good morning powell seeks to reassure lawmakers and investors france’s economic recovery is on track crypto investments are a threat and johnson’s moment of peril here’s what’s moving markets federal reserve chair jerome powell sought to reassure lawmakers and investors on tuesday that the central bank can pull off the tricky task of bringing down fourdecade high inflation without damaging the us economy the sp 500 halted a fiveday slide the nasdaq 100 outperformed major benchmarks and the dollar fell euro stoxx 50 futures are rising this morning france registered a new record number of daily covid19 infections as the omicron variant continued its fastpaced spread across the country still the euro area’s secondlargest economic recovery is proving almost immune to disruption from the wave of infections and is set to get extra support as supply constraints start to ease that’s a source of reassurance for policy makers who have said european economies will be increasingly resilient to problems on the public health front investments tied to cryptocurrencies and digital assets are by far the biggest threats facing individual investors in 2022 according to an annual survey of securities regulators by the north american securities administrators association separately kim kardashian and floyd mayweather jr were sued for allegedly scamming investors in a cryptocurrency called ethereummax conservative mps are watching boris johnson stonewall over allegations of pandemic rulebreaking parties at his office with horror  and a degree of gallows humor opposition politicians have called for the uk leader’s resignation over the latest claims but it is the reaction of his own tories that will be of most concern to the prime minister one conservative mp described the mood as sulfurous while another predicted the end of the road for johnson it’s a significant moment of peril at the worst possible time for johnson who had hoped to begin 2022 with a reset us cpi data due today is expected to show prices rose 7 in december the most since 1982 sainsbury ferrexpo jd sports just eat takeaway and teamviewer are just some of the firms in europe giving sales updates the eia’s weekly crude oil inventory report and the usda world agricultural supply and demand estimates round out the day’s highlights this is what’s caught our eye over the past 24 hours   this gaming hub is on the brink   why sony is making more ps4s and finally heres what cormac is interested in this morning global value shares are once again in the ascendancy but it may be too late for an investment strategy which has seen more false dawns than an arctic seal cheaper economicallysensitive stocks have outperformed their growth counterparts this year  most notably in europe  as traders bet higher bond yields reflect better prospects for growth rather than outofcontrol inflation but if value shares are winning now why didnt they outperform from the pandemic lows when wagers on an economic recovery first ignited and fiscal and monetary policy combined to juice growth since then only emergingmarket value shares have bested their growth peers the basic argument of value bulls has remained the same  leverage to an economic recovery  only this time we are closer to the time when policy makers pull away the easy money punchbowl while a value rotation could well have legs if interest rate rises are gradual fasterthanexpected hikes risk choking off the economic growth the strategy depends on that means a bet on value is as much a wager on the abilities of central bankers to successfully manage the next rate cycle as it is on the shares themselves cormac mullen is a deputy managing editor in the markets team for bloomberg news in tokyo like bloombergs five things subscribe for unlimited access to trusted databased journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters the bloomberg open and the bloomberg close with assistance by cormac mullen and gearoid reidy