what would he be speaking today if you weren't leaving for europe? hard to say. lisa: hard to say, or no. this is the issue, all of these false deadlines that have been created. kailey brought up the progressive wing. does it at the senate, does it get the house to a vote on bipartisan infrastructure, which really a lot of people say is the main goal heading into year end right now? josh: and heading into this weekend, where funding measures are set to expire if there is no deal on infrastructure. at last count, no. progressive has said they will not take they will take a framework or deal in lieu of an actual vote, and they are not going to let the house bill go forward on that interceptor bill until they do, so right now, these two are locked in tandem. whether they both get off the ground remains unclear, but biden will try to give it a boost today. lisa: to dovetail this into the question of the audience president biden is speaking to, there is the domestic audience and the international audience as well heading into g20. is the united states united? how much

for europe, these prices are a big deal. tom: $200 a barrel, i enter blake that to $8.42 -- i interrelate that to $8.48 a gallon. what is the political ramification you read about in the zeitgeist of higher oil prices? lisa: it only makes negotiations in washington that much more tenuous when they are trying to figure out how to position for the midterm elections. the democrats are going to be in the hot seat if you have oil prices climbing above $100 a barrel heading into the midterm elections. you have to wonder what they are going to get done, even now. i wonder how much stems from the policy uncertainty and the feeling that nothing will get done, and we are going to bump up against the debt ceiling debate and the limit there. tom: anthony emails and. he says he loves how my bowtie looks on radio. this is the red sox baseball diamond tie. jonathan: that's where you want to go? you want to annoy everyone in new york? at least most people in new york. we have a mets fan with us this morning. lisa: thank you. jonathan: treas

supply chain in europe. the second thing is the labor market the other element of the inflation equation. the labor market has been quite sluggish. they were asking for 5% rate and it looks like it may not go through. you've got a lot less pressure in the ecb, the economy came out behind the u.s.. they will watch with the fed is doing. >> talking of inflation into labor pressures, we have caterpillar earnings crossing the terminal. they beat it by 2%. i'm looking through the press release and they talk about manufacturing cost because of higher labor costs, higher material costs. they were able to offset that or withstand it to some degree. have we grossly underestimated the ability of companies to do that? >> i think that is a company by company decision. you have rising costs on one side and i think we are overly focused on those rising costs. companies can handle rising costs. i think that's what you are seeing with caterpillar. they had those rising costs. what construction worker doesn't want to have a

and in europe. go look at how this is done as a financial etf here versus the bank financial in europe. it's doubled the return. to me i would rather bet on cyclical recovery in the u.s. then on europe. >> the language changes but it's the same. the vogue is gam a squeeze. it's a greek letter for an accelerated second derivative movement in this case up typically. andrew: i'm not smart enough to figure all of that out. [laughter] tom: should we join some form of tesla catharsis will be set us up for the big drop? >> there are stocks that are beloved stocks. i'm very wary to take a market in that picture. if a look at my portfolio stocks , almost every company in our portfolio so far has beaten and raised numbers. i think the earnings fundamental are validating, and i can point to specific stocks. it's a crazy market. and that's true. don't miss out, fundamentals are good. tom: liz and saunders was good on that. tesla is not the market. jonathan: it's just the two of them. thank you sarah as always.

united states and europe. third step, come back to some public. otherwise, you render it killing growth. the best response to a crisis is more growth, sustainable growth for all the people. >> we are seeing the bills going through the roof. governments have announced how to ease on households. are you willing to work with russia? >> nuclear energy is one of the best solutions. you should want to be dependent on russia -- that's your choice. that's not my choice. investing more in renewable energy so we can have a mix which makes europe fully independent from the other countries. >> more french, less german at least on energy. >> yes. >> i hope the meeting goes well. thanks so much. tom? >> maria from the embassy of the republic of france in rome. the international relations piles on us, you wonder to weeks from now at the end of scotland what will be accomplished. >> i wonder, i am trying to, but hopefully it will be something that will be a little more concrete. i think was interesting the conversation about supply chain disruptions. what kind of

europe it is much worse. 153 63. you are not seeing a big move in nominal yields it in compared sin -- in comparison to the nominal yield. we are in today. session lows are at -5.6%. we are just about holding on to 150. tom: everybody goes to the fx market which is the deepest market here. they look at emp. we'll have a guest up by later. but before we get to joe mathieu, this market is different than the last number of days. you have nasdaq down 8% now on correction. that is beginning to get to where there is tension. i do not see it yet in the fix. needs more prints. jonathan: heavily weighted to the euro. the highest since september 2020. that is a week euro. tom: we are pulling an all-nighter. a xiaomi from boston -- a gentle move from boston joins us after a wonderful victory. joe biden needs a victory badly. he is adjusting for 3.5 trillion to whatever he can get. what is the whatever he can get. >> that is a great question. they will tell you not to pay attention to the top line number, of course, and an inter

putin talking about gas in europe. what is important to me is the asymmetry of the united states with jp morgan and what we are seeing in europe over any number of things, including energy. the distinctions to get to these banks between ecb and fed at the meetings here in washington has never been wider. jonathan: jp morgan and the premarket positive 0.6%, rallying into the numbers and doing ok coming out of them, up 0.6%. tom: i want to point out carmen reinhart, you just heard from, is a little bit front and center here in washington at these meetings. she has taken an elevated responsibility at the world bank because the two word phrase here is data integrity. the uproar at the world bank, they need data integrity, and the imf is trying to reaffirm data integrity. jonathan: those reports need some credibility. they've got to redo some of them. tom: they've got to rebuild it. there's no way better to do that. this time is different. you do it with carmen reinhart. for bank earnings, you bring in alison williams, bloo

relative to performance in europe, and what we have had is europe continuing to underperform. so i think what we have seen over the last couple of weeks is what seems to be a bigger impact on europe in terms of the increase in prices, supply chain bottlenecks, exposure to china that are driving down european equities across most sectors in a way that is not hitting the u.s. despite a bigger increase in real rates. jonathan: you've got a follow-up tom. tom: no, i don't have a follow-up. jonathan: people have really increased their exposure. i am trying to understand from your perspective where they should reduce it. where specifically? daniel: our current allocation is underweight european large-cap versus u.s. anyway. our over weights in europe are two european small caps, so we see the potential there primarily in the recovery story that you pointed out we thought would start in september and hopefully will come up towards the end of the year instead. but in terms of the exposures you see in europe, i think it really is going to be a function of the flexibility of the labor m

however, i would suggest that europe and the u.s. are still in two very different positions from this point of view. the recovery started earlier in the u.s. the fiscal stimulus was higher than in europe, which means the output gap in the u.s. is probably close to 0 right now, so that the fed talks about removing qe entirely, find that some members talk about hiking rates, fine, but we are not there in europe. and the risk is that the market tries to create a bucket where every single central bank would find themselves. it is true that inflation is rising everywhere, albeit to a lesser degree in europe, but you can feel the pressure. if someone moves or talks about hiking a rate somewhere, it is creating mood music everywhere. europe is not in a situation where we need to think about that right now. jonathan: we still have central bank like new zealand, like the bank of england. gilles, you are right to point out the ecb. the opportunity to push back is the december meeting. president lagarde called it an important one. permission to

trans action prices are just lower than they are in the u.s., and the same for europe. but to be able to expand margins as transaction prices get lower and lower, the same thing will happen as global legacy automakers start to scale production of electric vehicles. lisa: do they clear that hummer? that has to charge for three weeks to get you to the upper east side for one night. when you talk about that, tesla shown that actually, they can make it more profitable, with their margins going up pretty significantly. how much is this a seachange for the likes of general motors that is very much investing in this game? kevin: it is, but the other thing you have to think about is it is happening on internal combustion now also. some of the transaction and pricing data we are seeing any third-quarter is unbelievable. in the u.s., typically we average about 6.5% discount from msrp, meaning you could walk into any dealership and expect on a $43,000 vehicle about $2700 in haggle immediately, and the dealer won't blink. in september, that number was $70. that discount was 0.1 5%.

i look about where you talk about europe and japan outstripping american earnings. let's go back to the s&p 500 whiz -- which is multinational. can you give us a new s&p number and of 2022? as an investor on the sell side, i don't have to give point estimates but i try not to look so far ahead to the end of next year. i'm trying to figure out the next month or so. we will see how the economy and earnings layout and the second half of next year. i think it might get trickier as we returned back to trend growth. over the next few quarters, we are still going to see a really nice pickup in the u.s. economy but the global economy. vaccinations will go to emerging markets and there is a strong fiscal impulse in europe and japan. the near term trend i think is still quite right. tom: i'm looking up coca-cola. coca-cola is like north america is half their sales. the spx is a multinational index that benefits from this optimism. >> i completely agree. u.s. stocks will do very well in this environment. the sensitivity of the european index or japan's index to global growth i

can london beat the green finance capital of europe and the world? david: i think there is a real -- we heard clearly from the prime minister real sense of trying to spur on in this economy an opportunity to create less regulatory structure and more incentives to spur more of that investment. i am optimistic the u.k. will play a part, but when you think bradley about these issues, this is global. it is particularly so in the developing world. we are going to have to help get capital focused -- focused on the technologies that can move this transition. francine: china, exciting news from global -- goldman sachs. how committed are you to china? david: we take a long-term view. we take this view largely in the fact that we have many clients that have been doing business in china for a long time. they want our support. we are extremely pleased that after a long period of time we have ownership and control of our joint venture in china. we have a long-term plan to continue to grow in china. we have recently announced a joint venture. no question that the

in europe. also, technology is mostly in europe and the u.s.. jonathan: if we get anywhere close to zero, this is what is going to happen. they will call you at about 8:35 eastern time to pick up the phone. if we get nowhere near it, we don't talk to you again. tom: jon. we are calling it 8:31:30. lisa: people still talk to you if it is not zero. someone has got to be. jonathan: thomas, thank you, sir. tom: pray conversation. jonathan: looking for zero, tom. tom: i did what are the stupid fools one-time. -- pools. i have never done it since. jonathan: why did we stop doing that? tom: it's stupid. lisa: he got crossed every time. -- crushed every time. tom: 200,000. 400,000 divided by 150 million. i'm doing math or radio. jonathan: i'm going to help you now. lisa: there is a debate underpinning this company pitches a patient rate. -- underpinning this, the differential between the bearish view and thomas's more bullish view has to do on the tightness of the labor market. i find that fascinating. jonathan: the unknown. equity futures this morning

i'm really concerned about stagflation with respect to the united states and the rest of europe, but where i think you've got particular shocks and a policy response with fiscal tightening, non-responding supply shortages, encouraging firms to raise wages without any effort to help enhance productivity, and you've also got a bank of england sounding increasingly hawkish, i think this adds up to quite a potent cocktail for the u.k. and u.k. assets. tom: if the cocktail right now a weakened consumer, a lesser consumer in the coming year. david: the consumer has been crucial, and it is certainly the case that the energy shock that we are experiencing across much of the world, to a lesser extent in the u.s., but obviously seeing higher oil prices, is a negative shock for household incomes. all that being said, generally speaking, households are still in a pretty good place. i think it is important to bear in mind that this recovery has been very uneven. we still do have impacts from the pandemic. i think we saw that in the weaker than expected u.s. payrolls on friday. i think one of the

as well, and you can do some trades in europe to add to the value tilt. overall, we don't think you should be tilted one way or the other in more of a barbell. everybody uses it, but the truth of the matter is this year, the market doesn't reward you for being overweight value or cyclicals. it really was a monthly or even quarterly story, and i think as we move into the second quarter of next year, those supply chain issues are going to lessen. commodity price spikes come down, and when that happens, you are going to see the flattening of the yield curve, and you are going to see increasing growth and a lowering of inflation. so you want to be prepared for that, but you have a short-term where inflation is moving higher as inflation expect haitians are moving higher. you have to get through it. we think by the second quarter, these supply issues will start to come down. again, commodity price spikes don't last. tom: if i wanted -- jonathan: if i wanted a call option on a better supply side story, what am i doing here? is it true industrials? where do i ge

and europe lose economic clout. how do you get more economic clout for the behemoths like china, especially with the credibility gap increasingly growing among policymakers. later, we get the fomc meeting minutes. when did they start tapering the monthly bond purchases? it also has to do with the rate hike idea. 2-year yields at the highest level to have been since the height of the pandemic. despite the fact that transitory is a dirty word, despite the fact that treasury secretary janet yellen says it is in effect, and this is transitory. jonathan: the atlanta fed making headlines yesterday, lisa, thank you. tom, what is in store in washington? tom: damage control at the imf. they have been doing this for decades. it is not going to jump the shark. it is a different meeting. yesterday, all eyes were on the managing director and how she is going to come out of the uproar that she has had at the world bank and her 90-day tenure there a number of years ago. i will say, jon, the jury is out. jonathan: looking forward t

energy prices in europe have extended their blistering rally. the regionwide supply crunch showed no signs of easing, and that has prompted the european union to promise swift action to protect the economy. dutch and u.k. natural gas futures have jumped 60% in st a few days. in hong kong, chief executive carrie lam has outlined plans to develop a border with china into a major metropolitan area. more than 9000 homes would be built to ease a housing crisis. lam wants to develop the area into an information technology hub. on monday, snape saw a 23% boost in time spent on its android app, compared with the same day the prior week. telegram and signal also reported a big surge in usage. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ sen. warren: i can't support jay powell for riemann nomination -- for renomination. my view is he ends his term, we put somebody else in his place, and i think the fed will be better of

russia keeping gas supplied to europe limited month. tom: even saw a little pop in north america. i am going to say this as much as i can. there is a mathiness, there is a log convexity in the lme metals market like i have not seen going way back. i am talking 20, 30 years. that log convexity is french for acceleration. these prices are moving. jonathan: you mentioned how higher energy prices are starting to influence higher metals prices. we talked about it last week on this program. cutting back production because energy cost to get out of this -- to get this out of the ground is getting too expensive. tom: it is so important, and you literally have to go into the science of it. these are not financial instruments. these are not suits and ties moving paper around. this is tangible stuff. there is demand and supply variance. coco is actually down today. these are processes, and so many revolve around $86 brent. jonathan: central banks starting to respond to this. you heard that from the bank of england. lisa: 1% potential interest rate overnight in the united kingdom. how is that

you know, you talked about it at the top of the show, about how much is getting priced and in europe and in the u.s. as well. we have two hikes priced in now for the u.s. after this round of tightening in the market over the last week or two. so weaker data actually pushes out that scenario, and we know that policy has been a big driver of asset prices. lisa: hold on a second. this is really key. are you saying we are still in an environment where bad news is good news in terms of markets? lee: yes, the longer we get the policy support, the better for markets. as long as the economy is not going into recession or disastrous, but if we are going on the right path but at a slower pace, which means the policy support persists for longer, still positive for markets overall because of more policy support. kailey: what you are seeing in the bond market is the anticipation that policy support will not persist for longer. it has already started in some places. the equity market is still resilient. is that not a mismatch? lee: yes, there's no doubt there's a lot of mismatches going on at the

europe faces a gas crisis ahead of winter due to a surge in prices and a drop in reserves. the man who played star trek's captain kirk in the 1960's is set to become the oldest man to go into space. jeff bezos's robert -- rocket company will launch william shatner and three others to the encz of space. -- to the edge of space. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. ♪ oil, gas, coal prices are a serious challenge for the global economic recovery, and as such those i would like to see lower than they are now. tom: fatih birol of the iea with comments on the energy market. we welcome all of you to an exceptionally important conversation. birol's iea put out a blistering four page executive summary which flat out says the distance from madrid to blast out is profound -- to glasgow is profound. with the it leads in the gathering and scotland in a matter of 26 days. ellen wald joins us this morning. within the pandemic and 2019, ma

banks coming over to europe? jonathan: flexible working hours. how many times have we heard that from european players? you can stay at home. it is ok. lisa: and we don't have to pay for real estate. jonathan: it is a massive week for big tech. alphabet your to date up 57%. from new york, this is bloomberg. ♪ laura: with the first word news, i'm laura wright. u.s. and chinese governments have made incremental progress in their economic and trade negotiations. treasury secretary janet yellen and chinese like khmer liu he held their second -- chinese vice premier liu he held their second talks in a few months. senate democrats has moved closer to an agreement on president biden's economic agenda. senator joe manchin expressed optimism there could be a deal this week. he has been pushing to shrink the size of the social spending package. still, some house lawmakers raise doubts about the terms of the deal being discussed. hong kong will soon end most of the quarantine exceptions for overseas and mainline travelers. the city is under pressure from

-europe divide kumar -- divide? marvin: the prospects in the u.s. are stronger. we are still looking at above trend gdp numbers, even though we are bringing them down, speaks to the strength in this economy. when we worry about job shortages, it is because the demand is there. earnings estimates are continuing to increase. my equity colleagues are pointing out margin expansion is still in the cards for next year, even if the growth of margin is slowing. jonathan: interesting. marvin, thank you. marvin loh. euro-dollar, stink short. to turn this one around saying we need the ecb to get hawkish and talk about rate hikes, probably not going to happen or we need the fed to get more dovish, unlikely. tom: i believe the barbell of u.s. and europe and also noted the yen dynamic as well. i have dollar-yen. help me here. 113.30. that is two standard deviations, weaker yen and an indication but also an indication of the tension with europe. jonathan: fx, crude 83.63, unchanged this morning. 80.50 right now. this is from raymond james, above 80 he says, it will be a combina

many parts of europe, what you're seeing in the united states, we may change the label here. we've got foreign policy for the middle class. but the -- is pretty similar. tom: when you wrote a world in disarray you could not imagine the fiscal chaos. jonathan ferro was describing the debt ceiling. how do we prosecute whatever foreign policy with our domestic front in such disarray. >> the short answer is can do it well. we are not predictable, we are not reliable. those were dependent upon security, they look at us and there is a wise choice. you mention some of my previous books. the book i'm writing now is on america's domestic turmoil, on the threats to american democracy. i think the greatest threat to our standing in the world to our standing at home is not china or north korea or iran or russia, it's ourselves. it begins here. tom: how do the moderates take the high ground. looking at the zany us of what it's done every day. how do we rediscover the middleground of american politics. >> by the answer to that i put it out there. we talk about redoing civics education, ame

europe's biggest supplier since to plan more through the key gas root en -- gas route in ukraine. a property sump and energy prices have delivered a big blow to chinese growth. gross domestic product spent at 4.5% from the year earlier, down 10.9% in the previous quarter. there are signs of more pain to come as the country heads into winter and property curbs remain. beijing has signaled his not rushing to stimulate the economy, suggesting growth may just continue to slow. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> value has been really trash, and the whole value sector has so underperformed growth that you wonder why anybody would look at value stocks. i think the pendulum has swung so far that you do have to look at value stocks. jonathan: margaret patel is not alone, the senior portfolio manager at market field asset management. yields higher by three basis points on tens. higher on the front end, much more in the u.k., new zealand,

so that is an urgent issue, and europe has to take the lead on this issue. jonathan: we talked about this great divergence this week because of the imf. let's talk about that from a "central perspective. we have had interest rate hikes from chile in the last 24 hours. . using something building -- do you think something is building for emerging markets that can spread to dm? mohamed: may next op-ed will be on that. i think there is a risk for developing countries that they have a perfect storm. that means massive cost push inflation, especially for commodity importers. lower global growth as the china and u.s. low. on top of that, the risk of reversal in financial flows. that is why you are seeing the central banks tighten way before the fed. it is meaningful because i go back not just to divergence, but to what get ago vanessa calls -- to what gita gopinath calls dangerous divergence. it is something we should be keeping an eye on. i think the imf did a great service by introducing this notion of dangerous dispersion, and we should pursue it further. jonath

vaccinated travelers for most of europe will be able to enter thailand without quarantine. they are among 46 countries to be added to the quarantine free travel list and that's starting next month. china is expanding its booster shot program to people who will participate in the upcoming winter olympic games in beijing and surrounding regions. at risk groups include those participating, organizing or working at facilities involved with the games which are set to start on february 4. bts is ending its distribution deal with sony and will go to universal music. it had been pursuing them for years and universal interscope has had a deal for three years with a girl group which is -- which is winning over western audiences. global news, 24 hours a day, powered by more than 2700 journalists and analysts in 120 countries. this is bloomberg. ♪ >> it's everyone's individual right to choose but it's also every oilers individual right -- every employers to best check aaron way so if an versus the best way for us to protect our wheeze is to mandate the vaccine, then employees have a

if you look at what's going on now, you are right that there are spikes in eastern europe. i will give you an antidote. romania stalled their backs -- sold their vaccines to denmark a couple months ago because they did not want to use them themselves. in some countries where the vaccination rates are very low they will have issues in the winter. and a different group of countries where we have very high vaccination rates and hospital pressure will be very much lower than previous cycles. we will have pockets of winter waves where they are behind on vaccinations. you will find that this wave that we are facing now is going to be having much less of an impact. jonathan: we hope so. thank you. take care. just a shift to the u.k., a shift in tone from the house secretary. saying we all have a role to play. the pandemic is not over. there is a fear, for some people, that we get deeper into winter and some restrictions have to return. this government doesn't want to go there. tom: to give credit you have hundred thousand people in the stands for the premier league and the champio

europe is struggling to find enough coal and gas. a new covid antiviral pill by merck reduces the risk of hospitalization or death by 50%, including -- according to an interim analysis. mark will seek -- merck will seek and a mirth -- emergency use authorization. global news 24 hours a day, on air and quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ >> if those finance and spending decisions, it is necessary to additional -- necessary to issue additional debt, it is destructive to put the president and myself, treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions. jonathan: secretary yellen from new york city, good morning. your equity markets softer by two points, fall recovery. unchanged on the s&p. the nasdaq up 0.04%. euro-dollar positive at 1.1590. we kick off q4, after a really ugly month of september. tom: for the government of the united states of america, a wrigley -- a really ug

it was the worst september for auto sales in europe since 1990 five. used car registrations plunged 25% to less than 973,000. that put the industry on track to do worse than last year's disaster is showing. they largely attribute the drop to semiconductor shortage. global news, 24 hours a day on-air and on quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> one of the problems that we didn't foresee is we couldn't place inflation targets. we assumed, it is in the books that we wrote, that you would be able to reset the target as economic knowledge and circumstances changes. we've never seen targets get raised for inflation coverage. we should be opportunistically re-fleeting saying that inflation is above 3%, let's re-anchor it there. jonathan: wonderful voices on the inflation debate. on the other side of that mohamed el-erian earlier this week. from new york city, good morning. your equity market with a closeout of the week of 18 points. the yields are higher, up three basis points to 1

the surprise indexes for europe deeply negative, just capturing that story. we have had disappointment after disappointment. tom: with their labor scripture, the asymmetric feel of what happens after hydrocarbons go up. what is it, $200 a barrel on whatever net gas you look at? these are huge numbers. jonathan: the equivalent of $200, if that is where you are pulling that number from. euro-dollar, $1.1559. that's your cross asset price action. let's get you some single name movers this morning and say good morning to romaine. romaine: a big story this morning and the past few weeks has been about these supply chain issues here. it is pretty much the only thing that could potentially get in the way of the rally, or the rebound rally, we are starting to see in stocks. taiwan semi came out with earnings overnight. they were phenomenal. a record quarter. they made it clear that supply chain issues are really affecting it. they mentioned supplies with apple, supplies with some of their other companies in the automotive space, they don't have the capacity to meet s

according to the international energy agency, shortages of natural gas in europe and asia are boosting demand for crude. the iea says that could add about 500,000 barrels a day to oil use over the coming six months. mixed results from domino's in the third quarter. the pizza chain reported revenues that missed estimates. sales at domestic stores fell almost 2%, while international sales rose almost 9%. meanwhile, domino's profits were better-than-expected. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> the market is telling the fed two things. one, get going with tapering. we can dicker it -- we can take it. two, you will not be able to cleanly separate tapering from rate hikes. look at the ppi in china. this is a very hot inflation environment, and the longer the central banks wait, the greater the risks. jonathan: the beauty with mohamed sometimes, he speaks in simple terms, but it captures the moment perfectly. this is the moment we are in.

it was the worst september for auto sales in europe since 1995. new car registration plunged 25% to 973,000. that has put the industry on track to do worse than last year's disaster showing. the automakers lobbying to drop -- the semiconductor shortage. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. ♪ >> i am not a buyer of this story is all transitory. i think inflation will pick up. it will force the fed's hand to move more aggressively. >> right now the inflation is not temporary. it has people worried about more permanent. >> inflation is running in a much hotter pace than we thought it would be a few months ago and will be there longer. jonathan: that was the morgan stanley ceo james gorman and the bank of america ceo and the wells fargo cfo. those guys are dialed in. they know what is going on in the world of corporations and what they are dealing with. they are pushing back hard this week. your equit

europe is struggling to find enough: gas. -- enough coal and gas. according to an interim analysis of a late stage trial, -- another hurdle for the global economy. a metal used in everything from car parts to phone chips is scarce. global news, 24 hours a day, i am ritika gupta. this is bloomberg. >> you have acted to make our banking system laissez and that -- less safe, and that makes you a dangerous man to head up the fed. >> you are thoughtful, deliberate and transparent, the antithesis of dangerous. >> our country will be better off with your leadership. jonathan: a dangerous man the quote of the week! good morning. tom keene, lisa abramowicz and jonathan ferro. we are pushing 150 again. at 100 49.44, we enter a dangerous -- 149.44, we enter a dangerous period in washington dc. tom: what you call it " relative gloom," jon? lisa: relative gloom -- i like that. tom: house democrats our caucusing at 10:00 a.m.. what is a caucus? do they meet at starbucks? >> we are good at caucus here and by that i mean talking to each other -- at each other rathe

it is easy to bring moderna to europe, to the usa. do you have to bring the vaccines to africa or find a different process, a different technology? dr. afeyan: i don't think you need a different technology. you may be aware, we just announced today a commitment by moderna to establish the first ever mrna manufacturing plant. we will select a location in the continent of africa over the coming months. there are discussions ongoing. but it is going to have production capacity of up to 500 million doses of our multiple vaccines we have under development, as well as data for covid, and that will involve investment of $500 million. so that is one approach, but i should say the technology could also mean -- everything else has been dramatically more complex. this is a pure information molecule, and if you know what to do with it, they make the antigen. it can attack any kind of threat, including respiratory viruses we are going after. so i think the to knology -- the technology has lent itself to production globally. lisa: your share is up

jonathan: is that another stop on the tour, from europe to indiana? from new york, this is bloomberg. ♪ ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with a 98% success rate and a more affordable weight-loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. no stimulants, no starving, just results, results you'll keep for life. with over 2 million satisfied customers, golo is the new way to lose weight. go to golo.com and get your life back... -with golo. -golo! jonathan: live from new york city on tv and radio, this is "bloomberg surveillance." i'm jonathan ferro. your equity market is up. yields on the basis point -- earnings from 3m, from ge, and the numbers from them and ups so far so good. that is the equity market story. foreign-exchange -- euro-dollar is unchanged, 0.05%. 8421 -- tom keene in nebraska, 330 on saturday. ask management if we can expense the trip. it will be less than your daily uber's. that is the official response. i thought that was kind.

is natural gas still large in europe? jonathan: it has been a story. the energy part of the issue is still there. whether this should contribute to a central bank next move is a very separate debate. it is a debate we are having in this bank of england is responding to this in a way the fed and the ecb and the boj is not. jonathan: this is really important -- tom: this is important. you are seeing different nations imply a different approach. i wonder how the buddhist bank reacts as they advise madame lagarde. jonathan: i'm seeing norway, i'm seeing south korea, i am seeing them hike interest rates. i'm thinking about the bank of england may be joining them. the big news for most people remains that the ecb, the federal reserve, the boj, the big three with massive balance sheet expansions supporting this market, they have not folded yet in the same way. you're not having the congress asian about higher rates and the ecb like you are at the bank of england. tom: you are not seeing it. this'll be something to set up for the week. earnings part of the sto