from world headquarters in new ura., i am david g china's currency reserve status. what it means for china in the dollar. good news for jp morgan bankers, the tool will remain unchanged from a year ago. find out why flat may be the new up when it comes to bonuses. m black friday for traditional stores. how has cyber monday helped or hurt struggling retailers? first, let's go to matt miller. matt: good afternoon. we are seeing in markets down across the board, but the indexes have come back considerably from a drop lower .round lunchtime the s&p and the dow jones

industrial average are unchanged. the nasdaq moving down a little bit. inre is very little volume equities. you might expect that after a holiday weekend. function ofhe svs that breaks down volume in the index by industry. for example, in yellow, industrials, they are trading 37% less volume than they normally would on any trading day at this time, over the average of the last 20 trading days. that everything is down. the only thing trading up to the 20-day moving average almost is utilities, because you see the big defensive stocks gaining today. downl stocks, oddly, are after this. you --very little ball volume. what about other asset classes? matt: equities can sometimes be boring. be amazing.

this is an intraday chart of the euro. $1.567. the euro coming down against the dollar. we're waiting for mario draghi to pull out his big bazooka, whatever it takes to whatever you think he is going to do, he will do more. in the fed is going to raise rates. money coming out of the euro and into the dollar. today's move in oil, pretty much unchanged, but if -- by the way, the two-year, .93%, the highest since 2010. oil. talking about that gold was interesting. it came up today, but it has gone punished for the month. the same is true for both oil and gold. 65.70.utures, 100

other asset classes are exciting. david: there you go. let's check in with laura keller at the news does. laura: thank you. the university of illinois at chicago says one of its students going off campus has been arrested in connection with threats made against the university of chicago. an online thread reportedly mentioned the quad, popular gathering place, and 10:00 a.m. monday. the school canceled all activities scheduled for the main campus. president obama called the paris climate attacks a turning point on taking action on global warming. the president spoke on the opening day of the conference. president obama: this is the moment we finally determined we would save our planet. the fact that our nation's share a sense of urgency about this challenge and a growing realization that it is within our power to do something about it. the goals is to persuade the wealthiest nations

to invest billions in clean energy research. summit inbal climate paris, president obama met with russian president vladimir putin. obama urged putin to decrease tensions with turkey following the shootdown of a russian jet by turkish forces. the eu and turkey have agreed on a dell to slow the fight of refugees from europe. the eu has returned to give the turks more than $3 billion to help refugees. it will restart negotiations on the big to be an eu member. you can get more on these and other breaking news stories 24 hours a day at the new .loomberg.com i am laura keller. david: the u.n. joins the reserve currency club. this lagarde spoke about the significance of including the currency and the imf special drawing rights basket. ask the inclusion is clearly an important milestone in a journey

that has begun months, if not years, ago. a journey which is a transition towards more market-driven principal of the macroeconomic framework of china. david: let's bring in a strategist from socgen. you talked about the news we have this week, starting with the announcement from the imf. let's start with that. how big a deal was this? it was a foregone conclusion for a lot of people. weighting is close to what people expected. 10% was banded around. it would have been some thing like 15% in the past. it is a big deal, but it is more than sterling, more than the japanese yen. it is the third most important

enough five currencies. it is a big deal and beijing in terms of prestige. there will be a few champagne corks topped, i guess. there will be some demand for the currency global deserve managers, but there is no obvious correlation between w weigi -- you are hting in the sdr. there will be little selling of euros and a little buying of the renminbi. people might use this as an excuse to sell the euro, because they were doing that already. it will not alter the fact that probably theuan is most overvalued of the major currencies right now. david: this is some think people will have to address at some point. when we talk about over evaluation, when will we get to that? >> i think we will have to wait. the chinese have a look at the idea of letting their currency

weaken back in august. there was an enormous amount of volatility. they tried to keep the whole thing under control. my guess at this point, without knowing better, is they might be tempted to delay certain things until after the fed makes its move in december. then we have liquidity, so you might as well wait until the end of the chinese new york -- a new year, as well. david: let me ask about the chinese pmi numbers tomorrow. what are you looking for? >> headline numbers up to something like 50, so marginally coming back from the worst of the numbers but certainly not out of the woods. the one certainty is that the steady downtrend in the growth rate of the chinese economy is going on. that has not bottomed out. i think we're in for a little bit of a pickup from the worst.

david: we're due to get information from mario draghi and the ecb on wednesday. there is a lot of unanimity that something will happen, more stimulus. what do you think it will look like? ecb, when they meet on thursday, they will almost certainly cut their deposit rate another 10 basis points, deeper into negative territory. i think everybody is pretty much committee to that. it is key to keeping the currency down at this point in time. i think they will increase the pace of bond purchases a little. i think doing nothing on that front would surprise us. will broaden the bonds they buy marginally, but i am not sure that is important. they used the wording about continuing through september 20 16, and i think that will go away. qe until we get the inflation rate that.

i think that will be the underlying message. since everybody expects to be surprised by mario draghi doing at least as much as expected, whether he can surprise as again this time, he gets harder every time. but that is his track record. david: forgive me, the meeting is thursday this week. mario draghi is regularly underestimated, so you said, people tend to underestimate him. >> yes, in october i read a piece before the ecb meeting saying i think will get a further cut in the discount rate. the euro-dollar was then up near $1.15 or the move was much higher. he came up with a clear signal that more would be done. i have been caught i this two or three times in the last few years. i am watching to see what he does. be a sense of the european central bank that, whether they are running out of commission -- ammunition completely, but they're using up

some of the last of the moves they can do the you cannot indefinitely increase and you cannot go deeper and deeper into negative territory. he needs to get maximum bang for each book or ichiro. david: thank you very much. coming up in the next hour of bloomberg markets, bank bonus season is around the corner, and jpmorgan says it is not increasing its bonus pool from last year. why flat is much better than what some of the competitors are offering. and pimco quietly pulling off a stunning performance that one analyst tells nothing short of phenomenal. we will have a guest after the break to discuss the digital payment space just days after square went public. we will talk about the deal for songuard finally closing. ♪

david: welcome back. time for the bloomberg business flash, a look at some of the biggest business stories in the news. morgan stanley is said to be having job cuts totaling as much as 25% of company personnel worldwide. people say the cuts could come within the next two weeks. bond trading revenue fell over 40% in the third quarter. target is struggling to handle a surge of e-commerce traffic on cyber monday. the retailer has been unsuccessful for some users. it comes at a bad time for

target as it makes a bigger play this year for all my customers. customers are placed in a queue as the website experiences spikes in traffic. the governor of puerto rico says the island has not decided whether to skip bond payments due tomorrow. it is said that puerto rico is still an negotiations with creditors. the u.s. senate judiciary committee will hold a hearing tomorrow on puerto rico's fiscal problems. you can always get more business news at bloomberg.com. let's go back to the markets desk for a check on some company movers. matt: interesting things happening. and with the low volume very little movement on the indexes. , a lot of people first heard about this company when gopro started having its issues and a slowing of growth. now an analyst at steve on the chris says he sees growth at , even with the decline

in gopro. he says he thinks this stock is worth $115. his price target is 63 said -- $63.92 per share. bullish news on amberella. the stock rising almost 10% today. another dinner is it -- another .ainer is itc holdings it is exploring a sale. it is a five billion dollar company. when someone says they are in play, you will see in in the stock. that is what we see today. this is the best movement for itc in seven years. up 10.5%. csra will start trading separately on the stock exchange. in the s&peplace csc 500 to her david: the wave of

amanda bank deals gives rolling, and fidelity national information services announced the completed the acquisition of financials after a company sungard, valued at $9.1 billion. shares down today on the news. gary norcross joins me now. talk to me about the motivations for this acquisition in terms of the strategic fit. sungard has a focus on capital markets. how does it fit together? fis is the leader in core banking today. we look for companies that can bring a new product and/or a new service, break us into a new market within financial services or, ideally, both. sungard is the perfect strategic fit for us. it brings our capabilities in making payments and brings as an extensive experience in capital markets, wealth management, asset management. clientelling dot com and base.

david: talk about the timing of the deal. sungard was held by private equity for a long while. how different is this company from what it looks like in 2005? gary: we have seen a tremendous turnaround in this company. they did a spin out that was tax-free. they have been a very nice job. they have been investing in their products over the last several years, investing in a sales force. we have seen consistent recovery in their sales. we think it is a natural fit for fis. david: you are going to repay some of its debt. gary: our balance sheet is important to us. we absolutely, over the next two years, will focus on paying down the debt very rapidly. we will get into a comfortable ratio, around 2.5 times him and a leverage ratio. we will be pretty focused on that.

david: what does the future of this sector look like to you? gary: it is interesting to her have been with the company more than 27th years. i have seen more change in innovation over the past three years than i saw in my prior 24. the pace of change is accelerating. competition in certain markets is accelerating. one consisted theme is you have to have the scale that allows you to invest for the future but datainvest for current survey of clients. we have the broadest products in the industry. we have moved into capital markets and wealth management. it will continue to help us build that scale first to be able to invest back in innovations in the future, to continue to help our clients grow and prosper. david: people think about square . the ceo of that company is a very public figure, dare i say a bit more public than you. what has he done for the sector? i think to backup a

minute, looking back to innovation, there is a tremendous amount of innovation in payments and financial services in general. space, asin that well. we continue to come back and invest 5% to 6% in our review -- revenue, and we have a think tank with our clients to see were the industry is going five and 10 years out. and we make micro-investments in early stage startups to stay ahead of the innovation curve and help deliver to early .dopters companies like square are just bringing more change and innovation to the market. us,kly, at fis, for anything that creates payments in the market is a good thing for us. david: about the environment here, i-might be looking for someone to buy it. do you think this being a good environment for m&a going forward?

gerry probably continue to see m&a as part of a strategy, that it cannot be the strategy. you have to focus on organic growth. you have to continue to serve clients. you have to make sure you are up selling appropriately. that there will be opportunities . it is easier to make an acquisition to build up your scale and product portfolio faster than you can build it with market demand. i think acquisitions will play a part in anybody's strategy going forward. david: thank you very much. ceo of fidelity national information services. still ahead, why jpmorgan may be the year's best bank when it comes to bonuses. more on that next on bloomberg television. ♪

david: welcome back. bank bonus season is around the corner, and jpmorgan may have big ranking rates. it is leaving its a bonus pool unchanged from last year. talk about the significance of this, the rarity of it, leaving it unchanged? >> it is a strange world where leaving something unchanged is a huge victory. europeanse them to when deutsche, credit suisse, and barclays are talking about zero bonuses, some talking about cutting bonus pools by 60%, so when you see all your competitors are shrinking -- they are getting out of businesses and cutting no,ensation, jpm is saying,

we are keeping it flat. david: what message does it send to competitors? >> a lot of things. it is no secret within the industry, they want to maintain the complete wallet for their clients. they want to have all the businesses and the many things to many of their clients and institutional markets. it do so, they need to keep paying their people and paying them well. that is what the message is to david: they are going to leave it flat. how will this shakeout among different divisions within the bank? >> there is a lot of variability. entire pie, this huge size. within fixed income, which has been problematic, a lot of people will have much smaller bonuses, and on average, i think 4%, but it could be much more. within equities, you should be expecting a been a bonus. if you are an investment banker,

you should be expecting a much bigger bonus. david: you had another story on morgan stanley looking to cut in a division. it is part of the same story. morgan stanley is deciding, just as the europeans have, look, we do not have the scale and are not getting the returns with the regulatory requirements, so 25% smaller in that business, and that will be announced in the next two weeks. that is huge. imagine 25% cuts in the newsroom. you will be cutting people in different areas. jobd: i will be doing this -- i noticed that compensation and corporate investment banks consume about 30% of revenues. how sustainable is that? >> jpmorgan is probably lower. the industry is closer to 35% to

40% or jpmorgan is on the lower end. they have done it for about five years. they have done a better job at 50%being 30% one quarter, 1, 40 2% one, and changing how businesses do. some smaller firms, probably jeffries, they are all around the place. david: thank you very much. on this last trading day of november, oil is set to average less dan $50 a barrel for the fourth straight month. the commodity's close is coming up next. ♪ we live in a pick and choose world.

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the headlines. lara: democratic presidential candidate bernie sanders is undergoing a hernia repairing procedure, and outpatient procedure at george washington university hospital. it is described as elective. willials say sanders resume his duties in the senate tomorrow. world leaders are holding an unprecedented gathering, trying to get on the same page about global warming. president obama and the heads of 150 other countries are in paris for the climate conference. the goal is to limit carbon emissions. poor countries say any deal should include aid to them. that was backed by president xi jinping and china. conditions in his country's capital show the need for change. a pollution alert there has been raised to beijing. there is a poisonous substance in the city has air at 25 times higher than the safe level. on talksleaders gather to limit carbon emissions, the

world's richest man is tethering a group of like-minded for lamp versus just philanthropists. ma andtes joins jack other investors on a new fund to be set up next year here they will collaborate with countries that create the most in clean energy r&d. russia will restrict imports of turkish fruit and vegetables as part of the package of new sanctions. that comes after the attack on a russian warplanes by turkey last week or the fruit and vegetable ban could be deferred for several weeks to allow russian firms to find new suppliers. russia has banned food imports and the pets from the european union and the united states. the final installment of "the hunger games" film ventures is going out with a gain. it held on to the first place box in the second weekend in theaters. six $.1 million -- it

has taken in $198.3 million so far. on these andore other breaking stories 24 hours a day at the new bloomberg.com. back to you, david theodore david: thank you so much. commodity markets are closing in new york. we start with gold. gold gaining for the first time in three sessions. it has fallen 10% this year on a petition for fed will raise interest rates for the first time that stood up and six. copper futures advanced for a second session as smelters and china proposed to cut up it next year by 200,000 metric tons. the chinese economy grows at the slowest pace in a generation. crude oil is racing earlier gains, heading for its largest monthly loss in july. opec prepares to meet in vienna this week. oil is still averaging below $50.

the record supply glut shows no signs of ending. the u.s. are experiencing warmer afternoons. it is wreaking havoc on natural gas prices to the late start to the winter season is exacerbating the natural gas market already struggling with global oversupply spirit prices falling the most in five years. i have a strategist from bnp paribas with me. we spend so much time talking about oil and the glut. how comparable are these two? problem. oil and gas poses sever from an embarrassment of riches. shale supply. we have seen quite a bit of supply come into the market because of the shale discovery in the u.s., and frankly, the market is having a hard time consuming all of the supply available in the state. david: what could make that turnaround? >> not only do we have a supply problem, but it is very warm, so our heating season begins in november and ends in march.

december through february is heating demandt occurs. it is very important to clean up the oversupply. frankly, without the weather showing up, next week will be the warmest still, so we're not seeing a strong start. last year, december was the second warmest on record. though it is at back to back warm december. that is hard for gas producers. david: you look at that an oil and producers cutting back. summertime, a low demand season, we saw a number of dominance, such as cabot, shutting wells in the marcella spirit week of those would come back online during the wintertime, but unfortunately, the slope start to the season means we may not see the level of production surge. we're seeing a curtailment, especially at these prices. david: can i ask a couple questions on oil? the opec meeting is coming up. what are the odds of something

unexpected coming out of that meeting. any chance something unexpected will happen? >> i do not think so. even if we did see an agreemen and that will be hard because it is a very divisive topic on whether or not it is market share, so you're giving up market share. you step away from the table and other suppliers will likely step in. they will not resolve the inventory problem. we see an inventory problem well into 2016. recovery is no sort of in the back half of the year. we are not looking for any surprises out of the upcoming opec meeting. andd: and the significance the fact that russia is interested in attending? >> one year ago, one of the reasons we may not have seen a change in supply since has been the fact that these nominal producers, especially russia and now the u.s., are very important. we have seen the largest supply growth occur out of non-opec suppliers.

the onessuppliers are moving. we see the largest supply cuts occurring out of non-opec supporters. his nuclear and deal being pushed to the pipeline. if sanctions are relaxed, what impact would that have -- iran and the nuclear deal being pushed to the pipeline. >> the is new supply coming online and i can to the market. we already have an inventory problem. the possibility is that the recovery will be long-delayed. david: thank you so much. that is the director of commodities strategy at bnp paribas. just stillally reeling from the departure of bill gross. the income fund beach 90% of its piers this year. , who coverss john pimco. ivascyn.s about

we all know who bill gross is. n is a little less numb. >> he likes to play the quiet guy who is the hard-working, nose to the grind, does a lot of homework on weekends and vacation time. he is always looking for something interesting to invest in as opposed to talking about it. he is more of a sort of quiet man of action, cares very much about what a good investment is. david: we're drawn to this $12 billion in and. but we have to square that with the $130 billion plus outflows we saw when bill gross left. is now $51me fund billion. the total returned bond fund, which bill gross used to manage, at its peak in early 2013 was almost $300 million. now it is $93 billion -- i am sorry, the first one was 300

billion dollars, and now it is like $93 billion. most of the money followed bill gross out of the firm. but this firm, headed by daniel n has been attracting money. pimco reported that in october, for the first time in more than 25 years, it had positive net inflows. $400 million, which is nothing compared to the hundreds of billions that have left the firm since the taper tantrum back in 2013. ,t is still a certain benchmark a turning point. david: we talked about the contrast and personalities. how about with their investment strategies? let's look at the income fund? >> there is no benchmark for the income fund. basically, they have a mix of funds, and there are two basic groups within the fund.

there are funds that are strong, dividends-producers. and there are other funds where they are finding deals, prices that are beaten down on bonds. so when the time is right, they zprom, and they made a handy profit on it. other things they are staying away from, good about not losing money on, are emerging markets funds, especially those non- dollar denominated ones. david: thank you very much, as always. next 20p in the minutes, donald trump is sticking to his word, refusing to back down from comments about new jersey muslims and 911. black friday was a disappointment thanks to shoppers who chose online deals. will cyber monday be any better for retailers? wells fargo's john manley explains why he thinks u.s. stocks or not over value.

♪

david: welcome back. turning to politics, donald trump is not backing down from saint thousands of muslim americans in new jersey celebrated on 9/11, despite being confronted with lack of evidence that it happened. not backed down. he was on "meet the press" yesterday, and he would not recount. >> he is not going to back down, because he saw it -- he saw it. he saw it. he saw it appeared david: you are repeating it, which is

something he does. wasf this was the case, why there no video that surfaced? he said back in 2001, it was like the dark ages. they did not have the same technology. at that point, there were a lot of cable channels. i believe this channel existed, as did many other channels. as it did the world wide web, but it had only been around for a decade. it is weird that if such a thing actually happened, thousands, thousands of muslims in paterson, new jersey, weird we would not have seen video of it yet. will: what has he does why he not just what he said? what is the risk? john: the flipside is the real way to analyze this year what is the risk of him continuing to ?ive or to spread untruths i think his view is that he has done a lot of questionable things over the campaign. he has said things that have been factually dubious, outrageous, and controversial,

and none of it has cost him anything in terms of his support. there are people who would say that if donald trump ever wants to be the republican nominee, he will need more than 30%. but for the moment, and a field of 16 people, 30% puts him in the front. it has for five or six months. is whatjecting strength he is thinking, people love me love me more for taking on the liberal media. he has kind of a choose your own reality as opposed to two john adventure. donald trump says this is the liberal media just lying to you. will you believe me or them? an incident was tied to this debt a reporter at the new york times was born with a birth defect and was seemingly marked by donald trump on the campaign trail. a reporter who covered new jersey after 9/11. the reporter said there was no cheering going on and he is exaggerating.

john: a reporter had written the story in the washington post in 2001, saying there was some investigation of reports is there had been some people cheering. it did not say it was true, just that people were looking into the matter. he came out and said afterwards, that is all that i wrote. i did not write about thousands of people and i did not have any proof. donald trump is basically clinging to that original article back in 2001 to show there is some merit to what he isn't saying. then there is this mockery. he says he has never met the guy or did not remember him. unfortunately, and the comments he made, he said things like, he is a nice guy, you should see this guy, and then did kind of a mocking symbol. may be telling the truth and donald trump been -- may not be faithful to the facts.

think an apology will be forthcoming anytime soon. david: let me ask about the events this weekend in colorado springs, the shooting at the planned parenthood clinic. the debate is unfolding on capitol hill about funding for planned parenthood. does that incident show any signs of stalling out or stopping the investigation? a committee has been formed by john boehner. john: paul ryan is can discontinuing the committee. to thets are quick shooting was in some way german by planned parenthood -- paul ryan is continuing the committee. the alleged shooter game a rambling interview when he talked about baby parts after the shooting. this guy ise saying a product of hateful speech i republicans. we need to shut down the hearings. republicans say we do not really know much about this yet. it is fair to say they're right

about that at we do not yet really understand what the motivation of this crazy person we to do this thing, if -- do not really know his motivation. there has not been a systematic investigation of everything that letter to it, nor has anyone gotten a coherent statement out of him yet about why he did what he did give republicans are saying, let's not jump to conclusions and politicized this. as more information goes out, the contours of the rate may shift. david: thank you very much. him on "with all due respect." time for the bloomberg business flash, a look at some of the biggest business stories. quite it's wiese is extending the paid time off u.s. workers can take to care for a new child. it will give up to 20 weeks of paid leave to you as a place to act as a primary caregiver following a new birth or adoption. the lender is trying to retain

and attract workers looking for more accommodating corporate culture. ford lowers -- ford motor's signed bonuses paid to union their new four have in your contract. they grew to $9 billion in u.s. sector investments, saying it would add or secure 8500 u.s. factory jobs. workers will get $8,500 in signing businesses and profit sharing. a possible sign that the residential real estate market is cooling off, pending sales of previously owned homes rose less than forecast in october here they were up .2% the following september. home results make up about 90% of the market. you can always get more business news at bloomberg.com. let's go to matt miller. matt: looking at some analyst action moving stocks today. microsoft is one of the big ones. moved to a strong buy at raymond james. going all the way to a strong buy, because raymond james

analyst say microsoft is the cloud winner, beating out everybody else on platforms, on software, on functionality. services from the cloud. apple, bloomberg has a great story out saying apple only spent 3.5% of their 200 $30 million in cash this year on r&d, compared to 15% at google and 22% at qualcomm, 21 at facebook. the smallest summative r&d, and they have the most money of any tech company in the world. double retail stocks appeared lululemon and under armour both moving down, both because of concern that they are discounting too much. .ululemon cut to underperform it is said they had high clearance levels at the stores, undated channel check spirit under armor is down. moving down there i started.

supplye of beauty companies. toy got a downgrade underweight by morgan stanley. ulta at jpmorgan boosting its seems to be, but it moving in sympathy with cody as they both sell beauty goods, supplies, and services. your marketsp of to her as interesting as donald trump. volume is so low today. david: thank you. matt miller at the markets desk. coming up, online shopping its brick-and-mortar retail over black friday weekend. can cyber monday save retailers? ♪

david: welcome back. paul ryanwitter -- pleading that president obama's last state of the union address will be tuesday, january 12. the last state of the union president obama will deliver appeared the holiday shopping frenzy continues today. it is expected to be a record cyber online monday. expecting to reach $3 billion. brick-and-mortar sales have taken a hit, down 11% from last year. will cyber monday save retailers? joining us is emily chang, anger of bloomberg west. talk about this weakness among brick-and-mortar stores. cyber monday extended through most of the weekend. emily: they have been making sure that they pull this off smoothly. it has not been smooth across the board.

target having problems earlier today, creating a virtual online , telling people to hold tight, that there is too much traffic right now, and return later. is of the interesting things one-third of traffic is coming in on mobile. we are seeing record online shopping, $1 billion a day potentially in transactions happening on smart phones. and we are seeing shopping stretching out over not just the last few days but over the last month. we have been calling it like november, not just black friday anymore. people are shopping everyday, and retailers are offering deals every day -- we have been calling it black november. up 25% on thanksgiving day. on black friday, 800 22 million dollars spent before 11:00 a.m., up 15%. i did a lot of shopping. online and off-line. the deals were insane.

i did go to a few stores, and the traffic was deadly. crate and barrel was much more like a show room. there were not a lot of customers spirit we went to macy's. the busiest part was the line to take a picture with santa claus. it is a mixed blessing of the retailers are getting a lot of traffic online, but you are losing out on impulse purchases. stores and apparel stores are suffering. you do not have that traffic strolling through the mall and popping in. d: walmart is trying to follow in the footsteps of amazon, embracing online, trying to get customers to come into the stores or maybe order online. we heard about amazon trying to did let -- deliver packages. what about the technology? emily: some retailers that had been only online are adding brick-and-mortar operations. you have brick-and-mortar retailers dropping the physical only. and going online

i think we are seeing a lot of retailers struggling to figure out how to maximize their traffic and how to handle the traffic. you mentioned amazon we saw amazon unveiled a design, a tentative design, for a drone. they said they were going to do this, work on drones that can deliver to your door. you have to have a nice big lawn to do this and get that amazon landing pad. it is interesting, but there's still a lot of regulatory issues. the faa has to make decisions. david: thank you very much, emily chang. check her out at 6:00 eastern, 3:00 p.m. pacific on bloomberg tv. ♪

>> it is 3:00 p.m. in new york and 3:00 a.m. and hong kong. welcome to bloomberg markets.

good afternoon, i'm betty liu. here's what we're watching at this hour. stocks are in the red as we head into the final hour of trade. consumer shares leading the way as wall street analyzes black friday and cyber monday retail results. ,ompetitors scramble for sales and beijing gets its wish. will we see more reform in china? we are about an hour away from the close of trade. .att miller has the latest kind of a drag here in the markets today. mean as in not a lot of volume? betty: