Bloomberg, DWS, Ed Ludlow discussed on Bloomberg Daybreak Europe


Money we've got great guests on that topic This morning from bright blue the toy think tank Joseph silk and then around lunchtime just before sunak stands up Tobias elwood the conservative MP will be joining us on Bloomberg Westminster The budget and the spending review so an important day in terms of the fiscal policies for the UK for the 12 months ahead as the Bank of England of course sets itself up for some tightening That is the expectation at least from market participants And that's for next week Well let's get into the markets briefly before we go to results so Australia's three year yield is surged This morning as much as 24 basis points after we got a huge jump in inflation a challenge for the RBA also we've seen the Aussie dollar climbing equities in Japan currently down by half of 1% for the topics right now also the hang seng's tech index slumping as much as 3.9% U.S. and China tensions are escalating again and as for S&P futures right now for the start of U.S. trading we're just about into positive use top 50 features there are down three tenths of 1% Tom We have some earnings as we mentioned in the headlines from Deutsche Bank So it looks like a pretty solid beat for the German lender third quarter net revenue coming in at over €6 billion The estimates were for 5.79 billion Third quarter fixed income and commodity sales currency sales and trading revenue you are looking at a number of 1.59 billion Again beating the estimates of 1.55 Deutsche Bank saying that it sees its full year group and core bank revenue essentially flat and it sees at least it's saying 25 billion Euros of brute revenue for 2022 Okay also results heading the Bloomberg terminal now DWS third quarter net inflows register at €12 billion That's well above the estimated 7.46 billion That's a key number we've been watching out for DWS third quarter revenue €664 million The estimate was for 627.3 million Of course the regulatory probes into DWS is sustainability disclosures So if we get more details on that we'll bring them to you And interesting to look at the results from BASF the chemicals maker in light of these high input costs that we're seeing across the board So they actually are raising their full year guidance after higher prices So they've been able to raise prices to offset those higher energy costs at BASF says it sees full year adjusted ebitda of 7.5 billion to €8 billion So that is slightly above previous guidance the German chemicals maker there Third quarter sales coming in at bar customers at close to €20 billion Okay those are the results this morning Let's go on to our top stories for you now And a raft of big tech earnings dominating this morning so shares of Google parent Alphabet fell in late trading after that company posted strong numbers for the third quarter But other business units came up short Bloomberg's Ed ludlow has the details Google search business is thriving in a robust advertising environment That boosted revenues excluding payments to partners to 53.6 billion above estimates but ad revenue from YouTube and Google's cloud sales both fell short The cloud unit is seeing growth but is lagging behind the likes of AWS and Microsoft while YouTube saw quote modest impacts from Apple's iOS privacy changes and ahead of the holiday quarter this supply chain constraints for the pixel 6 smartphone which is experiencing strong demand In San Francisco Ed ludlow Bloomberg daybreak Europe And it was the strongest showing from Microsoft the company's cloud based software helped drive robust sales and profit growth Bloomberg's Charlie pellet hands the details They topped analyst estimates for an 11th straight quarter revenue in the first quarter ending September 30th climbed 22% to $45.3 billion that exceeded the $43.9 billion average estimate of analysts polled by Bloomberg CEO Sutton Abdullah has extended the company's success in cloud computing by lining up a steady stream of deals for Azure software which stores data and runs applications for corporations Internet based office programs also keep growing as Microsoft convinces customers to pay up for high end versions and expanded contracts In New York Charlie pellet Bloomberg daybreak Europe And just some more form tech earnings Robinhood tumbled in late U.S. trading after reporting Third quarter revenue that fell short of estimates as cryptocurrency transactions plunged from the preceding period the COV tenev told Bloomberg that he's carefully watching crypto We're keeping a close eye on crypto as the regulatory landscape is increasingly uncertain We're aiming to deliver great new crypto features for customers while being mindful of keeping our platform safe and introducing products that comply with legal and regulatory requirements Crypto is still very early and we're excited to be investing in our platform here Robin Hood CEO of la tene F there and Twitter reported sales in user growth in line with estimates assigned the company's advertising business is weathering apple's new limits on consumer data collection Okay for more on the markets let's bring in Bloomberg's cross asset editor Joanna asinger Joanna the market's over in the U.S. closing again at records the future is pointing higher What did you make of the earnings particularly from those tech companies What stood out to you Anytime So it is it does seem like these big companies are really delivering in earnings right now And so that's got to be giving a lot of people comfort There was a lot of worry about how they would do And right now it looks pretty good You even had the blue chip like United parcel for service and General Electric doing pretty well So overall it's looking pretty good There are definite concerns The Texas Instruments talking about inventories Robinhood talking about coming in with lower revenues unexpected for instance But you have overall a pretty solid earnings season so far Okay so that on earnings But then the global story about inflation is reared its head in Australia took us through the core inflation numbers there Right So the corn inflation came .3 percentage points above what was expected And it's really speeding into Asian stocks today It's making them go a little bit lower Just people are focusing so much on inflation numbers and Australia has brought that to the surface again We aren't going to be getting away from it anytime soon So that's kind of contributing to a little bit weaker sentiment today It's kind of dominating things right now Okay Joanna Olson Bloomberg's cross asset editor giving us an update in the market the action and of course that focus on that jump in core inflation in Australia the impact saw a particularly on the three year yield over in Australia and we'll be watching how that flows through of course U.S. treasuries For real-time market commentary and analysis check out markets live that is M live ML IV on your Bloomberg terminal Okay meanwhile here in the UK the Chancellor Rishi sunak is promising to start preparing for a new post COVID economy as he sets out his budget and spending review today More than a dozen measures have already been pre released including an increase to the minimum wage and end to the public sector pay freeze and about 31 billion pounds of spending on healthcare skills transportation and border security will Bloomberg's Charles capel has more The Chancellor is still expected to announce plenty more measures that could include rolling back a levy on bank profits altering business rates supporting energy bills freezing alcohol duties or increasing fuel duty When.

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