the u.k.tract for january, below 200 earlier. down by 10%. seeing a similar story elsewhere. milder weather could be -- what we are seeing with you, alix. alix: tonight will be in the teens. i do not know how to dress here. you had income up, spending weaker. pce coming down. we wound up having the you missed final read for -- consumer confidence holding up well. inflation expectations rolling over, that is a good thing. that is the soft landing with the fed. s&p, pre-much flat. volume is atrocious. fun stories in the meantime. amc, the -- one of the worst performers. the company is proposing to preferred equity units into common shares. if you are a shareholder, you do not like that. they are trying to avoid being a penny stock. when we got the data, we had a bear steepener happening. selloff across the curve. yields up by four basis points, that is where the pain trade may be. ira jersey has been saying there has been a buying coming into the long end, maybe pain trade is we see a bear steep

closer to the u.k. or in the u.k. power prices for monday jumped to record levels as freezing temperatures are set to cause a jump in demand. joining us now is bloomberg's lizzy burden. what does this mean in terms of power pricing? >> waking up to a white winter this morning. this is the worst possible timing and terms of people's energy bills. the last thing we needed. u.k. power consumption is expected to peak at 5:00 p.m. this afternoon which in turn means the day ahead has cleared an all-time high of more than 2500 pounds of megawatt power and the wind has weakened to almost zero which means that wind generated power supplies have also fallen. if you can afford to work from home today and have the heating on, it is probably the day to do it. the office has a whether -- has a yellow whether warning in place and across europe the cold snap is expected to last seven days. manus: it is looking pretty nippy at home. 422% rally in the price. how much of that is specs? and scalping going on in the market? we can debate

tom: u.k. chancellor was to turn the u.k. into the next silicon valley.at realistic as an aspiration? >> absolutely. we did our fundraiser last year and it was the largest for fintech and b every thing in the u.s. as well. that shows a level of commitment and investment and passion here in the u.k.. francine: that was the chief executive officer of the health tech company evie. u.k. stocks are having a wild year. some has -- some have fared rather -- better than others. here is joe easton. has been a tough year for u.k. stock markets. what were the worst performers that stand out to you? joe: plenty of big decliners this year as you would expect in a down year for the u.k. market. i will run through a couple that really stood out to me. some of them have the same problem. they have big debt loads. i'm talking about asos, aston martin, and 888. huge debt loads with interest rates going up putting pressure on financing. they have individual problems as well. people trading dow -- down with a sow's. asos aston martin having a bad year. finally seeing a bit o

jeff, looking at the u.k.outside and comparing it to other systems, what is the problem with the system? >> what i'm seeing in spain and denmark and countries, it is similar. there is a capacity. you have to bring in people, you have to improve systems. last year during the pandemic i had an opportunity to spend a day shadowing a gp and seeing how many people were going to get turned away at the end of the day. if they had one more person there wasn't necessarily space for that person. more than one thing needs to change to improve the system. i don't know specifically what the problem is. we have seen during the pandemic , shortages of staff due to sickness, both covid and other, not necessarily always being quickly replaced. people are exhausted. they are overwhelmed. there is more and more care that needs to be provided because it wasn't provided during the pandemic. >> we are dealing with an aging population who aren't in the best shape. when you compare the u.k. to other populations, people worry about th

in the u.k. we are somewhat protected from higher power prices. u.k.ower prices have gone up a lot over the last couple of days. we start to draw down on energy reserves. because we are protected as households from that, and because our bills are capped in the u.k., rates are capped, that limits the impact. businesses are not protected from that after april. there will be an impact from this higher power prices. although the rates are capped, the more we spend on household utilities, the more we use, the more we spend. guy: was there anything in today's gdp number, do you anticipate anything in the cpi number tomorrow that will take the boe in the direction of 75 basis point hikes? 50 seems to be the consensus. liz: 50 is the consensus. 50 is what the market is expecting. at five was bid of an extraordinary one-off, large move and now we can take it down. 50 is still a lot. 3.5% is a lot by recent standards. it is a lot for the boe to take into consideration. many of the ftc members may not have made their decision yet. yes we have the gdp number this

he said the u.k. is not fixated on competition with any ticket or nation -- any particular nation, but there is a competition going on. the u.k. is losing talent to rival financial centers. you just saw goldman sent people to milan the other day. whether he wants a competition or not, it is happening. guy: the other thing is that we are entering the lessons we learned post 800 in new york, they are2 still tightly regulated. on the continent,. they are still tightly regulated . there is still a fear that if you loosened regulations, you end up with the wrong kind of risk being taken. is there a danger that the u.k., to try to win back rent, is engaging in a race to the bottom? lizzie: the treasury says no. it is risk-taking and growth making and they are two sides of the same coin, but the treasury's argument is that these ring fencing rules were holding back capital unnecessarily and this is a way to boost growth. we are heading into a recession in the u.k. it is a dangerous time to be increasing risk

in the u.k. the ftse 100 is up. mining stocks doing well. insurance names as well having a solid date on the back of the china reopening narrative. the countdown to the close starts right now. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steel. guy: let's take a look at european markets towards the end date of the day in europe. we have been rolling over on the stoxx 600. 442 is where we are now come up a little bit from a few moments ago. top end you have the miners doing relatively well. bottom end food and beverage companies weakening. maybe the market is little more positive than it looks at the headline level. we see the turnaround on the dollar. euro-dollar right now trading at 1.0 528. the pound weakening as well. the euro back to flat. credit suisse certainly standing out after days and days of falling we are now getting some stability, it may be more positive news for management. it looks like the saudi crown prince, i do not kno

scott: the u.k. market has come all the way back from what we were talking about a couple months ago, this idiosyncratic risk. the pound relative to the euro, even u.k. rates. added do everything else is this risk premium the u.k. should carry, it doesn't have any at the moment. francine: we will talk more about the bank of england and china. the ecb is gearing up to reverse years of bond buying, are you concerned? scott: the qt program for the ecb is not the qt program of the u.s. and u.k. they are not selling anything, they are just going to slow down the purchase. francine: it's riskier. scott: it is because the markets are more dependent on it. italian spreads which we love to talk about are at the bottom of their recent range and staying there. one of the interesting dynamics is we don't think the ecb gets near that three percent, which is price, we think it is 2.5 because the impact of the recession is going to be significant and europe. and they have this dynamic around monetary policy and the

they already rare sight in the u.k..y seen in the baltic city -- see, u.k., canada, they are formed when the foam on the water freezes and bump into each other forming circles. that is that, i am lewis, this is bbc news. narrator: funding for this presentation of this program is provided by... narrator: financial services firm, raymond james. man: bdo. accountants and advisors. narrator: funding was also provided by, the freeman foundation. by judy and peter blum kovler foundation; pursuing solutions for america's neglected needs. and by contributions to this pbs station fr viewers like you. thank you. ♪ ♪ narrator: you're watching pbs. ♪ ♪ narrator: funding for this presentation of this program is provided by... narrator: pediatric surgeon. volunteer. topiary artist. a raymond james financial advisor tailors advice to help you live yo life. life well planned. brook: these are people who are trying to change the world. startups have this energy that energizes me. i'm thriving by helping others everyday. people who know,

u.k. continues to struggle with the fallout from leaving the european union is the economic benefits promised by brexit supporters failed to materialize. millions worldwide prepare to celebrate the new year with a bang. green campaign this morn it is time to rethink the frenzy for the sake of the environment -- green campaigners warn it is time to rethink the frenzy for the sake of the environment. i'm phil gayle. welcome to the program. brazil has declared three days of national mourning for the football legend, pele. the only player to win three world cups has died of cancer at age 80 two. his body will live at his hometown club, centrals, until his funeral. for many around the world, he was so much more than just a sportsman. >> a memory all brazilians cherish. pele helped the country when the most treasured trophy in football for the third time in 1970. he is remembered as a player who inspired millions, and brazil is honoring its hero. >> there's a feeling of sadness for all brazilian

let's switch focus to the u.k. the u.k.as revealed a package of reforms to boost its financial services industry with changes including relaxing ringfencing capital rules to lighten the burden on smaller banks. we are joined by lizzy burden, is today's announcement what was expected? lizzy: the chancellor jeremy hunt in the short time we have known him, we know that he does not like to surprise markets. you have 11 documents on the treasury website, 30 measures, lots of reviews. what stands out to me are at the u.k. will increase the ringfencing threshold, not just keeping it at 25 billion pounds, and this only applies to smaller retail banks. the u.k. will introduce its own rules on shortselling selling, not using the eu's rules. conspicuously absent from this morning's announcement are the words "big 2.0" a reference to margaret's first to regulation. this is to be known as the edinburgh reforms because the chancellor is heading north of the border later in the morning to properly announce them. it was interesting to hear

no specific u.k. allocation, but the u.k.arket -- strategically, it's right to get these longer income streams. but to have a huge exposure, we don't see that is the right time. tom: interesting call on the 250, remaining defensive but not wanting to short equities. alan higgins, chief investment officer at coutts & co., thank you. mystery continues to shroud the missing billions at bankrupt crypto exchange ftx. the disgraced founder sam bankman-fried, speaking publicly for the first time since its collapse. we will bring you the details what he's been saying. this is bloomberg. ♪ francine: welcome back to the open, everyone. happy december 1. we are 24 minutes into the european trading day. stocks are extending their rally on optimism over china, and over jay powell. let's get to the bloomberg business flash. >> sam bankman-fried says he screwed up at the helm of failed crypto exchange ftx, but says he didn't try to commit fraud. in his first public appearances the implosion of ftx, the 30-year-old told the new york times de

ministers in the u.k.nment had been saying they did not have any plans to introduce testing and the explanation for that was, they were looking for the data and there was nothing in it that suggested there was any new variants of coronavirus spreading in china, which would have been theeal health risk to this. the change of heart seems to have come from the lack of reliable information in china about coronavirus, and this decision to align with the u.s. on this. my understanding is, any measures will be temporary and there is a precaution. it is precautionary, to improve the covid surveillance from china. david: let's speak to our news correspondent and our former china correspondent, robin brent. what are you hearing about the hospitals, the extent of the real problem there? i guess that's the biggest reasoning behind all of these decisions to start imposing test conditions, if you will. robin: for the u.k. government, they say it is precautionary and temporary. we will get the much more official, detaile

and the u.k.ces for a cold-weather snap as people try to keep the heat on despite rising costs. ♪ >> we start with developing news out of peru. the country has beennged in a new political crisis with congss voting to impeach president petra ba -- after he declared a state of emergency. he made a televised address to the nation where announced he was dissolving congress and ruled to decree. this is some of what he said. >> i am temporarily dissolving congress and establishing an emergency government. i will call for new elections as soon possible. to draft a new constitution within a doff of no more than nine months. >> while they ignored this move and went ahead with the vote to impeach him he is now being removed from office. he was a former teacher and he has been part of a vast road test and criminal investigation since he began his term in july last year. the protester continuing right now. in fact, this ishe sne outside parliament in lima where dozens of people are gathering. they accused the

what would the u.k. government do to respond? p.m. sunak: we can talk about all the issues that the country is grappling with, whether inflation, the cost of living, but making sure we can help them fight russian aggression and that is an important issue. we will work with the scottish government to make a difference. that is my focus. >> we believe, do you have constitutional plans? you have no plans to deal with some of the constitutional issues in scotland. p.m. sunak: it is something we are keen to make sure we deliver . a significant transfer of power responsibilities and members of parliament. we want to work constructively with the government to deliver all of those and are making good progress. >> requirements of the scottish people when it comes to the future. again we are not getting anything. one of the conditions right for the scottish people? p.m. sunak: my belief is the status people would like their government and the u.k. government to focus on issues most pressing at the moment given what we face. i been clear and wan

they now have more singles than any chart in u.k.ter topping with "do they know it is christmas" to raise money for u.k. food banks. ♪ >> ♪et's make it a christmas time for all ♪ ♪ ♪ anchor: well, let's speak now to a music journalist. matt, you missed the most important bit. matt: sorry, i had something in my ear. anchor: i am sure that was the only reason. if not figure than the beatles, they have beaten the beatles in terms of u.k. christmas number ones. surely, like them or loathe them, that is impressive. matt: still loathe them but impressive. peter jackson will make a documentary about them in 50 years time. it is really, really impressive. five british number ones, but the joke stopped being funny about four number ones ago, but they are still raising money for charity. it is hard to criticize them, even though i will try. anchor: what's the secret to their success? >> i think it is being youtu viral sensations. they have a massive following online. they started out with songs about sausage rolls and puns based on sausage rol

we have inflation in the u.k. out of control, we have eu energy ministers trying to find a common ground after a deadlock on natural gas prices. is it going to be easier to find out what assets will be in generals and the first quarter of 2023? altaf: i think it will continue to be a bumpy ride and we think it will be tricky for a while. we think fixed income right now is offering great opportunities. cash is no longer a drag. you can go into investment grade corporate's and get a healthy yield surge. there are opportunities opening up but we would always caution investors right now to take -- to stay defensive and look for fixed income opportunities. we do not think we are quite through it yet there is light at the end of the tunnel. francine: thank you so much. altaf kassam, head of emea investment strategy at state street global advisors. coming up, ftx co-founder sam bankman-fried is arrested in the bahamas. we have more on that coming up. this is bloomberg. ♪ francine: welcome back to the open. 12 minutes int

what is the bottom look like for the u.k. economy? melanie: our u.k.eam is forecasting a recession throughout next year. the number was revised lower, it contracted more than expected. taking it even further below. it's definitely going to remain the mark going forward. at a large part of that is tighter fiscal and monetary policy will hit householdcome hard. our estimates that incomes will fall next guy: central banks are talking about hiking into a recession. why is this cycle different. normally central banks at this point will look at the data and say it is time we started taking her foot off the brake, that we start hitting the accelerator. how much visibility do you think we have on understanding how sticky inflation will be. is that the key question, understanding how sticky it will be. what are your models telling us about that projection? melanie: the main difference between now and then is of course inflation. central banks have a much more difficult job ahead of them basically. the slowdowns in economies, that's not stopping them because inf

and one issue of the u.k. law is that international students, there has been recent suggestion that there could be a crackdown or reduction in the numbers. whether it be glasgow or wister. they all value the international students for economic and cultural benefits they bring. i remember back in the day we celebrated hitting a milestone of 600,000 international students as an unequivocally good thing. do you think that is a target we should continue to pursue? do you think we should go further or is there some reason to reduce the numbers? p.m. sunak: i think international students do make a significant economic and cultural contribution to the u.k. the ability to experience and the point to recognize is the target of 600,000 was the 2030 where we met several years earlier. they definitely recognize the contributions that there international students made. >> do you agree to welcome some international students and not others is a nonstarter? p.m. sunak: we want to make sure that we attract the best and brighte

the u.k. in the u.s. or around the world. we are going to are in the bus, at least 62 people -- we are going to start in the u.s., at least 62 people have been killed. officials are killing at the blizzard of the century. nine inches of snow are expected in new york state, the city of buffalo has had brutal connections. it reaches down to mexico. president biden has approved emergency managers -- measures for new york state. these are pictures live in a flow, you can see 5:00 in the evening there, snow a on the rooms, thankfully -- roofs, thankfully we can see lights, people have power. people have been without power because of the extreme weather. the city of buffalo has been badly hit, 28 people dead so far. awful conditions being felt by so many people. with all of the latest now, we go to our corresponde reports from new york. >> by record snowfall, buffalo has only begun to dig itself out. up until now, near white out conditions and hurricane force winds, created a emergency situation, pa

recession 50-50, u.k. and europe much higher. it is not so much about pricing, it will be a much harder market to operate in than before. the other thing people are missing is in a world where cash was the comparator, last year government bonds were return for your risk rather than risk free return, now a lot of assets have a competitor in cash. that will make other assets reprice at the curve, and probably mean future hits to come in certain risk assets. francine: niall o'sullivan, chief investment officer at neuberger berman stays with us. the eu strikes a deal on a price cap for natural gas prices. this is bloomberg. ♪ francine: welcome back to the open. 13 minutes into the european trading day, it is a big markets day. stocks and bonds slumping in the wake of the bank of japan's adjustment to his yield curve control policy. the yen rallying and a lot of european stocks under pressure. european nations have reached a deal to cap natural gas prices at 180 euros per megawatt hour to help ease the energy prices. shares in energy

anchor: rail passengers in the u.k. being warned they ll face more disruption despite members guaranteeing they would return to work after the latest right. the ongoing overtime ban in the walkout by another transport union means only 70% of services are running. reporter: large crowds, plenty frustrated travelers, and very few trains. this was the scene this morning in brighton -- a similar story at kings cross in london and no better for travelers at manchester piccadilly. for those who did get on board, overcrowding made life very uncomfortable. a strike by workers at network rail ended at 6 a.m.. the disruption lasted for hours afterwards. >> i completely support the strikes. i hope it doesn't continue for too much longer and hope they get what they need. >> to do it on a holiday time is sp eliveryonoie's quality, isn't it? reporter: in some reasons, there is further industrial action to contend with. cross-country had no services north of york. it's fair to say rail travelers in london and across the country have h

in the u.k. that has inflation. how do policymakers try to navigate this in this economic contraction. ? tom: the other big story is what is happening in china and the exit from covid zero that we are starting to see. how does that inform your views about how much exposure you want to the economy and equities? >> we have seen exuberance on back of the reopening start to be tempered by the rise in cases that we are seeing as you mentioned, that disorderly type of reopening. we take a step back, ultimately this does position for a weaker q4 then we had initially expected. do expect more of a rebound next year. that should provide some conviction overall in the chinese growth backdrop. but we look at our asset allocation, we are still underweight archly because we do think that there is a risk premium needed to provide investors with some of the risks that we are seeing come through because we don't think that their policy is going to be that stimulative measure anymore but more of a lower trend growth kind of steady g

what would the u.k. government do to respond? >> we can talk about all the issues that the country is grappling with, whether inflation, the cost of living, but making sure we can help them fight russian aggression and that is an important issue. we will work with the scottish government to make a difference. that is my focus. >> we believe, do you have constitutional plans? you have no plans to deal with some of the constitutional issues in scotland. p.m. sunak: it is something we are keen to make sure we deliver. a significant transfer of power responsibilities and members of parliament. we want to work constructively with the government to deliver all of those and are making good progress. >> requirements of the scottish people when it comes to the future. again we are not getting anything. one of the conditions right for the scottish people? >> my belief is the status people would like their government and the u.k. government to focus on issues most pressing at the moment given what we face. i been clear and want to do that i

do u.k. bonds because these are rolling down or are these an indication of a catastrophic inflation implosion that is come -- to come into 023? dani: or are they an indication that we have been lulled into a sense of complacency, that we believe inflation has pate? our colleague garfield reynolds writing on that blog that that issue is whether or not this is going to come to fruition. this could be the market running itself off of a cliff. manus, when it comes to this equity market, if i could take us into this morning's trading session so far, it is a sit on your hands kind of morning. this is such a big risk event. historically the equity market in the u.s. swings at 3% up or 3% down on average over the past half year on cpi data. jp morgan trading desk says the way the the market is, there's a possibility for a 10% rally in s&p 500 should cpi come and softer. our expectations are for seven point 3%. not a lot of action in other words at this moment. you are seeing s&p 500 futures hanging f

lewis: it is not just rail workers on strike in the u.k.all comes just a day after tens of thousands of nurses in england went on strike for the first time in the nhs. the royal college of nursing says it may be forced to announce a fresh wave of strikes if the government does not agree to reopen talks, but the prime minister insists the current pay offer is appropriate and fair. here is our health editor, hugh pentz. hugh: striking nurses outside st. thomas' hospital outside parliament. >> what we want? hugh: conservative mp's have called for another look at the issue, but the prime minister today on a visit to belfast stated his position, spelling out that a 4% increase for nurses is fair. pm sunakk: it is why the government accepted in full the recommendations of an independent pay review body about what appropriate and fair pay levels are, but we will always have our doors open and sit down and be willing to be reasonable and constructive. hugh: the nursing leadership says if nothing changes, next week, further strikes are likely. >> if

separately, the u.k.d an agreement with a group including the european commission to develop offshore renewable energy projects in the north sea. china's top leaders say they plan to focus on boosting the economy next year, hinting at pro-business policies. at the central economic work conference, xi and other senior officials pledged to revive consumption to support the private sector. marked shift from recent years. policymakers are likely to target gdp growth of at least 5% in 2023. mb is a president says a nation is trying to reach sustainable debt levels without damaging key components of the economy or quote rocking the boat. in an interview with bird television, he encouraged creditors to reach an agreement quickly as possible. >> we certainly expect it because that is the way to be. there's is no understanding that the process will run to a point like where we are now we can quickly work through towards signing a memorandum. for us to do that, we had to make progress on the issues around what is s

bhp will stand trial in the u.k. over a 2015 dam collapse in brazil. the u.k.et a trial date of april 2024 with around 400,000 claimants seeking $12 million. according to a firm, it will be the largest group litigation in english civil court history. mitsubishi says it sees further share buybacks as it's a deal to sell a u.s. regional lender adds to a growing cash pile. the ceo calls them a very good investment because they are cheap. his comments underscore the challenges facing japan's tickets banks as they weigh how to invest among low interest rates and tepid demand at home. coming up, the outlook for central banks and inflation in 2023 with richard yetsenga. this is bloomberg. ♪ >> you are watching daybreak australia. bloomberg has learned china plans to cut quarantine requirements for overseas travelers in january. the requirement to spend time in a quarantine hotel or isolation facility would be scrapped, with rivals -- arrivals into the country subject to three days of monitoring. they currently isolate for as many as eight days. the chinese premier has

u.k. time, the ecb with its rate decision. from 1:30 p.m. u.k. time, in the u.s. we expect initial jobless claims. retail sales manufacturing and industrial production data as well rounding out the health of the world's largest economy. coming up, the monetary policy action continuing across europe, they boe and ecb, we will focus on those decisions later today. plus, a norwegian energy company kicking off its annual capital markets today in london. don't miss our exclusive interview with the ceo at 6:30 a.m. london time. we'll talk about demand for aluminum in this recessionary environment. this is bloomberg. ♪ ship >> the full effects are yet to be felt. today the fomc raised our policy interest rate half a percentage point. we continue to anticipate ongoing increases will be appropriate. inflation remains well above our goal of 2%. changing our inflation goal is something we're not thinking of, it is not something we are going to think about. we have a 2% inflation goal, and we will use our tools to get inflation back to 2%. we are getting close to that level o

the u.k.'velopment minister fears the war in ukraine has diverted aid and attention away from somalia's worst drought in 40 years. prince william is meeting joe biden and boston as the prince and princess of wales tie up their visit to the city. the u.s. conspiracy theorist alex jones files for bankruptcy months after beingrdered to pay more than a billion dollars for falsely claiming the sandy hook school shooting was a hoax. ♪ >> hello. welcome. if you are watching in the u.k., on pbs in the u.s. and around the world russia has dismissed biden's suggestion he would be prepared to engage with talks -- and talks with president put in as long as he would be willing to end the war in ukraine. russia says the west's refusal to recognize new tertory seized from ukraine makes peace talks harder and force to pull out of ukraine. russia illegally annexed for ukrainian regions without controlling any of them at the end of september. nine months into its invasion, its laws more than half of the land tha

that is different, we have got the u.k.bably already in recession, germany already facing recession. but there is different makeup of inflation. even so they are all facing really tight labor markets, they're all wanting to get down this spiral and it appeared the ecb this week is the most hawkish of the three. dani: a lot of headwinds. perhaps the euro have already avoided the worst of it. we are finally in below freezing temperatures or at least some days we are. their concerns about 2023. how are you viewing the euro into 2023? >> china has got to play into the uncertainty. you have been talking about the demand for oil. if china reopens in the spring or summer, and we know there's a lot of if's" because of the search in covid cases, there will be a huge demand for energy. that puts a spanner in the works for europe because europe will be trying to replenish its fuel demands. where is that gas going to come from? if china reopens, there will be a lot more competition for lng and europe could see higher prices for gas and

what the u.k.s trying to do is ease the burden on its overcrowded prison system and boris becker became eligible for deportation. that is what is making the headlines, he is essentially being deported from the u.k. back to germany. it is all because he is a foreign national. serving about eight months of that 30 month prison system. arriving back in germany today, leaving from a london airport on a private jet. once he is back in germany he will not be facing any more prison time. brent: i guess in a post-brexit u.k., being a citizen of the eu has a different meaning than it used to. what did he do to end up in prison there in the first place? carl: this all comes down to this bankruptcy fraud case. this was a trial that happened this spring. four counts of basically hiding millions of dollars of assets from creditors, the money he owed in a bankruptcy case. he was accused and later convicted on four counts, making big headlines in april when he was sent to prison. actually boris becker did do some

the u.k. court rules plans to send asylum-seekers to rwanda are legal but people set for deportation must have their cases reconsidered. and argentinians are gearing up to welcome home their team after a nailbiting world cup win. u.s. congressional panel investigating the attack on the u.s. capitol called on the justice department to bring criminal charges against donald trump. this follows the exhaustive 18 month investigation into his role in the january 6 the riot. trump denounced the charges as fake and said it was an attempt to block his white house run in 2024. >> it was the 11th and final public hearing. the intention, to summarize the report and highlight its belief that the former president's actions were criminal. >> no man would behave that way at that moment in time, can ever serve in any position of authority in our nation again. he is unfit for any office. >> a video presentation served as a reminder of the events on january 6, 2021, and excerpts from interviews conducted in an a

so, challengesor the nhs across the u.k.n flu cases in hospitals is causing concern, with official warnin to the public to reduce the risk of spreading infection to the most vulnerable over christmas. while flu is a worry for hospitals, figures today showed another increase in covid infections in the community. all that is adding to other pressures and the prospect of further strikes in the new year. >> well, border force officers at some of the uk's busiest airports have begun an eight-day walkout. the industrial corresponding at -- correspondent at pa media told us there is no end in sight to the industrial action by many. >> there's no sign of that happening. the government's position has been they are not prepared to give any more moneto the nurses, to the ambulance workers, to midwives, to the railway workers, royal male workers, civil servants -- royal mail workers, civil servants. it will just be civil servant strikes going on for months. it will be all of these going on for months. the tipping point comes when the he

in the u.k.ts of restaurants have suffered christmas party bookings -- a plunging christmas party bookings due to the rail strike. one large pub chain said one in five bookings had been canceled across its business. that's your latest business flash. guy: trains will be a mass next week. i can understand do you want to be able to get -- i think the last train leaves london at 6:00 which will put a bit of a crimp on the parties here. alix: this is a big deal. some hospitality owners saying this is pandemic levels but they won't get government support from this paid that's a big deal. guy: interesting to see how it plays into support for the strikes. that will be critical as they try to see whether they can continue. a lot of people still working from home but next week is party season. i went to a party -- there was a party and european equities today. this is bloomberg. ♪ no matter what you're up against, we have your back. we are united way. we are neighbors helping neighbors in communities arou

u.k. time it is the bank of england -- 12:00 p.m. u.k. is the bank of england rate decision. that is followed by the ecb rate decision shortly after 1:00 p.m. u.k. time, expecting 50 basis points. then u.s. initial jobless claims, retail and manufacturing data at 1:30 p.m. and shortly after, we have u.s. industrial production data. francine: and later today, it is our u.k.-focused show. don't miss a professor of banking finance at the lse, we will have a full roundup of the top u.k. news. we will look at the boe decision. and we will have a look at what's coming up in terms of strikes. tom: marcus in europe currently down 1%, u.s. futures down .7% on the s&p. "surveillance: early edition" is up next. this is bloomberg. ♪

the u.k.'ional coal mining area that would be used for industry, not energy. >> i think it is important to restate, as i think is well understood, that the proposal branch of the commission yesterday, it is not an energy proposal. >> the u.k. climate change committe who advises the vernment has estimated the mine and the coal it will produce will it met around 9 million tons of carbon every year, a step away from the u.k.'s goal. analysts argue thenvironmental trade-off is just not worth it. >> there really is no place for this coal to go in the u.k. and we are looking to export aut 85% of it. it really seems like an odd decision. >> when it comes to power generation, u.k. governments have an relatively successful in cutting emissions. coal-fired power stations have been shut. as far as its net zero goal goes, the u.k. is not currently on track to meeting it. this latest decision on coal mining will not help. >> certainly a lot of questions about if the u.k. will really be able to stick to that

hsbc has won a u.k.reme court battle over allegations it turned a blind eye to payments made by convicted swindler allen stanford. h&m has halted sales of its justin bieber collection after the singer accuse the company of selling clothes depicting him without his consent. the swedish store said it is pulling the goods out of respect. the singer is near a deal to sell music rights to an investment entity backed by blackstone. bieber's state could fetch about $200 million. on the back of that business flash, let's look at st micro, on the back of micron that missed earnings. down .3%. the other story we are watching out for is prosus, gaining 1.2%, it bought back $66 million of shares in the week starting december 12. stellantis is interesting because ev car sales continue to rebound. coming up, we are also talking about the dollar. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day. facing the feds, ftx co-founder sam bankman-fried arrives in new york to fac

the u.k.there's no moral for their that probably will be the most vulnerable. manus: you just put that in at number four to try to soften the blow. >> it has to be on the list. dani: things could always be worse. that is my take away. we both have a place to sell you, michael, if you are interested. let's say we finally see those play out. the housing market takes its toll. the consumer finally slows spending. this has been the question for 2022, and it feels like it will be the question for 2023 as rate risk starts to dissipate. how bad does the global downturn get? >> i think this is where actually we don't have to be too pessimistic. going into the recession or going into the slowdown, balance sheets are actually in pretty good shape. because of that, consumers and corporate have been quite cash-rich. yes, they are drawing those cash levels down, but i think soda because of that, you can assume the recession might be relatively mild. we have raised rates aggressively already, so you could h

u.k. are planning days of industrial action, so are up to 100,000 nurses in coordination with other health care employees. they say decades of low pay and poor working conditions have left them unable to deal with the rising cost of living. government described this site -- the strikes as unnecessary and urged unions to call them. union leaders say they don't have a choice. >> we have members who are sleeping in cars and can't afford the petrol to go to work. we have numbers having to go to food banks. when i say members, i mean nurses working in hospitals are having to rely on food banks. the reality is it's a direct result of the cost-of-living crisis where workers can't make ends meet while companies are still making huge profits. this is in the sixth richest country in the world. workers cannot take strike action lightly, but they do not have a choice and i think increasingly, workers are thinking why should they have to pay the price for an economic crisis that is not of their making?

although this is part of the first ever u.k. wide strike id rcn, members of this part of the u.k.o three years ago for similar reasons for the strike today. nortrn ireland has the longest hospital waiting times in the u.k. by five. the staffing shortages are particularly acute. there is an added level of uncertainty in that northern ireland has not had a fully functioning government since february. that means civil servants are running the department of health and officials said more strike action could have catastrophic consequences. ros: that isn belfast. to cardiff, here's our wills correspondent, thomas morgan. >> there are more people here in cardiff then on thursday, possibly because of the weather, but possibly also because there seems to be more of an appetite to come out and it showed the reason for why they are striking. i have spoken with so many this morning, including melissa, head of the epilepsy unit. . she said usually she would've gotten around 20 applicant for a senior staff job, but this year, just one person. that is an example of another issue they are strikin

the u.k. in the pension industry with the volatility in the gilt market. it's very difficult to know where these problems will arise. when interest rates go up astutely as they have and when economic growth comes down, then you are likely to see some problems arise. i don't think it will be systemic and a don't think it will be as big as in the financial crisis. i think banks are crucial to the whole financial system. i think the banks will much better capitalize now. tom: you don't see a systemic risk but it is worth monitoring those nonfinancial, non-bank risk. if you are question coming in saying how would you expect the harsh winds and the eu to impact the policy and particularly asset allocation within europe? sharon: look, i think if you have a harsher winter -- europe is really effective in -- benefiting in the last month or so. we have had a mild winter so far which has been great because that meant gas prices could come down. no spike gas prices as people feared when you started winte

in the u.k., nurses will go on strike in england twice in january unless pay talks are opened.der force strikes could go on for six months unless the government joins pay talks. china continues to grapple wh a major obit outbreak -- covid outbreak, following a lifting of restrictions with growing questions about the government's official death tally. >> ♪ let me -- a christmastime for all ♪ ♪ >> the british husband-and-wife duo who've made more christmastime singles than the beatles. they grabbed the spot for a record for time -- for a record fifth time. ♪ hello, and thank you for watching us in the u.k. on pbs, in the u.s., and around the gle. welcome to bbc news. the french predent, emmanuel macron, has condemned a shooting at a cultural center in paris as an odious attack on the country's kurdish population. three people were killed and three injured by the gunman, who had just been released from detention for targeting a migrant camp a year ago. clashes broke out between police and a large crowd which had gathered at the scene. protesters started a fire in the street and th

a big concern from the u.k..interesting to see how the nbc is strikes that balance between high inflation, very weak economy. l -- lisa: we were talking this morning about this variable rate, a sudden downturn in the u.k. housing market. push back against going as hawkish lee as they would like. how do they try to guard against some sort of crash -- i don't want to say crash, but significant downturn? jennifer: it is difficult. they need to be focus on inflation and it will only be when the is he a deeper downturn in the housing market ended took a look about that is starting to impact on consumer confidence and spending that the bank will be able to shift toward considering the implications of its rate hikes for the broader economy. we do think it will shift, but probably not for a wild because services inflation is still very high and has got to be the key concern for the time being. tom: is sterling moving too far, too fast? is it too strong for the people of the u.k.? jennifer: i don't think the exchange rate

travelers trying to navigate weeks of rail disruption in the u.k.gotten a break, strikes on the eurostar have been briefly called off. analysts will go ahead with a strike on friday and over the weekend other strikers they want pay hikes to keep up with inflation. france's president wants the european union to match president biden's package. to discuss the matter, the eu counterparts say the u.s. three and 69 billion dollar climate and tax law is an unfair advantage to north american industries including electric car producers. in ukraine, president volodymyr zelenskyy says they've made progress on getting more powerful defense systems. the u.s. made a decision awaits a final decision by president biden. the kremlin says if ukraine gets the patriots they would be targeted i russian forces. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta, this is bloomberg. alix: let's go to the market pretty of oil getting hit pretty hard, goldman saying co

consumer prices in the u.k. also show signs of slowing.lthough consumer prices were still 10.7% higher in november. in october, inflation hit a 41 year high-end an 11.1%. at her g and food costs remain the drivers. in the u.k., food prices were 16.5 percent higher than a year ago, the fastest in 45 years. inflation remains above the central bank's 2% target. businesses are continuing to suffer. inflation in ghana top 50% in november, the highest in 21 years. it is making life increasingly expensive first struggling families. the government struck a deal with the international monetary fund that seeks to stabilize its economy and public finances. >> it was once considered a rock of economic stability in the african continent today, it battles its worst financial crisis in decades. ghana is facing more than 50% inflation, growing that ten-day collapse of its currency. >> i went to the market today, going to shop for the week. i withdrew -- thinking i wou getting everything and needed. but i couldn't. i couldn't get enough for my baby. >> the

but so far, every measure of u.k.has failed. >> there needs to be safe and legal routes. that is the biggest issue. people are making the journey from calais because there's no other way of doing it. you have to be on british soil come of the island, to seek asylum. there is nowhere in calais to seek asylum, so people have to make the journey, and that's the single biggest thing the government could do to prevent people from having to risk their lives. >> here at the dover life but station they have seen it before , people trafficking across the english channel is at record levels. 40,000 this year. at the weekend alone, 500 riske their livesd. tragedies are all too frequent. this time more lives were saved and lost. that is not always the case. last november, 27 lives were lost in the channel, the highest number of recorded, and a diplomatic spout followed between france and the u.k. with the purchasing that the french should do more to stop these small boats from leaving their shoreline. as the lifeboat crews will t