30 a.m. here in London I'm Tom McKenzie And I'm Caroline Hepburn we'll welcome to Bloomberg daybreak year of this morning So U.S. CPI could end up being the fastest since 1990 Britain's facing a financial squeeze too And it just a moment we're going to be speaking about earnings the CEO of ahl del Hayes the grocery online retailer Franz Muller will be with us here laugh after China's factory inflation surges to a 26 year high so on the MSCI Asia Pacific index right now are down full tents of 1% U.S. and European futures retreating this morning Bonds for U.S. yields at the moment on the ten year fairly steady we trade around or 1.45 at 1.45 nights a flat in terms of U.S. yields Oil at the moment steady up by three tenths of 1% $84 43 the bowel SGX Arnold tumbling 3.3% concerned about steel demand again because of Chinese woes in the potty sector Tom We do have a solid day for earnings We've got to infinity coming out with its fourth quarter results revenues beating €3 billion a little over 3 billion years The estimates for were for 2.93 billion It's a total segment profit beating beating the estimates That is the top line coming in at 616 million Those were the total segment profits The estimates were for 565 €160 million That is infinity And also dropping on the terminal Adidas confirming its full year guidance third quarter revenue comes in at 5.75 billion Euros that is the estimate was for 5.84 billion so below the operating profit of €672 million again is slightly below the estimated figure and fully operating margin they see that at the low end of 9 and a half to 10% So that from added us Okay you touched on this of course in the market check the data out of the world's second largest economy China of course the producer prices there rising their fastest pace in 26 years PPI climbs 13 and a half percent from a year earlier That was ahead of economists forecasts for a 12.3% print A global commodity price rally and output curbs caused by a power crunch are adding to the inflationary pressures in China And in the U.S. today consumer price data is also due there economists see no let up for people's cost of living Bloomberg's Vinny del giudice reports The prior report showed consumer prices rose 5.4% on a year over year basis in September tying a 13 year high rapid inflation may abate next year according to the president of the Federal Reserve bank of San Francisco Mary Daly Maybe next summer Daly told the national association for business economics In the meantime Bloomberg geek and I'm access transport delays tied to the coronavirus and semiconductor shortages will continue pushing a variety of course higher especially new and used autos Beneath doubt should I spend birthday break Europe Here in the UK inflation is one reason Britain's are facing a financial squeeze other factors are interest rates and rising taxes and government benefits dropping the National Institute of economic and social research expects inflation will reach 5% by June and a painful squeeze on households in 2022 Meanwhile BOE deputy governor Ben broadbent told the select committee that scarcity of labor is pushing up wages suggesting worker shortages are a constraint on the economy and at 7 30 this morning the nissa director joins us on Bloomberg radio to discuss that in more detail And finally when it comes to the latest that the cock 26 summit in Glasgow the U.S. at climate envoy John Kerry says that he sees negotiations producing a deal on carbon trading rules an agreement would mark a turning point for climate diplomacy but a complex set of technical rules still needs then to be hashed out Now Kerry told Bloomberg that he remains optimistic I'm for making sure we continue with fusion We continue here We're pouring our efforts into research across international lines and I am confident Yes that we can get there Human beings created this problem human beings can solve it John Kerry there but the UK's cop 26 president alok Sharma said that macro progress is needed in the negotiations Now Boris Johnson has back to Glasgow today as we also await the first draft of the summit communique which was scheduled to drop last night While speaking of Boris Johnson's movements perhaps no surprise that he's heading up to the cop 26 summit hoping perhaps to escape Westminster and the continued fallout from the lobbying scandal that has engulfed the Conservative Party over the past two weeks after the own Patterson lobbying scandal reports now that labor are calling for a standards investigation into the former attorney general sir Jeffrey Cox Now you and Potts and I yesterday we speak to Vera hobhouse the Liberal Democrat MP for bath on Bloomberg Westminster and we began by asking her what she wants to see the government now do next Well first of all we have asked for an investigation The government keeps refusing now to have any more to say about own passion because they say that he has resigned and therefore the matter is closed But for us it isn't close because of course the whole problem is the standards of MPs and how we can improve standards and the oversight of it So we need to continue to discuss that and see the government to be on our side I think whenever these scandals happen it's not just the government or particular in peace who are being tainted but we are all tainted by the same brush It's been a real problem for all of parliament And now we have to get back and the trust of the people who elect us and we need to actually improve and tighten up our standards And that is the least we can do So look the labor suggestions of there should be no directorships no paid consultation gigs for sitting MPs How would you limit lobbying So obviously you have to look at the issue quite carefully some jobs are perfectly legitimate and possibly even useful to have MPs who have got direct experience of the outside world So we don't want to shut ourselves in our Westminster bubble But we have to look at very carefully look at jobs that might lead into direct conflict of interest Do you have any sympathy with Tory MPs who were whipped in this vote The party system we have in this country means that MPs are told they must vote for certain things Lib Dems were in government a few years ago they were whipped to voting voting to cut benefits increased tuition fees Do you have any sympathy with them In this particular instance because this business of the house it should have been a free vote So MPs can vote according to their conscience Why they didn't do that why and there were whipped all of these are questions that you have to put to the conservative government Okay there's an open democracy report an investigation that was featured in the newspapers around cash for honor's allegations also against conservatives So the issue around lobbying is sort of opened up a bit of a can of worms Should there be an investigation into that or so in your view Well I think more open we can be about all of these issues the better So investigations to see what is directly a conflict of interest to see where MPs are doing what Jeffrey Cox did and actually not do his MPs job but the absent basically and take us voters for granted All of these things will come out also about party financing I mean that's another incredibly shocking reality of British politics that you can give a lot of money to the Tory party apparently 1.3 million have been given by the fossil fuel industry to the Tory party That of course is given for a reason It influences politics It should stop So that was very hope house the Liberal Democrat MP for bath speakers me and you imports on bubba Westminster or perhaps we'll put some of those questions that Vera was mentioning to.