the initial open is to the upside, what does this mean for portion vw -- porsche and vw?om: you are getting 83, 84 euros right now, they will be ringing the bell as i speak. an historic day for porsche, and this is number five in terms of the largest ipo's out of europe, certainly one of the largest in germany. it is valued a little over 75 billion euros, cornerstone investors include the norwegian and qatari sovereign wealth fund major this will likely be a successful ipo, they will be raising about 9.4 billion euros. vw will use the money around electrification and software, as well as some of it back in terms of a dividend. some concerns have been flagged, one is governance, the ceo is also the ceo of porsche. and the structure of voting and non-voting shares is also a concern. there is scrutiny how they can electrify iconic brands like be the boxters and if roadsters and suvs. the target is ambitious, in an environment which is recessionary. 111 million shares, a bit of upside in the first few minutes. dani: great stuff. we are going to hear from tom later this hour,

how much freedom will they have if they are led by the same person heading vw? we will get more details on october 19 we will broaden it to the wider market and implications. if the ipo goes well, could this open the other companies to come to market this year? >> you have seen intel a bit of delay in he lowering their expectations as well for the ipo there. does it help the market in that sense? possibly you see a lot. like you said a lot of the companies have been shying away from getting into the ipo space. a lot to do with the energy crisis and inflation numbers across europe and interest rates rising heavily they might want to see whether this will be that test in the water to give them a sense and litmus test for the remainder of the season >> litmus test for sure. >>> let's move on. the european commission sus suspending funding for hungary over corruption. the move slashes 65% of the funding to the country sylvia mauro filed the report. >> reporter: it is an interesting move proposing the suspension of european funds to hungary. we're talking about 7.5 b

tom mackenzie will be speaking with the cfo's of course and via -- of porsche and vw, but now he is at frankfurt stock exchange. what does this ipo mean for porsche? tom: those negotiations are going down very well indeed. you can see over my shoulder one of the earliest models, about 1948. this is a huge day for volkswagen and porsche, and for the ipo markets of europe. we will get into more detail. it's going to be valued about 75 billion euros, vw is the majority owner, they will get about 9.4 billion euros, that will go towards electrification and building out software as vw tries to catch up with rivals like tesla. what it means for porsche, the family so consequential in the history of these brands, will once again have a significant stake 30 years on from they tried to take over. that failed but now with this new structure, they will get about 25% of blocking shares. some concerns from shareholders on what is otherwise looking like a positive day. they are around governance and voting structure. porsche hopes to generate revenues of about 39 billion euros with return on sales of

next week, stargazers can get a close up vw of the giant. jupiter will be in in opposition with earth. astronomers say binoculars should be enough to catch the d. the details. > >> we have a crazy night comingp in sports. a tennis legend last run. the warrior decides to come come back for one more season. > >> two home runs needed to rank0 rank 700. just how close is albt is albert on joining >> the 49ers are headed to denvr this weekend. who is playing and playing and who isn't? the mac the injury news to start off. good news and bad news. let's start with the good the bad, get of the way. armstead hasn't practiced all week. the good nes good news, george kato will make make his season debut. he missed missed the first two games withn injury, but their coach says there will be no restrictions for him. there you have it. he is healthy and ready to go. >> it's a breath of fresh air. feels great to be comfortable. performance staff does a great b great job but i've been disappointed not seeing them. >> the warriors announced that he will retur

the family behind the porsche brand will regain influence after they sold to vw.l 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, dani? dani: thank you so much. let's go back now to the energy theme. opec+ has agreed on a supply cut of 100,000 barrels a day for october. that reverses the septembers hike, that was pushed by the biden administration. we are joined by paul wallace, who covers energy and commodities. just the number itself, 100,000 is very minuscule in the grand scheme of things. what is the importance of this cut? >> hi, dani. it is a tiny cut in and of itself. it does seem to have had a psychological impact on the market. until about two weeks ago, the idea opec+ would cut supply was pretty much out of the question. now that is very much on the table and although yesterday's was a small, a lot of traders will be wondering whether further and more significant supply cuts could come in the future if opec+ and the saudi's think that is necessary

next week, stargazers can get a close up vw of the giant. jupiter will be in in opposition with earth. astronomers say binoculars should be enough to catch the d. the details. > >> we have a crazy night comingp in sports. a leget run. the warrior decides to come come back for one more season. > >> two home runs needed to rank0 rank 700. just how close is albt is albert on joining prop 27 sends 90% of profits from online sports betting to out-of-state corporations in places like new york and boston. no wonder it's so popular... out there. yeah! i can't believe those idiots are going to fall for this. 90%! hey mark, did you know california is sending us all their money? suckers. -those idiots! [ laughter ] imagine that, a whole state made up of suckers. vote no on 27. it's a terrible deal for california. we win. you lose. [school bells] when pain says, “i'm here,” i say, “so are they.” ♪♪ aleve - who do you take it for? >> the 49ers are headed to denvr this weekend. who is playing and playing and who isn't? the mac the injury news to start off

the porsche board will decide in the future completely independent from vw. great situation for us. [indiscernible] we have the possibility in the future to work together with vw. [indiscernible] -- when it comes to sharing technology. [indiscernible] using production capacity like the cayenne. >> talking about production, you have the factories in germany and you -- in slovakia. where do you build a factory of the future? >> hopefully germany. ed: that was porsche cfo. last year, the -- electric porsche outsold the traditional 9/11. what is also interesting, porsche promising you purists out there that the 911 will remain a gasoline vehicle. the 911 will still run on gasoline for years to come. interesting. tweet me. coming up, apple -- bloomberg report about iphone production. a wave of analyst downgrades. later, -- formally of andreessen horowitz shares a new poll on crypto in regards to this november's midterms. thinking about where we go on policy and where we go about regulation. we will bring you that conversation up next. this is bloomberg. ♪ >> welco

francine: once the ipo is done, what can we expect from vw?istoph: that's a very good question because, it is basically their main source of cash along with the audi premium auto brand. that has been a long-standing concern for a group that is very much reliant on luxury brands and the mass-market brands are doing less well, and are not very competitive anymore. that's definitely an issue that management will have to address. tom: one of the biggest ipo's potentially in a decade, the ipo of porsche by vw. bloomberg's frankfurt bureau chief. we continue our coverage of the funeral of queen elizabeth ii. we will discuss what her passing means for the future of the commonwealth. this is bloomberg. ♪ tom: welcome back to the open. we are 43 minutes of the european trading day. u.k. closed for a bank holiday to mark the funeral of queen elizabeth ii. you are seeing losses of .5%, accelerating declines we saw last week. the s&p ended lower by around 4.8% for the week, futures ended lower as well. here in the u.k., the focus is on the passing of quee

completely independent from vw. it is a great situation for us.want to unlock porsche's clinical -- critical potential. there's a possibility in the future to work together with vw. that is beneficial for porsche. that's the case when it comes to technology. also for emissions, buying purchasing volume, using production capacity like the cayenne. >> talking about production, you have the factories in germany your producing in slovakia. where you build out the factories of the future for porsche? >> hopefully germany. and slovakia. that's the plan. ed: that was porsche cfo. what is interesting, last year the electric porsche outsold the traditional 9/11 but what is also interesting, porsche promising you purists out there that the 9/11 will remain a gasoline vehicle. the 9/11 will still be running on gasoline for years to come. interesting. tweet me. coming up, apple's selloff worsens after the report about iphone production. a wave of analyst downgrades. later, car inventors formally of andreessen horowitz shares a new poll on crypto in regards to

vw will extend the period for buyer to express interest. joumanna, now investors across london and europe and beyond will turn attention to porsche long awaited ipo may happen. in terms of where investors are focusing, a huge amount of attention on governments entanglement with porsche and vw those concerns haven't eased with the appointment of oliver bluma as ceo of volkswagen and porsche. >> the point about governments is interesting selling 25% plus 1 share to porsche se the controlling family the distinction for you not following porsche the company and porsche se, the family that is key because it tells you that the family is keen to maintain the hold over the new spinoff company of porsche from a value perspective, we were talking about this offline. there is value to be extracted if you look at the breakdown of volkswagen the entity with higher margins is porsche because of the sports luxury car division. >> it is a really interesting point of what porsche could look like and potential if it is a separate company with autonomy lookin

i compared the single forward facing c to the back seat of a vw bug. it's this tiny little thing. and according to family tradition, when the newly inaugurated president, george washington, was visiting providence, john brown gave washington a ride in that chariot down to the shipyard where he was building a ship named for the new president. and that got me to wondering, because, in the book i was writing, washington visited providence several times, but i had no idea he had come to providence once he was president. why? why was he there? and that led me to realize, you know, he went on a series of presidential trips in an attempt to create a sense of nationhood among 13 former colonies. so i was finishing up this book of straight history, it was one close to a dozen books that i had written in the past 25 years, i live on and to get a island which is all 14 mile long miles long. i grew up in pittsburgh, the -- where i needed to travel just to sail. and i love to put my sunfish on the top of my vw bug and traveling all over the country for sailboat races. and i was getting itchy a

speaking to the 24 year old deputy by phone and was able to get him to surrender as he was driving his vw jetta in the central valley. top sheriff's officials listen into the car. able to keep him on the phone line. and, uh, direct. the chp units down to the area near kalinga, investigators say after the killings, the deputy tasked his on duty weapon believed to be the gun used in the double homicide out of his car near the altamont pass. neighbors of the couple stunned that a law enforcement officer allegedly responsible it is scary because these are the people that you you look to you to protect you and take care of you and they're doing things like this. how can we know that we are secure, especially when a police officer coming to the crime now this deputy formerly worked as a stockton police officer, but he failed his probationary period after a year. now the sheriff's office says it did a very full background check on this deputy and that there were no red flags . now the sheriff's office in dublin police making their way to central valley as we speak to try to get this guy back in

may be driving either a gry a gray 2007 vw jetta with california license plates or 2015 hyundai with california le california license plates as well. if anyone cease him or his vehicle, please call 911 and do h to our first alert weather day. the heat wave rolling on for another day. let's get tout first alert metrologist. >> but no mean social security this heat wave over yet. these are current temperatures rightw temperatures right now still in the 70s in the plane. things are a lot better along that coastline with that onshore flow. our east inland hills is where i'm keeping a close eye on it. it is dry as a bone out there. high pressure will do that for us. it heats us up and boy does it dry us up, too. ths too. this is a system that is starting to trend cooler. our t inland hills still sitting in the triple digits. once we head to saturday's forecast somethig forecast something very interesting is happening. we will see 80s up there very qui. we will talk more about that ina in a bit. > >> this just in, we are now learning why power was mistakenly cut to more than 1,000 customer

they will definitely find its friends and i'm excited to see how many of these vw will actually sell. the id. buzz is definitely an eye catcher and it's purely electric drive train makes it quite sustainable. on the downside, it doesn't transport as many people as the t one did, and it's definitely way more expensive than it's 4 runner back in the day. which in some ways makes it as much of a lifestyle choice as the micro bus once was. ah, ah po days, 80 summer, the finish turn of pedal has one of the wackiest motor sports events around the $750.00 dr. is go head to head in the your keys, a race what you bring event open to wool, where the clunky of the call, the better leading up to raise the competitive with feverish need to convert just into racing. gold like monster painting you got in bus guy here, who is preparing hot for the event. step one, putting in a new transmission associate that the finished vocational hello is always full of good company and good cheer. so we say it's a festival of motor sports. it's a lot of fun and it will be as long as we've got the helmets on our he

that would make it more valuable than all of volkswagen itself which includes the vw and luxury brandse nearly 15 years ago. the ipo expected to take place later this month or early in october. >>> citigroup meantime is expanding lending to people without credit scores. the "wall street journal" reports that citi will launch two pilot programs early next year with the federal government. one will issue credit cards to people without credit scores, and the other will make it easier for small business-owned minorities -- businesses, rather, owned by minorities, women, and veterans to get access to credit. some 50 million americans lack that additional credit scores. that's a big -- really a big problem for people as they try to move ahead and maybe try to buy a home or try to buy a car. really need to build up that credit score. >> yeah. it's nice to get the credit. but we'll talk about the interest rates. that -- that is a big deal, too. all right. thank you. >>> 4:44 this morning. tracking dangerous deadly floods ahead on "today in the bay." the damage done after strong storms moved th

the manufacturing and assembly plants of several automakers and technology firms, including intel, vw, and toyota. >>> well, raj, a new study found math and reading scores for elementary school students have dropped to levels we haven't seen in years. a number of experts say it's the latest proof of the pandemic's negative effect on our students. nbc bay area's christie smith explains. >> what you're seeing is a mass 7--point drop for 9-year-old. >> reporter: grade wilburn is talking about how math and reading scores fell in the u.s. between 2020 to 2022 as part of a new look at education since the pandemic began. >> i think we can say with confidence that this school disruption, you know, the covid pandemic, as a totality of events and circumstances did impact significantly these scores. but to point to one thing about the pandemic, given how we collect our data is difficult to impossible. >> reporter: the results come from assessments given to 9-year-olds. they show nationwide average scores dropped 7 points in math, 5 points in reading. the largest decline in years. though the west

forum, a lot of attention is paid to industrial production, the most anticipated signing of this year's vwween the united aircraft corporation and aeroflot for the delivery of 339 domestically produced aircraft. already, test flights of the ms-21 with the russian pd-14 engine are underway and the planned aircraft for 1023 flights and superjet new, despite the sanctions imposed, avtovaz has already reached the number of cars produced that it had in august 2021, including through state support for demand, we were able to restore the production of a line of cars, successively first grant and then the classic lada niva a. then niva travel is a former brand and uh, in august they released about the same number of cars. how much the auto concern produced in august 2021, taking into account renault cars, continues to work the business program has ended, however, in the morning, the opportunities and prospects for the youth web business generation z have already started - this is the topic of one of the discussions. the participants talked about what incentives and support measures are needed for

vw hopes to listing will be completed by the end of this year and it's expected to be valued at around now, because irish regulators have slapped the social media giant with a 405 million euro fine for violating children's privacy. the long—running complaint concerned children's data, particularly their phone numbers and email addresses. instagram's owner, meta, says it plans to appeal against the decision. it's also the third fine handed to the company by the regulator. swetha ramachandran is investment manager at gam investments. always good to see you. here we go again the eu being much more proactive when it comes to chasing after big tech, notably us companies for their actions? it's quite a landmark ruling, the first that pertains to children, and the second largest fine imposed at all after the ruling on amazon last yearfor after the ruling on amazon last year for 746 after the ruling on amazon last yearfor 746 million after the ruling on amazon last year for 746 million euros. definitely indicating a greater seriousness on the part of eu regulators emboldened by gdp are to tack

francine: what is the relationship going to be like with porsche and vw?this is a cooperation agreement. it is really interesting. this is a case where porsche was trying to take over volkswagen their teen years ago. the tables turned -- 13 years ago. the tables turned and volkswagen has some sense of independence again. this is absolutely going to be a case where porsche is going to rely on volkswagen to a degree, and volkswagen gets something out of this deal as well. they get more flexibility out of this transformation. francine: thank you so much. that is craig trudell. coming up, drastic times call for drastic measures. eu ministers meet to avoid a global energy catastrophe. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into european trading day and here are your top stories. incoming prime minister liz truss is said to earmark hundred 30 billion pounds to address the energy crisis for households. french president emmanuel macron backs the eu wide windfall tax on energy company profits. and stocks moved to the green despite troub

we have companies like vw and toyota that have operations there. we have the assembler for apple and intel has some operations there as well. this could either turn into a grinding lockdown that lasts for two months like we saw in shanghai, or it could last for a few days and we see numbers coming down. markets have not reacted as strongly as we would have thought because there is that possibility that after a few days, this could end. that is what people are focused on at the moment. anna: john, thank you very much for the update. john liu in beijing giving us the context on that picture within the chinese economy. during us now for more is emmanuel cau, and kristine aquino joins us from our markets live team as well. this is the latest line out of china that gives concern around chinese growth. is this something that sometimes weighs on luxury stocks and anything that is reliant on china? have repriced in those? it feels like you have been here a number of times. emmanuel: this does not come as a surprise to the markets because the idea that cove

i used to love putting my sunfish on the back of my vw bug and driving all around the country for sailboat races and i was getting itchy after 25 years hold up on nantucket where takes 25 years to drive from one end of the island to the other and i thought i would love to go on a road trip. washington went on a series of tours across the country. my wife melissa had just retired and she could join me and one of my favorite books of all time is john steinbeck's travels with charlie, where he famously gets in his ford truck with his faithful charlie, 10-year-old poodle at his side and they head out in search of the meaning of america and i thought what if we had a new puppy named dora, not a sedate 10 years old, this is a mouthful, no cisco -- nova scotia duck golden retriever, pretty hyperactive. what if the three of us went, did our steinbeck and followed washington across the country. it has been said over and over again we're in the midst of unprecedented political division and i thought it would be kind of interesting, what historical perspective what i get on where we are today by foll

vw is seeking evaluation of billions of dollars over its older top-end goal.elling shares instead of raising capital according to "the wall street journal," they have told prospective investors they don't plan to avert many new shares for the ipo. bitcoin is on the verge of the lowest pace since 2020. there is growing concern over rate hikes. that is your latest business flash. guy: thank you very much indeed. let's talk about where the european markets are as we head into the close. we are watching the car sector have a fairly good day. the volkswagen story seems to be positive for the market today. porsche is the leading gainer today. bmw, volkswagen, those other real heavyweights where we are seeing serious movement today. what is interesting is the disconnect we are getting between equity markets and the bond markets. yields have been rising at the front end. we watch a very busy week coming interview for the fixed-income markets. clearly led by the fed. we will certainly be discussing all of that as we work our way to the next hour. what is the position f

vw is seeking a valuation of $25 billion, blow with earlier top end goal.hat is the latest business flash. guy: thank you very much indeed. let's continue the conversation with porsche's ipo and let's go to our munich bureau chief. let's talk the numbers, first of all. 85 to 75. is volkswagen being conservative or realistic? >> well, i think the evaluation is not like -- they don't seem to be pushing too hard on the price side of things. you mentioned the $85 billion in valuation making the rounds the past two weeks. we saw a more cautious analyst report from hsbc that pointed to lower evaluation. the current range is pretty much right in the middle. alix: do you get the sense it is because of the structure we are going to see for the ipo that they need to entice investors, or do you think it is market conditions? christoph: probably, nation of multiple factors -- probably a culmination of multiple factors. one of the reasons they seem to be keen on making sure that the stock has room to breathe, we have seen that in ipo's for aston martin, priced on a pret

we do very well there in a strong backlog and we announce we want vw volkswagen in the last quarter andrior to that, a couple quarters we won the bmw deals and volvo so we're on a pretty good path rite now and we expect to continue to see growth. the negative head wind of the market is supply chain issues and the oems and inflationary issues and rate issues and it's really hard to buy cars nowadays. you have to wait for a long time for a brand new car. all these things we have overcome so we did well in the quarter and 28% year over year. liz: glad you brought up the car business over 200 million vehicles now and your software and connectivity of it and ford made the big announcement of the new truck design. you have a great partnership with ford. we have jim farly, the ceo of ford coming up in just a few minutes and he specifically, i'm going to specifically ask him about supply chain problems that i know all of you guys are dealing with but looking forward, there's a possibility of aerospace business. can you expound a bit upon that and how would that work? >> yeah, it's new. we have

plus, we'll get an exclusive look at the futuristic new electric vw everyone's buzzing about!like a normal old school volkswagen. -i don't smell gas. -actually, i do smell gas. -sorry about that. -see if one incredible

. >>> still ahead, if everything goes to plan with vw spinoff, you'll soon be able to buy shares of porschee you can afford the stock. but with ferrari's stock down this year, will there be enough juice to juice up portia's ipo robert frank is up next with that go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. go boldly. how are we different? we exist only on your phone. so you get unlimited data for just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com. ♪ ♪ ♪ ♪ ♪ ♪ >>> welcome back, are the red lights flashing for that luxury listing. robert frank joining us with a look at a cool ipo, if anything for the cars. >> porsche

leaders in the u.s., and you'll see them here you have tesla, king of the hill followed by hyundai, ford, vwry barra says, yes, they can catch up, in part, as they ramp up battery production in north america. we started working on the ultium platform, it goes from the equinox up to the hummer and that's scalable. we're getting that scale as we ramp up we'll see cost advantages because of that >> reporter: the first battery plant in northeast ohio has just started production three more will be coming online over the next year, year and a half this is the beginning of the big push by general motors to ramp up the ev sales in real numbers because they have the blazer coming out next year, the equinox and the electric silverado. >> it's a good looking car we have to go, phil. i worry about the price. that's a lot of coin that's the blazer. >> reporter: brian, that's the high end they're not counting on high end only that will be the focus >> you might get that $7,500 credit the auto world has gone gaga for electric cars. what is the real demand, the real cost and what is it like to wait for a ch

speaking to the 24 year old deputy by phone and was able to get him to surrender as he was driving his vw jetta in the central valley. top sheriff's officials listen in to the car. keep him on the phone line. and, uh, direct. the chp units down to the area near kalinga, investigators say after the killings, the deputy tasked his on duty weapon believed to be the gun used in the double homicide out of his car near the altamont pass. neighbors of the couple stunned that a law enforcement officer allegedly responsible it is scary because these are the people that you you look to you to protect you and take care of you and they're doing things like this. how can we know that we are secure, especially when a police officer coming to the crime this deputy could face charges of murder and a special circumstance of multiple murder, which could make him eligible for life in prison without parole if he's convicted. in dublin, henry lee ktvu box to neighbors. and armored truck guard is fighting for his life tonight after police say he was shot and robbed outside in east bay hospital. that shooting h

vw is seeking a valuation of $75 billion. that is below an earlier top end goal of $85 billion.lobal news 24 hours a day on air and on quicktake by bloomberg. powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. >> we have got a substantial underlying inflation problem. that does not come out without very substantial monetary policy adjustment and the market is waking up to that fact. it is now building in substantially more monetary policy adjustment. jonathan: is it enough or too much? that was larry summers on "wall street week" over the weekend. live from new york city, good morning. with lisa abramowicz, i am jonathan ferro. andrew hollenh

speaking to the 24 year old deputy by phone and was able to get him to surrender as he was driving his vw jetta in the central valley. top shares officials listening to the call able to keep him on the phone line. and, uh, direct. the chp units down to the area near kalinga, investigators say after the killings, the deputy tasked his on duty weapon believed to be the gun used in the double homicide out of his car near the altamont pass. neighbors of the couple stunned that a law enforcement officer allegedly responsible it is scary because these are the people that you you look to you to protect you and take care of you and they're doing things like this. how can we know that we are secure, especially when a police officer coming to the crime there's deputy could face charges of murder and a special circumstance of multiple murder , which could make him eligible for life in prison without parole if he's convicted. in dublin. henry lee ktvu, fox two news. fast growing wildfires, sports and evacuations in the sierra foothills tonight. the mosquito fire started up last night near the oxbow r

speaking to the 24 year old deputy by phone and was able to get him to surrender as he was driving his vw jetta in the central valley. top shares officials listening to the call able to keep him on the phone line. and, uh, direct. the chp units down to the area near kalinga, investigators say after the killings, the deputy task is on duty weapon believed to be the gun used in the double homicide out of his car near the ultimate pass. neighbors of the couple stunned at a law enforcement officer allegedly responsible. it is scary because these are the people that you you look to you to protect you and take care of you and they're doing things like this. how can we know that we are secure, especially when a police officer coming to the crime. now the sheriff's deputy formerly worked as a stockton police officer, but he failed his probationary period after a year now, the sheriff's office said. they did a fairly complete background check. on this deputy and that no red flags were raised live in dublin. henry lee ktvu fox two news. i know henry, you said a motive is not known at this time . bu

but we will work together with the vw brand in the future.isa: they value porsche at $78 billion. -- $78 million. 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 am lisa mateo. this is bloomberg. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. >> we have to buckle up our seatbelt even tighter and recognize that policymakers are no longer progresses of volatility but they contribute in this journey can be healthy. jonathan: mohamed el-erian fantastic on tv yesterday from queens college, cambridge. live from new york, tom keene, lisa abramowicz, jonathan ferro. futures down 1%, earning one of turkey saying the british pound has blown up. the central bank rate will have to fall further. this is our situation at the moment. yields elsewhere higher on the 10 year by another 10 basis

vw jetta would license plate six m e a 916.ne b m b 449. we expect the sheriff's department to hold a news conference on this topic coming up this morning at 11 30 . we will be there and have the full story for you coming up on our noon newscast. analysts warn the housing market downturn could last into next year. goldman sachs analysts project 22% decline in new home purchases this year along with a 17% drop in existing home sales. one reason mortgage rates are still high. the average rate on a 30 year fixed mortgage remained close to 6% in august. that's the highest rate since the 2008 housing crash and double were race. we're just one year ago, 30 year fixed dipped to 2.88% just last fall. some companies are finding ways to ease the impact of high inflation for its customers and its employees. consumer prices increased 8.5% in july compared to the same time last year to help offer some relief from the high prices. companies like dominoes and krispy kreme are offering customers discounts of select menu items, and some workers

vw is expected to have this pass on wednesday with sources began to start training on thursday. >> welittle bit of upside for u.s. futures. we are seeing the selloff in the treasury space in the asian session. as we continue to see the dollar using on record highs, the dollar index, trash fields are still high. this is adding to the hawkish rhetoric. raphael bostic also making comments. the fed has that way to go. this is how we are trading in the asian markets. we are seeing a little bit of upside on these consumer discretionary stocks. we are seeing a little bit of a rebound when it comes to asian stocks. rcmp restocks are gaining ground. >> we are seeing that relative policy diversions. this is a record number of the local currency bonds. the australian dollar market is looking a little bit less expensive. domestic bonds are really rising the pace of fuels by rushing to replace cheap pandemic euro funding. that is the first ever in nine months. lots more to come, this is bloomberg. >> this is daybreak asia. we have a check on markets. 30 minutes until the trading session in japan.

foxconn, vw, a big auto parts supplier, they all have a closed loop system in and around the city ofur chief of asia correspondent there. let us see how trading is around the area at the moment. a public holiday in south korea, in hong kong -- westerly it we are up by 1.7%. the sector is up by 1.8%. stocks in japan pushing higher, the nikkei is better by 1.25%. we do have a positive close to the week. a flat start, up better by a third of 1%. shery: we are watching u.s. futures trading at the moment, we continue to see some gains. remember, all 11 major industries were in the great on the s&p 500. perhaps some bargain hunting in u.s. markets as well given that the s&p 500 is trading around below 17. that was below the 10 year average which is about 17.25. we have the vix falling around 20. treasury, a mixed picture in asian trading. 3.3%. we are watching a two year yield at the highest level since 2017 and expectations of an outside hike. we have markets closed across asia and korea, away on holiday. ahead, why central tightening will lead to a synchronized downturn in the major econ

impact is going to have to play out over the coming months as this is home to automakers like toyota, vwarts suppliers including in the tech industry. precision has a factory there. we will have to see whether there is going to be factory or manufacturing exemptions to allow closed-loop bubbles. but that is what you take time. the key take away here is, how long is this going to last? will it be shanghai-like or shenzhen-like? that lasted a week. kathleen: for the hong kong -- for hong kong, there is a quarantine scheme for arrivals. we know businesses are dying to get things up and running again. what is the biggest risk to this not happening? do you get a sense there is nothing that stops it now, or is there some chance this could be blocked again? stephen: it is not just businesses who want the quarantine, it is individuals as well. just about everybody. we have had friends and family leave because it has been going on too long while regional competitors to hong kong like singapore and japan, which is fairly conservative on the covid front, is relaxing rules. john lee, the chief execu

offering could value porsche as much as $84 billion the porsche family heirs who own a majority steake in vwney to transition, and i like the looks of it. does it displace anyone who really wants to buy one of the high-end teslas? is it as good? the software as good >> i don't know. what's the pricing >> they're both expensive. both 1%er problems the perception is that no one's really gotten the ease of use and simplicity and everything else >> questions about the interior, how tricked out it is. >> teslas aren't tricked out at all. that seems to be part of the attraction >> i'm just waiting. apple has this big announcement tomorrow about the phone but i'm so super excited about what they're doing with the car display, which is going to be in so many different cars that, i think is a game changer. >> people are afraid to come to work because their watch is going to get stolen. that's the solution. wear one of those crappy iwatchs. who's going to steal one of those things nobody you stopped wearing them, didn't you? >> i morwear it occasionally i don't wear it all day. my aura ring is the thi

vw says in preparation porsche's stock has been split down the middle. they're getting ready.ge if all goes well. finally, this didn't go so well. mission delayed for now again. nassau's artemis 1 rocket not going to take off this month after being scrapped twice last week for technical issues. officials scrapping the latest attempt saturday after a hydrogen leak could not be repaired. nasa says another test could come as soon as october if all is fixed before then. maria, we're not going to the moon any time soon, or mars. maria: thank you so much. cheryl, we will keep watching that one. meanwhile, china sends a new threat to the united states after the biden administration approved more than $1.1 billion in arm sales to taiwan, a chinese embassy spokesperson tweeted this, quote, china will resolutely take legitimate and necessary counter measures in light of the development of the situation. join ming right now is fox news senior strategic analyst, chairman for the institute of the study of war and retired four star general, jack keane is here. good to see you this morning.

speaking to the 24 year old deputy by phone and was able to get him to surrender as he was driving his vw jetta in the central valley. top sheriff's officials listening to the call keep him on the phone line. and, uh, direct. the chp units down to the area near kalinga, investigators sayfter the killings, the deputy tossed his on duty weapon believed to be the gun used in the double homicide out of his car near the altamont pass. neighbors of the couple stunned at a law enforcement officer allegedly responsible. it is scary because these are the people that you you look to you to protect you and take care of you and they're doing things like this. how can we know that we are secure, especially when a police officer coming to the crime this deputy could face charges of murder and a special circumstance of multiple murder, which could make him eligible for life in prison without parole if he's convicted. in dublin. henry lee ktvu, fox two news. thank you, henry new this morning, theranos founder elizabeth holmes is once again asking for a judge to grant her a new trial, saying there's new e