17 Burst results for "Caroline Hepco"

"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:56 min | 3 weeks ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Good morning from London. I'm Stephen Carroll. And I'm Caroline hepco, welcome to Bloomberg daybreak Europe. We have the breaking GDP figures here in the UK the third quarter contraction but not by as much as had been expected the UK economy shrinking by .2%, the expectation had been for a contraction of .5% in the third quarter, but in September the figure coming in with a greater than expected contraction to the economy shrinking by .6% in September. That's the month on month figure, the survey estimate had been for .4%. We're breaking down all the details of that with our UK correspondent Lizzie Burton in just a moment. First, though, a check on what's happening elsewhere on the markets and we are seeing the huge rally that started yesterday continuing today in Asia this after this after than expected U.S. CPI print, the hang seng index in Hong Kong now up 7.1%, the broader MSCI Pacific index up by 4.4%, CSI 300 up by 2.8% hang seng tech up 9%. This is all helped to be fueled as well by news that some of the quarantine rules are being eased in China as well as that's fueling that trade, the dollar fell by its most in one day since 2009 yesterday today it's trading down four tenths of 1% in the Bloomberg dollar spot index. That means trading one O two 18 against the Euro one 17 11 against the pound oil prices also strengthening on that Chinese WTI up 2.3%, $88 45, looking ahead to the start of European trading, Euro stock 50 features, 7 tenths higher S&P imani's 6 times higher. So those are the market numbers right now. Well, global stocks and markets have surged after U.S. inflation cooled in October by more than forecast, the latest CPI print offers hope that record price rises at ebbing markets in our pricing in a 50 basis point rate hike from the fed in December as more likely than 75, but the Cleveland fed president Loretta mester says that she remains concerned the Central Bank could fail to sufficiently tighten monetary policy. Now the focus can shift to the appropriate level of restrictiveness that's going to return the economy to price stability in a timely way. Given the current level of inflation and the fact that it's broad based and it's been persistent. I think we're going to need monetary policies going to need to become more restrictive. And remain restrictive for a while, so I messed up the Cleveland fed president says that she now wants the U.S. economy to experience a period of below trend growth, including a possible contraction to reduce price pressures and balance what she sees as an overheated labor market. Okay, here in the UK, quasi qui Tang, who was sacked as Chancellor after an ill fated mini budget has blamed Liz truss for going too fast with her economic reforms in an interview with talk TV, qui tank says he warns the prime minister it would lead to her downfall. I think it was too quick. I said, actually, after the budget, because we were getting very fast, even after the mini budget, we were going at breakneck speed. And I said, you know, we should slow down. Slow down. And what does she say? And she said, well, I've only got two years. And I said, you'll have two months if you carry on like this. And that's I'm afraid what happened. Former Chancellor quasi cartan speaking to talk TV's Tom Newton done their trust was forced to quit after less than 7 weeks in dining street. And on to another major news story, the crypto lend a BlockFi has halted withdrawals as fears spread over contagion risk from FTX dot com's collapse. Sam bankman frees exchange has imploded after a liquidity crisis with authorities in The Bahamas freezing its assets last night. Republican SEC commissioner Hester pierce says that Congress needs to give regulators clear guidance on if they need to step in. The lack of regulatory clarity is really problematic because if we're not going to have regulatory authority, we need to tell people you have to be particularly aware that if there's a problem, there's not you can't come to the SEC for relief. And the ambiguity has not served has not served the American public well either. So that was the SEC commissioner Hester pierce, there whose organization is now starting a probe into bankman fried. China is to reduce the number of days people entering the country must spend in quarantine, travelers arriving in China and will be required to spend 5 days in a hotel or government facility followed by three days confined at home that's down from ten days quarantine in total currently. Bloomberg economics is estimated that the decision to end China's COVID zero policy could boost GDP by as much as 1.6%. Okay, those are a few of our top stories, but let's get more detail then on the UK, the economy shrank to ten to 1% in the third quarter versus the previous quarter, the UK government faces an enormous challenge, of course, ahead of the 17th of November, fiscal announcement, the prime minister, we should soon act Chancellor Jeremy hunt. They have to appease the financial markets with some spending cuts tax increases that rebuild Britain's economic credibility after the disastrous tenure of Liz trials, but then they also have to not overly anger voters or their own fractious Conservative Party Johnny is now the UK correspondent Lizzie burden for more. Okay, let's talk about the economics and the latest data first, what does the GDP show because we've had warnings about a recession in the UK? Yeah, it's a smaller contraction than expected in the third quarter, .2%, and then we're seeing this greater than expected contraction in September specifically. And that, of course, was the month when you had the queen's funeral and a bank holiday for that, but also the weight on sentiment generally. It was also the month of the trust mini budget and the backdrop as husband for lots of months this year, the cost of living crisis weighing on people spending. So really, as you say, it marks the start of what is set to be a protracted recession in the UK similar to what was experienced in the 1990s. But the depth of that recession is going to be determined in part by the fiscal squeeze to be announced next week. It depends how much Jeremy hunt the Chancellor front loads the consolidation to balance the books. He could backload the consolidation and reduce the drag on the economy ahead of the 2024 election. But of course, it also depends on how the Bank of England reacts. If it raises rates higher, if it goes with the market curve, for example, it would be a longer recession, but the bank said last week it doesn't expect to have to do that. Okay, so just reacting to this, the Chancellor has said that there is extremely difficult decisions now has to be made to restore confidence in economic stability. We are looking ahead to next week's fiscal statement. We have been, there's been lots of measures that have been trailed in various reports over the past few days. What are we expecting at this stage? Yeah, I'd say the statement just released by the Chancellor is another example of the expectations management that we've been getting so much of in the past couple

Cleveland fed UK Stephen Carroll Caroline hepco Lizzie Burton Hester pierce Loretta mester U.S. quasi qui Tang
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:10 min | Last month

"caroline hepco" Discussed on Bloomberg Radio New York

"Morning from London. I'm Stephen Carroll. I'm Caroline hepco, welcome to Bloomberg daybreak, Europe this morning, where we are looking ahead to the Central Bank decision from the fed, of course. We also have a really great interview with the international trade secretary Kimi bad knock and we'll talk about UK mortgages with ray bulger of charcoal at about 20 past 7. In terms of the market figures this hour then, we have stocks at the moment up on the hang saying 2.4%, although Hong Kong has closed afternoon trading because of a major storm, stop futures for Europe are still higher three tens of 1%, U.S. benchmark yields on the most sensitive interest rate sensitive yield on the two year four 51 down three basis points. The ten year yield at four spot zero 5, other major news this morning, the dollar at the moment is down a tenth of 1% and oil prices continue to rise after dwindling a U.S. stockpile reported yesterday Brent crude futures $95 50. Those are the markets. A couple of corporate headlines crossing the terminal for you this morning from the shipping giant mask cutting its global container demand forecast for 2022 to minus two to minus four percent so that is interesting to reflect how things are affecting, of course, has been massive demand for ocean shipping as we know as after from during the pandemic in fact. So I'm just going to see that come back down. This is the company's reporting third quarter ebit of $9.48 billion, a big beat on the estimate of 8.63 billion. We've also got results from GSK as well. There are adjusted earnings per share, 46.9 pounds. That's a big beat on the estimate of 39.2 pants as well. They're not saying full year operating adjusted operating profit, I would grow the 15 to 17% that's at big upgrade on the previous forecast of 13 to 15% growth. That's from GSK. So those are the breaking news lines. Let's go to our top stories. The UK's trade secretary Kimi bad knock has questioned the accuracy of the economic forecast that are produced by Britain's independent fiscal watchdog. Speaking to Lizzie burden for us here on Bloomberg day bake Europe, bed nook said that The Office for budget responsibility doesn't always get things right. Having been a treasury minister, I distinctly remember pretty much every previous OBR forecast never been quite right. So this is about us working in partnership with UBI to get good forecasting rather than having debate about whether the OBR or the government is correct. Though beta knocks comments were focused on Brexit and trade, they risk rekindling around that help to end the premiership of the former prime minister Liz truss, Joss government announced a massive package of tax cuts without an OBR forecast leading to chaos in the financial markets and her eventual resignation. The CEO of HSBC says China will emerge from COVID and that it's important economically for the country to find a solution to its current strategy. Speaking to Bloomberg television, Noah quin said moving beyond the virus will be key for the country's economic success in the future. The COVID is a big story because with a restriction in movement into an hour of China, it's very hard for the international community to reconnect with that economy. But it will rebound and China will open up at some point in time. But I think it is important for the economy for China eventually to find a solution to the COVID strategy. That HSBC is no Quinn, a Chinese stocks rallied on Monday on speculation that policymakers were forming a committee to assess COVID exit scenarios, China's farmers she spokesperson though saying he's not aware of any such steps. Credit Suisse's long-term credit rating has been downgraded by S&P due to concerns about the viability of the bank's turnaround plan, the ratings agency has now cut the bank's long-term rating from triple-b minus to triple-b with a stable outlook. The downgrade comes after the Credit Suisse chairman axel layman told Bloomberg that he is bullish about the bank's growth prospects for the Asia Pacific region. Of course, we monitor and watch carefully potential geopolitical tensions, but we think as a European Swiss based company, we are very well positioned to navigate through that probably challenging future uses. Credit Suisse's chairman axel layman there. He, along with the CEO Ulrich kerner, are betting that they can revive the struggling lender with a restructuring plan funded via a multi-million dollar multi-billion dollar rather capital ways. The FT is also reporting this morning that the Qatar investment authority plans to increase its stake in Credit Suisse by investing in a share sale alongside the Saudi national bank. The U.S. job openings unexpectedly rebounded in September complicating the policy picture for the Federal Reserve ahead of today's rate decision. The strength of the jobs market is likely to fuel further wage gains and add pressure on the fed to extend its aggressive campaign of hikes to carbon inflation. His Bloomberg's Michael McKee with more on what we can expect from today's meeting. The focus of the November fed meeting is going to be the December fed meeting. Once again, central bankers have told us they intend to raise interest rates by three quarters of a percentage point to 4% this week, but there have also been some hints from some fed officials and some data that they might dial back to a half point rise in December at a quarter point rise after that. Much will depend on how the economy develops, but markets would like a better idea of just how high the fed will go. Answering that question without creating more market volatility will be determined Jay Powell's main job after Wednesday's meeting. Michael McKee, Bloomberg daybreak Europe. And just finally, here in the UK, prices in supermarkets have surged by the fastest raids since at least 2005 last month the cost of living crisis is piling pressure on consumers, Bloomberg's Ewan Potts reports now. The British retail consortium says shop price inflation accelerated to 6.6% in the year to October, a record for the index which goes back 17 years and up from 5.7% in September. Food price increases were faster still hitting

COVID OBR Stephen Carroll Caroline hepco ray bulger Kimi GSK Europe Credit Suisse China axel layman bed nook
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:58 min | 2 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Good morning from London it's just gone 7 o'clock. I'm Stephen Carroll. And I'm Caroline hepco, welcome to Bloomberg daybreak, Europe. Let's start with the markets for you. The dollar soaring after The White House talked down a prospect of a currency agreement to weaken the greenback the Bloomberg dollar spot index four tenths of 1% higher close to a record high global stocks in the meanwhile, heading for the lowest level almost two years markets crumbling further this morning, the MSCI specific index is down 1.7% the hang seng down two and a half percent Euro stocks 50 features are 7 tenths of 1% lower, S&P I mean is four tenths lower on the currency markets on cable. It's at one O 6 85 down by half a percent this morning, U.S. ten year treasury yields just a whisker away from 4% after hitting that level earlier for the first time since 2010, not trading at three spot 97. Those are the markets these are our top stories, the Bank of England's chief economist says that the government's tax cuts and the market reaction that has followed require a significant monetary policy response who pill says that Chancellor quasi Quartet's fiscal changes have caused a significant repricing of assets, pill believes that the best time though to assess and react to the impact is at the Bank of England's next meeting in November. In a context where there is a rebalancing of the macro policy environment and an anticipation of looser fiscal policy, I think it's hard not to draw the conclusion that all this will require a significant monetary policy response. That was the Bank of England's chief economist Hugh pill, separately, he said that government subsidies to help households and businesses with energy bills will likely to have made its August forecast for a recession redundant. He's not the only skeptic, the International Monetary Fund says the government's unfunded tax cuts are excessive and warns the measures are likely to fuel the cost of living crisis. The IMF urging the Chancellor to reevaluate that he meets with international bank executives today as part of an outreach program to discuss his growth plans, not all international bankers are down on the pan, though, here's Deutsche Bank CEO Christian saving. I'm confident that the UK will come through this. I can not tell you actually what the today's rates move are. And volatility, as I said, states, but I can also see that over time the pound is coming back. That's Deutsche Bank's CEO, Christian saving in a Bloomberg exclusive interview we'll hear more of that later in the program and just to bring you what the treasury is saying in response to the IMF's statement, a treasury spokesperson saying they acted at speed to protect households and businesses through this winter and the next following the unprecedented energy price rise caused by Vladimir Putin's illegal actions in Ukraine. Yeah, interesting that the government has given its reaction to that IMF criticism. Well, there is a warning sign also in terms of the property market in the UK

Stephen Carroll Caroline hepco Bank of England Chancellor quasi Quartet Hugh pill White House Europe London government Deutsche Bank IMF S U.S. international bank treasury Bloomberg
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:01 min | 3 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Things done. And I'm prepared to break out eggs to make the omelet. If we all want to cut taxes in this country, we have to be prepared to do things differently, challenge the system, and that's what I'm prepared to do. Bloomberg daybreak, Europe, on Bloomberg radio. Good morning, it is 9 30 a.m. here in London ten 30 a.m. in Frankfurt, I'm Tom McKenzie. And I'm Caroline hepco, welcome to Bloomberg daybreak, Europe, where just on the terminal, we've got news breaking for August services PMI figures out of the UK, the preliminary number was 52.5, but actually the figure comes in at 50.9 for August, so yeah, tracking a little slower in terms of the services manufacturing data this morning after your area August services, PMIs came in in contraction territory 49.8, the preliminary had also been for expansion at 50.2, but the Euro area figures not very good either, but then given the scale of the shock to markets this morning, Moscow's gas shut off, perhaps this pales, European stocks at the moment down 1.6% the Euro getting battered three tenths lower and 99 18, the pound slums a quarter of 1% or one 1483. We're actually making up lost ground we'd seen bigger dips earlier this morning. Bloomberg dollar spot index is up three tenths of 1%. We're expecting big rate heights from the ECB the decision on Thursday. European yields, one 56 for German yields, but watch those Italian BTPs that are up by close to 13 basis points. Yeah, and that's the challenge for the ECB as they meet and make that decision on Thursdays. How hard can they go on rate hikes, particularly given the pressures on Italian sovereign debt where do you get the blow out there? That will be a concern for officials. Let's get more of the top stories then, as you were mentioned Caroline European gas prices, of course, spiking by currently 29 close to 30% after Gazprom said that it will be keeping that crucial Nord stream one pipeline shut after an oil leak the European Union accused the company of acting on false pretenses, EU ministers will discuss unprecedented measures to intervene in the energy market this week, the emergency options include gas price caps and a suspension of power derivatives trading, European economy commissioner power gentiloni said inflation in the region should moderate in 2023 if measures taken to cap the prices of Russian oil and gas proved to be effective. We are. Convinced that next year if these initiatives will be effective gradually, the level of inflation could be reduced and not saying it's going back to what it was two years ago, of course, but it will reach a peak and begin to decline possibly next year. That was the European convention for the economy Paulo dental only speaking to Bloomberg in a move that underlines the seriousness of the crisis, the governments are Sweden and Finland say they're setting up liquidity facilities made up of loans and credit guarantees worth 33 billion U.S. dollars. The country's say the move will help to avoid some power companies going into technical default as soon as today over surging collateral requirements. I mean, while the U.S. climate envoy John Kerry says that Russia's president has weaponized fuel by restricting energy supplies to Europe, speaking in Hanoi, Kerry told us exclusively about the prospects for re-engaging with China in the fight against global warming. I remain hopeful that they did say they would suspend. That means that it could open at any given time. My hope is that president Xi will recognize the benefit of getting both of us moving in the same direction, leading to Sharm el Sheik, the world needs a positive message. That was the U.S. special presidential envoy for climate John Kerry, speaking to Bloomberg's hustle Linda amen, the former U.S. Secretary of State also said that global fuel shortages should encourage governments to embrace renewable energy and fight climate change. And that the UK will finally find out who will succeed Boris Johnson today after a bitter Conservative Party contest between foreign secretary Liz trus and former Chancellor Rishi sunak. Trust is the bookies favorite and says she will quote act immediately to help struggling households cope with surging energy costs if she becomes prime minister. But she changed her position on the Bank of England, moving away from comments earlier in her campaign about changing its mandate. It's the job of the Bank of England to bring inflation down. And I'm a great believer in the independence of the Bank of England. We need to allow the Bank of England to do that job. Conservative leadership candidate Liz truss speaking there. The new leader will have a forbidding in tray with the UK facing a grim winter of surging inflation. A likely recession and a record squeeze on living standards. And finally, Credit Suisse next legal battle unfolds in Singapore today as a local subsidiary has been accused by a billionaire client of negligence that he says cost him as much as $800 million. The former Georgian prime minister bin zina ivanishvili is expected to testify via video link on the opening day of the trial. It comes just months after his victory in a related clash with the Swiss banks Bermuda life insurance unit. Credit Suisse has long argued that it and its units were in the dark about the Ford's scheme perpetuated by the convicted banker Patrice Les cadres. Now you had a sound bite from this interview, but let's bring you the whole chunk now because it's worth listening to European economy commissioner Paolo gentiloni says that he sees that the agreement on a cap for Russian oil by the G 7 was a key way to slow inflation in the coming year. Take a listen. Of course, we have to work ourselves to reach unanimity

Bloomberg radio Tom McKenzie Caroline hepco ECB Bloomberg Europe gentiloni EU U.S. Bank of England Frankfurt John Kerry president Xi UK Sharm el Sheik Gazprom Linda amen
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:40 min | 3 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Got this. With them, more than CPAs. We're trusted advisers offering smart business solutions. Learn more at with them dot com. Today we are on this job. It is a labor market boom. Those who are looking for work are finding work. What will the numbers mean for the September fed meeting? That recession talk just got a freezing cold shower. Immediate reaction from U.S. labor secretary, Marty wolff. She drops that company's had pre-pandemic or all returns. The August jobs report on Bloomberg's surveillance. These are wow statistics today at 8 30 on Bloomberg 11 three O the Bloomberg business app and Bloomberg television. Influential conversations from Bloomberg television. Here's Danny burger. We're now joined by a new grunge on managing partner at Brookfield. In terms of sort of your sector mix, when folks think about Brookfield, they probably think about industrials. They of course think about the infrastructure segment of Brookfield as well. Do you need to shift away from that if you are looking at specially capital intensive energy industries, industries that need to use a lot of energy when it's really expensive right now, that prospects being a difficult one. This is a Bloomberg money minute, the robots are coming. And they're here to help with your taxes. In an effort to cut down on wait times on its telephone helpline, the IRS is expanding its use of voice bots to help taxpayers set up or modify payment plans next year. For questions about your refund or to check the status of your form ten 40 X, amend attacks return, press or say one. The agency was only able to answer about one out of 5 calls that came in during this year's tax filing season as budget cuts slashed the number of staffers there, and it came at the same time pandemic era stimulus checks and unemployment benefits sparked a big jump in calls from confused taxpayers. For answers about your personal income taxes or calculating your income tax withholding, press or say two. Still, bots were able to answer 3 million calls this past season and there are still some human representatives you can reach if the robots can't help. Tom busby, Bloomberg radio. Markets, headlines and breaking news 24 hours a day at dot com, the Bloomberg business app. Quick take. This is a Bloomberg business flash. Fumble begs European headquarters here in London I'm Caroline hepco, but this Bloomberg radio business flash. So probably the most important number today is going to be the non farm payroll figure survey expectation 298,000 jobs whispered number on the terminal W HIS

Bloomberg television Marty wolff Danny burger Brookfield U.S. IRS Tom busby Bloomberg radio Caroline hepco London
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:29 min | 3 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Daybreak Europe. But as a result, our commitment to bring inflation down, which hopefully you will lead to worries about a recession. And I understand why. There is the total cut in the gas supply coming from Russia. So we will be prepared and we are working on this emergency plan. Bloomberg daybreak, Europe, on Bloomberg radio. 8 6 30 a.m. in London, good morning. I'm Steven Carroll. And I'm Caroline hepco welcome to Bloomberg daybreak, Europe this morning, so the global sell off really in August was acute hawkish Central Bank expectations really intensifying after Jackson hole. Now you have bigger bets on jumbo ECB rate height European and Sterling rate surged in August 2 year treasury yields this morning, trading at three 49, but they did top three and a half percent yesterday for the first time since 2007. Cable had its worst months since the Brexit fallout, the yen this morning falling to the weakest level against the dollar since 1998, the Bloomberg dollar spot index up by three tenths of 1%. You also have a sell off in Asia because of worries around China and another big COVID lockdown and stop futures very much in the red down 7 tenths of 1% for European stocks. So a lot to think about in a very difficult summer. Well, let's get to our top stories this morning starting here in the UK where the Chancellor in a deemed zahawi is promising more help on the way for households battling with the rising cost of living. We will deliver the 37 billion. So that 1200 pounds for the most vulnerable 8 million households, but will go beyond that. We have to target the help to the most vulnerable to allow it us to stretch that help as far as we can. The Chancellor and Nadine's the highway went on to say that no one should be cut off if they can't afford to pay their bills. This is a report suggests that people's disposable income is going to drop by around 10% over the next year. The resolution foundation is warning that 3 million more people will enter absolute poverty where they can't afford the basics. While Liz trusts, the bookmaker's favorite to succeed Boris Johnson has ruled out introducing any new taxes if she becomes the UK's next prime minister at the final Conservative Party leadership hustings trust also said that she would not introduce to any new windfall taxes on the energy sector. The results of the election will be announced on Monday. August saw the biggest sell off in years for the pound guilt and corporate bonds, foreigner sold UK sovereign debt in July at the fastest pace in four years as traders speculate the cost of living crisis could lead to more government borrowing. Cofounder of Boston asset manager at GMO Jeremy grantham saying in a note on Wednesday that he still sees a super bubble in markets even after the year's turbulence. And China, the Chinese city of Chengdu has locked down its 21 million residents forbidding them to leave their homes unless in special circumstances, it's the biggest city to be locked down since Shanghai's bruising two month crisis earlier this year as China continues its COVID zero battle. The country's vast western region has until now been largely untouched by the coronavirus. And Britain is supporting America's plan to cap the price of Russian oil, the cap intends to limit rising energy prices following the war in Ukraine while constraining cash flows to Vladimir Putin. US Treasury secretary Janet Yellen says she's confident about the steps being proposed by the G 7. I'm

Bloomberg radio Steven Carroll Caroline hepco Bloomberg daybreak Europe zahawi Central Bank UK Russia China Jackson Nadine London Asia Boris Johnson Conservative Party
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:45 min | 5 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Is Bloomberg daybreak Europe. It was a great town in trough. It was obviously a sense that MPs, ministers, all the public, couldn't rely on information that was coming out of Downing Street. So the blame for it when historians go back over the series will largely lie at his door. I know that there will be many people who are relieved, quite a few who will also be disappointed. And I want you to know how sad I am to be giving up the best job in the world. Bloomberg daybreak, Europe. On Bloomberg radio. It's 7 30 in London, good morning. I'm Stephen Carroll. And I'm Caroline hepco, welcome to Bloomberg day by Europe. We are seeing stocks pointing negative this morning ahead of the European trading session stocks 50 futures down by 1.6% now the S&P E minis are down by 8 tenths of 1% on the bond markets ten year treasury yields in the U.S. still over 3%, although database is point this morning and the ten year bunts down by three basis points of one spot 32. Looking at oil prices, they're also siding today one and a half percent WTI at a $103 24. The dollar four tenths of 1% stronger than the Bloomberg dollar spot index that's pushing down the end, the Euro and the pound. Now to our top stories, the main pipeline for Russian gas to Europe goes down for ten days of maintenance today and the region is bracing for Vladimir Putin to cut off flows for good Bloomberg's UN pots has the details. As the Nord stream pipeline shuts for maintenance work, France's finance minister says the continent must get ready for winter. Speaking to Bloomberg, Bruno lemaire says that France is doing everything it can to avoid power shortages, but he says the country needs to be careful with energy consumption while building up gas stockpiles for the months ahead. In London, I'm your imports convector at Europe. So that was being based in parts Canada has, though, now agreed to export a repaired gas turbine for that pipeline back to Germany despite objections. Foreign secretary Liz truss has entered the race to replace Boris Johnson as prime minister with the pledge to cut taxes from day one. She joins ten other candidates who have begun to make their pitches, including former Chancellor Rishi sunak, his successor Nadine zahawi and transport secretary grant shops. He says government spending cuts could help pay for his tax proposals. The reduction which has already planned one P off the income tax rate, the basic rate that should happen now. I also want to stop freeze if you like. The proposed increase in corporation tax. That's transport secretary grant shops, the precise timetable for the leadership concept, contest is expected to be set out later today, conservatives are keen to whittle down candidates to a final two before parliament goes on its summer recess in a week and a half's time. And now European Central Bank governing council member Yanis tuna says that the new tool to keep debt market turmoil at bay in Europe may not need to be used if markets just believe in its power. Speaking to Bloomberg, sonali said that he currently doesn't expect there to be a recession in the Eurozone. There is no question about that. And this is a very nasty supply side soak. But for the moment, we don't expect negative growth this year or next year on the baseline scenario. I repeat that, but we can not exclude an adverse scenario. In the adverse scenario, which has to do with negative surprises on the energy front, we might have recession next year. Then we'll consider our position again. European Central Bank governing council member Janis donara speaking exclusively to Bloomberg there, the ECB has accelerated work on its so called anti fragmentation tool after a jump in Italian government yields in June. In Sri Lanka, opposition parties are trying to cobble together an all party government and pick candidates who can take over from the president and prime minister. Bloomberg city ranjan sen reports. I agreed to step down after unprecedented protests in Sri Lanka, but that hardly solves the problem. To begin with, the political instability and the chaos is unlikely to help the IMF to come to a conclusion and give Sri Lanka a D and the next president and the prime minister is going to be chosen from the parliament where president go to buy a Raja pakist party holds a majority. Therefore, it's not yet clear whether the opposition gets to feel its own candidates or it will be somebody from Brazil and go to Rajapaksa's party. And whether that particular person who comes in next as a leader of Sri Lanka is going to be acceptable to the people who have been protesting on the streets that with Bloomberg's city ranch on San reporting from Sri Lanka, he also says on the ground that food fuel and medicine are running shores. And now Bloomberg has learned that Twitter has hired a top merger law firm as it races to sue Elon Musk. Sources say that the social media company aims to file a suit in Delaware early this week. The billionaire announced plans on Friday to drop his $44 billion takeover bid for Twitter, Musk alleges that the social network made quite misleading representations over its number of spam bots and then just earlier this morning issued a humorous response on Twitter of course to Twitter's preparation to sue him and to force that completion of the takeover deal. So, yeah. You can see the photographs. Never miss an opportunity for social media job. Those are our top stories. We're talking next about FinTech and the prepaid kids debit card and financial education group go Henry has acquired French FinTech picks pay in a deal to expand the business into Europe for the first time. The shift away from using cash, the pandemic and air the cost of living crisis role reasons that pocket money apps have become more popular. Well, go ahead Henry says that it has more than 2 million users in the UK and U.S. and raised $40 million in a funding round 18 months ago. And so I'm pleased to say that joining us now is the founder and COO of go Henry, Louise hill, Louise welcome to Bloomberg radio. Thank you, hello. So first of all, on the deal, why buy picks pay? Well, we're the pioneering kids finance in the UK and the U.S., as you've said. And picks pay is the lead or in team banking in France and Spain and very much a company we feel shares our values and ambition. So together, we will be able to further our mission to make every kid and team smart with money. It lets us expand into Europe for the first time, grow our 2 million plus UK and U.S. member base and fundamentally accelerate our growth, improve our competitive advantage and cement our global leadership position. So we're very excited about it. Louise, you're going to keep picks pay as a separate company, not integrate it into go Henry why, have you decided to do that? Well, pigs pay already have a strong customer base across France and Spain. They're a well loved brand there. And go Henry the same in the UK and U.S.. So it makes sense for the moment, certainly, to keep the two brands separate. Okay. Just tell me about how fast the business is growing. I read that your revenue more than doubled to $42 million in 2021. Is that accurate what other numbers can you give us? Yes, it did. We've doubled during the pandemic as the move to cashless accelerated. We've been growing very strongly in the U.S., our U.S. operation has had triple digit growth for since it launched in 2018. And picks pay has gone from a standing start in April 2019 to over 200,000 customers across France and Spain. So yeah, all elements of the business have been growing incredibly strongly. So your focus is on a 6 to 18 year olds a

Bloomberg Europe European Central Bank governin Sri Lanka Stephen Carroll Caroline hepco Bruno lemaire Liz truss Rishi sunak Nadine zahawi France Yanis tuna Janis donara London ranjan sen
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:57 min | 10 months ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Good morning from London I'm Caroline hepco welcome to Bloomberg daybreak Europe this morning So war rages in Ukraine the west pars on pressure in terms of sanctions the Russian Central Bank just within the last few minutes has hiked interest rates to 20% to try to attract investments We also potentially really have a change of narrative the assumption had been that Putin would get what he wanted maybe not The Russian ruble now opening 8% lower at 90 against the U.S. dollar in Moscow So we're live in Moscow throughout the program this morning also we have a whole host of guests speaking to us about what happens in Russia but also to the west Let me update you on the markets fully then as we do every 15 minutes here on Bloomberg radio So in terms of a European gas that now surging 33% as sanctions have spurred energy shortages or the fear of energy shortages So looking at the European gas prices just starting to train here in Europe you have that surge once more oil prices are up to break crude up by 5.1% a 103 spot zero one and you have a big move into the safety Bloomberg Donna spot index up 6 tenths of 1% as for U.S. yields at one 90 down 6 basis points Futures though deeply in the red for U.S. stocks 50 features down 3% U.S. S&P 500 even if futures dropped 2% So we had a knee jerk reaction to the invasion of Ukraine last week that in terms of stocks sold off and then very quickly made up that ground But now it looks like today could be a very very difficult day for markets The bank of Russia banning foreigners from selling Russian securities to try to prevent fire sales the ruble plunging and the EU banning all transactions with the Russian Central Bank Those are the market picture Let's get an update on the top story out of Ukraine.

bank of Russia Caroline hepco Bloomberg Moscow Ukraine U.S. Europe Bloomberg Donna Putin London Russia EU
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:11 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"It is 6 30 a.m. in London I'm Tom McKenzie And I'm Caroline hepco home welcome to Bloomberg daybreak Where in a moment we'll be speaking to Bloomberg's poor Wallace OPEC plus expected to boost supply later today so we'll delve into that story In terms of the markets let's start with oil prices at $76 14 the barrel for WTI crew features We're steady in terms of oil prices Asian stocks mostly advancing U.S. and European futures for the stock market open up two tenths of 1% Followers of course a record high for the S&P 500 on the first new year day trading session Yesterday in terms of yields the ten year treasury yield topic 1.6% investors bracing for the fed rate hikes so that they expect to see this year Bloomberg dollar spot index is slightly softer Actually reversing right now is a little bit stronger at the moment for the Bloomberg dollar spot index Those are the markets Okay you touched on oil OPEC and its allies may boost production again when they meet today Delegates say the group is on track to increase output by a modest 400,000 barrels a day restoring supplies shuttered during the pandemic The decision would come after the group's analysts cut estimates for the surplus expected in the first quarter OPEC plus has restarted about two thirds of the production it halted in 2020 and is seeking to drip feed the remainder to avoid sending the oil market into a new slump And now the theranos founder Elizabeth Holmes has been found guilty of criminal fraud over the collapse of her blood testing company a federal jury in the U.S. convicted Holmes on four counts out of the 11 that she faced the 37 year old now faces up to 20 years in prison during the trial Holmes accused her former boyfriend and business partner Sonny Bologna of abuse he denies those claims and faces his own Ford trial next month And Bloomberg's been told The White House is likely to nominate economists Philip Jefferson for a seat on the fed board of governors He'd be just the fourth black man to hold the position in the central banks more than hundred year history Jefferson is an economics professor at Davidson college in North Carolina and has worked at the fed twice before Okay those are a few of our top stories this morning Let's get the latest.

Bloomberg OPEC Tom McKenzie Caroline hepco Wallace theranos Elizabeth Holmes U.S. London fed Holmes Sonny Bologna S Philip Jefferson fed board of governors Ford
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:42 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Plan for And so I think the most important thing is for us as diners as citizens as the dining public to think about all the restaurants have done to weather the storm of the last 18 months And it's really important that if you make a reservation the least that you can do is show up for it or Colin cancel It's not really that difficult restaurants can readjust once you do is when you don't cancel that is the big kind of stickler for restaurants So we recognize that there is a lot of uncertainty out there There are a lot of people who planned their blood because of such uncertainty But let's do one favor for the industry and let them know Are you sustainable wrestlers Are they are they making plans are they starting to curb or getting worried and taking measures and precautions about perhaps a softer Christmas season than might have been expected even a couple of weeks ago Yeah I think there's two things that are happening at the same time because we also have a massive staffing crisis happening across hospitality So you've got shortages in people as well as a bit of worry about what the Christmas season is going to look like And I think that is making restaurants rethink their holiday plans And that might mean limiting services or rethinking how many people they need on the floor at any one time Just briefly after cock 26 did that help sustainable restaurants there wasn't that much talk of food and farming in agriculture but there was some perhaps Yeah there wasn't good enough but in my opinion given how important food farming is to the global picture of climate change But we do see quite a lot of energy from restaurants in the hospitality sector In terms of building back better and greener post COVID and a lot of energy coming out of cop to looking at how restaurants in particular can curb their emissions going forward Just lastly I'm very briefly how many sustainable restaurants are there in the UK I don't even know So we work with about 12,000 hits in the cost of the UK and that's everybody from single site independent all the way up to large groups and chains And I think the important thing is that sustainability is attorney that every restaurant can take It's at the heart of their business serving food and serving food responsibly So we work with anybody that is willing to get their hands dirty and start doing the right thing for people and for the planet So Bloomberg Caroline hepco speaking to David archer and Julie Humphries from about coco there and Julianne calorie noble of the sustainable restaurants association Up next how it has homework on being affecting the pubs will hear from a recent interview.

Colin cancel UK Caroline hepco David archer Julie Humphries Julianne calorie sustainable restaurants associ
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:21 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Remain at cautious as we approach new year's celebrations and take a lateral flow test that makes sense celebrate outside if you can have some ventilation indoors if you can Please remain cautious Now the world has hit a grim milestone global coronavirus cases set a daily record yesterday more than 1.4 million infections that happened a year after vaccines first started rolling out and two years after the virus did first emerge The 7 day rolling average of cases was 841,000 That's up 49% from a month ago when the strain was first identified Now those are some of our top stories out Let's move on to one of our key interviews The lord mayor of the City of London is a role that now dates back to 1189 but for all its pageantry the positioned faces very modern challenges Vince zucchini a partner at DLA piper who recently became the 693rd lord mayor is in charge with representing the UK's financial services to the globe He tells Bloomberg's Caroline hepco about his goal for investing in a better tomorrow discussing tackling issues of diversity climate responsibility and explains why he thinks this city has moved on from Brexit I'd like to the city since the late 1980s I came I came to the City of London for Dublin but I grew up I'm Irish I've seen an incredible change in the city over the 30 something years that I've been working here But it becomes so much more diverse so much more international And the city corporation and the alderman from whom the law there is drawn that group has is changing too We're on a journey We are certainly on a journey I have absolutely no doubt over the next few years we're going to see more women as more diverse candidates coming through for the Maryland as well The selections next year the entire council of the city council has all come up for election in March There's also going to be 9 automatic election next year I think I'm sure I'm very hopeful that I'm sure that we'll see a number of more diverse candidates and a number of women being elected in those elections coming up in 2022 And I think it's really important that the corporation we're moving along that same journey the city itself has been all over the last over the last 30 years And as I said Mike my theme people and purpose investing in a better tomorrow One aspect of the focus and the people element Is on social mobility and working with working capital and getting us on with my two co chairs and beheld in cash and Sandra Wallace We've set up with the government's backing a socioeconomic diversity task force to look at the issue of progression for those coming into the sector for this As privileged backgrounds lower associated backgrounds were looking at how we can help those could come into effect a nontraditional background really make progression through their career and get into the senior roles that they deserve on the basis of their talent and skills I'm really committed on this agenda to seeing some change over the next over the next over the next 12 months Okay Yeah indeed It's a stubborn problem isn't it I mean we've reported a lot on the gender pay gap in the City of London and in financial services which as I say enormous and stubborn and also we know the numbers around how few black Asian ethnic minority leaders there are currently in the City of London So I'm interested to hear that you really want to move the needle on that in terms of the next 5 months I spoke at our old most bankruptcy with the prime minister sitting beside me on Monday night I made exactly those points about among the lack of representation of black and Asian and other methods I think about artists in the senior roles in our financial services And I said this shouldn't be about Polish This is about performance If people who are good hard work hard who have got the skills they should be given those opportunities There should be making progress after staying speed in their careers as those who come in from broad polished more traditional background Okay Interesting You've taken over the role from predecessor William Russell who I'm pleased to say was also a frequent guest on the program and I hope you will become too But interesting also that your role is going to perhaps be so pivotal when it comes to climate change London tried to position itself the government tried to position the UK as the green financing capital of the world The UK still has a great many legacy companies particularly oil giants environmentalists say that that should all be defunded I mean what's your view just briefly in terms of green financing Can the UK do both I've no doubt we can do both And in fact I began I firmly believe that we will be one of the leaders of this just as we've been lovely to some bringing private silence to the table at top 26 If there's opportunities to remember for anything I think it's going to be remembered as the finance call And we got to show give a shout out to the work of Marconi in bringing the G funds coalition together and putting with finance was not only was in the room at the table finances on the table A 130 trillion of private finance available And a lot of that finance is going to be to address your question directly fitting the issue of dealing with the issue of transition getting those industries that are the wrong end of the spectrum on the brand and through to the green end that Mark Mark hardly talks about the 40 shades of green one of them being brown and we need to get industries moving along that transition pathway That's going to require finance and the City of London fantastic UK financial special services sector is absolutely well placed to be the place to get that finance It will look at the markets Brexit has the city given up on equivalence for financial services with the EU My.

Vince zucchini London Caroline hepco council of the city council Sandra Wallace DLA piper UK Bloomberg Dublin Maryland government Mike William Russell Marconi Mark Mark brown EU
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:21 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"A very good morning from London I'm Caroline hepco von welcome to Bloomberg daybreak Europe this morning so Loretta mess has been speaking to Bloomberg very open to a faster taper as it would give the fed optionality will bring you some lines and quotes from that interview just of course two weeks ahead of the next fed meeting Also we will be live in Istanbul in about 15 minutes with blueberry's Simeon who will join us talking about Erdoğan inflation in turkey running at close to 20% Also we must think about the U.S. abortion rights issue with the Supreme Court decision coming Bloomberg's Liang geras will give us more on this Of course the decision out of America could spill over into the whole rest of the world This is a massive issue Let's talk about the markets though this morning European stock futures actually are dropping this morning without by 1.2% for U.S. stocks 50 futures and such a Dax features also down by 1.1% And then on the flip side you have U.S. features on the S&P 500 up by 6 tenths of 1% Apple warning its suppliers about slowing iPhone demand even though most analysts are expecting another bumper season for Apple It's about the demand for the iPhone 13s suite of products that is an issue Asian stocks also showing some bit of resilience this morning despite Wednesday's Wall Street sell off in the wake of the comments from Jerome Powell who got the cost be up by 1.4% the MSCI Asia Pacific up by attend the 1% The dollar this morning slightly softer on the Bloomberg dollar spot index but mix against G ten peers The pound trading a little bit firmer on cable the yen weaker and ten year treasury yields have added what three basis points Let's look now with trade at one spot four 4% on U.S. sir benchmark years on the ten year Yes up by three and a half basis points this morning And Dolly shark food futures are really swinging at the moment they're up by 1.4% $66 50 for WTI crude futures Yes that is 66 so we've moved significantly OPEC plus makes their output decision today Let's go on to our top stories then after that market check starting with the comments on the fed so the Cleveland president Loretta master says that she's very open to a faster taper She tells Bloomberg why in this exclusive interview Right now with the inflation data the way it is and with the job market as strong as it is in many dimensions I do think that we have to be in a position that if we need to raise rates a couple of times next year we're able to do that So again quickening the tapering gives us that optionality Well meanwhile the fed turned your own pal himself said that he didn't expect tapering to be a disruptive event in financial markets as he stressed the need for vigilance on inflation The next decision on tapering could be made during the next fed gathering in just two weeks time Let's get more on the markets than this morning with Bloomberg's cross asset editor Joanna Joanna good to have you on What's the difference then about this market downturn perhaps as opposed to the past virus fueled drops Hi Caroline So it is exactly that emphasis on the virus which is that it is much more than that since you have the fed concerns about the rate pathway You have concerns about inflation valuations all sorts of stuff in there So it's a much broader pullback than other times With the concerns about delta for instance we really just bought a hit to say travel companies and reopening stocks whereas this time we're seeing a really broad pullback for instance in stock settings 52 week lows versus highs that's the most since March 2020 Yeah absolutely The S&P 500 had rallied 2% and then posted its biggest reversal since April 2020 at a close down yesterday 1.2% Having said that JPMorgan saying that actually the worries about oh Macron may be overdone What's their view Yes Well this is a pretty interesting one for Marco that's saying that if you look at uma Khan and he definitely is saying this says that it will have to see how it goes But if the early reports about greater pandemic because that's kind of how something goes from a very intense event to something that's more within the population So he is saying that it's an opportunity with the sell off to buy the different cyclical commodities and reopening themes and to position for higher bond deals as well Yeah absolutely And also interesting to see that difference between the view in Europe versus the view in the U.S. because actually European stocks yesterday I did 1.7% Yeah interesting JPMorgan's view as well In fact so much Joanna for being with me really good to have you on the show again Joanna Oscar there For a time market commentary and analysis check out markets live MIV on your Bloomberg terminal Okay well let's go on to an issue here in the UK So the government is stepping up the vaccine booster program to meet the challenge of the new omicron variant and Britain is also snapping up more doses so Britain will buy an additional 114 million doses from Moderna and Pfizer Now the new contracts offer delivery in 2022 and 2023.

Bloomberg U.S. Caroline hepco Loretta mess Erdoğan Liang geras Jerome Powell fed Loretta master Apple Simeon Joanna Joanna Istanbul
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:52 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"A very good morning From London I'm Caroline hepco warm welcome to Bloomberg daybreak Europe where we are going to talk about Jerome Powell time to stop calling inflation transitory Investigated says there is too early to read too much into the Powell comments It's brought back a lot of volatility into markets though and at first of course they've had reacted to that testimony seeing it as a much more hawkish pivot than we've seen really from Jay Powell Also we'll have a lot more on the virus on the continues to overshadow really the world all in requiring all people to test pre boarding their flight now at the U.S. expected to do the same Doctor Arthur hosey from staffordshire university here in the UK will be joining us on the UK's measures and the omo Quan variant Let's go to the markets though before we get to our interviews this morning So in terms of futures after European stocks fell to their lowest level in almost 7 weeks yesterday we've got a surprising bounce back by 8 tenths of 1% on the usual 50 features S&P 500 evenly features also up by 9 tenths of 1% U.S. bond yields on the two year up by a basis point at 58 basis points the ten year or so higher two basis points at 1.468 So we're still below one and a half percent but money markets now seeing 50 50 that the fed will hike as early as May and then also pricing in 60 basis points of increases by the end of next year As for the Kai xin manufacturing PMI that missed estimates didn't have that much impact just seemed to push down the Chinese market a little bit versus the rest of Asia So sorry 300 is up a quarter of 1% versus for example the hang sang up by 1.2% This morning oil also bouncing higher three tenths of 1% gold up by 8 tenths of 1% and Bitcoin retreating just a little So that's a look at the markets but let me bring you some more detail about what markets are now facing in terms of a prospect that they really haven't had in three years which is a more hawkish Jerome Powell In testimony to the U.S. Congress the fed chair acknowledged that inflation is proving more powerful and persistent than expected and that could justify ending asset purchases by the fed sooner than planned Powell also suggested it may be time to say goodbye to the tea words The tests that we've articulated I think clearly has been met now You're absolutely right inflation has run well above 2% for long enough The word transitory has different meanings to different people I think it's probably a good time to retire that ward and try to explain more clearly what we mean Well markets did take it initially as a clear sign that the fed is shifting to tighter monetary policy potentially paving the way for an earlier rate hike Let's dive into what the markets are doing right now with our markets live at a Heather Burke so what about markets now taking away from these Powell comments Heather Good morning Well there's a lot of common markets after the sell off U.S. futures are up this morning But there's a lot of for assets at risk Ultimately stocks probably aren't going to like a more hawkish Powell And as the fed starts tightening And even more so with inflation so far above projections And investors are really going to need to make a big adjustment to a relatively hawkish Powell and the prospect of more tightening and fed rate hikes on the horizon Yeah also what are the longer term implications do we think the stocks are looking into next year for example As I said I think we could be seeing a bullish turnaround of barristers Especially if we are seeing more sell off linked to the coronavirus I mean also the basically also short measures of equity volatility have also been surging And I think we're definitely going to see more volatility going into the new year Yeah absolutely My last guest on Bloomberg daybreak in Europe at Georgina Taylor from invesco was saying particularly in currency markets that that is what we could see Heather thank you so much for being with me That is our market life editor Heather Burke there for what our market company and analysis check out markets live ML IV on your Bloomberg terminal Okay here in the UK Boris Johnson has insisted that there are no immediate plans to ask the British public to avoid socializing or to work from home as NHS England issued detailed guidance about the major expansion of the COVID boost of vaccine program But Johnson may not be on the same page as a senior medical adviser Bloomberg's Charles capel reports The prime minister is now at odds with a senior medic after they said limiting socializing would help to limit the spread of the omicron variant Jenny Harry's the head of the UK health security agency said people should avoid socializing when they don't particularly have to But Johnson's government declined to support the suggestion Johnson said the guidance on socializing and events like Christmas parties remains the same working from home is unnecessary and another lockdown is extremely unlikely The government has already tightened rules on face coverings and international travel in response to the new variant and the government will expand boosted jobs to all adults and cut the time in between that and the second dose In London Charles Gabor Bloomberg day broke Europe So that's what is happening in the UK Meanwhile in the United States a panel of advisers to the drug regulator the FDA have voted to back Merckx COVID treatment pill saying that the benefits outweigh the risks the antiviral drug is intended to treat mild to moderate COVID in adults at risk of developing severe illness and it can be taken at home EU and UK regulators have already given it the.

Jerome Powell Powell fed Caroline hepco Jay Powell Arthur hosey Heather Burke United States UK staffordshire university Bitcoin Europe U.S. Congress Georgina Taylor Heather London
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:58 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"The very good morning from London I'm Caroline hepco home worker to Bloomberg daybreak here at this Monday morning Well we have suspected or confirmed cases of Europe 8 countries that's thought including the UK Germany Austria Belgium the Netherlands and others and so the hunt is on to understand more about omicron and what it means for vaccines for the impact on health We're going to be joined this morning by Bloomberg's Rachel Chang by Sam fuseli by Michelle Cortes all to give you the latest details that we have This though also as we have inflation in Europe very much in focus this morning with Spanish CPI hitting the tape at 8 a.m. and German inflation which could get the most attention of course the median estimate for German inflation is now at 5 and a half percent Germany Obviously incredibly sensitive to rising prices So we'll discuss that CPI data But let's go to the markets where a measure of calm does seem to have returned after Friday's absolute frenzy The benchmark ten year yield jumping as much as 7 basis points are in the U.S. So U.S. yields are currently 5 basis points trading at one spot 5 two 9 So that unwound some of Friday's 16 basis point plunge as for futures this morning also looking very positive S&P 500 email features up 7 tenths of 1% you suck 50 features gaining 1.1% This morning in Asia though Japanese shares led to Asian indexes lower premier kishida announcing the banning of all new foreign visitors into Japan so that's been one of the big news lines too The round is rebounded the dollar is up on the bribe dollar spot index Also we have the safe haven plays The Swiss franc the year the yen retreating somewhat this morning and oil rebounding 4.1% on WTI crude features 3.4% half of Brent crude at $75 19 So that is a view of where we are in terms of the markets Let's go to our top stories now Well overdone U.S. futures are up as investors weigh the risks from the new omicron COVID variant which put markets into a tailspin on Friday Health experts in South Africa where it was originally detected said that on a crawler appeared to cause only mild symptoms but then the World Health Organization warned that more data is needed to determine the disease severity While it's also on certain how effective current vaccines are against this variant the health secretary here in the UK surgical javid said that the booster program is key for Britain Even if this variant turns out and it's in it even if it turns out to make vaccines less effective it might be a small impact It may not but the point is that the vaccines are still going to give you more protection than otherwise And that is why the booster program is so important Well the Johnson government will convene an urgent meeting of group of 7 health ministers today to discuss the latest developments Well tougher UK pandemic rules also come into effect this week as least three cases of omicron have been detected in the country though it doesn't look like we'll all be ordered to work from home just yet Bloomberg's Charles capel has the details for you The UK took additional measures over the weekend to buy it Time against the omicron coronavirus variant Those measures include requiring mass in shops and on public transport as well as requiring PCR tests on arrival from Tuesday But the health secretary Sajid javid said yesterday that there's no need to impose work from home requirements that's even after cases of the highly mutated on Macron variant were discovered in the UK Javid said the government's action is proportionate and would buy scientists precious week to evaluate the strain and work on new vaccine formulations if needed In London Charles cape or Bloomberg gave a Europe Okay so that's what's going on in terms of more restrictions for Britain Let's look at the markets though and bring in Bloomberg's Eric lam this morning For reaction to amic rom just give me the latest in terms of the Asian session certainly the equity markets do look to be lower this morning Eric Yeah thanks very much As you pointed out earlier we're seeing overall I think a characterized the Monday morning or a Monday reaction in Asia as a little bit more calm compared to the frenzy on Friday But we are seeing countries where there is more pronounced weakness such as Japan as mentioned reintroducing some fresh restrictions on the border And you can see Japanese stocks topics is down as much as 2% Singapore is another country that or another region that has been working through a living with COVID reopening But now they're starting to pull that back a little bit You're seeing Singapore stocks have dropped STIs down as much as 1% as well So there's a pocket of weakness as traders again continue to try to evaluate how this situation is going to develop But we could be in surfer weeks of this Yes we certainly could be What about Bitcoin though I think that was quite telling wasn't it It took a huge hit on Friday but then this morning is recovering somewhat Yeah Bitcoin dropped to under 55,000 on before the weekend But we actually did see the rally starts over the weekend and into today Currently creating around 57,000 Again it's one of those risk assets that's bounced back a little bit seems to fit into the theme overall that we're seeing of a little bit more stability returning to markets One interesting flashpoints area that we're keeping an eye on of course India where we're looking for incoming legislation from the India government looking at potential regulation on cryptocurrencies and they actually had an interview with coin DCX earlier today on Bloomberg television where they are actually talking about the potential positive impact that these rules might bring additional clarity to the industry there And there are also discussing a potential for seeking an IPO as soon as they have more of that regulatory clarity So that's something that we're going to be keeping on that could potentially continue to move prices from here out Yeah the coin dcx founder you're interesting Thanks so much Eric for a Tokyo through the markets this morning That is Bloomberg's Eric lab For us on market commentary and analysis check out markets live On your Bloomberg terminal When it's countries try to get a better understanding of how severe this variant actually will be Bloomberg's Ed backs the reports it is already affecting the airline industry Airlines passengers businesses scrambling into the deluge of new.

Bloomberg Caroline hepco Rachel Chang Sam fuseli Michelle Cortes UK premier kishida Europe U.S. javid Germany Johnson government Charles capel Sajid javid Javid
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:34 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"London ten 30 a.m. in Berlin I'm Tom McKenzie And I'm Caroline hepco will welcome to Bloomberg daybreak Europe I want to go straight to our top interview this morning about German business confidence which has slumped to a 7 month low The latest ether index dropped to 96.5 in November a new wave of COVID-19 infections looming over the German economy as well as rising inflationary pressures and I'm pleased to say that joining us on Bloomberg radio is Clemens first to his president of the ifo institute Good morning Thank you so much for being with us What are businesses most worried about in Germany at the moment Good morning Caroline It's we still have the bottleneck issue bottled supply bottlenecks are not easy This effects manufacturing but increasingly also retail and that's a problem as we move towards Christmas On top of that we have these COVID outbreaks which are getting worse every day And we are very clearly seeing the data that this worries many companies obviously mostly in the service sector the hospitality tourism there expect expectations for the coming months are really plummeting So the outlook is rather gloomy Well indeed and we have Austria of course neighboring Germany putting in pose or imposing a 20 day lockdown and speculation that maybe govern officials in Berlin will have to put in place similar measures How well versed our German businesses around adapting to these kind of restrictions how much of a headwind could that pose Well will pose a strong headwind the question is how is this organized exactly Currently there's a lot of debate about keeping businesses open for vaccinated people maybe combining this with testing and many companies have now got used to organizing this It is a fraction It is a problem in increases costs but companies can live with that I think what would be a lot worse would be a complete lockdown And is this something which I think is a very likely but can not be excluded because hospital capacities are getting scarcer and there is a risk that we need stricter lockdown measures maybe even lockdowns for vaccinated people and that would be large for a huge burn on the economy might even push the economy back into recession Yes Indeed only this morning Italy talking about readying curves for again the on vaccinated for access for example to cinemas and theaters but would it have to go further than that A comment please if you would Clemens around the political situation the new government this is a handover period Olaf Schultz expected to succeed Angela Merkel Does this underlying continuity are there risks now there was that private meeting between Merkel Schultz and the other leaders because of these mountain COVID-19 cases I think there will be continuity source was vice Chancellor and he's a moderate politician nevertheless the government the new government needs to hit the ground running really because the government has actually done very little to manage the COVID outbreak situation a lot of people are criticizing that And I think rightly so at the same time there is the energy situation there are energy shortages or they may be coming So it's going to be a difficult winter at the same time The new government needs to come up with a plan that reconciles the medium term economic growth with the climate policy climate policy objectives So it's a huge task You mentioned the supply chain challenges early in the input cost the energy prices there as you flagged In terms of inflation how that all plays into higher prices obviously very elevated in Germany and many other parts of the rest of the world which businesses which sectors are feeling this most acutely in Europe's second largest economy Largest economy I should say It's certainly part of manufacturing like the chemical industry or other energy intensive interest industries And then we also have the private household of course who face massively increasing electricity bills builds for gas here the government will probably have to do something at least for the more vulnerable households So help them to get to put these bills to pay for these bills and get them through the winter So I think it's both the corporate sector and at least the more vulnerable households that are affected Yeah This could be an issue for many Europeans Thank you so much for being with us really appreciate your time this morning that is Clemens first president of the ifa Instagram always great to have you on blue beg TV and radio this morning Just telling us about the latest diving into the numbers German business confidence slumping to a 7 month low This of course as European stocks actually right now are higher just with the exception it seems like the zetro Dax down by tenth of 1% Let's get over to Bloomberg to the anger and so he's got all the latest now in global news Good morning Leanne Caroline good morning and thank you UK businesses want Boris Johnson to make peace with a European Union on Northern Ireland Bloomberg's UN pots has that story The CVI is urging the government to back down in its post Brexit disputes over the Northern Ireland protocol The confederation of British industry's president Karen Bill memorial says we shouldn't be going anywhere near article 16 Warning the prime minister not to follow through on his threat to suspend parts of the Brexit divorce deal This comes amid si's attentions between the UK and EU have cooled in recent days UK trade secretary Anne Marie trevelyan telling the telegraph that article 16 would absolutely not be invoked before Christmas Still the government continues to argue that it will be justified in suspending the protocol due to the trade disruption is causing in London Amiens over Europe Now European Union officials are trying to agree on how to manage vaccine rollouts in Germany Berlin is imposing wide ranging restrictions aimed at curving the latest coverage surge Meanwhile in the Netherlands it's also reintroducing measures from today people will have to once again maintain a distance of 1.5 meters In Australia they were excuse me in New Zealand they'll begin easing its border restrictions that from January Bloomberg's ainsley Thompson reports Two years after the country closed its border to keep COVID-19 out restrictions are starting to ease gradually Fully vaccinated New Zealanders and.

Tom McKenzie Caroline hepco Bloomberg Clemens ifo institute Germany Berlin Olaf Schultz Merkel Schultz COVID Europe Angela Merkel Austria London Leanne Caroline Italy Northern Ireland Bloomberg Karen Bill UK
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:11 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Very good morning from London I'm Caroline hepco will welcome to Bloomberg daybreak You have this morning so markets expected a Bank of England rate hike It did not happen accusations of a communication error well after the decision playbooks fast in lacquer sat down and spoke to Andrew Bailey who defended the position of the banks I'll bring you that interview this morning Also though it's not found payrolls day in the U.S. the pace of jobs growth in October expected to improve over the last couple of months and now that's ever so important given what's happened in terms of the bond markets this morning short and bond deals hardest hit yesterday The bond market rethinking with the central banks will really buckle to market expectations for tighter monetary policy You had big moves in the U.S. short yields The Aussie bond on the three year also years on the three year move significantly right now U.S. sales trade at 1.537 actually up by close to a basis point now on the ten year on the two year though we're also moving up by a basis .2 43 basis points this morning futures though for the stock market open for the European stock futures they are completely flat slightly negative for the U.S. market open This after a fairly negative day in Asia the hang seng dropping 1.4% declines for the CSI 300 down about half of 1% More trouble for another of these of the big high yield dollar bond issuers in the in China That's Kaiser group after evergreen They've been suspended in terms of their trading in Hong Kong So we're watching that and oil OPEC plus holds firm on just a modest increase in production not what the Americans wanted We traded $79 61 the bow for WTI crude futures and break through to $81 zero three also I promise you the results are form IAG British Airways parent company Third quarter adjusted operating loss comes in at €452 million So actually the loss less than expected 567.5 million is what people had seen for IAG They see their 2021 adjusted operating loss to be about €3 billion So that from IG So yes we saw some holiday sort of restarting a little bit this summer and then you've got the reopening of the transatlantic route which is very important for IAG but that doesn't happen until the 8th of November IAG sees fourth quarter capacity of about 60% of the volume of 2019 So all of those news lies a dropping from IAG This morning So we'll bring you more details as we get them throughout the program Let's also go to our top stories now give you more details about the big number expected from the U.S. The late labor of department will issue the monthly employment report later today Pretty much Michael McKee has the preview now COVID retreated in September and the government ended extra jobless benefits so analysts expect there were a lot more jobs restored in October than the prior month But there is a caveat as fed chairman J Powell noted this week A lot of people are still reluctant to go back out into the pandemic and many are still caring for children or family members That makes the key number of the day the participation rate How many people available to work are actually looking for jobs It has to rise for the unemployment rate to keep falling without creating additional inflation pressures Michael McKee Bloomberg daybreak Europe Well here in the UK as I mentioned the Bank of England defied market expectations by keeping interest rates on hold speaking to Bloomberg the governor Andrew Bailey said that he was puzzled by the market's view on the bank's rate path Market pricing you know I think as you can tell from the commentary we made today what direction some bit overdone But in my view if you're a candidate view well officials voted 72 to keep the benchmark rate at a record low of .1% After the decision traders slashed rate height bets sent the pound tumbling and the 5 year guilt yield set for its biggest decline since the Brexit vote Well for more on the market reaction then to both the jobs report that hits at 1230 London time and the Bank of England rate decision let's bring in our markets live editor Heather Burke Heather post market the fallout from the Bank of England's shock decision to hold rates unchanged It swept the board Good morning Yes And it ended three days of kind of determined dovishness from central banks The fed and the Australian Central Bank And it also kind of brought down some of the more aggressive bets on global rate hikes And the pound also really took a tumbling from the Bank of England's decision although it's a little change today And the Bank of England's decision also kind of raises questions about Central Bank communications What can be relied on And it also just brought volatility back to the market Yeah and indeed and so what can we look forward to them from today's jobs market report Because before the RBA in the Bank of England the thought was that the path was set perhaps with a fed Now that looks perhaps less so that this job report could be even more important Jerome Powell said this week that the fed's not going to continue consider interest rate increases until the labor market heals further even though inflation could run hot And the big question is what is full employment What is improvement in the jobs market Basically there's 10.4 million unfulfilled opening of 5 million fewer people on the payroll So maybe today's job data will give some thoughts on our more people coming back to the workforce Yeah okay So we'll watch that And there's a tea live blog on it and you can check out the whisper number also for the change in non farm payrolls which currently sits at 500,000 The survey numbers and expectation of 450,000 Extra jobs Thanks so much Two Heather Burke there for our markets live team And for real-time market commentary and analysis check out markets live on your Bloomberg terminal What I want to say with UK news just for a moment Britain spent more than a billion pounds to smooth the passage of goods over its Brexit border but it hasn't worked Despite spending on board of facilities support to help companies to adjust and also funding for businesses in Northern Ireland the national audit office says that Britain's trade with the EU fell 15% in the second quarter of this year compared to the same period in 2018 the EU being the biggest trading partner for the UK When it comes to the OPEC plus meeting also the group is disregarding President Biden's demand to produce more all faster after a meeting yesterday OPEC and his allies said that it will stick to its slow pace of all production increases The cartel agreed to a 400,000 barrel per day production hike for December that's a pace that major consumers say is too slow to sustain the post COVID economic recovery but speaking to reporters Saudi energy minister prince Abdul Aziz bin Salman a blame the economic woes on the surging cost of natural gas of which he said OPEC plus has no control About this issue as if the oil is a problem It's not the problem What is the problem is the energy complex is going through havoc and health Well Goldman Sachs says that global all markets remain under supplied and to expect all price volatility to rise WTI advanced after an overnight loss and is up by 1.1% now on wye crude futures And then speaking of those energy woes while the number of energy suppliers here in the UK could plunge to just 5 or 6 by April Bloomberg's Charles capel has the details Keith Anderson the CEO of Scottish power has rising prices are putting pressure on utilities Balance sheets Anderson said the whole industry is suffering and few companies will have the cash.

Bank of England IAG Michael McKee U.S. Andrew Bailey Caroline hepco Kaiser group IAG British Airways Bloomberg J Powell OPEC fed Burke Heather
"caroline hepco" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:26 min | 1 year ago

"caroline hepco" Discussed on Bloomberg Radio New York

"Europe And it is 6 30 a.m. here in London I'm Tom McKenzie And I Caroline hepco will welcome to Bluebird daybreak Europe this morning where we are thinking about the fed the tapering announcement yesterday from Jay Powell and what it really means for markets Plus clean energy day at cop 26 and we're looking head to the Bank of England decision Let's go to the markets on that then I mean for the Bank of England that could go either way will bring you the decision from the MPC Global markets are hovering around record highs after the fed decided on tapering this month $15 billion per month The year of curve remains super compared to before the fed decision but the real question is whether bond markets are buying into this or whether they're worried about a fed policy mistaken whether that could mean a flattening a return to the flattening of yield curves In terms of futures market still pricing in 70% chance of a fed rate hike next June as for the country world index we are up a tenth of 1% this morning The Bloomberg dollar spot index is also up two tenths of 1% and oil drops 9 tenths of 1% on WTI crude futures at $80 17 the battle Okay continuing to keep across these corporate earnings out of Spain Telefónica with a beat the third corner net income coming in at €706 million comfortably above the estimates of €526 million third quarter revenue also a beat Telefónica saying it's on track to meet its 2021 guidance Okay interesting Telefónica right Let's go on to our top stories The fed has finally unveiled its highly anticipated tapering of stimulus as expected the Central Bank will begin trimming its asset purchases by $15 billion this month as for the timing of a hike the message from Jay Powell is be patient Our decision today to begin our tapering our asset purchases does not imply any direct signal regarding our interest rate policy We continue to articulate a different and more stringent test for the economic conditions that would need to be met before raising the federal funds rate While policymakers also did voice more concern about inflation at their meeting chair and pal one that supply chain imbalances have meant sizable price increases for some sectors in the U.S. Here in the UK the BOE could today become the world's first major Central Bank to hike rates since the pandemic markets are positioned for an increase but economists are split Bloomberg economics expects policymakers will vote 5 to four to hold teeing up for a move in December And finally the gas company that supplied 41,000 small businesses here in the UK is closing down This is CNG group It's now shot its doors after 27 years just weeks after it said that it would stop providing the fuel wholesale to other energy suppliers The firm supplied gas to companies in Britain including to schools and restaurants many are now facing rising energy costs as they transition onto different tariffs with a new supply but it just shows The headache is ongoing in the UK in terms of rising fuel prices Right also something else happening here in Britain of course cop 26 the attention of the world is on Glasgow How has Scotland been taking this opportunity to highlight its own agenda both environmental and political Well on Bloomberg Westminster yesterday you and pots and I was speaking to David Linda the SNP MP for Glasgow east Well the Scottish first minister Nicolas sturgeon has been under pressure and a lot of criticism for pursuing what some call an obsession with independence even during this climate summit Have a listen I would say that it's not a huge surprise to us that for example the conservatives and liberal Democrats would use any opportunity possible to try and minimize Scotland But I would not actually Scotland one of the best places to have that focused on delivery and action And there's no doubt that yes we in Scotland want to be an independent nation We want to take our seat at the top table and we have bold ideas that how we can safeguard our planet as we can protect and buy them and the minute aspects of Scotland being an independent nation is probably just the director of travel but there's no doubt that as leaders meet in Glasgow and we use the opportunity to focus on what we can do to try and cash all the quite a bit out and say but also talk about the much more ambitious rule that Scotland wants to play as an independent nation which is should come Okay the Scottish government's got legally binding targets in terms of cutting greenhouse gas emissions net zero by 2045 The UK is a hole by 2050 of course but actually both the UK and Scotland are missing the targets and much harder stuff needs to be done How can you deliver I think 51% since 1990 We have no doubt that we have much more to do and I think one of the more focuses of the corps summit as we just look at what more we can do to redouble our efforts to try and make sure that we have that climate engagement I've already encountering some of the more fees that we are pursuing at the moment to try and get there But there's no doubt that this weekend and indeed next week should be uncomfortable time for all governments to previously conduct some of the politic commitments that made them what that looks like in the backdrop of top 26 Having said that David of course I mean there are question marks about the numbers both for the UK and for Scotland of course because they exclude significant certain significant outputs I mean it depends how you calculated that that number of 51% can perhaps look a little rosier than some environmentalist paints it Well absolutely And I think if you have to see that I've spoken to I guess from 1990 I was born and there's no doubt that the arguments on payment teams and the fact that politicians are taking this much more seriously means that we've got to redouble our efforts and take some difficult decisions certainly given a moment time as a parliament if you have seen the Scottish government under the government of the change policy and of the claim address I think that's the responsible thing for government to do And you'll certainly see probably over the course of the next few weeks governments trying to grapple with some of the commitments that our hope will come out of cop 26 And that well I'm afraid difficult decisions being taken for governments and these difficult decisions and individuals as well I don't think it's enough for his oldest to move that bamboo too the same kind I think we've all got to be double at FX and that's what the focus of quant 27 is very much on So that was David Lindsay The SNP MP for Glasgow east yes a bamboo toothbrush won't do it Well we've also got another SNP politician joining us a bit later on Bloomberg daybreak Europe the leader of the Glasgow city council I think that's going to be really great Susan aitken is with us But also in Bloomberg Westminster Anderson labor MP for putney will be with me plus professor asthma Khalil on this in almost study 1.2 million pregnant women and the adverse outcomes in England from socioeconomic deprivation a shocking report that got a lot of headlines this week so the co author of that report with me Catch that live 12 new UK time or download the podcast later from Apple.

Jay Powell Telefónica Scotland Tom McKenzie Caroline hepco Bank of England fed Spain Telefónica UK Central Bank Glasgow Europe Bloomberg Westminster