17 Burst results for "Westminster Whitehall"
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall, no far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than the expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 9 30 a.m. in London. Good morning to you, I'm Stephen Carroll. And I'm Tom Mackenzie. This is Bloomberg, daybreak, Europe, we check the markets every 15 minutes throughout the training day. Here on Bloomberg radio across your European benchmark, you're seeing losses of more than 1%, as investors weigh up. The hawkish commentary from the Federal Reserve, they raised interest rates by 50 basis points and fed chair Jay Powell says rates will be held for longer and higher than many in the markets expect. They raised the top rate, the expectations of where rates will end up to 5.1% from their previous forecast of 4.6%, and then of course you have the ECB, the European Central Bank at the Bank of England making their rate decisions later today, the expectations are that they will both hike as well by 50 basis points. The futures in the U.S. lower by 1% on the S&P E minis are slightly more severe drop on the NASDAQ futures that tech heavy index currently down in terms of the futures by 1.2% across your currency markets, the Bloomberg dollar index is rallying up 7 tenths of a percent putting pressure on the pound, the Euro and the yen, Euro at one O 6. There's a drop of 7 tenths of a percent the pound at one 23, that is a drop for Sterling of 8 tenths of a percent. Within your guilt markets, you do have yields in fact coming in across the yield curve here in the UK twos tens and 30s, 30s at 360 one, that's a move lower by 8 basis points within the US Treasury is three 49 on that benchmark. That is just a move higher by one basis points on yields. Pressure in terms of the oil markets again being felt $82 a barrel on Brent drop of 7 tenths of a percent, $76 a brown WTI drop of 9 tenths of that as the fed comes closer to conceding that they recession is in the cards for that economy. That's the check of your markets at 9 31 here in the City of London. In our top stories, we're going to focus on the fed and what Jerome Powell says the Central Bank still has a lot of work to do when it comes to fighting inflation, the fed raising its benchmark rate by 50 basis points, pal signaling he intends to move at a slower pace. I haven't made a judgment on what size rate hike to make it. Having moved so quickly and having now so much restraint that's still in the pipeline. We think that the appropriate thing to do now is to move to a slower pace. It will depend on a variety of factors, including the incoming data in particular. The state of the economy, the state of financial conditions. He sees rates staying higher for longer to bring inflation back to its 2% target, policymakers project rates will now end next year at 5.1% before being cut to 4.1% in 2024. Okay, the BOE and ECB, as I mentioned also in focus, the Bank of England likely to slow the pace of rate hikes today as it looks to balance the twin risks of inflation and recession, our UK correspondent Lizzie burden says we may see big division between hawks and doves on the bank's monetary policy committee. For me, what's the most interesting thing today will be the vote split because potentially it's going to see a lot about where we had from here in terms of tightening. Bank of America, JPMorgan and Nomura have pointed to the possibility of a four way split between 75 50, 25 and no hike at all. It would be the first time in the bank's independent history and that might seem chaotic, but really some welcome it as a confirmation that there's no groupthink on threadneedle street. Lizzie Burton also noted that investors expect the BOE to opt for a half point hike, putting the benchmark at three and a half percent. That's the highest since 2008, three and a half percent. In Frankfurt, the European Central Bank also announces its rate decision later, market surprising in a 50 basis point rise and will be focused on what the ECB says about the start of quantitative tightening. U.S. senator Elizabeth Warren has announced a bipartisan bill aimed at cracking down on cryptocurrencies being used in money laundering. She says the space is lawless. This is all about what we need to do right now. And we need to stop the money laundering. We need to stop the cheating that's going on in crypto. And that means just getting a set of rules in place. Same kind of transaction, same kind of risk means that we've got to have the same rules. And it also means we've got to have a cop on the beat who was well enough financed senator from Massachusetts there. Speaking to Bloomberg on capital hill, if her bill passes into law, the legislation would require cryptocurrency exchanges to verify customer identities like banks and other financial institutions do. Those are our top stories this morning. Coming up on daybreak Europe, we are not at the end. We've reached the end of the beginning on rate rises. We're going to discuss with Georgina Taylor multi asset fund manager in investco. The Central Bank reaction, the markets, and how to position as central banks continue to hike in this inflationary environment. Stay with us. This is Bloomberg. There's so much news happening around the world that were somehow supposed to
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. Good morning, everybody. It is such a coming up to 8 30 here in London. I'm Anna Edwards. And I'm Stephen Carroll. They say his Bloomberg daybreak, Europe. We check the markets for you every 15 minutes throughout the trading day on Bloomberg radio. Stock 601.1% at this point, half an hour to the trading day, so trade is still reacting to the Federal Reserve decision yesterday as well and what Jerome Powell said in terms of keeping rates higher for longer the FTSE 100 down by 8 tenths of 1% the kakar ants Dan one and a quarter percent in Paris that act stand by 9 tenths of 1% in terms of the sectors that had all been in negative territory at the start of trading and things looking very similar at this stage as well and it is retail shares in the bottom of the basket that are down by 1.8% financial services down by 1.4% telecom shares seeing the smallest losses this morning down by a third of 1% Wall Street futures now firmly in the red S&P and east at 8 tenths of 1% NASDAQ features down 1.1%. Just a bit of breaking news is even with suggesting the SMB rate decision coming through raising its policy rate by 50 basis points so half a percent to 1%. That is exactly in line with estimates that's what had been expected. They're saying that they can't rule out further rate hikes so they're not done either. That's the same message we're getting from a lot of central banks. They're also prepared to intervene in FX markets if needed and we have seen this from some central banks so they're willing to be active in FX markets the Swiss franc is holding its gains against the Euro after that SMB rate decision. Okay, so those are our market moves this morning and some breaking news. Let's get to our top stories. The Federal Reserve chaired your own Powell says the Central Bank still has a lot of work to do when it comes to fighting inflation. Yesterday, the fed raised its benchmark rate by 50 basis points with pals signaling he intends to move at a slower pace. I haven't made a judgment on what size rate hike to make. It's having moved so quickly and having now so much restraint that's still in the pipeline. We think that the appropriate thing to do now is to move to a slower pace. It will depend on a variety of factors, including the incoming data in particular. The state of the economy, the state of financial conditions. But the fed chair Powell added, he sees rates staying higher for longer to bring inflation back to its 2% target. Policymakers project rates will now end next year at 5.1% before being cut to 4.1% in 2024. Turning now to the Bank of England from the fed, the Bank of England likely to slow the pace of rate hikes today as it looks to balance the twin risks of inflation and recession are UK correspondent Lizzie burden says we may see big division between the hawks and the doves and the bank's monetary policy committee. For me, what's the most interesting thing today will be the vote split because potentially it's going to see a lot about where we had from here in terms of tightening. Bank of America, JPMorgan and Nomura have pointed to the possibility of a four way split between 75 50, 25 and no hike at all. It would be the first time in the bank's independent history and that might seem chaotic, but really some welcome it as a confirmation that there's no groupthink on threadneedle street. Lizzie Burton also noting that investors expect the BOE to opt for a half point hike, putting the benchmark rate at 3.5% the highest since 2008 and as we were hearing from Maria today or the European Central Bank also announcing its right decision later, markets pricing in 50 basis points of a rise there as well, and we'll be focused on what the ECB says about the start of quantitative tightening. Now the latest on crypto, the U.S. senator Elizabeth Warren has announced a bipartisan bill aimed at cracking down on cryptocurrencies being used in money laundering. She says the space is lawless. This is all about what we need to do right now. And we need to stop the money laundering. We need to stop the cheating that's going on in crypto. And that means just getting a set of rules in place. Same kind of transaction, same kind of risk means that we've got to have the same rules. And it also means we've got to have a cop on the beat who was well enough financed. The sentence of a Massachusetts there speaking to Bloomberg on Capitol Hill. If her bill passes into law, the legislation would require cryptocurrency exchanges to verify customer identities just like banks and other financial institutions do. Twitter has suspended several accounts that track private jets, Bloomberg's ad Baxter has the story. This is just another turn and what Elon Musk says will be an open platform. The first account to go is the Elon jet page run by Jack Sweeney. It tracks Musk's private jet. Musk had said last month that he would not ban the account, saying it was evidence to his commitment to free speech. Well now, he has dumped all 30 Twitter accounts that Sweeney managers, including his personal account, saying that they violate Twitter policy. Sweeney's last tweet was, can I get my $8 back in San Francisco? I'm at Baxter Bloomberg daybreak Europe. A good question to which we don't yet have
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Have a check on the markets for you coming up next This is Bloomberg daybreak Europe, but pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 7 30 a.m. here in London. Good morning to you if you're just joining us, I'm Stephen Carroll. This is Bloomberg daybreak, Europe. Let's check what's happening on the markets for you as we head towards the start of European trading, European stock features now on stocks 50 down by 7 tenths of 1%, 4100 futures down by four Central Bank decisions that we've been hearing for markets to watch out for here later on. S&P immune on Wall Street are a quarter of 1% lower this morning NASDAQ futures down by four tenths also unpacking the Federal Reserve decisions we've had some falls across Asia in as well in trading. The Bloomberg dollar spot index a third three tenths of 1% stronger this morning. That means the Euro is trading at one O 6 54 against the dollar, the pound is trading at one 23 88. So those are the markets this morning. Let's get to our top stories, though, and the Federal Reserve chair of your own pals as the Central Bank still has. A lot of work to do when it comes to fighting inflation. Yesterday, the fed raised its benchmark rate by 50 basis points with pal signaling he intends to move at a slower pace. I haven't made a judgment on what size rate hike to make. Having moved so quickly and having now so much restraint that's still in the pipeline, we think that the appropriate thing to do now is to move to a slower pace. It will depend on a variety of factors, including the incoming data in particular. The state of the economy, the state of financial conditions. It's your own power also adding that he sees rates staying higher for longer to bring inflation back to the bank's 2% target, policymakers project rates were now and next year at 5.1% before being cut to 4.1% in 2024. The Bank of England were likely show the pay slow the pace of rate hikes today as it looks to balance the twin risks of inflation and recession. Our UK correspondent Lizzie birth and says we may see a big division between hawks and doves on the bank's monetary policy committee. For me, what's the most interesting thing today will be the vote split because potentially it's going to see a lot about where we had from here in terms of tightening. Bank of America, JPMorgan and Nomura have pointed to the possibility of a four way split between 75 50 25 and no hike at all. It would be the first time in the bank's independent history and that might seem chaotic, but really some welcome it as a confirmation that there's no groupthink on threadneedle street. Lizzie bergner also noting that investors expect the BOE to opt for a half point hike, putting the benchmark rate at three and a half percent, the highest since 2008. In Frankfurt, the European Central Bank also announces its rate decision later, markets pricing in 50 basis points of a rise there as well, but we'll be focused on what the ECB says about the start of quantitative tightening. U.S. senator Elizabeth Warren has announced a bipartisan bill aimed at cracking down on cryptocurrencies being used in money laundering. She says the space is lawless. This is all about what we need to do right now. And we need to stop the money laundering. We need to stop the cheating that's going on in crypto. And that means just getting a set of rules in place. Same kind of transaction, same kind of risk means that we've got to have the same rules. And it also means we've got to have a cop on the beat who was well enough financed the senator from Massachusetts speaking to Bloomberg on capital hill, Elizabeth Warren's bill passes into law, the legislation would require cryptocurrency exchanges to verify customer identities like banks and other financial institutions do. The move comes as contagion fears continue to spread in the sector after the collapse of FTX. Twitter has suspended several accounts that track private jets, Bloomberg's at Baxter has the story. This is just another turn and what Elon Musk says will be an open platform. The first account to go is the Elon jet page run by Jack Sweeney. It tracks Musk's private jet. Musk had said last month that he would not ban the account, saying it was evidence to his commitment to free speech. Well now, he has dumped all 30 Twitter accounts that Sweeney managers, including his personal account, saying that they violate Twitter policy. Sweeney's last tweet was, can I get my $8 back in San Francisco? I'm at Baxter Bloomberg daybreak Europe. I'm not sure that we have an answer to that question. Those are our top stories this morning, coming up next on Bloomberg daybreak, Europe. We'll be talking fed funds and the Bank of England base rate with ala hoja, who's senior investment manager at picte, asset management, plenty to discuss with her as we head into this day of Central Bank decisions the first of which is the Swiss national bank up at 8 30 a.m. stay with us for more discussion of how those Central Bank decisions are playing out on
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"To speed. Daybreak, Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. 9 30 a.m. in London, I'm Lizzie burden. And I'm Tom Mackenzie, you are listening to Bloomberg daybreak, Europe. We checked the markets every 15 minutes throughout the training day on Bloomberg radio. Checking your European stocks currently, the benchmark is down 5 tenths of a percent you're seeing losses in every and across every major European index in the UK, the FTSE 100 down four tenths of a percent that's a drop of 28.7 thousand 474. On the FTSE 100, losses more pronounced over in Germany the Dax at 14,416, that's a drop of around 81 basis points in terms of your sectors just two ditto in the green energy up two tenths of percent that's on the back of slightly stronger prices around Brent and WTI real estate also up just a tenth of a percent at the bottom of the list you are travel and leisure falling a full to percent futures in the U.S. a range bound ahead of that Federal Reserve decision 50 basis points is what the market is expecting, but the dot bot and the terminal rate where these fed rates end up is going to be key for these markets and any commentary on that, of course, is going to be essential to the Bloomberg dollar index currently softer by two tenths of a percent that's giving a bid to Euro dollar out of one O 6 again there of two tenths of a percent for the single currency, the ECB will be making its own decision. On Thursday, the pound at one 24, that's a gain of two tenths of a percent and yields compressing again coming in across the treasury curve just modestly after some big moves yesterday. The ten year at three 48 in the U.S. just down by close to two basis points. Brent, as I mentioned, currently at just holding at $80 a brow, $75 per hour for WTI, just a very modest gain of a tenth of a percent and Bitcoin at 17,812, that's a check of your markets at 31 minutes past the hour here in the City of London. And now to the top stories that are driving those markets, FTX found a Sam bankman freed has been charged with 8 criminal counts in what prosecutors have called one of the biggest financial frauds in American history. The indictment alleges bank when freed, misappropriated billions of dollars at FTX customers funds for personal use and risky bets. He's now fighting an extradition bid from The Bahamas. U.S. attorney for the southern district of New York, Damian Williams, told the press the level of Ford was unprecedented. It's so hard to compare these things, but I think it's fair to say that by any one's life, this is one of the biggest financial frauds in American history. Damian Williams comments came as binance CEO CZ, tried to ease concerns about his company's health, saying the exchange is in a strong financial position and will quote survive any crypto winter. Customers have been pulling funds from the platform this week amid a lack of confidence in the sector following the collapse of FTX. Here in the UK, inflation dipped from a 41 year high in November, raising the possibility that the worst of the cost of living squeeze is over. Consumer prices are up 10.7% from a year earlier. That's a decline of 11.1% in October. Economists Duncan Weldon says it makes a 75 basis point hike look unlikely tomorrow. This is going to help the doves. I think another 75 basis point hike feels quite unlikely. At this point, the message from rate setters from the governor down really in the last month has been pretty consistent that they think market expectations of the peak of bank right next summer are too high. They've been trying to talk that down. Well done ads that being passed the peak of inflation doesn't mean instant relief for the economy with price is still rising more than 5 times the Central Bank's target. And a key gauge of U.S. inflation has posted its smallest monthly advance in more than a year, indicating that inflation thereto has likely peaked. These figures suggest that Jay Powell and his FOMC colleagues may slow their tightening pace later today with a 50 basis point hike. President Joe Biden hopes that prices will be back to normal next year. Inflation is coming down in America. Prices are still too high. We have a lot more work to do, but things are getting better, headed in the right direction. That was president Joe Biden. Overall CPI increased 7.1% as lower energy prices helped to offset rising food costs. The Bank of England has warned that the UK government has warned the UK government against removing too many financial regulations. Governor Andrew Bailey says we should remember the lessons of 2008. I would however caution that the notion that we're past the financial crisis and we therefore don't need the regulations that we had post
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Looking for? Yeah, look at the moment. Government borrowing is going to stay high for the next few years. The government, you know, the government could increase public sector pay more than it wants more than it's currently planning to do. Some of that money comes back to the treasury anyway, but it would come with a cost. The government probably doesn't want to increase its borrowing anymore at this point, given they've already set out really quite eye watering the high borrowing numbers for the next two or three years. So would either have to come with some form of tax offset for at least partially or cutbacks in other areas. So I think the government probably could go more than these sort of 5, 6% numbers we're seeing at the moment. Whether it could actually afford to mansion, that's a more difficult ask and you'd be looking at cutbacks elsewhere. Okay, Duncan well done economist and writer of the value added newsletter and 200 years of modeling through an economic history of Britain. Thanks so much for joining us. We'll have a check on the markets for you next. This is Bloomberg daybreak Europe. Pretending that those in Westminster Whitehall, no far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than the expected. So more action by sender banks is required. Bloomberg daybreak Europe on Bloomberg radio. It's 7 30 a.m. in London. I'm Lizzie burden. And I'm Stephen Carroll. This is Bloomberg daybreak Europe. We check the markets for you every 15 minutes on Bloomberg radio. We are looking out towards the start of European trading Euro stocks 50 futures. Flat to the negative this morning, S&P E minis are still two tenths of 1% higher though, after that inflation reading, we are seeing the pound tenth of 1% weaker against the dollar one 23 51 is where that's trading the Bloomberg dollar spot index is flat after seeing some small gains in trading yesterday after that's after inflation print in the U.S. ahead of the Federal Reserve decision the ten year treasury yield 3.47 this morning down three and a half basis points now the two year 4.18 down nearly four basis points as well. Now let's get to your top stories driving those markets. FTX founder Sam bankman freed has been charged with 8 criminal counts in what prosecutors have called one of the biggest financial frauds in American history. The indictment alleges bankman freed misappropriated billions of dollars in FTX customers funds for personal use and risky bets. He's now fighting an extradition bid from The Bahamas. U.S. attorney for the southern district of New York, Damian Williams, told the press the level of fraud was unprecedented. It's so hard to compare these things, but I think it's fair to say that by any anyone's life, this is one of the biggest financial frauds in American history. Damien Williams comments come as binance CEO CZ tried to ease concerns about his company's health, saying the exchange is in a strong financial position and will survive any crypto winter. Customers have been pulling funds from the platform this week amid a lack of confidence in the sector following the collapse of FTX. Inflation in the UK dipped from a 41 year high in November, raising the possibility of the worst of the cost of living squeeze is over, consumer prices are 10.7% higher than a year earlier a decline from the 11.1% pace of growth in October, the full largely due to the cost of petrol unused cars coming down. And in the U.S., a key gauge of inflation there has posted its smallest monthly advance in more than a year, indicating that inflation has likely peaked. These figures suggest Jerome Powell and his FOMC colleagues may slow their tightening pace later today with a 50 basis point hike. President Joe Biden hopes prices will be back to normal next year. Inflation is coming down in America. Prices are still too high. We have a lot more work to do, but things are getting better, headed in the right direction. That was president Joe Biden. Overall, CPI increased 7.1% as lower energy prices helped offset rising food costs. The Bank of England has warned the UK government against removing too many financial regulations, governor Andrew Bailey says we should remember the lessons of 2008. I would however caution that the notion that were passed the financial crisis and we therefore don't need the regulations that we had post the financial crisis. I would not go along with that. That view because I think we have to understand clearly why the banking system is much more robust today than it was then. Governor Bailey announced plans to carry out the world's first stress tests on non bank financial markets at that price conference yesterday, UK government is hoping to kickstart economic growth through what it calls the biggest shake up of financial regulation in decades. So those are our top stories this morning coming up next on Bloomberg daybreak, Europe, we'll talk terminal rates for the fed with GoPro gill, macros trashers and the fixed income team at Goldman Sachs, asset management. We are looking ahead to that meeting and decision by the fed as we are expecting 50 basis points of the market surprising in their night pricing in a terminal rate of under 5% after that softer than expected CPI reading from the U.S. yesterday plenty to unpack with GoPro next. Stay with us this is Bloomberg.
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall, no far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 6 30 a.m. in London, good morning to you. I'm Stephen Carol. This is Bloomberg, daybreak, Europe, let's take a look at what's happening on the markets this morning, the MSCI Pacific index is 8 tenths of 1% higher Euro stock 50 features a tenth of 1% higher S&P E mini futures are three tenths higher with an eye on the Federal Reserve decision as we were just hearing about it from Mark cranfield ten year treasury yields are 3.48 this morning, the two years for .19. The dollar spot index now a touch week or down a tenth of 1% after regaining some ground yesterday, that means against the Euro, we're seeing the Euro trading at one O 6 37. Those are your markets. Our top stories on the program this morning, Sam bankman fried has been charged with 8 criminal counts and what prosecutors are calling fraud in shorts and t-shirts. The indictment alleges the FTX founder misappropriated billions of dollars in customers funds for personal use and risky bets U.S. attorney for the southern district of New York told the press that the level of fraud was unprecedented. It's so hard to compare these things, but I think it's fair to say that by any one's life, this is one of the biggest financial frauds in American history. Damien Williams is now pushing to extradite bankman freed from The Bahamas, the fallen crypto CEO knowingly committing fraud in denied excuse me. The final crypto CEO has denied knowingly committing fraud and numerous media interviews and is planning to fight being sent to the United States, his rapid Danforth has led to a crisis of confidence in the crypto space, binance seeing a record daily outflow of Bitcoin yesterday, the CEO of the exchange CZ trying to sage concerns about his company's health, saying the exchange is in a strong financial position and, quote, will survive any crypto winter. A key gauge of U.S. inflation has posted its smallest monthly advance and more than a year indicating that inflation has likely peaked. Those figures suggest that Jerome Powell and his FOMC colleagues may slow their tightening pace later today with a 50 basis point hike. President Joe Biden hopes that prices will be back to normal next year. Inflation is coming down in America. Prices are still too high. We have a lot more work to do, but things are getting better, headed in the right direction. That was U.S. president Joe Biden speaking after the inflation figures were announced overall CPI rising by 7.1%, lower energy prices helping to offset rising food costs. The Bank of England has warned that the UK government is one that your government against removing too many financial regulations. Governor Andrew Bailey says we should remember the lessons of 2008. I would however caution that the notion that we're past the financial crisis and we therefore don't need the regulations that we had post the financial crisis. I would not go along with that. That view because I think we have to understand clearly why the banking system is much more robust today than it was then. The bank giving the governor Andrew Bailey there announcing plans also to carry out the world's first stress test on non bank financial markets at that press conference, Britain's government is helping to kick start economic growth through what it calls the biggest shake up of UK financial regulation in decades. And in top corporate news, apple is preparing to allow alternative app stores on its iPhones and iPads in the coming months. The story from Bloomberg's Charlie palace. It is part of a sweeping overhaul aimed at complying with strict European Union requirements coming in 2024. Sources say software engineering and services employees are engaged in a major push to open up key elements of
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than the expected. So more action by sender banks is required. Bloomberg daybreak Europe on Bloomberg radio. Good morning everybody is 6 30 here in London, I'm Anna Edwards. It's 8 30 on. Oh, it is. You know, I'm half asleep. It said 6 30 in the script and like a full I just read it. I apologize for correcting you. Getting the time to you, but it is a person. I promise. Definitely needed to be corrected. It is a 30. I promise. This is Bloomberg, daybreak here. And everyone's mornings. One thing about morning right here, isn't it? But you get the time right. Shall we shall we move on? Look at what's happening on the markets for you. The stock 600 now flat is where half an hour is trading session here in Europe. The FTSE 100 just up by almost a tenth of 1%, very little movement across the European markets as well in the Dax, managing to get a tenth of 1% of gains the cat care aren't though just flat to the upside as well. In terms of sectors, we're noticing a greater split between positive and negative moves on sectors, energy shares, top of the basket up by 1.1%, utilities are 9 tenths of 1%. Let's get to our top stories, then sandbank, and freed the former CEO of FTX has been arrested in The Bahamas after the United States filed criminal charges against him, token bay capital founder and managing partner Lucy gazma Aryan says it's good news for the industry. Justice seems to be in process, which I think is welcomed by those in the crypto industry. It's actually moved very swiftly. I mean, this is actually all happening in just over a month, so they've definitely moved very quickly. Lucy cas Marian also told Bloomberg that the case will define crypto regulations for exchanges going forward in interviews since FTX is collapsed back when freed has admitted major managerial missteps, but has also said that he never tried to commit fraud or break the law. UK wages are rising a close to a record pace, maintaining pressure on the Bank of England to keep hiking interest rates despite a worsening economic outlook. Official figures show average earnings excluding bonuses were 6.1% higher in the three months through October compared to a year earlier. That's the most since records began in 2001, barring the height of the coronavirus pandemic. Sticking with the UK 40,000 rail workers are on strike today as the country faces a growing winter of discontent, rail minister Hugh Merriman says he thinks they should be taking the government's current pay deal. If you look at the over third of RMT members have voted in favor of the generous deal, and all those that
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. Pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 7 30 a.m. in London, good morning. I'm Stephen Carroll. And I'm Alex Webb. This is Bloomberg daybreak Europe. We check the markets for you every 15 minutes throughout the trading day on Bloomberg radio, the MSCI specific index four tenths of 1% higher, the hang seng, now 1% higher is, as we've had that news of the easing of quarantine restrictions into Hong Kong, Euro stocks 50 futures, or three tenths of 1% higher as we're half an hour away from the start of the cash equities trading session here in Europe, S&P E mini is a tenth of 1% higher, still struggling for direction. Of course, that market very much focused on that U.S. CPI story we were just hearing about from Valerie titel, oil prices continuing to push higher brand crude 1.7% higher now, $79 and 33 cents is where that's trading for now the Bloomberg dollar spot index two tenths of 1% weaker and as we see European barn trading gas underway, the German tenure bontier two basis points higher at 1.95 is where that's trailing. Now on to today's top stories and we'll start with UK employment and wages which are the latter arising faster than at almost any time in at least two decades as labor market shortages persist in spite of the economic downturn. Manpower groups UK director Chris gray says employers are holding back from cutting jobs for now. But at this moment in time, I think people are hopeful that we can punch through Q one, hold on to the people that they've got at the moment. And hopefully see some growth coming out of Q one into Q two next year. So still, I think moving forward with caution, not reducing workforce at the moment. Manpower groups, UK director Chris gray speaking to us earlier in the program there. The data is likely to maintain pressure on the Bank of England to keep hiking interest rates despite a worsening economic outlook. Sam bankman freed the former CEO of FTX has been arrested in The Bahamas after the United States filed criminal charges against him. Capital token bank capital founder managing partner Lucy gazma area says it's good news for the industry. Justice seems to be in process, which I think is well by those in the crypto industry. It's actually moved very swiftly. I mean, this is actually all happening in just over a month, so they've definitely moved very quickly. Lucy gas more area and also telling Bloomberg that the case will define crypto regulations for exchanges in the future in interviews and FTX has collapsed bankman fried is admitted major managerial missteps, but has also said he never tried to commit fraud or to break the law. Here in the UK, 40,000 rail workers are on strike today as the country faces a growing winter of discontent, rail minister Hugh Merriman says he thinks they should be taking the government's current pay deal. If you look at the over third of RM team members that voted in favor of the generous deal, and all those that didn't vote at all, then
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent, than expected it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. Good morning, everybody. Just coming up to 8 30 here in London, I'm Anna Edwards. And I'm Stephen Carol. This is Bloomberg daybreak, Europe, we checked the markets for you every 15 minutes to write the thriving day on Bloomberg radio where half an hour into the trading session here in Europe. Stock 607 tenths of 1%. So starts watching further into the red as the trading session has gone on, the FTSE 100 is down by three tenths of 1% of the cat carton in Paris down by half a percent the Dax in Frankfurt down by 7 tenths this morning in terms of the sectors we had started the day with all but one sector in negative territory they're now all in the reds. Basic resources seeing the biggest falls down by 1.7% real estate shares down by 1.6 retail shares also down by 1.6% as well. Looking ahead towards Wall Street, it hasn't been immunized are a tenth of 1% lower as we see the Bloomberg dollar slot index with a touch of strength this morning up by a tenth of 1% on that important week for central banks. So it's all looking a bit risk off, isn't it? Let's get to our top stories then, Steven, the UK government is planning to draft in military staff and civil servants to cover for striking workers as the country braces for the biggest wave of industrial action since the 1980s. Nurses ambulance staff rail postal workers and border officials are all staging walkouts. Shadow health secretary wears treating says the government needs to find a solution to avert a strike by NHS workers. When the
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Term and sometimes structurally in the long term, things like energy efficiency. It does impact sort of demand and what we see coming through at any given moment. Tim banister, right moves ahead of property science, thanks very much. Steve and I certainly want a house with a hill in the garden to do some sledging. Oh, good, good. I like that Lizzie. Thanks very much and thanks to Tim as well. We'll have a check on the markets for you next. This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. Here's 7 30 a.m. in London. I'm Lizzie burden. And I'm Stephen Carroll. This is Bloomberg daybreak, Europe. We checked the markets for you every 15 minutes throughout the trading day here on Bloomberg radio and we are seeing shares in the red this morning on this week with a focus is on right decisions and what the central banks in the U.S., UK and in the Eurozone are going to do with interest rates given the inflation and growth outlooks. The MSCI specific index down by 9 tenths of 1% at the moment with the hang seng in Hong Kong down by 2.2% tech shows lagging there as well down by almost 4% this morning Euros 50 features still on the ride down by half of 1% as we look ahead to the start of European cash equities trading and half an hour's time, Wall Street features are flat now that market finishing the red though on the S&P 500 down by three quarters of a percent on Friday as well. The dollar spot index, a tenth of 1% stronger this morning, oil price is also pushing north WTI's 9 tenths of 1% stronger trading at $71 and 68 cents. Now to the stories moving the markets, the UK government is planning to draft in military staff and civil servants to cover for striking workers as the country braces for the biggest wave of industrial action since the 1980s. Nurses, ambulance staff, rail postal workers, and border officials are all staging walkouts. Shadow health secretary where streeting says the government needs to find a solution to avert a strike by NHS workers. When the proverbial hits the fan this winter, they are going to blame nurses and paramedics for an NHS crisis, which is squarely the fault of a conservative government. I think that's dangerous. And I think patients will rightly blame the government, not the unions if these stripes go ahead. That warning from where streeting comes as health unions offered to pause strikes if the government enters what they describe as serious pay talks. Turning next to a some corporate news and Microsoft has agreed to buy a stake in the London stock exchange group, giving it a 4% equity holding. The U.S. software giant will acquire shares held by a consortium made up of Blackstone and Thompson Reuters, the stake is part of a broader ten year partnership to help the LSE owner develop data analytics and cloud infrastructure. The UK's freezing temperatures are pushing power prices to record levels Monday's day ahead price settled at 675 pounds per megawatt hour on the epex spot exchange. Bloomberg energy reporter Dan Murdoch breaks down what's driving the surge. We're seeing the coldest temperatures in the UK since February that's raising heating demand and at the same time that you're still having your regular demand for electricity for power factories, everything like that. So you have this added layer of demand on top of it. Don murtaugh also says the UK's particularly vulnerable right now due to its reliance on wind power, the cold weather is also disrupting travel, some flights at London's stansted Gatwick and Heathrow airports have been canceled or delayed, while train and underground services have been disrupted around the capital. The housing market is also chilling with sellers cutting their asking prices at the fastest pace in four years, right move says the average asking price has dropped by 2.1% so far this December is steeper fold and last month. The director of property signs to him banister says he expects prices to fall further next year. He always thought that the pace of growth would slow. We had a few sort of unprecedented years. We've seen record prices. We're up 20 plus percent on where we were three years ago. So we were expecting that to ease as demand ease that we saw some of these headwinds increased cost of borrowing, for example, and the cost of living squeeze that we're all experiencing. So we were expecting that to happen, I think perhaps it happened a little quicker than expected following the turmoil in October. So Tim banister also telling us the average price of a property in the UK, according to right moves data is just under 360,000 pounds, an interesting insight into the latest on the UK property market coming up next on Bloomberg daybreak Europe though we will be on this major week for central banks be delving into what's influencing the fed decision, the divisions in the Bank of England and much more with Allen Higgins CIO of coot, who will be joining us after the break, stay with us as we see Euro
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Cables, do wave back. Thank you very much, Charles cape for the London rush to look at some of the UK corporate stories this morning. We'll have a check on the markets for you next This is Bloomberg daybreak Europe. But pretending that those in Westminster Whitehall, no far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 8 30 here in London good morning. This is Bloomberg daybreak Europe. I'm Stephen Carroll. And I'm Anna Edwards say you are listening, absolutely, to bring back day break year, where we go from the sporting habits of our colleagues to the markets and European equity markets while they were up Stephen now flat. They're looking deciding the unsporting. In fact, at this point, half an hour to the trading day, the stock 600 is flat at this point. The 4102 tenth of 1% lower near the cat Carolina also turning into the red down by a quarter of 1%. The Dax and frying for it still eking out some very small gains as a tenth of 1% higher this morning. If we look at the sectors across the stock 600, so we had been seeing most sectors in positive territory at the open of trading, it's still more or less the same picture, although the gains have shrunk, travel and Azure on top of the basket up by just 6 tenths of 1% construction shares up by half a percent, bottom of the basket now is energy shares down by 9 tenths on Wall Street, S&P E minis are two tenths of 1% higher. Okay, let's get to on top stories. The UK will review the remit of financial regulators rules around short selling and relax ring fencing rules for smaller banks. These all as part of a major overhaul of financial regulations. Major raw in the views of some just marginal, but dubbed the Edinburgh reforms, the treasury says the plan will repeal hundreds of pages of EU regulation, the City of London corporation's policy chairman Chris Hayward says it's all about tweaks rather than wholesale changes. This isn't about deregulation, so when people start to talk about Big Bang, et cetera. This is nothing to do with deregulation. This will, I believe, actually, the good regulation and good growth are two sides of the same point. So this is an opportunity to make sure that our regulation is proportionate to driving growth and is not actually a handicap to both in the economy. City of London corporation's Chris Haywood there, he also said that he would not support the radical reform of the UK financial regulators as part of any reforms, Jeremy hunt says the changes will deliver an agile proportionate and homegrown regulatory regime. China is racing for a colossal wave of viral infections as it abandons its COVID zero policy, as many as 2.1 million people could die according to an estimate by research firm air affinity based on Hong Kong's experience with omicron, ING's chief economist for Greater China iris pang says the country could be in for a tough few months. We have to remember that China has been protected the public for so long that has been no hurt immunity in China. So this is going to start. And this process is not going to be smooth. It will be quite difficult. That warning from iris pang comes as forecasters predict infections will peak close to the start of the lunar new year in late January. As we just were hearing from our colleagues at Credit Suisse house completed a CHF 4 billion capital increase, giving the bank the funds needed for a comprehensive restructuring. Speaking to Bloomberg in an exclusive interview last week, the bank's chairman, axel layman, acknowledged the impact of the move on current shareholders. We have quite
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. Pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than the expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is just going to be up to 7 30 a.m. here in the city, good morning. I'm Stephen Carroll. And I'm Caroline hecker. You're listening to Bloomberg daybreak here by live on London DAB radio and we've got the latest on the markets. Yes, you're a struct 50 features now half a percent higher heading towards the start of the European trading session S&P E minis are four tenths higher as well. We're looking ahead towards the PPI print. We're going to get out of the U.S. later one of those important data points ahead of the fed meeting next week as well. Elsewhere on Asian markets, we've seen the hang seng up 2.4% today and the MSCI specific index is 1.3% higher as well. Oil prices are creeping a little bit higher. Brian Cruz and I 7 tenths stronger this morning, $76 and 70 cents is where that is trading as we are watching the dollar two times to 1% weaker on the Bloomberg dollar spot index trading at one 22 58 against the pound. And now to our top stories, the UK is setting out a post Brexit overhaul of financial regulations today, including relaxing ring fencing rules for smaller banks, dubbed the Edinburgh reforms, the treasury says that the plan will repeal hundreds of pages of EU regulation bugs Lizzie Burton says that the Chancellor is keen to show that there are benefits to leaving the block. The framing from the Chancellor Jeremy hunt is very much that leaving the European Union gives the UK a golden opportunity and this is the government seizing it. But conspicuously absent with the words Big Bang two. This is very much toned down from the package of reforms that were originally mooted by Liz trust. So that was our UK correspondent Lizzie burden there saying that the government also plans to overhaul EU rules, which they believe put companies off listing here in the UK. China is bracing for a colossal wave of viral infections that it abandons its COVID zero policy. As many as 2.1 million people could die according to an estimate by the research firm air affinity based on Hong Kong's experience with the omicron variant, ING's chief economist for Greater China eris pang says the country could be in for a rough few months. We have to remember that China has been protected the public for so long that has been no hurt immunity in China. So this is going to start. And this process is not going to be smooth. It will be quite difficult. That warning from ours pain comes as forecasters predict infections will peak close to the start of the lunar new year in late January. I know Credit Suisse has completed a CHF 4 billion capital increase, giving the bank the funds needed for a comprehensive restructuring. Speaking to Bloomberg in an exclusive interview last week, the bank's chairman axel layman was discussing this point to acknowledge the impact of the move on current shareholders. We have quite a lot of roughly some
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"If you traveled over the summer, you bought if you existed over the summer, you would have been well aware of all of the travel chaos that happened, canceled flights, long delays, and it has been for some people and perhaps for some airlines, a little bit difficult to get some of that money back when your flight was canceled. I know my partner is currently in a long dispute with an airline trying to get the cash back when their flight was when their flight was canceled. Now on the beach is saying that they are currently in legal proceedings with some airlines to try and get the money owed to customers. And that is as a result of all of this travel chaos. Now the other thing that they've said over the last 6 weeks is that they've seen gross growth across their premium and long haul flights, which is interesting because it's perhaps showing that people are choosing to take bigger trips or longer trips, but the three star holidays, the quick getaway, the quick spell of sun that is potentially something which they're seeing more subdued trading in and their shares are down about 3%. And perhaps that reflects the income bracket of the consumers that are really feeling pressure from the cost of living squeeze. Indeed, Charles cable, thank you very much to the London you'll find these stories on the London Bloomberg dot com and of course on the terminal would have attacked on the markets for you next. This is Bloomberg daybreak Europe. Pretending that those in Westminster Whitehall know far better than those with skin in the game end up communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 8 30 a.m. in London 9 30 in Paris and Berlin, good morning. I'm Stephen Carol. And I'm Anna Edwards, this is Bloomberg, daybreak Europe. We check the markets every 15 minutes then, Stephen, and European stocks, while not going anywhere in a hurry this morning. No, searching for direction I think would be a polite way to put it. The stock 600 Dan, just to touch this morning, the FTSE 100 is a tenth of 1% lower the cat car ran to Paris two tenths higher, the Dax, two tenths higher as well. The sector is pretty evenly split across the stock 600 between positive and negative. The top moving sector to the upside is real estate 9 tenths of 1% higher food and beverage shares at the bottom of the basket down by 8 tenths of 1%. We had just been talking to Charles cable there about British American tobacco. That's one that's also part of the food beverage and tobacco group on the stock 600. On Wall Street, S&P Yemenis, a tenth of 1% higher this morning, as we see oil prices, also pushing a little bit higher earlier gains have been paired rent crew trading at $77 and 38 a barrel. Okay, so those are the moves on the markets. Let's get to our top stories. Vanguard is leaving the world's largest climate finance alliance, the asset management giant says withdrawing from the net zero asset managers initiative, spearheaded by former Bank of England governor Mark Carney, will help provide the clarity our investors desire the move comes as U.S. Republicans continue to step up their threats against firms deemed hostile to the fossil fuel industry. Unions
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Of city deregulation, which it says is its way of capitalising on Britain's post Brexit freedoms. The government is also announcing tougher action on the unions who strikes are of course holding back growth and that's expected to include a ban on ambulance workers and paramedics striking. So the question for labor today is what would its specifically offer on both of those points strikes and the city, but fortunately Caroline, we've got labor's shadow chief secretary to the treasury pat mcfadden coming on TV at 7 45, so we'll be asking him that very question. And we'll be looking forward to hearing what he says in that interview, are you okay correspondent Lizzie burden? Thank you very much for that look ahead to this key conference by the opposition Labor Party here in the UK coming up next we will have a check on the markets for you. This is Bloomberg daybreak Europe, but pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is just coming up to 6 30 a.m. here in London, a very good morning to you. I'm Stephen Carol. And I'm Caroline Hepburn, this is Bloomberg, daybreak, Europe, and we take the markets for you every 15 minutes throughout the trading day on Bloomberg radio. So European shares are set to decline mounting recession risks of real worry, also U.S. stock futures are in the red this morning down. Close to a tenth of 1% for the S&P 500, mixed bag over in Asia, a lot of hope riding on reopening, relaxation of China's COVID rules, the hang saying index jumps 3% elsewhere is more mixed though, nikkei two two 5 is down four tenths of 1%, and U.S. benchmark yields jump three basis points on the ten year treasury yield
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"Housing market, which is by some estimates we should be building what, 300,000 new homes a year, and we know that. Is that how much of a long-term, how much of a long-term support is that? Well, it's hard to put that into a model and it's what I will try to do it and come up with sensible answers. It depends on the area, everything's very local on UK market, as I'm sure has ever in the world. But the point is that for every time that any government tries to build a whole lot more, there's always a reason why it comes up. Land banking, lack of planning applications, people protecting about over development. And I don't think that's going to change in the near future. I don't see any immediate solution to the lack of availability for housing and particularly in the right places and that's something unfortunately, which is a burden that we all have to bear in the UK and we're a small island and ridiculous rules. Thank you to Marcus ashworth opinion Cole miss here at Bloomberg, you could check out his work by typing OPI and go on the terminal indeed Tom that 300,000 target now is advisory not mandatory after the rebellion of Tory MPs against Rishi sunak. This week, the second in two date, well, the first of two in two days, the other one, of course, onshore wind. Yeah, an on house prices, one of the top red stories is currently the news from Halifax that they have seen a 2.3% full in November in terms of UK house prices of third consecutive decline and falling at the fastest rate in 14 years again. That from Halifax just building out the pressure that we're seeing on this housing market. This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"War and whatnot. Last year, FinTech, crypto firms, booming. I'm curious whether the collapse of FTX is making you think in any fashion differently about crypto as an industry. And the ability to potentially invest in some firms, maybe buy some assets here. Well, I've been very clear on my view around this space. I think the underlying technology of blockchain is extremely interesting. I think there are enormous opportunities for blockchain to play a role in evolving the infrastructure of our financial system. I think there's an enormous amount of friction and the way money moves. I think there are a variety of ways that this technology can be used to allow more participation and inclusive participation in financial activities. I think it can break down barriers. That has nothing to do with Bitcoin or a cryptocurrency. I don't really offer a view on cryptocurrencies. I think they're highly speculative. They may hold value they may not, but I'm interested in the underlying technology. And I have the underlying technology can help serve our clients, our customers, and really take friction out of the financial system and also help make it more accessible. But the reality too is kind of Goldman was pretty early in the market here when it came to futures trading when it came to the industry at large. Do you think that there's a chance to lean in or is there still too many regulatory risks? Well, when you say we're early, we've got a very narrow selection of things around this broad area because from a regulatory perspective we're extremely limited in terms of our participation. And I don't see that changing in the immediate future. And so we want to be available to give our clients advice and insight into how we think about some of these things. But our activities are extremely limited in the space. Okay, that was the CEO of Goldman Sachs, David Solomon, speaking there to Bloomberg finale basic. We'll have a check on the markets for you next. This is Bloomberg daybreak Europe. Stop pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak Europe on Bloomberg radio. It is 7 30 a.m. in London. Good morning, I'm Stephen Carroll. And I'm Lizzie Burton. This is Bloomberg daybreak, Europe. Let's check the markets as we do every 15 minutes here on Bloomberg radio. It's been a mixed picture in Asia, the MSCI Asia Pacific index now down 1.1%. That's after a weaker than expected set of Chinese imports data on the one hand, but on the other hand, reports that China is going to relax its COVID restrictions indeed those confirmed this morning, the offshore yuan now trading down against the dollar at 6 dollars 98. And Wall Street risk off this morning after a host of U.S. banks striking a gloomy note as we heard there from Goldman David Solomon in that interview with Bloomberg TV. S&P E minis currently flat and NASDAQ futures as well, but the S&P 500 closed down 1.4% and the NASDAQ composite down 2% yesterday. We're an hour away from the start of cash equities trading, Euro stocks, Euro stocks 50 futures currently flat Stephen. Okay, those are the markets our top stories this morning, China announced ten new measures in a major policy shift towards easing its COVID rules. They include home quarantining and scrapping mandatory PCR testing to enter public spaces. This comes as the country has faced public outcry and a poor economic outlook due to its strict COVID zero policy Bloomberg's Michelle Cortez says China isn't in the all clear yet. The biggest thing of course that we're all worried about now is what's going to happen in China, which has been so under protected in terms of being, you know, it's been isolated. It's been cut off from the virus. There's not a lot of natural immunity. The vaccines haven't been as good as the ones that were used in the west and we're not sure what it's going to look like when it rolls across the country. That's been Burke's House report in Michelle Cortez speaking to as little earlier. Okay, and two of Donald Trump's companies have been found guilty of fraud. It's the first time a business owned by the former president has been convicted of criminal conduct, and it comes as Donald Trump is running for a second term in The White House. Former federal prosecutor Renato mariotti says the evidence was simply overwhelming. Donald Trump wasn't charged. I mean, the Manhattan DA could have charged Donald Trump, did not do social restraints, which I think is admirable. And here you have a company where the CFO of that company pleaded guilty to fraud and testified under oath that the company was committing fraud. How did you be surprised at a jury came to this conclusion from a federal prosecutor Renato mariotti speaking there? It comes as Democrats increase their majority in the Senate to 51 seats after winning a runoff election in Georgia overnight. Morgan Stanley will reduce its global workforce by about 2% as Wall Street prepares for a potential recession in the United States, Bloomberg has learned the cuts amount to roughly 1600 jobs. They're doing an exclusive interview Goldman Sachs, CEO David Solomon told Bloomberg he was also considering job cuts. We always look at the environment and we always size the firm to the environment. If the environment gets tougher, we will obviously make decisions to size the footprint of the farm appropriately. That can come from slowing down higher in which we've already done considerably in the second half of the year. And that might also come from pruning in certain areas. Meanwhile, Bank of America's CEO Brian moynihan is also warning of a slowdown in hiring. And the fallout from Sam bankman fried's crypto empire continues to unfold after a hedge fund was declared in default on almost $36 million of loans. Orthogonal trading says it's been severely impacted by the FTX collapse and is unable to repay a $10 million crypto loan. Kraken's incoming CEO David Ripley, Dave Ripley, says the contagion risk is high. Genesis froze withdrawals recently BlockFi cited impact directly from FTX and is moving forward with they've already shut down withdrawals. And so, you know, the potential for more companies to be impacted by this contagion, this kind of circular leverage out there. Significant. With FTX is collapsed, crack and becomes the second largest crypto exchange operation. Those are our top stories coming up next in the program. We'll be talking about some of the stories moving markets with Chris watling Longview economics
Bloomberg Radio New York
"westminster whitehall" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe but pretending that those in Westminster Whitehall know far better than those with skin in the game in the communities in which they live. We need to rethink the way central banks are operating these days. They're not the cavalry that's riding to the rescue when the economy turns down. Inflation has been more persistent than expected, it's higher than we expected. So more action by sender banks is required. Bloomberg daybreak, Europe, on Bloomberg radio. It is 6 30 a.m. in London, good morning. I'm Stephen Carol. And I'm Lizzie Burton. This is Bloomberg daybreak Europe. We check the markets every 15 minutes for you throughout the trading day on Bloomberg radio and it's a mixed picture in Asia, the MSCI Asia Pacific index currently down 8 tenths of a percent that's after weaker than expected Chinese imports data on the one hand, but on the other hand reports that China would relax COVID restrictions. We've got the offshore yuan currently trading at nearly $7 and Wall Street risk off as a host of U.S. banks as we just heard from Chrissy Gupta, struck a gloomy note about the economic outlook, including Goldman's David Solomon in that exclusive interview with Bloomberg TV's chinali Bassett. You've got S&P E minis currently flat, same for NASDAQ futures, but you had the S&P 500 yesterday down 1.4%. Okay, those are your markets. Let's get to our stop top stories and we will start in China where ten new measures have been announced to ease COVID rules, a major policy shift. They include home quarantining and scrapping mandatory PCR testing to enter public spaces. This has come after the country is faced public outcry and poor economic outlook due to its strict COVID zero policy. The Democrats have narrowly gained Georgia's Senate seat giving them an outright majority in the U.S. upper house. Senator Raphael Warnock defeated Republican challenger Herschel Walker in the state's hotly contested runoff election, with nearly all ballots counted Associated Press gave Warnock 50.8% of the vote. President Joe Biden's Democrats will now have a 51 to 49 seat majority in the Senate. The Democrats have narrowly retained Georgia's Senate seat, giving them an outright majority in the U.S. upper house. Morgan Stanley will reduce its global workforce by about 2% as Wall Street prepares for a potential recession in the United States. Bloomberg has learned the cuts amount to roughly 1600 employees during an exclusive interview with Bloomberg, Goldman Sachs CEO, David Solomon, told us he was considering job cuts. We always look at the environment and we always size the firm to the environment. If the environment gets tougher, we will obviously make decisions the size of the footprint of the farm appropriately. That can come from slowing down higher in which we've already done considerably in the second half of the year. And that might also come from pruning in certain areas. Meanwhile, Bank of America's CEO, Brian moynihan is also warning of a slowdown in hiring. And the fallout from sun bank from and freed's crypto empire continues to unfold after a hedge fund was declared in default on almost $36 million of loans, orthogonal trading says it's been severely impacted by the FTX collapse and is unable to repay a $10 million crypto loan. Kraken incoming CEO Dave Ripley says the contagion risk is high. Genesis froze withdrawals recently BlockFi cited impact directly from FTX and is moving forward with they've already shut down withdrawals. And so, you know, the potential for more companies to be impacted by this contagion, this kind of circular leverage out there, significant. With FTX is collapsed, cracking becomes the second largest crypto exchange operation. That prompted the entity that runs the lending pool on DeFi protocol maple to issue a notice of default for all the funds active borrowings. Yeah, really interesting to see the latest on that crypto story in another story that caught my eye in this area on the terminal this morning is from Nomura and Moro's crypto arms still planning to break a profit in that unit within two years as the failure of FTX is spurring demand for safer counterparties than the digital asset sectors. The universe is called laser digital and they're planning to leverage the backing of Nomura to win over institutional investors. They're adding 50 employees by March. That's what jez mohidin is saying about the future of that. So interesting to see how other parts of this sector are looking to mop up some of the mess after after FTX is collapsed, looking at Bitcoin still trading under $17,000 a unit this morning, 16,988 crypto Bitcoin is trading at Ethereum is a touch stronger at 1256. So not seeing huge price moves since, of course, we have that big slump on the back of FTX collapse. There's also I've just shout out and really amazing big take about the Audi, this Abu Dhabi royal family, brilliant graphics in this piece, tracing all the wealth from Manchester