Digital radio so consumer confidence is plunged The last four weeks of really battered the Brits in terms of inflation food and fuel issues And we're going to talk about that with Bloomberg's Lizzie burden coming up on the program Yeah very interesting here This is very different than a pandemic slowing spending considering that online sales also fell last month Yeah absolutely those retail sales numbers we broke for you about 7 a.m. We've also got a lot of PMI data out of Europe today so we'll break that throughout the program France Germany and then the Eurozone Data coming fast and thick of course we heard from many central bankers over the past week voicing some caution on getting too ahead of yourself when it comes to inflation Let's bring you up to speed though in terms of the markets then an a day to check At the Saudi European trading we are up two tenths of 1% on the U.S. stock 600 The features had pointed higher although we've also had a pretty good month actually in terms of European stocks for the U.S. we closed a record high yesterday up three tenths of 1% U.S. features though a little bit off this morning down by a tenth of 1% for the S&P 500 But the big overhang in markets is around the concern around inflation The Bank of England's chief economist talking about November being sort of finally balanced in terms of a rate hike U.S. benchmark yields trading at one spot 6 7 three so down three basis points UK gilt yields on the ten year one spot 2% Germany is at negative 9 basis points Also a lot of interest and strong demand for tips in the U.S. effectively investors are trying to protect against the risk of elevated inflation So that is really what we're watching Also in terms of metals rising prices for industrial metals this morning but some relief in the Asian session because of this report around China evergreen paying one bond interest payment so that gave some relief in the CSI 300 up by a 6 tenths of 1% Danny All right let's get some of the stock movers of this morning with our stocks to watch as Bloomberg's Joe Easton who joins us in our London studio Joe no surprise you're looking at earnings and starting with auto sector That's right So we start with Renault This is quite an interesting report really Renault over in France They're saying they're going to produce around half a million fewer cars and this year than their previous guidance suggested So quite negative on that front but actually I'm saying quite a few traders and analysts pretty positive on the fact that when I have maintained their margins which was expected to be a negative part of the report given the supply supply constraints But actually Renault being quite positive on that The stock falling around 1% so whereas those big numbers in terms of the guidance cut you would expect to see a big slump only down a little bit more than the actual broader French markets day for Renault And of course supply chain issues squarely in focus for consumer good earnings as well and L'oreal and other stock reporting this morning That's right So L'oreal actually looks like a really positive one they're saying that there's been a big rebound in cosmetic cells make up and hair products And they're saying this is due to the fact that we're having the big unlocking people going out going on holiday going out partying and kneading these products against their for their seat and that big increase in demand The area that's weaker is the home products So it's obviously a bit of a reverse where people aren't people are going out more to salons and spending on that side And I'm seeing that stock opening up around 6% today and analysts at Bloomberg intelligence saying keep an eye on the entire sector in cosmetics set to boost that whole industry L'oreal up 6% in Paris Yeah I guess less mask wearing means that more makeup is gonna be put on You're also looking at a Whirlpool of course a U.S. company yesterday but the read across from that to Europe That's right So electrolux over in Sweden dropping around 1.3% at the moment Whirlpool as you mentioned in the U.S. there are certain they're saying there and supply chain issues really worse than expected and actually interestingly what they're saying is they're going to have to start shipping and refrigerators and dishwashers and those kind of products that we know them for by air instead of by sea and land which is much more costly and the warriors that companies like electrolytes and other firms will have to do the same It'll weigh on their margins more and as such we're seeing letch Luxe down 1.4% in Stockholm Joe Thank you so much keeping us on top of all the movers this morning that Bloomberg's Joe Easton Let's go to our top stories now So is a rate hike next month still on the cards here in Britain The decision whether to raise interest rates is live and finally balance that is what the Bank of England and the chief economist Hugh pill told the Financial Times but it makes Hanna George has more The Bank of England is in an uncomfortable position Hugh pill says that UK inflation may top 5% in the coming months far above the bank's target of 2% But he added that the pace of price gains will moderate in the second half of next year While money markets are anticipating a rate increase in November pills remarks suggests that a hike isn't a done deal But that he may favor acting to curb inflation Pill also signaled that any future tightening doesn't need to be overly restrictive and he had a warning for investors saying there's a bit too much excitement in the focus on rates right now In London I'm Hannah George Bloomberg daybreak Europe Well despite all that it does seem that British households are racing for expected interest rate increases from the Bank of England and they're less willing to make big purchases ahead of the crucial Christmas period According to latest survey by GF K UK consumer confidence fell in October to the lowest level since the country was stuck in lockdowns The main source of worry surging inflation food and fuel shortages along with climbing COVID-19 cases Well also just breaking earlier this morning UK retail sales fell unexpectedly for a 5th month as that consumer confidence slid that adds to evidence that the economic recovery is losing momentum so the volume of goods sold in stores and online fell two tenths of 1% last month economists had expected an increase of 6 tenths of 1% So it's the longest period of consecutive monthly declines on record and it came despite panic buying of fuel during a supply crisis Well let's move to the UK where the fed is imposing new rules on personal investing for officials at the Central Bank The move follows trading disclosures that led to the resignations of Dallas fed president Robert Kaplan in Boston's Eric Rosen green Here's more with Bloomberg Steve Matthews They're prohibited from purchasing individual stocks from holding individual bonds from holding derivatives The rules require even for the securities they do hold they require that they have 45 days advanced notice for purchasing our sale of securities They have to get approval for purchasing their sale of securities and they have to hold anything that they do hold for.