what he is going to do. manus: a great interview, tom. she talked about him coming from

i am tom mackenzie in london. these are the stories that set your agenda. the stakes, wall street closes in the red as james is anti-on his view on fed hikes. asia stocks push higher. then again, by technology. plus, unprecedented chaos. the man overseeing the ruins of ftx reveals a boat, complete hellyer of corporate controls at the following digital empire. this is -- as twitter faces an accident of remaining employees under elon musk. a bleak reality. jeremy hunt lays out a harsh economic future of weak growth and rising taxes as britain's face a record drop in living standards. let's check in on the markets and the futures in the u.s.. need fed officials pushing back around any views that there is going to be a pause or a pipit when it comes to the rate hike cycle. james suggesting the five to 5% is the minimum in terms of the rate. joined now by neil, suggesting that a pivot is not even in the cards. the asia-pacific up 1/10 of a percent. some optimism within the technology sector in asia. nasdaq futures eight points down. here in europe, futures are h

i'm tom mackenzie.he u.s. markets are closed. we are seeing european stocks gaining as investors keep an ionic global central banks. this hour, we will get the account from the last ecb governing council meeting. policymakers are having to keep and i on the european energy crisis. energy ministers holding an emergency meeting in brussels. we will have a live report as crisis measures are put on hold. the holiday shopping season is underway, with black friday on deck. we discussed the retail rush to close the year. that is expected to show slower growth. let's check in on these markets. he saw the handover from the u.s. closing for the thanksgiving holiday. the s&p toward the end of the session yesterday marking its best gains to levels not seen since two month ago. the asia-pacific index, the benchmark posting gains 1.6%. it's post a picture of mainland china, where you are seeing a flurry of restrictions across cities, including the capital beijing. in europe, up 0.5%. it is slightly better picture ove

with tom mackenzie. tom: the fed's mary daly warns about the lag effects of rate hikes, while loretta mester says it's 75 basis point is not needed next month. crypto firm genesis warns of banks are busy -- bankruptcy. u.s. bank regulars began probing sam bankman-fried's empire months before the collapse. saudi arabia denies a report saying opec-plus is weighing a production increase at its december meeting. francine: all eyes on oil, and also on the markets, we are a couple of seconds from the open and it's clear that markets are mixed. the ftse 100 gaining .2%, dax futures actually down. we look at fed speakers and covid in china. tom: we do indeed. a fifth of that economy facing covid restrictions. i would argue there is a lack of momentum. given that mix for these markets, very modest losses on the spanish ibex, similar picture in the u.k., up .3%. we monitor the language out of rishi sunak around potential easing of the relationship between brussels and london. a some pushback from the conservative p

i'm francine lacqua in london tom mackenzie . tom: global equities had were the highest level in two months as the fed highlights downshifting plans for rate hikes. e.u. talks stall over a great price cap for russian oil, while energy ministers meet to bridge differences over natural gas. plus, binance warns of more contagion following the collapse of ftx, saying crypto leaders must share the blame for the follow-up. >> i reflect on the ftx situation, and i blame myself for tweeting that too late. as an industry, we let ftx get too big before we started questioning some of those things. francine: plenty more from our interview with cz. this is what theaters are looking like. happy thanksgiving to all of our american viewers. we will be more subdued in terms of liquidity because u.s. stocks are closed. and we look to minutes from the fed to give us clues. tom: a gift arguably, the bloomberg economics team saying surprisingly dovish comments from the committee. the staff highlighted the 50% risk of recession. there is consensus with

tom mackenzie. tom: trouble in iphone city, violent or tests hit china as workers clash over covid restrictions and wages. credit suisse sees a fourth-quarter loss as shareholders vote on a capital increase at the embattled bank's gm today. sam bankman-fried apologizes to staff after financial buffers plummet by $51 billion. sequoia says sorry to investors for backing ftx, but defend its vetting process. francine: let's to --take a look at china, it has been a driver. in technology, maybe we have reached the end of the crackdown and it is giving a modest lift to futures as well. tom: the violence in that factory producing four out of five of iphones is testament to tensions in the country. the ftse 100 currently opening up .2%. european equities have posted gains of 13% since mid-october. the s&p stateside getting back about 4000 for the first time since early september on the back of strength yesterday. will it be sustained, the fomc minutes out later today. the ftse now up 23 points. the spanish ib

i am francine lacqua's in singapore with tom mackenzie in london. tom: asia stocks pair gains after china releases sweeping support for its ailing property market. u.s. futures slide after the fed's waller warns of more rate hikes. ftx faces a criminal investigation in the bahamas over the collapse of the crypto exchange. sam bankman-fried is said to have been interviewed by local authorities. plus presidents biden and xi are set to meet for the first time as the two leaders look to ease tensions, the first time since the pandemic. francine. francine: let's look at the futures. for the moment, they are flat. european stocks futures gaining 0.3% and there is a lot going on that is happening in our part of the world in asia. i am looking at dollar and treasury yields rising because we heard from a fed official and he did not mince his words. tom: yes. we know they are concerned on they want to those financial conditions to continue to tighten. we have not seen that the last few weeks with the rally we have seen in equities. the context is it is down 16

we look at that and tom mackenzie's buying of old watches. the stock is up 20%. tom: i do my best for luxury. the. modern stuff, the new stuff what a rally for richemont. plenty more coming up. this is bloomberg. ♪ tom: welcome back to the open. we are 15 minutes into the trading day. the rally continues. gains of zero point 4% across the european benchmark. futures in the u.s. pointing up between 0.6% and 0.7% after yesterday, the nasdaq and the empire more than 7.5%. let's get back to what is happening in the crypto crisis. that has been looked pass amid this optimism, but the crypto crisis is continuing with prices sinking as the knock on effects of ftx's downfall keeps coming. francine: the latest hits crumbling empire is being investigated by the sec for potential violations. let's talk to our crypto blogger, emily nicole. always great to have your thoughts on what is going on in the space. what is the latest? emily: it has been a bit of a roller coaster 24 hours, as always. ftx will be resuming withdrawals at some point after a few days of not having any, bu

tom mackenzie. tom: bleak outlook. u.k. chancellor jeremy hunt plays out 50 billion pounds of tax hikes and spending cuts as britain bases a record drop in living standards. asian stocks trimmed gains as u.s. futures turned lower after james bullard raises his view on how high that that he needs to hike rates. plus, the ultimatum backfires. elon musk's demand for hard-core loyalty prompts an exodus at twitter and is said to put day-to-day operations at risk. francine: this is the picture for futures, gains of about .2%. we are looking at technology stocks in asia but more than that we look for what fed speakers will do with interest rates after seeing may be potentially inflation can peak. tom: james bullard outlined the terminal rate at between five and five and a quarter percent, raising his view. building the chorus of fed officials pushing back on any idea you will get a pivot or pause from the federal reserve. yes, the asia tech story ties into this but in terms of the first future sec. of the trading session come the

. ♪ manus: it is "bloomberg daybreak: europe," i am manus cranny in dubai and tom mackenzie is in londonom: covid zero concerns, stocks drop, treasuries and the dollar gains amid a resurgence of the virus including the first fatalities since may in china. papers show that sam bankman-fried's bankrupt ftx owes its 50 biggest unsecured creditors more than $3 billion. and a historic agreement, negotiators at cop 27 reach an 11th hour deal for a fund that compensates developing nations for climate devastation but falls short on fossil fuels. we are live in egypt. manus: we are indeed. that agreement on reparation, loss and damage, but of course the world may remain a warmer place. no doubt, we are watching minute by minute on china. will there be further lockdowns and closed signs? it's were affected in the market risk, from the dollar, oil, the dollar slightly better bid. and of course the debate from bostick, the fed should slow the pace. iron ore dropped more heavily in singapore, down one third of 1% on the back of potential further lockdowns in china. brent is down. you've got goldman s

i'm tom mackenzie in london. here are your top stories. protests grip china. demonstrations the rut in cities including shanghai and beijing in a rare show of defiance against government covid curbs. stocks and futures tumble, while treasuries and the dollar climbed as the terminal sends a shiver through global markets. plus, commodities taking a hit. iron ore and oil slide amid certain of the strength of china 's economy. the aussie and kiwi lead a decline across major currencies. it is a big day. most of that focus is on china in terms of protests, arguably pretty unprecedented to see the scale across multiple cities unified by one issue, which is anti-covid sentiment, playing out across protests in china. the ftse 100 currently down .8%, we continue to watch basic resources and commodities. the play through to the ftse 100 where there is a heavy lead from big names listed in those sectors. what's happening in beijing, shanghai, will hand, you are having protests on a unified issue, anti-lockdown, and deep anger about the deaths of 10 people in a fire. the s

i am tom mackenzie. the fed falls and line were jay powell. global stocks crime -- climb before the foc decision. the best run since march amid ongoing speculation over china's covert policy. a global warning. shipping cuts down forecast for labor demand. we speak more with the company ceo this hour. let's check in as investors look ahead to that all-important foc decision. most important, the language from jay powell. futures are pointing to future gains. a bit of optimism coming through from china surrounding easing restrictions for covid. there are still locked down areas where there is a manufacturing hub for iphones. here in the u.k., the ftse 100 cannot be flat. tightening has come through for the boe. over in germany, the dax is down. over and spain, modest gains. let's have a look at how things are playing across assets. reflecting on what has been happening. markets have now closed. you did see that rally continue. is closing at 2.6%. the japanese yen has rallied around six tents of 8%. that's tying into expectations there may be some

i'm tom mackenzie with manus cranny in europe. >> another jumbo hike. raises rates as inflation swirls in the u.s. fed officials reiterated the focus is on tackling price pressures. >> sam bankman-fried apologizes to staff after financial buffers plummet $551 billion. sequoia says sorry to investors for backing ftx. credit suisse sees a fourth-quarter loss for the unit. shareholders vote today on a capital increase at the embattled bank's egm. it's horrendous news at wealth management of credit suisse. outflows are down from early october. they are not reverting. where's that money flowing to? that is the question we need to ask ourselves. in terms of assets under management, net asset flows -- assets flew out of wealth management, 10% outflow at the end of the third quarter. client activities are subdued. this is a pretty bad set of headlines before the fourth quarter closes. tom: we look ahead for more details around the restructuring of credit suisse. we will be speaking to octavian for insight. goldman sachs and the skull of 4% on the 10 year yield

tom mackenzie is in london. >> here are the top stories, too close to call, control of the senate comes down to a few state, but republicans edge toward a slim majority in the house. many races remain in the balance. european stocks set to open in the red as traders look for signs of gridlock on capitol hill, which historically has fueled equity gains. crypto mayhem. digital markets plunge as doubts grow over the ftx deal. bitcoin slumps to the lowest level in two years. let's take a look at the futures as the results of the midterms continue to trickle in in the u.s. stateside, you did end the session in the green. equity investors looking for a divided government, historically you have seen gains in the first month on the back of midterms if you have had divided government. the house looks very much like it is still in play for republicans. the senate is split and we could get a final result in weeks' times, which could go to races in a few weeks, particularly georgia. losses in france. in spain, a drop, off by 10 points. worth noting that the data out of china when it comes to ppi an

john, i was being briefed by our very own tom mackenzie who spent a good amount of time in beijing.hat is it like on the ground? how much can people protest or is the government really slimming down? -- slamming down? john: china has ever been a place were protesting has been easy. some on monday night tried to go and protest, but the police were out in force. in addition, the weather has not been conducive. it's been well below freezing in beijing and raining in shanghai. that is discouraging people as well. at the same time, the government is trying to address concerns raised by protesters. we have seen some testing requirements, opening of compounds that have been locked down, it has been the carrot and stick approach so far. tom: it's really interesting, and the market reaction is obviously positive on the back of this. how significant do you think some of these announcements are, just within the context of what's happening on the ground? and it does the market reaction seem reasonable? john: the market is thinking of protest are not going to escalate, maybe this is a spark that

tom mackenzie spoke to ceo roland bush, after the earnings.and: we will finish in q4, and of course, our fiscal year, we are -- 70% and 80% of revenue. we see a very strong demand. if you go forward, obviously we are guiding a little more bullish than last year. that has gone up to 6.9 percent. we believe this is, again, confirming there is a strong demand. it is all about visualization and sustainability. again, also about automation, automating manufacturing. also, energy efficiency, which is electrification where we have a very strong portfolio and very strong demand. this goes really, across the regions. we see a leavening out of the over intake as you go forward, maybe even something fine. you have to have in mind, this is an extremely high level. if not audit intake goes down a bit, it is because it is to shorten our delivery times to customers, which i think is very important. talking about this huge backlog, it is more than 100 billion. very good start. tom: more than 100 billion, where are you than in terms of converting that backlog

the ceo spoke to tom mackenzie earlier today. >> we are guiding even more bullish than last year.ng from six to 9%. we believe this is again confirming that there's a strong demand for our portfolio. it's all about digitalization and sustainability. also about automation automating and manufacturing but also energy efficiency which is electrification, with a very strong portfolio. guy: the ceo speaking earlier on. siemens is one of the big reasons, probably the biggest reason why the dax is outperforming today. other markets are just rolling over a little bit here in europe. fairly thick and fast out of europe. stories of burberry today and the impact of the fiscal statement from the u.k. chancellor. the ftse 100 down. down by seven tents of 1% today. basically flatlining. we've come down since the bullard comments. they are certainly having an impact in the u.k. -- and in europe. interestingly enough, it's the minors and some of the stocks that are underperforming. the closes coming up this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that spec

joining us now is tom mackenzie with bloomberg. t and the president, in this case xi jinping. this time it is different. i can think of no other event other than 1989 that is comparable. it is not hyperbolic in this interest -- in this instance. you have multiple protests in multiple cities happening at the same time around a similar set of shared interests and concern. that we have not seen since 1999. you are going to have officials in beijing deeply concerned. the response from them, we are all watching next. lisa: we are hearing reports of chinese tv cutting away from images of the world cup. people enjoying without masks. there is a clampdown of information. how is that how surprising is it that these images are getting out? tom: this is the dual world people of china are leaving in now. they have faced three years of these kind of restrictions. the restrictions we have seen in the last few months the tightest they have been within that period. there is a huge fan base when it comes to soccer or football in china. we have been

tom mackenzie joins us. erms of the social response of one the biggest cities in the world getting locked down after a time when the pandemic and other places is over. tom: beijing has never been in lockdown throughout this whole period. compound by compound, things are being closed down. i have been in contact with those on the ground saying there is visceral anger lining up for an hour or an hour plus to get tested for what they have to have to get into almost everywhere. there are challenges to getting food in your home. it is a deep challenge for officials. they are facing record levels of infection. it is not just in beijing. it is also in other cities where there are lockdowns. this is in major cities around china, it closed loop for manufacturers is also playing out. how officials respond to this emerging dynamic will be consequential. the reality on the ground is it is only getting worse. lisa: how are they going to deal with this in a way that is new and different in the past two years with a differe