Credit Suisse, Bloomberg, Twitter discussed on Bloomberg Daybreak Europe


Radio business flash, so we are 47 minutes into the trading session here in Europe. Stock 600 down by four tenths of 1% the Dax and Frankfurt down by three times the cat car aren't 6 tenths lower. The 4100 they'll up by two tenths of 1% as we look across the sectors in the stock 600, we're talking about energy shares leading the gains up by 2% technology, bottom of the basket in terms of sectors, just the majority of sectors there, seeing losses today among the top moving shares this morning, though, AB InBev their shares up 5.2% after their earnings earlier on shell up by almost 4% with strong gains earlier two for Repsol. This is of course after their earnings all being announced this morning Credit Suisse shows though now down by 10.7% after the bank announced that major overhaul of its business and plans to raise CHF 4 billion of capital we've been hearing from the Bloomberg interview with the Credit Suisse CEO Ulrich carna this morning on more details on that major plan, which of course they see as turning around the business and creating what he described as a new Credit Suisse, looking ahead towards Wall Street trading later S&P minis are two tenths of 1% stronger announced our features are flat though, of course, as markets will have to suggest the results coming out of mate yesterday their shares tanking by 20% and after I was trading so that's when we'll be watching closely a little bit later on ahead of the European Central Bank meeting later, we're expecting 75 basis points hype the arrest trading just above parity, Dan two tens of 1% against the dollar the pound is den a quarter of 1% at one 1595 as the Bloomberg data spot index is up by about a tenth of 1% that's after two days of losses on that index in terms of the bond markets here in Europe, the sell off and Barnes continuing the German ten year yield now 6 basis points higher, two spot 17, Italian tenure BTPs, no trading at 4.4%. That's up 8 basis points ten year guilt here in the UK four basis points higher as well, 3.61 for them, the ten year treasury yield, pushing further above that 4% line now and trading up 5 basis points for a spot zero 5. That's your Bloomberg radio business flash. Now here's leann garands with more and what's going on around the world, Liam. Steven, thank you, nothing seems to be off the table for Credit Suisse this morning after the bank announces a turnaround plan, and I watering losses. The beleaguered lenders says that it plans to raise around CHF 4 billion in capital while cutting costs by 15% and also reducing its workforce by around 20% over the next three years. The lender also revealed that it lost over CHF 4 billion in the third quarter that's even more money than analysts were actually expecting. According to a new estimate, the UK government's decision to delay its economic statement by two and a half weeks could save as much as a 15 billion pounds. The resolution foundation says holding off on the budget event will allow official forecasters to include a sharp drop in UK bond rates since former prime minister's trust was forced out of office. Yesterday, the Chancellor Jeremy hunt pushed back the midterm fiscal statement to the 17th of November and upgraded it to a full autumn budget and Elon Musk has told Twitter staff that he does not plan to fire 75% of them when he takes over the company, sources say he gave the assurance on a visit to the social networks headquarters in San Francisco yesterday. He made his presence felt at the headquarters posting a video clip of himself walking into the officers carrying a kitchen sink and changing his Twitter bio to chief twit. However, the billionaire is still expected to cut jobs as part of the $44 billion takeover, which is actually set to close tomorrow. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries, I'm Leigh Anne gerrans, this is Bloomberg is Steven. And I've seen that video of him walking into Twitter's offices carrying a sink, I mean like I love a pond, but that feels like it's going a bit too far, you know? Nobody into it and he said let it sink in. And that's why he was carrying a sink because he's going to overtake Twitter. He's going to buy it. He's throwing the kitchen sink up. Yeah, he's oh no, his inter, you know, letting people let it sink in, his bios changed. He's excited. I think that's what happens when you're excited like you're going to a party, you know, Mike post about it on us. I would not retweet that. I feel like if that were a tweet, I would not retweet it. Yeah. It's also the fears about staff cuts that have been flying around like him saying that he doesn't want to fire 75% of the must be relief. When he takes over, but there is still this accident that there's going to have to be job cuts at Twitter as we've been hearing all morning. It's a difficult time for companies like Twitter, digital advertising, not the market at once was. So big challenges ahead for that company. And it's also not just about that. It's also about the freedom of speech and where Twitter is going to go once Elon Musk takes over the company because he's looking to do big things with it. So lots of changes for people probably a lot of uncertainty too at the same time. But I know Charlie wells is a keen tweeter. He's got lots of viewers. You know what? He tried to do try to just like make out that he was like just casually on social media. Well, quite enough social media bragging from everyone in the studio, I think, but yes, Charlie was the most popular amongst on Twitter. Let's talk about let's talk about some difficulties in the markets, so stock slipped and U.S. futures paired gains as traders digested a flurry of major earnings before an anticipated European Central Bank bank rate hike later Thursday. Meanwhile, traders have now cut expectations for fed. Excuse me. Fed funds to peak next year at 4.86%, that's down on 5% a week ago. Joining us now is Monica defend, head of the amundi in institute. Welcome Monica. Hi, good morning. Well, look later today, the European Central Bank is projected to hike by 75 basis points as the block. What's giving traders confidence at a pivot is on the cards. Well, I'm not sure that the people in the car and this is why you are seeing such molasses. Markets, what the investors are quite sure about is that inflation is going to stay higher for longer and that the growth picture is the rate. So there will be broader pressure on the ECB as well as on the fed. Okay, Monica, I just want to update our listeners on a story we've been following for us this morning, which has been everything that's been announced through the over the whole plan for Credit Suisse. The company now said to have gotten $500 million of investor commitments for Credit Suisse first Boston, which will be the spun off elements of its investment banks. Just wanted to update our listeners on that story this morning, but turning back to the Central Bank questions that we have been discussing. The divergence in policy between central banks has been something that's been a factor of recent months. How do you think what we should be looking out for in the ECB decision that comes later? Well, definitely, you should look obviously at the size of the hike and then maybe DTS zero because this will be the natural way for the ECB to reduce its balance sheet. So definitely this is something we are going to look at. Monica, what we're also looking at is some big news out of the U.S. later. We've got GDP, durable goods, orders, initial jobless claims. What will you be looking out for on the other side of the Atlantic today? Well, definitely there is some softening in the soft data out to the U.S.. So we still believe the hard data will continue to hold the end despite the surprise of the Central Bank of Canada yesterday. We do believe that until the end of the year, the fed will say quite okay. So 75 and 75 on default coming meeting Evans said that the labor market will be what we will be looking at quite closely because this is where the monetary policy

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