coming fromsupport working folks. ourle say, he's going to be voice. are you serious? guy who spent his whole life born with a silver spoon. showing no respect for working people. itthe president also said goes out the window if we don't win. mr. trump in florida where he the president for campaigning on behalf of hillary clinton. he spoke to supporters at a rally in jacksonville. part of two day swing in a state decide the election. >> this guy ought to be back in the office working. verynot going to be there long. thank goodness. he ought to be back in the office working. >> trump also said questions secretary clinton's

use of private e-mail server would follow her to the white house and she'd be under investigation for many years. the u.s. department of education penn state university with a record $2.4 million fine. five year a investigation into how the handled complaints about jerry sandusky before he was charged in 2011 with wild molestation. sandusky was convicted of 45 count of child sexual abuse. working to reduce the $30 billion price tag for hosting the 2020 olympics in japan says all options are now on the table. could endid the cost up being four times more. one option includes moving games miles away from tokyo. the decision expected at the end month. global news 24 hours a day. than 2600 more

journalist and analyst and over country. this is bloomberg. >> we're 30 minutes from the close of trading here in the u.s. worldrom bloomberg headquarters in new york. on. stocks barely falling electioanxiety. -- the question is, "what'd you miss?." >> u.k. court rowelled that the leave the euz without a vote from parliament. the u.s., we're five days from election day. uncertainty seems to be the thing. tighters showing even race. we're going to stand all the anxiety from the

brexit vote and the u.s. jobs from georgerow magnus. he'll be with us in studio today. forward to that conversation as we head now towards close. abigail has a look. >> it has been a bit a day here u.s. stocks. three major averages opened slightlye now trading lower. including s&p 500. on pace eight now decline in a row. longest losing streak since 2008. supporting corollating with that today. the vic up nicely on pace for a record eight days matching two other streaks. the vix rise tomorrow, it will be the longest moving day for the vix. the russell 2000 stand out for reason. it too is down.

it's down 8% from its recent peak. nearing official correction territory. gbtv.e a look at this is the russell 2000. blue.e the dow in the russell 2000 is breaking support. the chart suggest that 2000 could drop further. suggesting we could have a stock selloff. one source of uncertainty for stocks, pending election, some are comparing this election, the possibility of a the brexit. to the brexit is back in the news on the news that the u.k.'s high court that said prime minster would need permission to go ahead with her startine for the brexit next march and finish within two years. give theelping to british pound a bit of a bid.

some are thinking this will the delay in the process. we seen nice rise today for the british pound. but there is reason to think that the pound could weaken ahead. we go into the bloomberg here, look at gtv. in blue we have the pound, in a measure ofe pound vo volatility. it'sthe last two years rising. we have the pound strength, theest that we could see pound go down as volatility in higher.d goes another reason that the pound is higher surprise u.k. inflation rate. have u.k. inflation at 1%. much more hawkish than what some been expecting. we take another look at the g

chart. here in aqua we have the ten year guilt yield. in white we have the footsy 100. chart. it suggest that we'll see a collision course here. there isn't a ton of reason here that the guilt yield will go higher . this may support that some risk off or uncertainty is ahead for stocks. in the u.s. but perhaps globally. >> thank you so much. more insightsome into the bank of england carney's comments, brexit. now george magnus senior andpendent economic advisor associate oxford university china center. now.here with us george thrilled to have you on the set. huge day of course for the u.k. kind of perfect timing. start with the morning rules. court ruling in order to continue with the brexit

process, theresa may has to get parliament.the the referendum itself is not enough. how significant is it in your view and could it change the -- don't see too many people thinking it could actually prevent the triggering of article 50. could it change the complexion of the negotiation. over yet.t appealed.ing to be they're hearing that the result expected to be heard around the first week of december. obviously, the supreme court could -- it would have a looking atrief and other legal ramifications. they may overturn. this decision. have to wait and see. i think the decision is not that to stop theill vote brexit process. wild's a lot of

expectations amongst members of the community. that's what this means. it doesn't. of course, it's quite significant to the extent that it might mean. it means that strongert will have a role in opining and listening to framing,and defining, the terms of the negotiation. in other words, this is a tussle. constitutional tussle between the executive, which is the government, and the parliament, which is the legislature. which at the moment, the court ruled in favor of the legislature. >> does that mean that parliament will play a role in crafting what a post eu you can would look like. >> it could, the government basically had said previously that of course, parliament would have a role. the process.d of deciding what the terms would be. a lot of parliamentarians

found unacceptable. if this ruling is upheld, that means that parliament does get a debate.raming the right at the beginning. brexitear this term hard a lot. as if there's some other kind of hard. is not there seem to be some bright lines. justidea that you can't pick and choose the good parts you like.. that the free flow of labor, a huge reason why he won arguably. is there such thing as nonhard brexit? >> some people, including the european of the council donald tusk, said brexit orther hard there's no brexit. role of parliament might take, if it's allowed to have this role, would be possibly to

impose some conditions or sort the -- to help the frame a position that we might end up with an arrange arrangement -- it's a kind of -- remaining in the single market with restrictions on the labor.t of harder for people u.n. -- unitedunite kingdom. this.are ways to do the risk is that that a hard brexit is basically the stumbling into a fumble negotiation and ending up with nothing. today as the pound gone up. of knee jerk. if this ruling is upheld in the court, theresa may may

not be issuing article 50. saying, sigh of relief. this complicate mark carney? he had just agreed to stay on as governor for an additional two years. if the brexit negotiations are delayed, does that 2019?e has to stay until >> i don't think so. obviously he'll have his personal reasons why he want to leave. that be disruptive? >> it would have been disruptive if he felt that he had no choice now.o resign there has been a bit of a certain from politicians. that would have been damaging. that he would stay on to the point really where the relativelys will be

.ell advanced of course, this potentially the negotiations could go on for 10 years. we could find ourselves with an arrangement. there isn't going to be a hard anxit, there will be rangement. >> so the pound jumped after the court ruling this morning. it of you jump -- it also jumped again after the boe decision. one thing that caught people attention, was the bank said not much inclination to run hot.tion where do you see the boa. pound stays weak. on theat put pressure boe to strengthen the pound? will. none of us feel that about monetary

policy anymore. u.k. now thee expectation is with inflation in 2017 to 2018 fourhere between three and percent. to a degree, the bank of england would allow that to happen. if they thought it was temporary. if they thought this is would linger, the whole interest rate discussion kingdom will be flipped around. broader talk about the political landscape next, populism, everything that's going on in the election here in the u.s. this is bloomberg.

we're

back with george magnus, he's sr independent economic advisor at oxford university china doctor. center. from story.tart with the big if trump wins that will be initial hit to initial asset and whatever else. at the brexit aftermath, okay, it was a hit rallied tworything days later. simple or initial jolt but business as usual for markets? or something deeper going on if wins? >> i think there will be something deeper. brexity.ll feel very there are differences in polling settings.litical , thehing about brexit united kingdom hasn't left the

eu. nothing changed. idea that there will be this huge economic and mark fallout the referendum. wrong.proved to be that's just like basically have short position in the currenc currency. you what your about --situations is >> we're all in the bubble here. i think the outside perspective helpful. >> i think the u.s. election is different. you're looking a at a little change. i heard a number of asset managers in charge of trillions dollars worth of asset. we're talking about how this would happen after the election a set back here and a pull back here. years of gridlock

would ensue. that.ly don't buy particularly not if you have a presidency. the agenda where it comes to tode, where it comes migration, where it comes to so many things that matter to the economy, so world different. populism idea about and the government's response and elsewhere. government using the balance, i think this is going to have a huge impact on markets. >> does this rise populism around the world not just in the meaning fiscal austerity is dead? populace politician who favors government spending on bridges, pension and healthcare? >> precisely. if you look around the world. in a quiet way, the canadians

are basically going to the imf space.using fiscal that's basically pro cyclical fiscal policy. canadians are doing the are doingthe japanese it. the britts will do it in late november when we have this statement of government policy. there will be an easier fiscal policy. finance minister basically said, couple of days that germany has room for cuts. the economic program for donald clinton hasn'try reached it in the headlines. ideasprograms and their have been looked at. there will be political issues depends on congress. i think this is a moment that the time has come. talk about -- you said ramification on

financial market. it wouldn't be grid look as usual. the gridlock has been fantastic. what would come out? trump repatriots a thousandsash, build of bridges to nowhere, restricts trade. all of these things that would change the fiscal economic policies. how does that play out? >> the background obviously, we know there's a kind of tilt in monetary policy and the fed -- try to raise interest rates in december. the fiscal situation really starts to change in a material way. deficits are permitted and trajectory of federal debt next 10 years looks berbigger. it looks bigger under trump than hillary. both sides will be responding. toxics too important, too to leave alone and not to touch.

i'm not saying using the federal balance sheet or federal budget addresses the problem of populism. do it, things will get a lot worse. social cohesion too dangerous. >> would the fed be tipped into mode that would not be good for a portfolio manager? validateld probably the tendency of the federal reserve to want to move away zero rates. a bull market had in bombs basic. that's my biggest issue. talked aboutot other than trading noise. we could see a material repricing of markets. >> regime change. addition --d coordination do you think there is? as we get these populace leaders spend?

>> they say, do you know what's going on? i don't. i think that it's going to be for each major central bank. obviously to take of you and respond within the context of the local government is doing. >> it's so sensitive to over see development. we've heard that phrase come up several time in the fed statement. a most significance to the federal reserve. or not, itlikes it function as the world central bank. we know -- for the moment, china looks okay. >> george magnus, stick around, segment. we'll talk about inflation and the global economy and where we some of these cyclical trends.

>> i'm weisenthal. we'll talk about inflation. there's a really big gap in the services,en the u.s. the domestic economy where inflation is firm and the tradeable goods. them from overseas where been deflation. the data out of china has been strong. overar chart here, green here, chinese produce prices turning higher for the first years. commodities starting to pick up. highest inked up five years. sort ofssible this inflationary that china won't be longer?g inflation >> to a degree. index in china, has caught a lot of people eye.

four or four and a half years of deflating. done a lot, huge amount of credit stimulus. stimulus.l the housing market has been really good. almost bubbly during the first months. that's really stood. gone up.s donetrial commodities have well. this may not last in china. being,ually for the time it is probably taking a little bit of the pressure away from the deflation. what extent that see in theting to u.s. is linked to the turn around in china? >> well. think that china -- we had gdp numbers recently, three of 6.7%ive quarters growth. i don't think china economy is

celebrated. but it's disablized. >> george magnus, great to have you on set. thank you very much. next.ket closes this is bloomberg.

>> moments away from the closing bell. extending.

the pound getting a boost. the british government would vote on aliament brexit before it can start the theration process from european union. >> welcome to viewers tuning in live on twitter. closing bell our coverage everyday from 4:00 to 5:00 eastern time. check it out streaming on twitter.com. begin with market minutes. s&p 500 longest losing streak 2008. eighth straight day of decline. if you look at the magnitude, it's not that alarming. for the s&p 500 5th. july our stock market reporter and thisurtis has pointed out will be the 23rd time that the u.s. market closed down for eight straight days. last time this happened in 2008,

that 1996. does not happen often. thisnder if going into election if everyone is like, i remember brexit, that initial sell off. ahead of itl get this time. it's nothing too dramatic. drip. steady >> for a while we were surprised. did nothing. industryof the s&p 500 group, largely negative day. we did close off our lows of the session. you have healthcare as worse performer. a lagger alls been day long because of facebook. andwinners here were energy utility. financial finishing up barely in the green here. let's start on the healthcare name. drug makers in particular under pressure after bloomberg reported that the department of justice is investigation into generic drug makers is the point where

charges of price collusion could be filed. you're looking at the names like endo health solution that is under investigation. mylan as well. mallinckrodt. the xlv, which is the sector eftc for healthcare is off. losers, of individual lot of earnings story. found by 8%, volume was more than one and a quarter month dailyree average. but the outlook was very discouraging. facebook falling the most in nine months. start torowth will slow meaningfully. because of spending on data talent.s as well as the company cut its 2015 sale and shipment forecast. >> let's look at government bonds start -- basically nothing

on here. tomorrow is jobs day. in the meantime, they'll be the next biggest econ. nothing happening. little more interesting in the front. let's check out u.k. in the morning after that boe interpreted was being slightly more hawkish. of jump upttle bit in yield. overall, the bonds were not center of the action today. was big focal point because that extension of that streak. let's look at currencies here. been on a losing streak. just five days ago, at an eight high. bloomberg dollar indexer, it's now on longest slide. today's big rumor was the british pound. double boost. who we were talking about earlier. u.k. court ruling that the on theent must vote brexit process. the bank of england is no longer

rates again cut this year. anything the next move could be a rate increase because of inflation picking up. at it over a three recoveringd, you see nicely to a four week high. that sterling was worst informing major currency october. another currency also a pound, this time the egyptian pound is worth highlighting here. currency whichts is a big step trying to economy. its in march the central bank had to weaken 13%. spring led to the mubarak.on of >> yesterday, got a lot of data showing there's more oil than expected. opec isn't really getting it

thought so.e people oil weak, gold selling off, i mentioned zinc continuing to high.to five year believe to be out of demand from china there.ing indicator >> you can feel good that zinc is great. >> those are market minutes. coming up.'s results in terms of estimates what looking for 90 the consensus.be we're looking at the b here. was $1.07.r sure in terms of revenue, top line growth, $3.4 billion for cbs in the 3rd quarter. the consensus estimate was $3.34 billion. that is a beet. $3.34 billion would have been a 3% increase.

this is better than expected read there. entertainment revenue, $1.95 billion, pretty much in line with what analyst were looking for. revenue,works erro $598 million. let's bring in bloomberg intelligence u.s. media analyst, gaetha ranganathan. cbs seen as a bill weather for economy because it's dependent on advertising revenue. us, theyteresting to planned for it. >> absolutely. this is something -- i think many investors look at the merger of cbs and viacom as a of when not if. ver imminently now. since we have the red stone family pushing for deal. this mega deal with at&t

and time warner. ofch highlights the value content and scale. cbs will get that scale, will content with viacom. i think definitely that's going investorsy issue for going into this. headlines,ing at cbs radio --ine, plan?is part of the >> yes, they've been talking about this for a while. cbs has really been trying to reduce its reliance on advertising. they have 65% of their revenues advertising. they've been slimming that down to about 50%. it's a similar financial engineering move. their outdoor business. they're doing it now with radio. it's basically their way of trimming and slimming their operations and just focus on tv content. >> gaetha, obviously, one of the media has been really lifted by this election.

everybody turning on the tv. markets, lot of ad spend. factor inoes that here and what is 2017 look like? significant is that for cbs? >> political ad revenue at the local, station level a big factor for all of the broadcasters. 15% of revenueut for the broadcaster. the fairlyseen is muted tone of at least over the few months, because of this the lackmp effect and of spending from his campaign. for cbs, it's a little bit justrent because if you look at their political ad, dependent on the presidential ration. we have higher to the down races. i think they should be in fairly shape. 4q is when you'll see big influx dollars. >> one area that cbs is

vulnerable is exposure to the nfl. we know that ratings for live football games have been season.g this unbelievable. >> it seemed impossible. do you expect to hear as language around the nfl when cbs executives hold their conference call. this got to be a big source of concern. >> it is a huge source of concern for all of these media properties. factors that has been attributed to this week, nfl with the elections and the surge ratings.ble news once issue goes away a little can see aobably little bit of recovery on the nfl front. generally if force itself. saw that. i don't think there's any fundamental concern with sports itself. the nfl has been a little weaken

and will listen to what cbs has today. >> all right. >> thank you very much gaetha -- ranganathan. thank you for that. have some breaking earnings from starbucks. quarter beating analyst estimates. you have a miss here. that's metric you want to pay attention to for retailers. appears that china is a culprit because china and asia sales rose only one percent in the quarter when analyst are looking far gain of 5.4%. u.s. sales was pretty much estimates.e with neverthelesses stock is higher better than 4%. maybe because starbucks approved 25% increase because of dividends. coming up next tom porcelli for

reportew the big jobs tomorrow. this is bloomberg.

>> time now for first news. campaignrump is on trail. she focused on husband vision on american women, children and family. trump is to look on behalf of those who feel the notem is broken and does work for them. want a fresh take and opportunity for better education a better paying job, a better future. first. trump said that as lady, she would focus on

cyberbullying while advocating opportunities for women. all-star lineup to final campaign rally in philadelphia. by. clinton will be joined her husband former husband bill andton, president obama obama.ady michelle france is trying to attract british companies fleeing brexit. french government wants it make it easy for businesses to set up new european headquarters. it will help british companies relocating. chicago cubs first baseman anthony rizzo recorded the final out of the world series wednesday night before celebrating with his teammate, he took care of business. he placed the baseball in his back pocket for safekeeping. ken golden says the ball could than $3 million. plans. yet on rizzo's

global news 24 hours a day, powered by more than 2600 analyst and over 120 country. this is bloomberg. >> thanks mark. "what'd you miss?." lots of economic data out the u.s. today. u.s. productsivety take a break 1979. rising 3%, inflation adjusted hourly. initial jobless claims jumped by 7000 to 265,000. in nearly three months but still very low. help us break down the data and look ahead to numbers's u.s. payroll is rbc capital market tom porcelli. theally in any normal week, jobs reports is this huge deal. it's getting drowned out by all election interest.

nonetheless it's a big deal. for?are you looking >> i agree with everything you said. it is getting drowned out. deal.still a bill we're not materially different forensus, we're looking 175,000 total jobs. you have to consider how this into the fed sinking. i would submit you if you look wrip screen on your terminal, 78% for december, i would say that's high.ly a little too i don't want to split hairs. just think about the thing that have derailed this fed over the course of the last year or so. it's payroll report, things like brexit. we have a lot of these things in front of us. you have tomorrow's payroll report, to november, you have an opec meeting. fast forward to beginning of december, you have italian referendum. report. another payroll i left out the election.

there are enough big events if you know how sensitive the fed is, you have to actually significance on all of these events. ask yourself, is 78% the right number? >> i can't remember what report it was. we had that jobs report earlier the spring, where we were about to get a bunch of hike. that killed any hikes for a long time. you're saying is, every one of these data points essentially creates an opportunity to just next hike for a while? .> it does everyone who's been following this stuff understand the fed rates.nclined to raise what people has to appreciate, these are significant events like similar events that have stopped the fed from raising rates in the past. that 78% seems like. i get it, they want to raise rates. don't discount these events. to your earlier point, people

are not paying attention to tomorrow's number. on thisdard error number is plus or minus, 100,000. number subhundred is not the realm possibility. >> earlier today we had nobel prize winner paul krugman talking about the fed inflation. >> we don't know when the next u.s. recession is coming. nextn't know when the aftershock is hitting. have the ammunition -- deal with with it. the answer is not. don't raise the rates this year. think about do you that argument that okay, we might be getting closer on inflation but doesn't seem to be any risk of run away inflation. economy run let the hot for a while? why take the risk? --z thi

>> this the argument a janet puts i -- in place. she really believes in this idea theres been some sort of to the supply side of the equation, then it would let the economy run a little hotter for longer. yellen is arguing a point. i've been saying this for a long time. soon't think we should be focused on when the next hike is. much more focused how many more hikes is left. you believe in a notion that put forth, which sounds like similar to krugman, down to the conclusion, there's only handful more hikes left. i'm lessed interested when they hike. there's only a handful more left. >> lot of it depends on how they interpret the inflation data. as savoringn record

core pc. is it being too broad it wants -- is it being too narrow gauge. on that one >> it's interesting. fromu guys recall yesterday, the fed actually marked up their inflation expectations. all the language changed. they're saying, we're a little bit more worried. inflation. what's interesting about that, if you look at the future strip for energy prices, it literally moving sideways between now and over the course of the next several months. true, headlining inflation is not going to touch 2%. their target. you're not going to get 2% any time soon. you'll start to teeter around 1.7%. you won't get there until february of next year. depending on what happens with on, iffrom that point it's right, you can actually to

see inflation drip down 1% again. --hink that inflation headline inflation is wrong way of thinking about inflation broadly. we've been pounding the table on this idea for a long time. there is inflation out there if you know where to look. been highlighting that core services inflation. literally 60% of the weight of at 3.2%n is running pace. it's a flash in the pan. this has been the case for many months. resonating within the fed. i think they're going to continue to fall back on sort of core measure. the broad core measure and headline inflation. both of which we think will be touch 2% inessed to the coming year or so. capitalorcelli, rbc markets. thank you very much. >> breaking news, go pro shares afterd from trading company lowered full year

forecast. the 3rd quarter was not kind hado pro because it ajusted loss of 60-cents share. revenue, that missed analyst estimates. the outlook for the 4th quarter which includes holiday season. you would think this is the will makeat go pro money. the consensus estimate was 42 cents. funny, when go pro is rising, this is a new media company. espn.he new now on the way down, it's like, just a company that makes little home.s for your theway it changes perception is fascinating. haulted. be tracking to see where it opens up. it might not be pretty.

>> exactly. from're looking anywhere 25 cents to 35 crepts. -- cents. >> i saw virtual reality goggles, not good, all these things get churned out manufacturing wise. the competition is pretty rough. >> that was the fear. the company lean so hard on that idea. it's a softer company or media company. this is bloomberg.

>> election deep dive into the bloomberg. i'm taking a look at the relationship between gold and trump's odds of winning the election. you can see here, the candle

track gold. pink line tracks donald trump's polling average. what you see is a nice there.tion when trump does better, gold tend to move up. it is a safe haven against the trumpainty that a presidency mice produce. gold up 23% so far. at the the gains coming start of the year. circle earlier. >> pretty remarkable. was a monster start everybody loved it. politicallybe more driven than anything else. in the beginning of the year, eco.like was >> that was that huge dive in october. politics, i'm looking at the percentage of bets that have been placed on trump or clinton on the u.k. book maker. what you is really

interesting. oddste the official flavored clinton, still not that close, lots more betting has on trump.d power, over 90% of trump bets in the last few days since last friday, have been placed on trump. trump.lming bets on people sense there are opportunity given the odds. signal.s if it's a i doubt it's predictive. it is interesting how everybody trump. juicy long >> he mentioned that more money is being bet on clinton. attracting more individual wagers. i thought that was similar to fundraising. gets the bigon donors. of smallump gets a lot donations. comingup next, turkey's crackent continues his down. we'll hear how it's affecting

investment and economy there. seeing is believing, and that's why

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you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. >> time now for first word news. president obama is getting down the knitty as he campaigns clinton.ry he urges supporters to get out the vote rally in miami to take of the opportunity. >> all the progress we've made the window if we don't win this election. our hearts out this week. we got to work like our future depends on it because it depends on it. said donalddent trump was uniquely unqualified president. spokesman for republican vice

presidential nominee mike pence he 100% supports paul ryan for reelection as house speaker. reviewafter national report that pence declined three shouldo answer where he remain in the position. there's been talk about a possible leadership challenge house conservatives frustrated that ryan isn't trump moreald forcefully. in south carolina, friends and walter scott shot and killed by a white police officer last year, testified today after statements in the murder trial. cell phone video showed former officer michael slager shooting scott in the back as he ran from his car. free on bond facing 30 years to life if convicted. the european union digital economy commissioner is apologizing for comments about other people that he said created, bad feelings. the step by gunter follows

remarks last week in which he referred to chinese people in offensive language. chancellor angel appointee. >> thank you. of today's recap market action. another down day for u.s. stocks. a rowghth decline in here. that is longest losing streak since 2008. vix claiming. the dollar falling. oil dropping below $45 a barrel. the big movers here was the pound after the boe decided not rates.interest indicated it may not cut rate in the future. we'rems of earnings, paying close attention to starbucks. starbucks profit topping analyst estimates after u.s. sales gained. chinese sale trailed up one

percent. >> cbs posted third quarter results that beated the expectations. raising high paying revenue. licensing hit programs to others. see the stock down a little bit after 2.25%. >> monster beverage sinking after hour trading down by 6% after 3rd quarter earnings per revenue trailed. analyst estimates. quick mention of fossil group, is the watch maker, third quarter comparable sales miss the estimates. it sees $150 million in restructuring charges. a 7.3% drop. >> go pro, the company lower its for full year sales and missed analyst estimates for the third quarter. stock haulted, fell 7% at the close of trading. it's down 52%. brutal performance already.

watching. "what'd you miss?," preelection jitter and brexit uncertainty, been paid to the event. lot of it is negative. sell off. stock to all today, i talk sign good signs that he is seeing. massive risk. the seven largest economies in the world, all the seven economies over 2 trillion dollars. have oh them have sector.anufacturing the global aggregate is at a two year high. dealis is a big >> this is a big deal. zone, data out of euro

china, the u.s., everyone where solid.o be pretty well.an and asia is doing japan rose fifth month in a row. france is doing well. the high preliminary number. the data is strong. talk about one of the things in the euro zone data i pricingwas that the subcomponents of the manufacturing were pretty solid. looks like even central banks maybe getting closer to their firmer terms of seeing inflation data. >> absolutely. input prices are really rising. you're seeing a little bit wherever. this is good inflation. inflation has been way below target. target orway below good level, we might get closer to benchmark. this is not run away inflation. best kind of inflation we can get.

>> what about china specifically? let's go further what's going on there. commodities world help of cues from the china. there?se are we seeing >> growth there remains strong. suspicious,e can be 6.7% quarterly number. rightly so. index,like at the everyone use as unofficial guide of gdp. the reason why there was a hard landing. this year it's roaring higher. fastest pace. growth really is reaccelerating there. that on the data. everyone spend whole time focusing on the debt and the property that it's building. rather than focus on the here and now. driving reaccelerating economy. >> another thing that you notices, maybe got more attention than the other stuff,

booming. october was a gigantic month for deals. what is the signal that we can away from all of this activity? things.'s two obvious message from that, investors and people with cash. they are looking and seeing opportunities. stock -- i think that's a positive message there. that's little bit more nuance. i think more importantly, this great message for banks. strong on the back of third quarter results. trading revenues are up. strong financial sector is so vital to the economy. i think it's a really good sign. banks might be making money. well.eal making as this is another sign the whole economy is starting to rebuild. >> manufacturing data solid. pricing data solid. good data out of china. deals activity. anything else lastly that we paying attention to?

mostwill say probably importantly there's massive cash pile. latest bank of survey. merrill lynch that kind of means nominal terms, it is a record high. we've been pumping money in the system. good.d is too much pessimism. back in. to pour fromat was mark cudmore singapore. >> he point out a lot of interesting thing that people forgotten as we get bomb barded with the headlines. electiony in the u.s. and brexit. >> there's a lot of good stuff there. interesting point, in addition to lot of good ecodata. the said lines. fund manager survey, highest in

terms of how much cash they have if they start to apply that, it will be pretty good. >> another story that's falling off the headlines is what's going on in turkey. the president there renewing his purge of people in media and academia. >> half the world away, pretty extraordinary news out of turkey. isobeld to bloomberg finkel earlier. the german company that owns insider will northern invest in the company. isobel hadn to what to say. >> the free speech issue, the fact that the companies come out and say, this is reason why we turkey.in tau

this is first time we have is a reasonng, this invest.an not to they might be planning to divest their present stake in a media company over the next few years. it's a big deal. >> besides actual springer decision not to invest further in the country, have there been any other on the press freedom front that would have precipitated this? >> for sure. the state of emergency rule. one that's been in place since july 15th. which failed and subsequently followed by a massive wide ranging crack down on people in government, education, the media certainly as well. over 100,000 to people have lost their jobs or

are unable to carry out their duties.onal over the weekend, ten newspapers to news agencies, three magazines will close down. slipping down in years.s for a few 151st now. been high up that list. the list is depressing. over 100 news organizations has been closed since the coo. >> let's talk about the situation. another headline that was pretty striking. the government really putting banks to lend. the government said, not credit with was

treasonous. has this worked. unconventional upo -- monetary toicy tactic to tell banks cut your rates? >> well, unconventional is right. worked in the sense that on monday, after seeing the prime minster and the ceo's and nutritions, lot of big banks said yes, we will rates.ding they have responded to this pressure. the thing that suggest it may not work ultimately that this is demand problem. it's driven by consumer spending. it sounds like a lot. it averaged about 25% growth year over year

>> finally >> where do things stand? obviously there was a lot of the failed coo attempt. where do things stand today economically in the final market? >> the government acknowledged of slowing. the government has growth ongets, inflation targets every metric. ambitious.ore last month, they had a meet announced five year order toplan in achieve even less ambitious target, they'll relax restrictions on lending that were brought in 2013 to hear what the deputy prime minster, hill.ic achilles

bell finkel. >> we'll get a check of politics as well. this is bloomberg.

>> you're looking now at shares pro. you can see down 22% and the company's third quarter loss almost double what analyst had anticipated. adjusted loss. let's getfor more perspective,

in touch -- this has to do with demand for go pro cameras that you mount on your helmet. interesting thing, either they have shipping problems to meet the demand that they've getting for the camera and the drone. demand not there. >> hardware seems to be a pretty brutal business. had a fit bit earlier this week. demolished. what does that say? is it just -- are we in this world, we're the only gadget that matters with the phone? look at the estimates gifting and technology, it looks pretty positive. this from go like goodr fit bit, they're not

sign. fit bit have a structural issue there. refresh and the drone mark demand can be lift expectations. purely execution is not working here. >> joe and were were talking go pro was trying to frame itself as a softer company. when it really was a hardware company. go pro said it seening 2017 digits.up by double media company it.omenon needs to simplify that's why they're pitching with new products. first, the content needs to be built up and then any sort of media strategy can play out. that's a long term plan. whatow it's all about exactly is the drone demand,

what is your capacity. demand, and how like.t look >> go pro down 22-cent. at the company since it went public in june of $24. it began trading it reached a high of $94. it's now trading below $10. >> that chart is incredible. incredible fall from grace. than theroducts better competition at go pro? part of the problem is, else can someone replicate it. it's hard to have a lock in. do they still have a product edge? >> they have not been moving as fast as they should have. drones, when -- features, it's more feature rich. model. they are taking steps but it now. late

>> bloomberg intelligence, thank you very much. >> coming up, five days until the u.s. election. on track to is losing constituency since been winningave since 1966. this is bloomberg.

>> only five days to go until election day. become thep could first republican nominee to lose a college 3.with degree. clinton has a 12 point lead. republicans have won that group sincethe dawn of modern 1956. into perspective for us. college educated white. how big of a constituency is

and how critical is it for the nominee? constituencywing in the country. it's very bad news for any to lose.n it's always been a key part of any coalition. college grad as point. 30 and 40 it's bad for trump to lose them. it's especially bad, he's not making it up with other rising parts of the electorate like minorities and millennial and women.ed >> sahil, where are we in the panic.ts state of are they two steamie -- steps away from the cliff? goodrday they got some polls. then today, we see polls, hampshire, unclear if hillary has a lead there. how are they feeling now? >> they seem to be zig zagging several times a debuted on what

polls come. there will be some little panic comes out.bad poll here's the reality, the national horse race has narrowed to about points.hree three points in the "new york today and the washington post poll. the electoral college still looks good for democrat. she still has a significant advantage. there's still enough states that the democratic column. thedanger sign for her, thing that democrats are rightly worried about now is turnout african-americans in particular. it was never going to be as strong or as high as it was for elections.bama two they need to get that number up. it seems like the good news, making some it up with performance among himself. do -- hispanic. their base includes a lot of low propensity voters. >> if you come inside the

here.erg there's a chart we have of hillary clinton and her probability of winning some key swing state. can see this drift down over the last couple of days. today.get a bump up this comes on the heels of forty worrying dissent here hillary clinton. >> you mention the concern about among black voters. what happened to the clinton ground game? supposed to be the huge over trump. supposed to give her some bluff. that? happening with >> if she does win in a state like ohio or in florida, it will matters. game that remember the ground game is easy overstate. if trump is up significantly as he is in iowa as he is in some ohio, ground game doesn't matter. you can't erase the deficit of much. just by turning people out if you don't have the numbers to

begin with. much,nk you very bloomberg politics reporter sahil kapur. don't miss this next. we'll be telling you what to watch tomorrow.

scarlet: don't miss this. it mornings. bmw for tomorrow. joe: don't miss this, u.s. payrolls, the jobs report out at 8:30 a.m. eastern time. there is to jobs reports into about september fed meeting and it went out. -- december fed meeting, and each one counts. torlet: we are going demystify jargon, so starting tomorrow, all of that comes up. we need some ideas from you. my favorite one is negative profit. that one doesn't seem to make

sense. joe: contango is another one. neutral rate of interest. send it to one of us. scarlet:

i am mark halperin. with all due respect to people making political prediction, you ain't got nothing on this guy. >> sunday, the chicago cubs are going to be in the world series. m&a b, sooner than we think. sooner than we think. mark: the days are flying by and taking forever. we are just five news cycles away from electing the next president of these united