You see the reaction in the bond market. Volumes are light. We dont know much information at this stage. We will talk about it and give you an idea how to hedge at some of the risks. The countdown to the close starts now. The countdown is on in europe. This is Bloomberg Markets european close with guy johnson and alix steel. Guy stoxx 600 down by 0. 4 . Bobbing around that place all day. Treasury markets in the states are closed. Volumes a little light. That is as far as you can go with that one. Shell is up a bit. Energy, that is what you will see. The opposite ends of the spectrum, air france is down by 9 today. There is an impact on air travel here. Russian airspace closed, closing up another piece of airspace as well. Higher oil prices. All of this not good news for the airline sector, air france. It is down by over 9 right now. So there is an obvious first steps the markets are taking. Not enough information to take a second steps, the third steps in terms of understanding the impact, the wider impact of this new conflict could have. Alix if it is a natural gas story, that could affect europe a lot more than the u. S. , but it is the u. S. Equity market seeing a little more downside. Yes, volume is like, but s p is off by half of a percent. Very similar to europe, you have the underperformers, the travel stocks. The opera performance the defense stocks. Something you would expect coming into today. Crude also elevated up by 4 . I want to echo what ed morris was saying at citi. When you have an event like this, crude moves can be enormous. This is not an enormous move. My interesting and how the market is absorbing volatility. The dollar up by 0. 1 . Interesting to see how treasuries open tomorrow and trade. Guy absolutely. We will get a better idea of that point and the day after that, we will get a better idea as well. The sense is we are now waiting for how israel is going to respond. And denmark is going to price in the next few steps. The israeli minister of Strategic Affairs and former israeli ambassador to the u. S. Joining Bloomberg Television earlier to talk about how israel will battalion eight after have asked will retaliate after hamas launched an attack with over 1000 people dead. We will have to crush their capability and their spirit. They will rue the day. We will remember that day. Israel will always remember that day but all the terrorist organizations will remember this period and the miss calculation hamas made thinking it is business as usual in israel. Believe me, it is not. They have awoken not a Sleeping Giant but a sleeping back to me but a sleeping machine and they will see it in the days coming forward. Alix with so many unknowns, how should investors react to what is unfolding in israel . We have more insight from our guests. Let me start with you because you bridge the gap in commodities and the economy and stock markets. How should investors be reacting right now . You know what . We have seen a really interesting reaction in markets. These are obviously tragic events and the effects are much bigger than what is happening in markets, but what we are seeing at the moment is investors are genuinely cautious, trading somewhat risk off, but not overreacting, right . They are waiting to see how, exactly as guy said, what the next steps are. Exactly how the situation develops from here. The market will very much be led by the politics here, and part of the question marks is how oil will be affected. We see oil and gold outperforming, the yen slightly bid. European stocks outperforming, sure. But that is also on the back of Energy Stocks outperforming. So what we are really seeing is the markets is saying, look, at the moment, this is a nervous time for markets. But we will wait and see what the escalation is and whether there is an impact on the flow of oil. If that is the case, then i think we will see a real Ripple Effect across markets. Guy you have traded things like this. You have been in the situation as a Portfolio Manager and you go to an event like this on a monday morning. What you see in terms of the reaction the markets are delivering so far . Michael like you were saying, this is a complicated story because it has not unfolded at all forget it is still at the beginning. We dont know what the impact or reaction will be. Oil has not reacted much really. The oil prices were much higher two weeks ago. Goldman sachs has an estimate that oil will rise to 200 by next june, and they had that estimate before the conflict started. We are around 85 at the moment. A lot of upside potential on oil. It could have an impact on equities. Definitely, European Equity and energy shares, something people might want to look at. Defense, people might want to look at it. We have seen defensive equities into portfolios but before that, there was big caution in the market. Lastly, there was a change in the market in the u. S. People started hedging the portfolio and that could be something that helps the market, the people are not complacent. They are already hedged for part of them. That may help the markets the next few weeks. Alix what is interesting is goldmans at even if the saudi Production Cut stays, it only adds 4 to the cost of oil in their forecast so it is not tremendous in that respect. Hedging geopolitical risks ever since brexit has not paid off. Why . Is there a way to kind of manage that differently . Michael look, at the end of the day historically speaking, keeping a very cold market approach here, but Financial Markets dont tend to react too much to geopolitics. Usually, you have very specific sections of the market that are highly impacted. Oil will be the one that is mostly impacted because in case of an escalation, this is where things might change in terms of supply. But also, you know, in terms of how things will evolve on the ground. I think overall, there is no panic. There is rarely panic on geopolitical events. Unless they are very, very largescale. Guy eddie, as you both said, we dont know what comes next. The oil market relatively muted today. Where up by around 4 but you need to see that in the context of where we have been recently. If we end up with higher for longer energy costs, how does that change the market narrative . That will be something the fed is going to have to think about . Federal banks traditionally or recently looked through energy spikes but are learning the lesson that could be a mistake. If oil stays, i dont know, 80 five dollars to 100 for the next 12 months, how does that change the valuation of other assets . Eddie michael is absolutely right. Geopolitics generally it is something that creates headlines and ripples in Financial Markets. It is quite often very quickly faded. We see that in gold. The exception is when oil prices are affected and the flow of oil is affected. We saw that with russia last year. When the real supply of energy is impacted, that feeds through to the markets because it impacts inflation. I think for that reason, what is really interesting to me is how the treasury market has responded. I know that of course the cash treasury market is closed today, but even in the futures market, but we are seeing is a bid for treasuries. We are not seeing people trading higher for longer energy prices. They are not trading the inflationary impulse. They are not even buying the short and selling off the long end. They are moving into treasuries. This is a risk off event right now. They are buying treasuries off the back of that, and therefore we see yields coming, moving accordingly. I dont think that is i think this is definitely the one key thing. We will have to be very careful over the next few days to assess what the wider impact is, how the oil market more widely and the flow of oil will be impacted or not, and i think that will be the key input into how the rest of the market reacts. Alix really interesting and good conversation. Really valuable. Thank you very much. We appreciate it. Want to be more perspective on the question of the day, how should investors react and how do you think about allocating now . Seema shah joins us next. This is bloomberg. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Hamas started a cruel and evil war. We will win this war. The whole country is wondering and in shock. It is incompatible and we are still waking up and hoping it is a nightmare. The palestinian people, all palestinian groups, and the islamic ummah should be congratulated. This is israels 9 11. This is israels 911. The United States stands with israel. We will not ever fail to have their back. This real cannot wage a fullscale war on a nation, its people, its land, its holy sites and expect peace in exchange. Hamas and the people who support hamas are fully responsible for this appalling act of terror. Israel will do everything to bring our sons and daughters back home. Guy World Leaders reacting to the crashes in israel to the crisis in israel. We dont know yet what comes next, and i think that is the issue that markets are really struggling with. How do some of those tensions those leaders were vocalizing get resolved . Do they get resolved . And in what form do they get resolved . Markets are and wait and see mode. How should investors be reacting . We have seen the initial august reacting. You buy treasuries more bonds, oil, the dollar, sell some equities, but oil is doing well today and defense stocks are doing well. Those are the initial reactions. What comes next is more difficult to determine. Seema shah is joining us now. Seema, you come into work this morning, you come in on a monday morning after a weekend that we have seen the terrible events unfolding in good how do you think about how you approach a market on a monday morning like today . Seema hi, guy. Thanks for having me on. It is difficult. Especially with u. S. Bond market being closed, that makes the situation even more difficult to navigate. I think the overlying impact as we said today is one of uncertainty. The wise thing to do is stick to almost a neutral positioning because this could go many different ways. The thing we could be watching over the next weeks, months, or so is going to be oil prices because sometimes the direct impact from geopolitics is quite shortlived. It is really those indirect market impacts, the secondhand effects which are more persistent and potentially more damaging. So that is what we will be watching to see the impact on growth, inflation. Those are the two macro indicators that impact and of course how the bond yields move and then those equities. Alix what is so interesting is this month is the 50th anniversary of the oil embargo in the u. S. In the landscape of the oil market, it is so drastically different that i wonder how you look at the transmission mechanism from volatile or high prices into the economy, Central Banks, the equity market. We are in a very different place. The u. S. Produces 12. 9 Million Barrels of oil a day. Seema shah you seema you are right. Thinking about the 1970s, immediately there was a bit of a rally in bond yields but as Inflation Expectations started to move higher and he knew the fed would be responding with very aggressive action, then it was a very different picture. So that is what investors are looking to to say, are we going to have a repeat of that . The situation today in the oil market is very different. The u. S. Economy is less vulnerable to the kinds of moves in oil prices you would have seen back then. I would say that also right now the one similarity you do have which i think is very important for investors to be aware of is that just as then, today central bankers are very cautious about inflation. Came into this weekend knowing the central bank would be very wary of where the inflation future path would be. And as a result, they would have to stay fairly hawkish. Maybe at some point, they would indicate they would pause. But the narrative is not as different today as it was friday so this adds to the narrative that the fed and other Central Banks need to be alert. It probably means rate cuts are later in the future but this is day one from a market perspective so we just have to wait to see how this unravels and that makes more of a case for neutral diversification, the standard geopolitical rules. They definitely apply today. Guy why do i need to diversify . Cash is delivering 5 . Why do i need to diversify when you can protect yourself in a way you have not been able to for many years . Seema it is a good point, but given the volatility you have seen in the bond market, that stuff does not go away. We still have concerns or the market should still have concerns with the size of the deficit. Bank and what they will be doing we still have the bank and what they will be doing. I have a question about the yes, you need to have your eyes on the geopolitics but do not forget the fundamental narrative, which is still there today. In a week or two, who knows, if things settle down, you will still go back to thinking, what are the concerns i had two weeks ago . Alix that is what the guest from the dallas fed was talking about earlier. They get worried when something is disorderly, and i am wondering, that is the fundamental longerterm view. What would disorderly look like to you, and how do you read the tea leaves to that . Seema at this stage in time, we are not detecting any kinds of financial strains, so we are not too concerned. We think you can actually get 10year treasury yield up to 5 and not have to be thinking too much about stresses. It is when you get to the 5. 5 , 6 taking into account the speed that things are moving, maybe the disorderly concerns start to come. This is still a fairly strong macro backdrop. We are expecting a slowdown in 2024 but not particularly deep so there is a lot of macro fundamental factors that suggest you should be higher today than six months ago, a couple years ago, 10 years ago. I think you have to take all of that into account, but the thing we could be watching is what does this mean . If you see a continuation of the selloff at the pace we have seen the last four weeks continue for another four weeks, yes, we could be looking at some strains, but that does not seem very likely at this stage. Alix great stuff. We appreciate your perspective as we work through this. Thank you very much. Coming up, keir starmer saying his party is on track to return to power next election. The future of the u. K. Government coming up next. This is bloomberg. In the mission of having the highest growth in the g7. We want to make everyone, not just a few better off, and today at conference and tomorrow we will set out and we have set out today exactly how we are going to achieve that. Alix that was Rachel Reeves speaking earlier at the Labour Party Conference in manchester. The party holding a doubledigit lead over rishi sunaks conservative party. We are joined by someone who has been covering this all day. The backdrop to this is a very difficult weekend within israelhamas war. I am wondering what the conversation was on the ground. Lizzie we have had lizzy we have had a strong condemnation from keir starmer echoing rishi sunak, calling the attack by hamas appalling. It is in contrast to the former labour leader Jeremy Corbyn. For he became the leader, he checked platforms with supporters of hamas and hezbollah. On friday, he posted on twitter, on x i should say. He did not condemn the attacks. He emphasized the impact of israels occupation. You will remember that after losing the 2019 election to boris johnson, Jeremy Corbyn was suspended from his Labour Party Membership in october of 2020 for saying the antisemitism found in the party had been overplayed for political reasons , and he was not restored after that. It is against that historical backdrop that keir starmer has returned to this traditional Foreign Policy stand and you can imagine he was relieved he was so ruthless in his own words and terms of what happened. Guy absolutely. He has done this relatively quickly within one parliamentary term. He brought labour back to the center. Is there a sensor that it will stick . That this journey is one that has traction. You think he is capable of delivering that at this conference . Lizzy i was speaking to luciana berger, who quit, the former labour mp, over the antisemitism. She had a front row seat to the Rachel Reeves speech because she seems to think the mission has worked in order to stamp out the antisemitism in the party. Of course, going forward, it will be difficult for keir starmer. The more the situation unfolds in the middle east, there is a fine line keir starmer will have to tread to prove he has completely stamped out the antisemitism. Guy thank you very much for the coverage. Joining us from the Labour Party Conference. The european markets are about to shut for the day. We will deal with the details of the close in a moment. Airlines and certainly under significant pressure. We will deal with the details in a moment. The close is next. This is bloomberg. So. I know you and george were struggling with the possibility of having to move. Hows that going . We found a way to make bathing safer with a kohler walkin bath. A kohler walkin bath provides a secure, spalike bathing experience in the comfort of your own home. 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Airlines struggling today. There is likely to be disruption. Some risks that the airlines could cut into this. Retail is a little softer as well. That is basically the picture of the playbook we are seeing work its way through the system. London is flat. Fence oil stocks up. We tell and airlines down. Similar narrative elsewhere. 443, down by 0. 2 . The market is basically within itself rotating but at an index level, not moving. That is a very similar kind of narrative to what we are seeing play out. There is not much yet. There is not enough information yet for markets to react one way or the other. Iag comes down by 5. 8 . I could have picked air france and i did earlier. Oil stocks, Energy Stocks higher. Defense stocks catch a bid as well. I could have picked bae systems here. These are all fairly straightforward reactions in a market that in some ways does not have enough information to make clear decisions about what comes next. The transmission mechanism is through energy but we dont yet know how sticky that reaction is going to be. We will see. Treasure markets are closed today which treasury markets are closed today, which does not help. We will see a continuation in the consumer slowdown as they come through this time tomorrow. Sales and revenue numbers. We heard about what is happening in china. You saw the data from china over the weekend. Not great basically for the holiday period. The u. S. Slowing down for good europeans starting to slow down as well. The Bloomberg Energy forum taking place. You will see a lot of smart people coming together to let us know what is happening. The Labour Party Conference continues. This is being presented by the labour party as a government in waiting. And then we get to the World Economic outlook from the imf. This meeting could be interesting. There is a lot of uncertainty trying to figure out how you price all that income how Central Banks will be reacting, what is happening with economies, what oil prices will mean. It is a really difficult spreadsheet, a difficult model at the moment to try and get right. I think the imf meeting could be interesting in terms of the narratives we will be hearing from a series of people. There is a bunch of smart people coming together. Are they going to give us a answers to what comes next . Alix so much at today the imf cut its forecast for the Global Economy. Now you have the israel and hamas war with more uncertainty into global economies. Also when it comes to oil and natural gas prices, and that is a europe story as well. Lets go through some of this with the global macroeconomists at fidelity international. What do you think we will get tomorrow . How do we put the overlay of what happened over the weekend onto those numbers in the forecast . Yeah, i think the Bank Meetings happening in a very tricky environment. The clouds have been gathering already over the Global Economy. Growth is slowing everywhere except for the u. S. For the time being. Inflation is sticking. Financial conditions have tightened so much, and now we have this other layer of uncertainty coming from the middle east and the potential shock for Inflation Expectations, which is making the Central Bank Job even trickier now, so this is a very tricky environment for the imf, the world bank, and i think the outlook will be downgraded in terms of growth because these are the headwinds that are gathering. Guy economists are having a tricky time at life at the moment because their expectations, their predictions seem to not be coming to. The u. S. Economy has been much more resilient. The Global Economy has been more resilient but in pockets. What is the degree of certainty that those gathering at these meetings have about what comes next and what the economy is really doing . Anna the degree of certainty with in the meetings, back in april, the overall sense was that cautious optimism because the meetings came on the back of the crisis in the Banking System , which was handled very well by Central Banks, and there was cautious optimism the outlook was called and even recovery so they were talking about recovery. There has been resilience mainly on the back of the u. S. Economy. Other economies have disappointed, including china. Europe is probably now in a recession. I think the degree of confidence is probably low because there are so many moving parts there. Alix do you think there will be another energy shock or Energy Crisis in relation to what is unfolding geopolitically as well . You are clearly the most exposed to that. Anna it is possible. Obviously, you have been covering the transmission reckitt is some through the Oil Transmission mechanism through oil. Hire for longer policy rates. As i said, it is very important what happens to expectations, even if there is no significant pass to court inflation over the mediumterm. Inflation executions are sensitive to headline inflation and prices in particular so we might see another inflation shock and the Central Banks will have to choose whether to continue fighting inflation or prioritize growth. Actually interestingly, i was looking at some chapters the imf has released already. One of the chapters is focusing on fragmentation so they have been talking about fragmentation a lot and now are trying to assess the cost of fragmentation we see with the Economic Impact and who are the winners and losers. This comes at a very pertinent time. It is the loss of output and inflation. Guy that leads to structurally higher inflation. Anna yes and a loss of output because of slower growth. Guy you think the message will be the risk of stagflation is now significantly increased . Anna i think it is higher and there are structural factors like net zero transition and Climate Change in the latest outlook. That will be highly inflationary. It is clear we are going to need carbon price, whether stocks or other measures, but the imf is trying to bring it to the table a bit more now, and i think for sure they are acknowledging the risks of structurally higher inflation are there and that is why they have been encouraging fiscal policies. The goal is to withdraw fiscal policies to help inflation fighting in the meantime. Guy that can be tough to do in a recession. Nice to see you. Thank you for stopping by. I think i am doing your name wrong. Maybe we will get it right the second time around. Probably should have checked that earlier. This is where european stocks have finished. These are the final numbers of the day. In little softness coming through in the end of the day. We have seen a fairly textbook reaction today to what we have seen over the weekend, the horrific events unfolding in israel. Defense stocks and Energy Stocks being bid. Retail off. Treasure Leisure Travel leisure stocks also. We get a better understanding of the reaction the markets will deliver tomorrow. Coming up next, we will take you back to the middle east story and the impact it is having on oil. Oil prices are higher. The director of research and Energy Aspects will join us next. This is bloomberg. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. When you automate sales tax with avalara, you dont have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh that first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Guy this is Bloomberg Markets. Coming up, Rebecca Babbitt joining Bloomberg Television at 1 30 p. M. New york time. This is bloomberg. You would expect jump between 5 and 10 and it has been less than a 5 jump and even if we look back a couple weeks, prices have gone down a lot more than they have recently gone up so it has been a blip it has not been the kind of response you would expect after a big event. Guy that was ed morris speaking to us in the last hour. Lets talk more about what is happening within the Energy Complex and talk about its reaction to what we are seeing come of the horrific events unfolding over the weekend and into monday. The director of research and Energy Aspects joins us now. In many ways, it has not been a big reaction. We have seen a 5 uplift in terms of the price of oil but we are below where we were even a few days ago. What signal can i take away from the shift in pricing we have seen . What has been priced in . What has been priced out . First and foremost, what we saw last week was much positioning driven. We get october and november. You see this volatility around, but i would not read too much into it. The skill was massive but it was a 10 move. We moved from 85 to 95 quickly. Now we are crawling back up close to 90 now. The reaction of what we have seen might now i would argue is the Market Pricing out the fears that saudi arabia might be bringing back the voluntary cuts quicker than expected because of the diplomacy going on the u. S. , saudi, and israel. We continue to hear the fears are unfounded. My conversations confirm oil was not part of the conversations but the market was very afraid of that. That has been taken out because of the events over the weekend clearly, those stocks will slow down, potentially get derailed. We have to see. The market is definitely not pressing in escalation involving iran. That is yet to come. Alix that is my next question. Fear that the u. S. Would crack down harder on sanctions on iran after loosening up. How should one price that, and what do you think the reality of that would look like . Amrita it is a challenging one because most of the iranian oil is going to china, which is very hard to enforce anyways. Yes, the u. S. Turned a blind eye and now they say they say there will be certain measures or more scrutiny. Potentially volume comes down a little but it is only china buying it at the end of the day and it is hard for the u. S. To enforce any kinds of sanctions given the route iran is taken to china. Generally speaking, you might get a bit more vocal u. S. Administration and they have turned a blind eye. You can expect more scrutiny around those volumes. Guy what is not knowing what comes next worth in terms of the oil price . Have we seen that to a certain extent already . What is the geopolitical risk valued at currently and what could it be valued at . Amrita it is a great question. I dont think it is very high given what we have seen. The pullback has been pretty severe. People are kind of starting to price in a little bit of at least saudi arabia will not bring barrels back early. Generally what ends up happening , even for the attack that happened on saudi arabia and 2019, we had the big spike and it tends to come back down. Even right now, there is not a lot of geopolitical risk in prices. We dont have a lot of disruptions right now. Libya and nigeria are operating more or less where they have been in practice. In libya, there is noise around certain events there. I dont think the market is frothy if that is the geopolitical risk premium. Alix why cant the u. S. Pump a lot more if something is happening . Can they get more oil out of the ground quickly . I am not sure. It will take at least six to nine months or 12 months to get more out. They have reached the peak of getting out all the good oil. Was i off base there or is not right in the market . Amrita no. This is exactly what people were talking about. Alix is right. We are peaking at 30 Million Barrels a day. The best quality has been drilled. As we had from a lot of executives, the general environment has not been particularly conducive to continue producing. For me, the geology is more important than the regulatory scheme. We are picking up peaking out and we have growth quite substantial next year. Guy should we expect higher for longer oil prices . Is that the take away from all of this . How do you think that manifests itself globally in terms of the demand story . Say we are in the 90 to 100 range. I dont know. What does that do to growth . Amrita i think 90 to 100 is very possible. That is where our price forecast has been for q4 and next year as well. If you are not producing in the tier one acreage for shale, your cost production on the floor is no longer in the 60s but in the 80s. 90 to 100 is a fair price potentially. In terms of growth, the crude oil price matters more. Gasoline prices have come off. It is easily winter and you dont get a lot of gasoline demand. At the pump, we are not paying particularly high prices. That is the most supportive factor. Diesel of course is much higher. My concern right now with 90 to 100 is not the price level. It is absolutely fine. It is much more on top of high Interest Rates if savings are also being depleted, if Interest Rates continue to rise. Does that put additional burden on the consumer . That is the concern i have for next year. We already have demand growth slowing for 2 Million Barrels down to one million euro but that is not a function of oil prices and more the economy. Alix it is always good to see you. Thank you for checking in with us on this. Wonderful analysis. Coming up, the other layer of this was happening in d. C. This obviously leaves a lot of pressure to find another speaker of the house to figure out how the government will be supporting israel in the war. We look at the latest from d. C. Next. This is bloomberg. 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Kevin mccarthy is the speaker no longer permitted jim jordan and Steve Scalise will need a majority of votes, basically the entirety. In the meantime, we have an acting speaker in patrick mchenry. It is unknown if he can participate in Intelligence Briefings at the highest level the need to act in the immediate future if there is approval needed for any further aid to israel, and that will be a challenge as we move forward, keeping in mind the senate is out of session right now. They are not returning next week and have yet to have a confirmation hearing for whom biden nominated to be the new ambassador to israel. Guy so what happens next . Does the situation in israel in any way change anything in washington, d. C. . Does this have any effect on the politics there . Kailey it may make things more expedient. We already heard there is a confirmation hearing for jack lew just two days upon the return of the Senate Next Week so they are trying to return on that in a quicker manner. It adds pressure to House Republicans to get a new speaker elected to have the other half of the legislative branch functioning in this moment. That is going to face difficulty. As real and support for it is a bipartisan issue but you are seeing parson faultlines. A lot of what we heard from Kevin Mccarthy is about the Biden Administration iran policy, specifically the move to free up 6 million in assets. He said the immediate priority needs to be the return of american hostages and that policies of appeasement will not work anymore. It will be a focal point as this moves forward. Alix do you have an idea of when you take a look at the budget versus ukraine a versus israel aid, how do they intersect or not . Kailey the u. S. Has committed to providing billions of dollars a year to israel. That was agreed to under the obama administration. The question if israel asks for any specific assistance. That may need approval. That is where the hiccups may live. This relates to other countries facing conflicts. Giving ukraine anymore funding, and israel is one of the closest u. S. Allies in the middle east. Ukraine is an ally in another part of the world that is also contentious to it spotlights the difficulty around all of this funding. No funding is getting passed in the immediate term until we have a five speaker of the house a speaker of the house. Guy it will be interesting. Do you think the two end up getting rolled together . That is what i have been hearing today. Alix thanks a lot. We appreciate it. Lets want to followup up on this throughout the day. The german chancellor and president Emmanuel Macron of france would be discussing with President Biden and Prime Minister rishi sunak later today as well. Take a look at where we are settling here on this midday that the nasdaq 100 is off by half of a percent with the s p off 0. 3 . You have the move in the dollar and oil. It is a risk off template kind of day. The amazon. Com Vice President will be joining Caroline Hyde. That is it for me and guy. This is bloomberg. When people come, they say theyve tried lots of diets, nothings worked or theyve lost the same 10, 20, 50 pounds over and over again. They need a real solution. Ive always fought with 510 pounds all the time. Eating all these Different Things and nothings ever working. Ive done the diets, all the diets. Before golo, i was barely eating but the weight wasnt going anywhere. The secret to losing weight and keeping it off is managing insulin and glucose. Golo takes a systematic approach to eating that focuses on optimizing insulin levels. We tackle the cause of weight gain, not just the symptom. When you have good metabolic health, weight loss is easy. I always thought it would be so difficult to lose weight, but with golo, it wasnt. The weight just fell off. I have people come up to me all the time and ask me, does it really work . And all i have to say is, here i am. It works. My advice for everyone is to go with golo. It will release your fat and it will release you. From the heart of where innovation, money, and power collide in Silicon Valley and beyond, this is Bloomberg Technology with Caroline Hyde and ed ludlow. Caroline im Caroline Hyde in new york. Ed i am letlow in san francisco. This is Bloomberg Technology. Caroline we will bring you the latest updates from the israelhamas war as fighting continues for a third day. Ed we will speak with technology exhibited to own and operate businesses in israel for their view on the ground and what it means for israels tech sector. Caroline