let's get the vonnie quinn. vonnie: american spires are starting to pull back is from top chinese chipmakers. it forces a firms are doing so in the wake of new u.s. regulations. the suppliers often send workers to help with manufacturing. they have been placed in u.s. unverified list. restricting its abilities to buy american technology. the white house is considering a total ban on russian aluminum the response to the war in ukraine. the biden administration displaying a number of options including an outright ban or increase in terrace. russia is the world's second largest producer of aluminum after china. a boj governor has pledged to maintain monetary easing. he spoke at an annual meeting of the institute of international finance at washington where he defendant policy saying japanese inflation is different from that in the u.s. and europe. he says the central bank needs to continue easing to ensure its inflation targets. he reiterates the return to intervention was appropriate. >> we continue to prevent the

let's get you to vonnie quinn. vonnie: a selloff in u.k. bonds has deepened after the bank of england's move to extent a and emergency backstop failed to assure the markets. it also confirmed the first round of emergency purchases would end as planned october 14. the chancellor will unveil a new fiscal plan on october 31 ahead of the boe's next interest rate decision. malaysia is headed for early elections this year after the prime minister announced the dissolution of parliament. his ruling is seeking to strengthen his position. he says the election commission will decide on the date of the vote which must be held within 60 days. japan reopens its borders today to vaccinated visitors from 68 countries. with a week en and -- a weak yen, hopes are high for international visitors. bloomberg expects a could take two years for arrivals to reach pre-pandemic levels. former federal reserve chair ben bernanke and two his u.s.-based colleagues have an awarded the nobel prize in economics for the research into banking and financial crises. they will

let's get vonnie quinn. is considering a reduction of production of as much as two million barrels a day. the impact on supply could be smaller. the group may gust a reduction when it meets wednesday. several members are already pumping far below official quotas, meaning they want up to curb production even if limits are ordered. the u.s. says it stands to use all measures to keep ukraine stable. the you financial services commissioner spoke after eating with finance ministers in luxembourg to discuss the situation. we were told the bloc will be careful spillover -- to prevent spillover from energy. >> every finance minister is saying, whatever we do, we want to make sure that nothing will allow the energy difficulty to flow into financial instability issues. whatever measures will be cognizant of the importance of financial stability in the european union. vonnie: donald trump seeking supreme court intervention in the fight over classified papers seized from his home. the justice department is investigating

i'm vonnie quinn. this is bloomberg.e: coming up, japan keeps up warnings on prospective currency moves. we have wendy more coming up. this is bloomberg. -- we have plenty more coming up. ♪ yvonne: take a look at fx here. the dollar helping this whole risk rally here. the pound up. we are preparing to hear what the government, liz truss is going to do when it comes to the u-turn of its budget. dollar-yen, 147 point 29 -- we have come off a little bit, but still way above september, and we are watching the renminbi snap seven days of losses right now. rishaad: 32nd stronger than estimated fix for the yuan. let's kickoff with the whiplash as far as the yen goes, and the u.s. cpi print, which has again spurred talk of intervention. marcus: we saw whiplash again. there has been a lot of speculation over if market will actually intervene. they did not actually confirm there was any intervention involved, but this may be part of the whole strategy, when we have seen previously with the 10-year jgb, and many speculators came in

let's get over to vonnie quinn in new york with your first word news. vonnie: the bank of england is pushing back against government claims the bank says it had no choice but to intervene, conflicting with the government story. the u.s. department of justice investigating a london-based oil trading company for potentially manipulating fuel prices. sources say it has been under scrutiny since at least last year. one focus of the inquiry is activity during a key trading window. we're told the commodity futures trading commission is also looking into potential manipulation. investigators are looking at possible damage to the nord stream pipeline. the investigation has increased suspicions of sabotage but did not indicate how a detonation happened or who might be responsible. german officials are also investigating, and nord stream says it is cooperating fully. the u.s. has sanctioned seven iranian officials accused of leading a crackdown on protests and internal cover-up including the interior minister. the protest followed the death of a 22-year-old who wa

let's get over to vonnie quinn. vonnie: the u.k. chancellor jeremy hunt has declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax such a move would amount to another u-turn on a key plank of liz truss's mini budget. he made clear that coming the economy is his priority and the government can account for every penny of its tax and spending plans to the european union executive arm's planning to curb price volatility in the world's biggest gas market place. it want to prevent extreme price spikes and derivatives trading. the temporary mechanism would impose a dynamic price for transactions on the dutch title transfer committed see, -- transfer committee. the australian government will reportedly pledge 6 million u.s. dollars for infra structure in its budget. the prime minister said it would unlock jobs and productivity. the prime minister told sky news it would not add to inflationary pressures. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 jour

let's get to your first word news with vonnie quinn in new york. vonnie: china criticizing the expanded u.s. restrictions on access to semiconductor technology. the chinese foreign ministry spokesperson called them unfair and said they will also her to interests of u.s. companies. she believes they harm supply chains in the world economy. recent u.s. measures seek to stop china's drive to advances military capabilities. south korea says its military will boost security cooperation with the u.s. and japan, including the deployment of u.s. church egypt assets. this comes after north korea testfired two more missile sunday. saul says it violates un security council resolutions and will strengthen sanctions against its neighbor. russian president putin is blaming ukraine for the attack that badly damaged a key bridge linking annexed crimea to russia. putin blamed the ukrainian secret service, alleging they had helped from some russians as well as unnamed foreign states. kyiv has celebrated the explosion with a new postage stamp. u.k. prime minister liz

let's get to vonnie quinn for the first word headlines. vonnie: russian president vladimir putin has extended martial law in four occupied zones of ukraine and stepped up security in nearby regions. the new rules impose limits on civilian movement and give military officials more power. actions, as ukrainian forces continue to press their advance. president biden says russia's decision shows the russian leader is in an incredibly difficult position. president biden also talking about u.s. oil producers he said they should not be returning record profits to shareholders via higher stock buybacks and dividends. the u.s. administration is stepping up criticism of the energy industry and its role in high gasoline prices as the war wages on in ukraine. the president called on oil companies to boost production and bring down fuel prices for consumers. pres. biden: we need to responsibly increase american oil production without delaying or deferring our transition to clean energy. my message to the american energy companies is this, you should not

we will have a look at one of the subjects with vonnie quinn. vonnie: analysts saying china has probably delayed the risk of the third porter gdp data because government officials are gathering at the twice a decade already congress in beijing. they are not giving reason for the change and invited no new publication date. retail sales and home prices data were delayed. official trade figures do last week are yet to be released. u.s. secretary of state antony blinken says china has decided to seize taiwan on a much faster timeline than previously thought. sunday, xi jinping told the communist party congress at the wheels of history are rolling on toward unification and china is urging options for all necessary. blinken says beijing has made a fundamental decision that the status quo is no longer acceptable. new zealand's inflation remained near a 32 year high in the third quarter, reinforcing bets that aggressive rbnz rate hikes will continue. annual inflation eased slightly to 7.2%. economists were looking for a drop to 6.5%. they do not expect i

let's get you to vonnie quinn in new york with the first word headlines. vonnie: boj governor kuroda has pledged to maintain monetary easing. he spoke at the annual meeting of the institute of international finance in washington where he defended boj policy, saying japan's inflation is different from the u.s. and europe. he said the central bank need to continue easing to secure its inflation target. he also reiterated his view that japan's recent currency intervention was appropriate. >> we continue our monetary easing in order to achieve 2% inflation target, or price stability target. the economy is still recovering from the pandemic, so we have to continue to hold the economy to recover. vonnie: the bank of england governor andrew bailey is under pressure to extend emergency guilt purchases, hours after promising to end it. the ble was forced to reiterate his ultimatum after the central bank had privately told bankers deadline could be extended. the confusion roil the market, weakening the pound and sending gilt yields higher. opec has slashes projection

let's look at what else is happening with vonnie quinn in new york with the first word news. vonnie: so much going on. china's central bank has halted a cash withdrawal for the first time in three months in a bid to boost the economy as the leadership congress gets underway. the pboc injected $70 billion monday via its one-year medium lending facility. the rate of the mlf was left unchanged, as expected. u.k. chancellor jeremy hunt has declined to rule out delaying by a year the prime minister's plan to cut the basic rate of income tax. such a move would amount to another u-turn on a key plank of prime minister's liz truss's many budget. hunt says he intends to show the government can account for every penny of its tax and spending plans. >> i am not taking anything off the table. i want to keep as many of those tax cuts i possibly can, because our long-term health depends on being a low tax economy and i very strongly believe that. vonnie: the european union's executive arm is planning a mechanism to curb price volatility on the biggest gas market place. it wants to prevent e

i'm vonnie quinn.g. ♪ haidi: let's take a look at some of the movers in this session. belle, what are you watching? annabelle: let's take a look at how we are faring for some of the major retailers in asia, given we had those results up from amazon. you can see what investors are thinking about with this forecast for weaker holiday spending. in terms of the direction for asia today, we are seeing them mostly on the downside. a risk obsession led by tag earnings from amazon. apple was another that reported after the bell. it was a little bit more positive. take a look at how some of the apple supplies are faring here, given they did sort of managed to dodge the overall tech rep even with the warning of a holiday slow down. but still the sales beat estimates and the iphone and services, a little bit of soft spots. broadly we are seeing supplies in the red this morning. one last the sector we are focusing on is the machinery one, we had caterpillar actually reporting better results than expected. caterpil

let's get to vonnie quinn.e: the biden administration plans to release 50 million barrels from the u.s. emergency crude reserves may consider more this northern winter. it's an effort to ease ask -- gasoline prices that have become a liability for democrats ahead of the elections. the white house plans to replenish the reserve by buying westech's crude when it falls to two dollars a barrel or less. minneapolis fed president says the u.s. central bank cannot positive campaign in monetary policy tightening, but underlying inflation is accelerating. he told the panel discussion that core services inflation keeps surprising policymakers to the upside. he says he will not advocate pausing the key rate at 4.5% unless there is progress on core inflation. the bank of england will start is delayed bond sales next month. but will initially exclude the debt. the announcement of quantitative tightening is a statement from the central bank. the boe had been on the defensive for weeks after fallout from massive unfunded tax

let's get to vonnie quinn for the first word headlines. nnie: pboc deputy governor says china will push forward reforms to make the exchange rate more market based. -- told a briefing on the sidelines of the coming this party conference that china is one of the few nations implement a normal monetary policy. the pboc has put it on hold since august to afford further depreciation pressures on the yuan. european a national gas surged, snapping a five-day losing streak as policymakers related to biden on it capping prices. france, italy and poland want to limit prices but germany as opposed to the idea, saying it would endanger supply at a time of the region needs all the flow it can get to avoid blackouts and rationing. a failure to agree on a joint response risks fragmenting of the fragile eu market. the white house has accused iran of sending trainers and technicians to crimea to support russian attacks on ukraine with a rainy unit made of drones. u.s. national security council spokesperson at john kirby says iranian advisers are helping ru

yvonne: let's get to the first word news with vonnie quinn. vonnie: brazilian president bolsonaro heading for a runoff election on october 30 against leftist candidate lula da silva. lula took 48% of the vote versus bolsonaro's 44%. the outcome still puts the former president within reach of another stint at the home of latin america's largest economy. confidence among japan's largest manufacturer has unexpected leave worsened last quarter, making three straight drops as the yen tumbled. the boj's index of sentiment across the country's biggest manufacturers declined to eight, and economists had forecast a gain to 10. japan moves to reopen its borders. u.k. prime minister liz truss says the controversial decision to remove the tops tax rate was made by her finance minister. she told the bbc her administration should have laid the ground a better for the announcement. a sources is the chancellor is privately trying to head off a potential rebellion, with at least a dozen government mp's planning on going public with opposition to the plan. >> i

i'm vonnie quinn. this is bloomberg. kathleen: still ahead, we will discuss japan's tourism the country's biggest tourism company. up next, more on the trading beacon agent with a debit script that might be emerging at the fed. this is bloomberg. ♪ kathleen: taking a look at the week ahead -- the pboc is set to raise its lending facility rate one day. economists expecting the rate to hold at 2.75 percent. on tuesday, china's third-quarter gdp data will likely show a feeble recovery after growth stalled the prior quarter. we are expecting numbers on china's industrial numbers and retail sales. the loan rates are expected to stay put. continuing market turmoil in u.k. -- we are expecting to say -- to see inflation figures to rise a double-digit pace. in japan, economists expecting uptick in consumer prices. john lee will deliver his first policy address on wednesday top sources that he may ease property taxes and visa restrictions trying to curb a pandemic brain drain. that is your week ahead. haidi: we continue to focus o

. >> lasky over to vonnie quinn. -- let's get over to vonnie quinn. >> several thousand russian troops were in line over the weekend. it is pushing the eu to pledge similar health. the ims has previously calculated that ukraine needs about $5 million every month to keep its economy going. the controversial decision to remove this tax rate was made. the source as the chancellor is trying to head off with rebellion going public with the opposition to the plan. this indonesian president ordered a full inquiry to the vent stampede that killed at least 131 people. this caused people to panic and rush to an error as it. the global governing body for him from carrying or using this. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> just ahead, eric joined us to talk about the implications there. what eric has to say about what is going on. peter maguire says he is cautious on everything. we will see what they do with that information. this is bloomberg, good morning. ♪ >> let's look at your week ahead. this i

haidi: let's get you to vonnie quinn with the first word headlines. vonnie: china is criticizing the expanded restriction on its access to semiconductor technology. the spokesperson called them unfair and said they will hurt the interest of u.s. companies. she believes the world economy. recent measures speak to developing military capabilities. south korea says it will boost military cooperation with the u.s. and japan. this comes after north korea testfired two more missiles on sunday. it violates a u.s. that she went to council resolution. russian president vladimir putin is blaming ukraine for the attacks on the key bridge linking at -- linking crimea to russia. putin blamed the ukrainians -- he has not officially claimed responsibility though said the explosion was a postage stamp. u.k. prime minister to speak to the conservative party. a poorly received tax cut at a fractious conference has trust fighting to regain control of the party. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analyst

i am vonnie quinn. this is bloomberg.di: from zoom, to carvana and moderna, new companies were minted in the height of the pandemic but some have faded. emily joins us for more. we've been crunching the data and it's a bit like going back in time. you take a look at the rise and fall of these fortunes. it's i watering. >> it is. we talked about hwo -- how cheap money, supercharged wealth of the pandemic for a select few. when you go back and look at it, the numbers are astounding. the richest people in the world, minted money at an unprecedented rate. what we have called the covid billionaires, which is that subsection of the bloomberg's billionaires index, which made most of their money from related things to the pandemic, like the stay at home trend, like zoom. think about things like the moderna vaccine. their fortunes sword faster -- soared fast. shery: are there any differences between covid billionaires and the ultra-wealthy large parts of the world moving on from the pandemic? >> that's where it gets interesting. w

we will bring you the latest as we get the details, but let's get you to vonnie quinn with the first rd headlines now. vonnie: thank you. russia has suffered another operational defeat in ukraine. cutting down on plans for a total annexation. russian troops over the weekend were surrounded by forces. it was a key logistics hub for moscow. it came days after the kremlin announced it had annexed the region after holding a referendum abled a sham by the west. u.k. prime minister liz truss to says the controversial tax rate was made by her finance minister. she told bbc her administration should have laid the ground better for the announcement. the chancellor is privately trying to head off a potential rebellion with at least a dozen governments and going opposition -- public with their opposition to the plan. the country's football league as ordered a full inquiry to the fans stampeding. it killed 131 people. after an invasion and people rushed to narrow exits. it prohibits crowd control gas or firearms. richard lu has reached a settlement with the student who accused him of rape. a civi

shery: let's get to vonnie quinn with headlines. vonnie: u.k.z trust is said to be prepared to drop a significant part of her tax cut. no final decision has been taken. reports of the you turn sparked speculation that the chancellor of the exchequer would be forced to quit, but he has vowed to press on. >> our position has changed. i will come up with the median-term fiscal plan on october 30, and we will offer more detail them. but i am totally focused on delivery, on the many budget, and we cast on the needy -- min budget. vonnie: footage emerges of a rare protest against xi jinping before the communist party congress. incident comes it a tense time in china where xi is expected to get a third term as president. the house january 6 committee has subpoenaed former president trump. they are demanding documents and testimony about his role in the attack on the capitol. it is seen as an escalation of the committee efforts to hold trump accountable for the assault. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than

haidi: let's get you to vonnie quinn with first world headlines. nnie: president biden's advisors working on a meeting with xi jinping after the chinese leader emerged from the party congress with a tighter grip on the country. national security council says the u.s. will not comment on china's leadership process bill will keep you medication open. biden is hoping to meet xi next month in bali. the u.s. has unsealed charges alleging two chinese intelligence officers trying to obstruct a criminal of -- the complaints as other suspects are working on behalf of the foreign power to procure technology and include spies. fbi director christopher wray says 10 of the 13 individuals charged for chinese intelligence officers. the yuan weakened against the dollar despite -- the yen weakened despite signs of a second intervention. earlier, there finance ministers had japan within a firm confrontation speculators and could not tolerate excessive currency moves. the boj is meeting later this week come a set to be another key catalyst for the currency. a court in

we have vonnie quinn with the latest first word news. vonnie: u.k. chancellor promising no more distractions after he and prime minister liz truss were forced to you turn on plans to cut taxes for top earners. it was designed to fend off a mounting rebellion. he will now amounts -- in a bid to reassure financial markets. >> i think it was a distraction and i think it was the wrong thing to do. i think we have got to try and listen. i think people in government have to listen to voters and people in the country. and that is a tough thing to do. it is a tough thing to put your hand up and say this is not the right thing to do. vonnie: eu countries are edging closer to a deal on new sanctions for russia for its war in ukraine. the remaining hitch has been agreeing details of a price cap on russian oil sales. eu member states still need to formally approve the deal, and that could happen as early as tuesday. elon musk is drawing criticism after tweets calling for ukraine to negotiate with russia to end the war and cede crimea for good. musk also launched

let's get over to vonnie quinn for the first word headlines. vonnie: china criticizing the expanded u.s. restrictions on access to semiconductor technology. the foreign ministry called them unfair and said they will also hurt the interest of u.s. countries. they said they will harm supply chains and the world economy. recent u.s. measures to stop china's drive to develop its own chip industry and advanced military capabilities. south korea says its military will boost security cooperation with the u.s. and japan, including the deployment of what it calls u.s. strategic assets. this after north korea testfired two more missiles sunday. they say the provocations violate the you insecure to council resolution and will drink and sanctions against its neighbor. russian president vladimir putin is blaming ukraine for the attack that badly damaged a key bridge linking annexed crimea to russia. in the first comment on the attack, he blamed the ukrainian secret service, alleging they were holding russians. kyiv has not officially claimed responsibility f

i am vonnie quinn. this is bloomberg. shery: former president donald trump is asking the u.s.me court to intervene in the fight over government paper sees that his mar-a-lago home. for more, let's bring in jodi schneider. this seems like a significant escalation. tell us more about the showdown? jodi: it is a significant escalation. lawyers are going to the highest court in the land, asking them to intervene specifically asking them to allow a special master which was appointed to the court as well to basically review 100 documents with classified markings that would take this in florida. basically, trump and his lawyers are arguing that they deserve the right to do this and they are continuing to say that the search was not conducted properly. >> how does this escalate legal fights with the government? jodi: this has already been fairly extraordinary. the justice department is weighing in against a former president, something we have not seen perhaps to this degree since richard nixon in the watergate era. at this point, what is happening is that trump and his lawyers are say

i'm vonnie quinn. this is bloomberg. paul: still to what next economic policy with liz truss is plan set to make her the shortest serving british prime minister in history. our next guest says she sees economic downturns hitting stopping point. this is bloomberg. ♪ shery: take a look at how u.s. futures are trading. we have the s&p 500 reversing earlier gains and falling in the new york session for a third consecutive day. now nasdaq tech futures are under more pressure. we saw news that the biden administration is looking to expand china's tech band to include quantum computing and ai. this is after already sweeping conditions on beijing earlier this month. let's bring in our next guest who sees nearing signs that we are reaching a market bottom. we continue to see the market pressure not only from the hawkish fed rhetoric continuing to come every day but also some other news related to china, u.s. rivalry, now we are seeing more focused targeting on quantum computing and artificial intelligence when it comes to the tec

let's get you to vonnie quinn with the first word headlines. vonnie: thank you.iden says he will seek to impose higher taxes on oil companies that report and falls. gasoline prices remain high one week before the midterm elections. in a brief speech, biden called on big oil to put consumers before profits come a promise that could be difficult to deliver upon with many democrats having fought to impose the tax unsuccessfully for more than a decade. pres. biden: in a time of war, -- has a responsibility to act beyond their narrow self interest to shareholders. i think that responsibility to act in the interest of consumers , community, and country, to invest in america by increasing production and finding compassion. vonnie: jair bolsonaro has yet to be seen or heard from after his defeat in sunday's runoff election, keeping voters guessing on whether he will concede. he previously criticized the system. guatemala has been -- lula has been recognized. some of wall street's biggest names are lending in hong kong on their first visit since the pandemic, defying crit

i'm vonnie quinn.nne: coming up,, rikers set to be closing in on a deal that will reshape their alliance. details ahead. this is bloomberg. ♪ yvonne: take a look and how asia is faring. mixed picture. taiwan looking less rosy here this morning. down by 1%. here's the bloomberg scoop now. renault is in the final stages of concluding a deal to reduce its stake in nissan. for more, let's bring in our head of asia transport katrina nicholas. how significant is the deal in terms of the operations of renault and nissan? katrina: it is really significant. it started back in the november 2018 arrest of carlos ghosn which worked to destabilize the alliance in many respects and gave nissan that power and emboldened nissan to seek a more equitable capital cross structure shareholding. what we are seeing now is that renault needs the cash. it's trying to transition itself into two separate businesses. one side of the business will be the combustion engine powertrain side of the business. the other part will be the

let's get to vonnie quinn with first word headlines. nnie: a delaware judge is halting a court case against elon musk over a $44 billion twitter buyout until october 28. it is a win for elon musk who accused twitter of not taking yes for an answer after he revised his bed. --bid. twitter said musk can and should close the deal next week. the thai prime minister will visit the scene of the countries worst mass killing friday. a30 four-year-old man killed at least 38 people, mostly children in a rampage that began at a decade -- day care center in the countries north. the man is a former police sergeant due in court friday charged with methamphetamine possession. the latest cpd minutes show some officials want a 50 basis point hike. officials agreed to a .75 hike. the central bank is fighting inflation nearing 10%, risking looming downturns. the bank of england pushed back against u.k. government claims that the recent market rout was part of a government selloff. the bank said it had no choice but to intervene with managers dumping gild t

i'm vonnie quinn.berg. ♪ >> nat gas prices dip below zero for the first time since 2020 is booming production overwhelms pipeline networks. the bring in our bloomberg energy reporter. this is quite surprising given that recently u.s. regulators were warning of shortages here in the northeast. >> yeah. this is a little bit of good news for consumers. maybe temporary good news. a lot of this has to do with the natural characteristics of natural gas, difficult to transport and store, just wants to evaporate up into the air. when you get a situation like right now when production is booming and running out of pipeline space, storage space, producers basically have to pay somebody to take it on, or they have to start the expensive process of shutting in production. even in texas, regulators won't let you just waft it out into the air because it is so potentially harmful to the atmosphere. >> in europe, the energy crisis has taken a bit of a surprise turn. we are now in a gas glut? >> not exactly. this is a

vonnie quinn in new york. vonnie: a selloff in u.k. bonds. moving to extend an emergency backstop. sales reassuring the market. easing pressure on pension funds caught up. the first round of emergency purchases would end as planned on october 14. the chancellor will now unveil a new fiscal plan october 31 head of the boe's next interest rate decision. u.s. president joe biden has condemned what he calls the utter brutality of russian missile strikes across ukraine. the attacks market dangerous new escalation in the war and included price hikes on food. russian president vladimir putin is threatening more action. g7 leaders face more pressure to send weapons to ukraine and are holding an emergency phone call. malaysia is headed for early elections after the prime minister announced the dissolution of parliament. his ruling party is seeking to strengthen its position following a run of successful local polls and a budget for next year that local taxes. he says the election commission will decide on the date of the vote, it must be held within 60 days. reports have emerged of iranian

let's get to vonnie quinn for the first word headlines. vonnie: thank you. russian president vladimir putin has extended martial law in four occupied zones of ukraine and stepped up security in nearby regions. the new rules impose limits on civilian movement and give military officials more power. the actions, as forces continue to press the advance. president biden says pollutants decisions show the russian leader is in an incredibly difficult position. president biden says u.s. oil producers should not be returning record profits to shareholders to be a higher stock buybacks and dividends. the u.s. administration is stepping up criticism of the energy industry and its role in high gasoline prices as war rages on in ukraine. the president called for oil companies to use windfall profits to boost production and help ring down fuel prices for consumers. pres. biden: we need to increase oil production without delaying or deferring our transition to clean energy. my message to american energy companies is this -- you should not be using your profits to buy back

haidi: bloomberg su keenan, let's get you to vonnie quinn. vonnie: heidi, thank you.nt issued a rare warning to residents and remote islands to take shelter after north korea fired a missile over its territory for the first time since 2017. south korea says it was a medium-range ballistic missile. japan says the projectile splashed down in waters to the country's ease. last week north korea launched seven missiles, the biggest barrage. investors welcomed their first round of presidential voters. they have the biggest one-day jump in more than four years while the stock encz mark surged the most since april of 2020. investors are betting they may need to prioritize more markets for the policies before the second round vote at the end of the month. elon musk has joined them after a series of tweets calling for ukraine to negotiate with russia to end the war and sees crimea for good. asking citizens whether they want to live in ukraine or russia. ukraine's resident responded with his own twitter bowl asking if you would prefer elon musk who supports ukraine or one who ba

vonnie quinn has first word headlines. tal output by 2 million barrels a day in november to keep isis higher. outdated baselines mean actual cost will be lower. the white house slammed the decision and will release another 10 million barrels from the strategic oil reserves in november. the eu commission president says the market is intervening in the russian gas market on capital -- on capping -- intervening on gas prices. north korea fired two suspected short-range ballistic is on thursday, making a total of 10 lodges in fewer than two weeks, one of the biggest test barrages under leader kim jong on. it came after pyongyang condemned the biden administration for escalating tensions as the u.s. ronald reagan your cap carrier you turned in waters east of the korean peninsula. 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. this is bloomberg. ♪ kathleen: thank you, vonnie. up next, we have knight frank on how rising interest rates a

let's bring in vonnie quinn. vonnie: thank you.dent biden has downplayed the risk of her session of the u.s. saying it is possible, but any downturn would be close. speaking in an interview, when asked if americans should repair -- prepare for recession he replied no. the forecast for next year's is 1%. cleveland fed president says officials need to keep raising interest rates in order to quell inflation. policymakers poised to deliver a fourth 75 basis point hike when they meet early next month. speaking to bloomberg, metros plan to shrink its balance sheet. >> i think we want to stick to that plan. the markets have understood the plan. they see it, they understand it. we did very well broadcasting what we are planning to do an implement to get. vonnie: elon musk denied he spoke with putin about ukraine, musk was refuting a tweet from the head of a group, who was not told about the alleged conversation with the russian president. he said the talks came, after ukraine urged russia to secede for good. there discussion was about spac

let's get first word news in new york and vonnie quinn. nnie: biden administration officials are said to be discussing whether the u.s. should subject some of elon musk's ventures to national security reviews but sources say that would include the deal with what and the spacex starlink satellite network. u.s. officials have grown comfortable over what they see as musk's russia-friendly stance and his plans to buy twitter with foreign investors. sources say the u.s. is looking into new export controls to limit chinese access to powerful quantum computing technologies. guard told plans focus on quantum computing and artificial intelligence software. the biden administration is also said to be working on a new mechanism to scrutinize money heading into certain chinese technologies. ap voc deputy governor says china will push forward reforms to make the exchange rate more market based. the minister also told a briefing on the sidelines of the chinese party congress that china is one a few few nations currently implementing normal monetary polic

. >> let's get over to vonnie quinn. vonnie: liz truss is said to be preparing to abandon part of her financial agenda. a source says officials are drafting options. no final decision has been taken. reports of the u-turn spark talks that -- is set to quit. >> opposition hasn't changed. i will come up with the fiscal plan on the 31st of october as i said earlier in the week. there will be more detail than. what i am totally focused on is delivering on the budget making sure we get growth i could to the economy, i'm not going anywhere. >> two dozen police patrolled a beijing intersection. social media posts showed two banners calling for the ouster of xi jinping. authorities are on high alert ahead of the party congress on sunday. hong kong is said to be considering easing property taxes and restrictions as it seeks to carbon outflow residents leaving the city. four years of clinical turmoil and covid restrictions have led to an increased number of those leaving the area. south korea's military said it detected short range

i'm vonnie quinn. yvonne: st. fed president says he expects the central bank to end frontloading of aggressive interest rate hikes by early next year. he spoke exclusively with kathleen hays and began by asking whether jumbo hikes have had the expected effect. >> i think they will have an impact and in some ways have had an impact. i would cite the housing market and per 10-year -- in particular. the increase in race -- rates has change the dynamics there. that is something where they're not long and variable lags. before they were even in train this spring, so that's a place where we've seen impact right away. you know, it's a big shift. it takes a while to steer the shift. the housing market is not the whole economy. >> it certainly isn't. it isn't the main thing driving inflation now. prices have fallen. >> rents are important. >> that's one reason why people are so worried about inflation staying hi, they are spread out over several months. >> we are aware of the lag in the calculation. we will take that on bo

i'm vonnie quinn.s is bloomberg. haidi: the cleveland fed president says there is no reason to open the fed's balance sheet plans. she spoke to kathleen hays earlier and says inflation is running hot and the fed should do more. >> i want to make sure we have all the data before the meeting and i want to hear what my colleagues are saying around the table. the real issue is, we need to do more. we have not seen inflation move back down and we need to see that because leaving inflation where it is, if it continues, the higher chance it becomes embedded in the economy, affecting pricing decisions of firms, also getting into the psyche of households and that has long-term negative connotations for the economy. this is a big question. we know it is time to persevere and bring the funds rate up. we know we are going to have to keep it there for a time until we see inflation beginning to come down. because we want to make sure it is on a sustainable downward path to 2%. if you remember the dot plot, we are ve

i'm vonnie quinn, this is bloomberg. haidi: the former australian ambassador to china geoff raby joins us to discuss the power plays and rising tensions with the west. we open up with the investment playbook from wealth enhancement group. and here about a relief rally upon the way. this is bloomberg. ♪ kathleen: investors chew over the fed's rate hike path, missed economic data and a deluge of earnings reports. let's go through all of this with a senior financial advisor at wealth enhancement group. the past 48 hours, this is been a mega cap tech show. today, we got apple and amazon, a let's start with a not so good news which was amazon. what is your reaction? nicole: not overly surprising. the day started with a gdp report that we are not even talking about and that shows us the value and true capitalization weighting of these mega cap technology companies. that they are so omnipresent and important to us that this gdp data that we were looking forward to has been completely trumped by this conversation around mega tec

vonnie quinn. >> thanks. fed minutes.icials raising rates to a restrictive level in the near-term, but showed concern about the economic impacts. the minutes noted that it would be important to calibrate the pace of tightening to mitigate risks from global economic uncertainty, many noting the cost of doing too little is too much action -- is worsen too much action. the u.s. exchequer says the bank of england will be responsible if british markets resumed volatility after the bond buying program ends on friday. he is in a standoff over tax cuts. the hard deadline reaches the risk of market tales and would he put pressure to unveil a revised set of texts and spending plans. china may import corn from brazil as part of the drive to reduce dependence on the u.s. and replace supplies from ukraine. some 45 facilities owned by companies have been preapproved by brazil to export to china. the rally in corn futures on the dollar strength are forcing china to look for alternative supplies. the white house is considering a total ba

let's get over to vonnie quinn. >> thank you. the type prime minister will visit the scene of the country's worst mass killing on friday, after ordering an urgent investigation into the tragedy. the 34 euro man killed, at -- killed most children at a daycare center in the. countries north he has been identified as a former police sergeant due in court on friday, charged with methamphetamine possessions. the bank of india has pushed back against the u.k. government and their claims that the recent market was part of the global selloff. the bank had no choice but to intervene to prevent managers dumping 50 billion pounds of guilt, and triggering a market crash. the government story about why markets have been a punishing the u.k. pushing guilds and the pound to historic lows. the u.s. department of justice is investigating the london-based oil trading company about manipulation of fuel prices. it has been under scrutiny since last year. one focus has been activity during a key trading window. we are told the commodity trade futures

i'm vonnie quinn. this is bloomberg. ♪ kathleen?francisco fed president says market anticipation of interest rate cuts next year is misplaced. she told us the central bank will be setting a high bar for slowing the pace of monetary policy tightening. >> we are resolute at raising the interest rate into restrictive territory so that we can bring inflation down, which is causing millions of americans to suffer real pain. that everyone is experiencing it. it is also very damaging to the economy to have this level of inflation. so we are committed to bringing it down and staying the course until we all -- until we are done. >> before the interview, you said the futures market shape, the idea that you go up and come back down next year is wrong. >> i don't see that happening at all. i see us as raising to a level that we believe is restrictive enough to bring inflation down. and then holding it there until we see inflation truly got close to 2%. and demonstrate that price stability is restored. >> what is that level that is restrictive e

let us get to vonnie quinn with the first word headlines. >> southeast asian officials are doing a decent job of allowing markets to absorb shocks from the u.s. monetary tightening. speaking us to bloomberg television, nas managing director -- >> it speaks to an anchoring of confidence in the economy and dislocation. a whole lot of things can happen when the exchange rate moves too fast too far. i think they have been managing up well. if the dollar appreciates much more rapidly than this, yes, we do have to be concerned. >> u.s. secretary of state antony blinken has accused china of trying to speed up its seizure of taiwan. china is undermining the decades long status quo that has kept it and the u.s. from going to war over the island. beijing's taiwan affairs office as china is closer than ever in history to realizing complete reunification of the country. vladimir putin has overseen military drills simulating a nuclear retaliatory strike. it included intercontinental ballistic missiles and cruise missiles. the u.s. says russia had announced the drills calling him a routine exercise. je

let's get you to vonnie quinn with the first word headlines. vonnie: thank you and good morning today selloff in u.k. bonds has deepened after the bank of england's move to extend an emergency backstop failed to reassure the markets. it also confirmed the first round of emergency -- would end as planned on october 14. the chancellor unveiling the new plan on october 31 ahead of the boe's next interest rate decision. malaysia is headed for early elections this year after the prime minister announced his -- announced the dissolution of parliament. seeking to strengthen his position following a run of successful local polls. he says of the election commission will decide on the date of the vote but must be held within 60 days. iranian oil workers joining protests over the death of a 20 three rd woman last month under the custody of the so-called morality police. video reportedly shows dozens of laborers in your foreign workers marching through a plan on the persian gulf. national pressure on iran's leadership is mounting with u.k. imposing sanction

paul: let us get over to vonnie quinn with the first word headlines. >> an new emergency package to use the eu joint purchasing power as leverage in negotiations with local gas suppliers enabling joint purchases in cases of shortages. there are concerns over security of supply. >> as we make every effort to keep prices predictable and gas flowing to europe, we cannot exclude a supply crisis and the shortage of gas. i demand -- a demand reduction is key. >> xi jinping was seen on a beijing bridge and -- a pro-democracy group called the voice of this has created calls for the president's removal. north korea has hired artillery -- part artillery shells into the boundaries. officials say the north fired around 250 rounds late tuesday. on monday as lou correa began 12 days of annual military exercises which included an specified number of u.s. troops. north korea has increased weapons tests in recent weeks in response to what he calls the dangerous military drills. global news 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 c

let us get you over to vonnie quinn. >> russia has had critical infrastructure in central give with suspected iranian drones -- kyiv with suspected iranian drones. the aircraft damaged several houses and sparked a fire. the ukrainian president claimed people who shot down 13 incoming drones. eu nations have discussed the use of drones in ukraine, they say the block is gathering evidence to determine whether moscow is using weapons for attacks in kyiv and other ukrainian cities. u.s. regulators are investigating the three arrows capital. they are looking into whether the money manager violated rules by misleading investors about its balance sheet and not registering with the agencies. three arrows filed for bankruptcy after the collapse of the blockchain lead to a selloff in digital assets. global news 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. haidi: more u.s. bank earnings, why odeon capital group believe you should sell shares in goldman sachs and morgan stanley. then we will speak with shan

i'm vonnie quinn. this is bloomberg. ♪ haidi: still ahead -- economists expecting the reserve bank of austerlitz or continue to lift rates on tuesday to fight the hardest inflation in decades. coming up next, we are talking market strategy with optimal capital. we will look to the fed and any sign of a downshift, a pivot, a pause, the pace of rate hikes. this is bloomberg. ♪ kathleen: morgan stanley strategist michael wilson says the campaign to raise interest rates is approaching and jp morgan's mark oak a lot of edge also agrees an end is near for the most aggressive rate hiking cycle in decades by global central banks. for her analysis, let us bring in optimal capital's director of strategy, frances stacy. it is great to have you here. it feels like we have been on the eve of a fed meeting for the last week and a half at least. are you in the camp that says it is about time? that there is enough signs the economy are starting to weaken and the fed is going to signal the slight shift down to 50 basis