the europe has -- europe has pulled back just a fraction. what we have seen a break in movement, technology shares. tom: absolutely. yesterday, chinese technology stocks listed in hong kong remaining closed. they hit a record low. today, there are gains. in terms of technology shares, we are seeing some fairly solid gains for big companies. the video streaming company is gaining more than 8%. what we have not heard from regulators are any new initiatives when it comes to the swedes on technology. this is likely -- given how the stocks have fallen low yesterday. some gains across the tech space in hong kong. anna: there are the hong kong listings, we will keep an eye on them as things open up in china. sticking with china, president joe biden is planning on holding a virtual meeting with china's president. before the end of the year. on the agenda, trade and rising tensions over taiwan. secretary of state antony blinken has criticized beijing's actions towards taiwan saying they are provocative and destabilizing. he spoke to bloomberg's franc

is it a real sign of support for the tech industry in europe? what are you seeing in europe that you are not seeing elsewhere? nicola: the jobs are a mixture. highly skilled. engineering, product jobs and associated business functions. europe is a fantastic bed of talent because of the universities. that is why we are excited to do this announcement. this is over the next five years. we will start recruiting before the end of the year. we are also interested and have explored what it means for how people work. not all of these jobs will be requiring people to come into the office. they can be in different places. or different countries. francine: apple and google are killing the ad cookies. what does that mean because of your advertisers? do you have to work extra hard to keep your advertisers? nicola: as a company, we face a lot of competition from different tech companies. we have seen the changes that apple has made particularly with ios 14. some businesses are navigating the changes. we continue to make sure we adapt our system to help busin

they could do that in europe. the chinese starting in expects -- an inspection of regulators and state banks. to try to root out corruption. we had a number of news lines out of china. tom: that one is important. the arm of the government that is pursuing this is very powerful. it is going to be looking at state owned banks and financial businesses within china. the other line we are hearing from president xi, flushing out a little bit their plans around carbon neutral by 2030. that is the overall aim. he said they will also illustrate unpublished plans to various different industries and sectors of how they are going to meet those goals. that has been something people have been waiting for. we don't have the details yet. the other announcement from president xi is that they will have a 100 gigawatts renewable energy buildout in the desert. fairly major in terms of wind and solar. anna: looking for more details from countries all over the world on their national plans and what they are going to commit to. that is

or europe. it looks really strong to us. we think that is something that is perhaps not being talked about in the market at the moment. understandably. there's the supply chain issues and things going on around china. those are the things that people are fretting about as well as inflation. underlying the positive use, really strong story from. it's different from what we saw in the last recovery. anna: thanks very much. stay with us. gareth witcomb. he stays with us on this program. let's get a first word news update from juliette saly. juliette: the warning from the international energy agency. they say that investment in green energy like solar and wind is lacking what's needed to meet climate targets. fossil fuel spending is also insufficient to meet current growth in demand. the house has approved a short-term increase to the u.s. government debt limit, sending the legislation to president biden days before the treasury was set to run out of borrowing authority. it delays another partisan confrontation for less than two

europe wants to engage china. there is a difference of view. we need to discuss that because this is clearly a strategy question. >> bloomberg has learned china is loosening restrictions on mortgages at some of its biggest banks, adding to signs of growing concern by authorities about contagion from the evergrande debt crisis. financial regulators told some banks last month to accelerate approval of mortgages. lenders will also commit to sell securities backed by residential mortgages. president biden says the number of unvaccinated americans are manes too high. he is calling on more businesses to impose mandates. speaking from the white house, biden said u.s. health officials will decide soon on pfizer and biontech vaccines for children aged five to 11. >> we are going to continue. the food and drug administration and the fda is reviewing data on moderna and johnson & johnson boosters. we expect a final decision from the fda and the centers for disease control and prevention, the cdc, in the next couple of weeks.

europe has had a huge push and crackdown. it is kind of leading the way which is an attempt to define what esg is an live up to a single set of definitions. we have seen it is catching someone on the wrong side of regulations like dws being investigated in the u.s. and germany. they deny all allegations. they did very well this morning as we saw in the earnings. how to define yet she remains a question. tom: i know you and the team have been looking at this new fund coming from al gore, the former u.s. vice president and the men behind the inconvenient truth, and goldman sachs. what is his fund aiming to do? tasneem: it is more of a venture more than a single fund. while esg needs necessary movement, it has not gone to where we need to be in terms of reining in emissions and keeping warming on track. they are saying impact needs to become mainstream financial investment strategies. it needs to target climate impacts where you link strategy to the 1.5 degree metric. the point is a lot of that requires private market into indus

how will europe approach this? will there be any conversation about this at this finance ministers meeting? maria: there are two things -- one is that this is about the european economy picking up. it is a demand and supply issue. russia has been running a tight ship. this is still a very political story for the political unit especially when you look at germany and the nord stream 2 and vladimir putin. there are calls in europe that there should be less dependency on russia. when you look at the green transition as we switch from fossil fuels into the greener economy, there are concerns at this is showing some of the limits of this transition. the transition costs money but perhaps we need more time. it feeds into the debate. can we reach the targets when it comes to green and should europe be more diversified, maybe even nuclear when it comes to energy mix? francine: thank you to you both for joining us. howling in london and maria tadeo in luxembourg. jobs paid on its way. a jobs plan as a country faces a cost o

i think it will be a tough session out of europe. dani: i'm glad you are here for that emotional support to get us through that open. that's go ahead and turn to asia and hong kong where carrie lam has outlined plans to deal with the financial hub while delivering her annual policy address. for more on those plans and carrie lam's address, we are joined by stephen in hong kong. what are some of the big takeaways for you? stephen: housing, housing, and housing. since the handover firm britain, home -- from britain, they tried to tackle and equities in housing and income, in a city with the least affordable housing market, and they have not been able to break what some would say is the monopoly by the big property tycoon. you have that scenario meshing with what is happening across the border, the common prosperity pushed by xi jinping. i'm not saying it is coming to hong kong, but this gave the opportunity to chief executive carrie lam to push her initiative to rollout low income housing in a massive new urban center on the border wit

eoin: it is a complete mixed bag in europe. you have german producer price inflation figures that are as high as bloomberg records go back i believe, back until 1967. 10-year inflation breakevens are not reacting, they are still below 2%. and in france and in italy, you have far more significant problems and a lot less room to maneuver. on the back of the biden announcement earlier this week, this is an interesting juncture for europe from a political perspective. it will be fascinating to see if it will be held together over the next couple of years. francine: what does this mean overall for where you see investment? if you go back to inflation, this ties in with the bmi number . does it filter through real inflation? the japanese experiment did not work out before but it seems to be this time. eoin: i think the central banks are still trying to tell us that we should expect inflation to be temporary. a appear to be acting that way. the bank of england was the odd man out a little bit. but remarks overnight from the chief econ

stocks europe 600 is flat. joining us now is a member of our fx team. we are going to talk to that yield and yield flattening. demand on the long, selloff on the short end, is the bond market getting this right? >> they are reacting to what we are seeing. whether they are proven right is another story. we will probably not see that until much later when we get a full picture of inflation in the economy. i think that this curve is below, it does bring up past worries about the yield curve that we have seen before. less optimism in the economy, worries about long-term growth. what these rate hikes are going to do, longer-term even if shorter-term people are expecting them. inflation is more intent -- entrenched. markets are expecting policymakers to do something about that. francine: traders are now betting on basis points were rate hikes. it feels like a four-time away, but it is significant. >> it -- absolutely. the ecb is one of the more dovish central banks. they are very much emphasizing the prevailing purchase program. just a few weeks ago, we had s

europe is really interesting and we have been underweight europe for a very long time because what europe needs, it is a very high leverage country. it means global growth. it is one rare period where we are having a big economic upswing. we are still growing above trend. we are still having this positive momentum and this benefits european countries test companies. that is a good story for us. francine: we are not growing at the rate we should grow if we had not have the pandemic. >> yes. francine: when does that happen? is it a strange scenario that we are living through? >> yes, i expect you are right. europe is living on borrowed time in a sense. this recovery spurred, money pumped into the system, that is beneficial to european stocks. better earnings outlooks, that is great, so we can kind of benefit from it. tom: does the more hawkish stance of the bank of england, does that change your view on assets in the u.k.? >> u.k., we have been underweight quite a while. it is about sector composition. it has too many sectors we don't like. it is the most offensive market in the world. it s

in the europe -- in europe, gaining 0.2%. we are looking at infineon, the chipmaker expects another left to revenue profitability as it benefits from strong demand for semiconductors. dani: i'm checking out the oil majors. this civic sector story. you have brent crude above $81 a barrel. wti hovering around the highest since 2014. it stands to reason that in terms of what sectors outperform, we could see some of those big oil companies, royal dutch shell, bp, total, there is a lot to choose from. tom: in terms ofpeople's favorite sandwich choice and sausage roll stock, greg's. indicating momentum. investors raising it to buy. earnings estimate of 6.5%. that is the u.k. chain of sandwiches and sausage rolls. dani: for what it's worth, vegan sausage rolls, not that bad. i will have one again. we will see if it does move on their earnings. futures pointing slightly higher. we are going to have the open for you next. this is bloomberg. ♪ dani: a minute to go until the start of cash equity trading. i'm dani burger in london alon

europe having to play a little bit of catch-up. we got the s&p 500 outperforming, nasdaq outperforming, then eventually having asia outperform, as well. tom: delivery hero is one company gaining. it is investing in a german grocery delivery company. that sector has been pushed higher by the pandemic demand for groceries in those deliveries. erickson did beat estimates. the warning in of the supply chain going forward, a potential drag on sales. wise is another company in focus coming out with their second earnings report since their direct listing in july. currently down. credit suisse warning investors may be surprised to the downside on this -- price cut. dani: price cuts definitely bucking the trend for companies hoping to increase their margin at a time when prices were high. u.k. prime minister boris johnson says the city of london will prosper outside of the eu, noting job losses and disruptions have been lower than feared since brexit. he told bloomberg's editor-in-chief john micklethwait that far fewer bankers have been mov

bob: we have been focusing a lot on energy prices in europe, the jump in gas prices in europe. i think we shouldn't forget that gas prices in asia have risen to higher levels than those in europe. you know china, which has been scaling back on coal production is now facing an energy shortage. so, in response to that, we have seen this announcement that coal production has to be ramped up again. that has serious negative implications. but does china have any alternative in the short term? the answer is no, but i think it does accelerate the investment in alternative energy in china. china has got a serious energy problem here. this is a short-term fix. it is not a known long-term fix. tom: switching focus to the u.k. . the rally has peaked out. there are questions about stagflation, questions about sterling. what is your view on assets in the u.k.? bob: well, i think the first point to make is that the ftse very much fits into the category of a lagging market. this is a very cheap market. i think the first point to answer your question is that it is discounting quite serious neg

or europe. and the advantages and this case of being swiss is you are not a flashpoint in terms of your nationality as a company. mission-critical technology has had a lot of research which differentiates you from your competitors. anna: what is the long-term structural trend you are investing in at the moment? eleanor: for us, that is going to be a continuation of focus on health care. and more personalization of health care. that means we are of the crowd that considers the diagnostics growth will be refined. we also look at the restrictions in the capacity for manufacturing pharmaceuticals. we think that is going to be continued strong growth for that sector. other sectors, we are interested in seeing how some of the challenges of trying to make the planet more green will play out in some companies. some companies have had a disappointing year. we still think there is a long-term positive trend for hydrogen. tom: eleanor taylor jolidon on some of the themes to be considered. she will stay wit

francine: you have a pretty big market share in europe. how is it going with covid cases up and in the u.k.? >> we are doing fantastic. we are growing double digits across all of our markets and all of our clusters. not only 2020, but 2019. it is a great market for us. francine: anything on the horizon in terms of, and day? is there anything you are eyeing and which market? >> we are scouting a lot, we are digging a lot. not until they are done. francine: is there a region you want to beef up? a good value to bring into the campari group? >> our thinking remains unchanged. we are looking for premium spirits brands with a high on premises share of business, ideally with strong sales in the u.s. and asia. and obviously, that is not the simplest puzzle to put together. francine: no, i'm sure it is not. i love the asian countries going forward. zero -- a lot of the asian countries are going forward with zero covid tolerance. how does that change your strategy or what kind of drinking dynamics do you see? do people still drink at home? or is th

europe will be there in q1. energy is a factor, but hopefully it is part of the broader picture of how we green the economy at a cost we can afford and is fair, and where the cost is borne by everybody in a fair way. francine: what worries you about what we are living through economically? ana: first let me say the positive. we are in a better place than a year ago. 6% global growth this year, 4% next year. that is pretty good. governments especially in the developed world were in a timely way making sure businesses survived. those are very positive signals. the other is a huge amount of savings. in 2020, savings increased by $100 billion. on the risk side, what happened to the excess government debt? what happens when businesses and people are taking off life support? do they go back to being in the regular situation, able to cope? is inflation temporary? those are issues we need to tackle. francine: does that mean we could hear zombie companies question mark what should leaders be focused on? ana: one of the t

and parts of europe. a study found bitcoin's ownership is still concentrate traited in just a few hands. the top 10,000 individual investors control about 1/3 of the crypto currency in circulation. the biggest 10% of miners control the mining capacity. the u.s. lender said it will continue to provide services for exesing contracts. citi is refocusing its asia presence on singapore, hong kong, the u.a.e. and london. facebook shares gained in late trading. in the earnings, mark zuckerberg called negative pres around facebook a coordinated effort to paint a false picture about the economy. i spoke to one investor and for him it is ewell act the structural shift for online advertising. business that were formerly brick and mortar stores have shifted online. tom: thank you very much indeed. laura wright in london. joining us is our markets reporter. earnings really joining that momentum. more optimism around data that has come out around u.b.s. can this momentum continue on the earnings front? >> exactly, tom.

an hour away from the start of cash equities trading in europe. we see that positive session in asia. you will have more on that in a moment. these are the futures in europe. a bit of a holding pattern but with a slight downside bias. let's show you what the u.s. futures look like. perhaps we are, as a u.s. market suggests, in a bit of a holding pattern waiting for that jobs report. we have had progress on the debt ceiling, even if it is it kicking the can. it is a short-term progress. we have china in the fray and stimulus talks taking place in japan. mark: the gmm is really interesting today because superficially, it reflects that positive mood. you look at the equities column and it is all green. china, japan, india leading the gains across equity markets. look at that commodities column. everything in commodities is up again. oil prices are rising again, up towards those year to date highs. that's driving everything higher and that's a risk for markets. we are concerned at the pace which commodities are rising. dollars slightly stronger, asian

your today asml shares are some of the best-performing in europe, up 70% or so. roche, we will be speaking with the ceo. they came out with earnings that beat forecasts. we will talk about the covid-19 treatment and diagnostics for that company as well. roche has upped its sales and farm it -- and forecasts. it will boost profit by the mid to single digits but the upgrade follows disappointment this week over the company it's covid antiviral pill after a failed clinical. joining us now is the ceo of roche. thank you for joining us this morning. congratulations on those results. what stood out for you? severin: very pleased. sales are up by 8% had on the one hand, driven by continued to demand for our covid-19 portfolio, but at the same time, we have seen a strong recovery of our base business so very good news as far as the ongoing business is concerned but i am particularly pleased about the strong progress we have made in our product pipeline recently in the third quarter. francine: good morning when you look at some of -- good morning. when you look at some of