warmed -- warned could be dangerous. some cars -- falling on interstate five. toward morerities deaths than one hurricane maria hit three months ago. spent --- the governor said today is possible the goal is higher than the 64 deaths currently blamed on the category four hurricane. arizona senator john mccain expressed thanks for the overwhelming support he has received as he battles brain cancer. he tweeted he is feeling well and look forward to being back,

job in january. the 81-year-old republican senator returned home to arizona after being treated for a viral infection that walter reed medical center. on thess a crucial vote republican tax ill next week. victims of a ponzi scheme are set to have $600 million at the start of 2018. the trustee in charge of thanering funds said more half of madoff's customers who submitted approved claims will have gained their loss investment in full. have been total recovered so far. he expects to recover the entire 17 .5 billion dollars in question and perhaps more. global news 24 hours a day powered by more than death global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪

julia: joe: i am joe weisenthal. nasdaq,&p 500 and the fresh eyes today. joe: the question is what did you miss? >> the republican tax bill may make it to the president's desk i friday. planning to vote on landmark changes as early as tomorrow. -- theinto bill it latest details. president trump declaring the u.s. will pursue a muscular foreign policy, reflecting his america first campaign promise. and losing a guide in -- guiding hand. added almost $7 billion to the railroad company in less than the year.

julia: the republican tax plan is set to land on the president's desk. the overhaul will deliver a take legislative win for republicans but where will it miss the mark on what the american people were promised? our reporter is on capitol hill with the latest. talk to us about a commentator provision added in at the absolute last minute with -- which bob corker, he was a no and quickly became a yes on friday, he also and if its, and saying, i needed this explains because i did not know i would benefit. talk to us through it. >> in the final stretch of negotiations between the house and the senate, this particular thing was in mix of what the house and the senate had considered melding ideas from each bill. benefitique and would investors such as president and

senator corker, people in that space. it has picked up a firestorm maybe because senator corker foot his vote from no to yes without an explanation on friday. reporters began to ask questions as to why. i want to break some news as you got on air. breaking news on tax cuts and jobs, it will cut taxes. i do not think there is much ambiguity that making it official there. is it all over at this point? >> it is hard to see how republicans fail tomorrow. there are no republican senators. he get -- he is about to get she minutes he battles brain cancer. at 51 right now, it is hard to see them breaking away.

it seems like they have ready much got this. not seem to does matter that for republicans, the tax bill is extremely hot -- unpopular with voters. the latest poll says 71% says they still see big business as the beneficiaries. why can this be easily dismissed? >> well it is very unpopular in many polls that we have seen four months. one reason is the idea of cutting corporate taxes is highly unpopular with voters and the other thing is as analyses of various considerations of the tax bill have shown, it is not something that plays well with ordinary voters and it cuts against promises president trump made on the campaign trail, that this is primarily for the middle

class. it does not crunch that way. >> we have a situation where the president stood up on it podium and said this would hurt him big, he made a specific point that it would be painful for him and then we got a provision with mixed matches about the house and the senate, together and it will direct the benefit the president and senator bob corker of course, them personally, it is pretty awkward. it is another headline they simply don't need. it is deeply unpopular. add to unpopularity and is creating at least a political problem down the stretch for republicans. that is not the only provision that will almost certainly benefit president trump here they are rate cuts for the highest earners from 39.6 237%. 37% pass through businesses.

cut so 11n estate tax million in inherited wealth can be passed on tax-free. there are significant benefits and it does not wash to say the bill will not benefit the wealthy. it absolutely well. julia: we should make the point the top rate of tax is not enough of an offset. joe: if you are a rich person, you might still get hit her the top rate of tax is not enough of anfundamentally, novea long time away. >> it is an a new analysis shows in 2018, the average american would get a tax cut of about $1000, and that is less for people on the lower end of the spectrum. whereas for the top, 0.1% of earners get more than $190,000 on average a tax rate.

the earners will feel it and be happy about it and the question is whether those on the lower end of the spectrum, the plutko -- the blue-collar trump voter, novemberce before the election. >> they need to tell and statuettes they would get it done. thank you very much. president trump laid out his america first strategy on the weekend, advocating for a muscular power. in the strategy review, the president was tough on for china and russia, which he cast as both arrivals and potential partners. trump: we face rival powers, russia and china, and this week to challenge american values and wealth. we will attempt to build a great partnership with those in other countries. but in a manner that always

protects our national interests. bill who joins us from washington. strategy, the speech is not congressionally mandated. it is something the president added onto. china a strategic competitive bill, look kind of economic action does that give washington the room to take? >> you heard the president walking a fine line. you will remember during his campaign, he promised to go after the deficit with china and take tougher measures economically. he has counted on china policy support to rein in north korea. raising some of the issues he is talking about on the campaign on the economic front. i am still not sure how to we will see that carried out what comes to him talking about currency manipulation or any kind of trade measures that would attempt to shrink the deficit.

todayk what we saw document relief -- release by the president -- signed by the president that much of the review from the traditional national security specialists from the white house take national security -- advisor mcmaster, and you heard in the bit of a's a little softer tone against china and russia with the president saying areen, we realize they competitors of hours mhr to undermine us and we have to find ways of working together with them. >> you anticipated where i would go with my question but did anything translate into action in terms of what was said today? >> in terms of what he said, i think people were looking at that the economy and there were things in the overall national security strategy which are different or a shift from the

previous administration p the big thing is climate change was not mentioned at all as a security threat. that was something the obama administration talked a lot about. when you get to the part about strategy, there was a reference to having a more multilayered missile defense system that could take out missile threats abroad. people in the defense industry, analysts look at that as an aggressive approach to what the u.s. policy had an prior. >> one president george w. bush prefer to china as a strategic competitor, they were outraged and eventually act that dropped. when you're coming into the speech and you heard from china consumerthe number of goods, lo and behold, the president once again talks about a strategic competitor, that will surely resonate in a

negative sense. --, from the president, it looks but youe than rhetoric, i think they will be less worried about the substance of the speech and looking for what it means, if anything, going forward. >> back to that question, bill joining us from washington. thank you. >> very adept at reading in between the lines. the most memorable line for president trump was america is in the game and america will win. >> i think that is positive. i like that he believes the united states can be.

that is one of america'are -- america'strengths. dive into thewill first and only global network of for twitter next. from new york, this is bloomberg. ♪

>> bloomberg and twitter today. live -- joining us to discuss the launch is john, bloomberg editor-in-chief.

great to have you on the show. talk about the first news network. >> first, to do what cnn for -- differ television, to put a network that people can trust and see. case, it is the fact that we have these journalists ready for television, checking whether things are true. we think that is incredibly useful. a lot of people go to twitter to look for news and a the same .ime, they do not believe it we can verify that we think it is useful. >> maybe they don't do it enough. we have talked about the concerns people have about to what extent they are getting fake news real news. >> like all these things, i am sure we will do something from

every side, you get less complaining about things but the main point was on facts, we think we can verify whether things are true. it is harder on videos to tell precisely whether a video is from one place or another. last week when we had the subway attacks, we were able to quickly work it out whether it had been but looking at the videos, it was harder to tell if it was true or not. >> some of the challenges to confront. >> it is early days. you start these things and they take off. >> and they involve. >> they are complementary. all -- broaderer product. we focus on the markets and what matters. broader and we think

we can use the same army of journalists. cliched but that is what we have tried to do. >> complementary content. >> tell us about the name. >> it is meant to grab hold of all and make them think why it is. does work where people immediately grab the idea. it works. joe: i think it conveys a sense of urgency. it reminds me of the secondhand -- will millennials, the people on twitter, no? >> a lot of people used to watch end.down, which used to >> i love countdown.

that one.opt for >> it could make a noise. >> i'm sure you could somewhere. i do not know. i do not have an apple watch. involve it will definitely off third >> we are already using the news network. we will push more with the twitter project, particularly hong kong in london with all these areas coming in, the interesting thing about the networks is people look at them, like you should change this or that in the feedback is pretty positive. what happens is a big event comes along and it tends to define it. and we see whether it works. twitter shares are serving 11% today. that is investors saying how good of a job. maybe something. >> thank you. john joining us there.

followers on launch day today. >> it is time for a look at some of the a guest is the stories in the news. disney star wars, the last jedi, took in more than 50 billion worldwide. fansy star wars, the lasthigh e and analysts at well ahead of the star wars spinoff. programming -- conley at thehief , a candidate for possible consideration. the longtime president of roughly announced his reputation citing a substance abuse problem. disney has outlined a 90 day

timetable to find a replacement. snack brands. the price is $921 million in cash. it represents a 71% cream -- premium and brands include skinny pop popcorn. adding to earnings the first year of closing. never tried it. add to the list. >> i have three bags per day. yes. >> i have stone many of those. yes. >> i have stone many of those. -- i have stolen many of those. >> speaking of twitter, take a look at lloyd blankfein and jack dorsey of twitter. it caused a stir for investors. up 11% for today. could there be a connection? abigail doolittle investigates. this is bloomberg.

♪

>> it is time for the stock of the hour. shares of twitter on pace for the best day in two months, best quarter ever up in the first quarter so far. today, better than 11% at session highs. you're here to explain what is going on with twitter. paper, it's best year ever

and the stock has been under a bearish sense for quite some time coming out for the quarter. this is the fifth upgrade in two months. it reminds me of gm, analyst's getting bullish around the electric vehicle issue or having the kicker. plus, the backdrop, you have blankfein. lloyd it does noterhaps make sense to me. that -- what do you think? you are the king of twitter. >> breaking it down in terms of

a potential performance, it is a struggle i have had. the expectation there is m&a if they were working, i'm not sure. >> to your point, 2018, that can be make or break. they have some layoffs and it suggests they could make the numbers. let's look at the chart in bloomberg. this is 7472. this is when the company ipo over 26, that is the blue line, coming very close to that area. if it could take out the last high, the entire area of uncertainty with investors, probably a move to 40. that is suggested above in a convincing manner.

>> many makes a point it is bullish. >> great context. the market close is next. less than four minutes to go. ♪ .. .. .. retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ julia: what'd you miss?

u.s. stocks closing with all major indices at record highs. i'm julia chatterley. scarlet: i'm scarlet fu. i'm joe weisenthal. highs for u.s. stocks as the republicans make progress on the tax cut, the tax overhaul. it could make it to the president's decks by friday. joe: it's looking pretty good. it continues. scarlet: we're looking at gains for at least 0.5%. record highs all around here. lister with one of those tech names -- let's start with one of those tech names. theisclosed a 6.5% stake in internet performance company,

says it sees numerous operational and strategic opportunities. we will be hearing about that in the days and weeks to come. twitter, as we were talking about earlier, up 11% come a getting another upgrade, this time from j.p. morgan. speculation this has been going for years now, that twitter is the target of some kind of acquisition, so we will wait to see how that shakes out. twitter has been delivering this quarter and this year. , snyders and&a amplify, both in the crosshairs. campbell soup is acquiring snyders lance. so they will get snyders pretzels and pop secret. brands is the owner of jiffy pop and hershey for $921ing amplify million. joe: let's take a look at the

government bond market. today we have some steepening, which is a little bit of a change. short-term ace -- short-term race coming down a little bit. not a ton of economic news. the real story was the risk on residualaps some enthusiasm that the tax bill is going to pass. a touch of steepening, breaking recent trends. julia: i want to show you the dollar is doing. the president often talks about the performance of the stock market this year, he doesn't really mention the weakness we have seen in the u.s. dollar. that stock is trading through today, and that's what the run-on in emerging markets. we are all over the place as far as the different stories are concerned. let's talk about south africa and what is taking place there, the election of the next leader of the african national congress. it looks like the deputy

president was elected the next president. there are hopes that he will go on to lead the country if the ansi does win the next election. it's looking at one week volatility in the south african brand. it's earned -- it search to the highest level -- surged to the highest level. to give you a sense of the you --inty, that give gives you a sense of two directions the country may have taken as a result of that election. --the dollar cheap i would putle, -- that them back in charge of america's wealthiest country after what has been four years of pretty anemic growth. that also seen as positive.

and just some slight gains for dollar mexico. we did see the central bank making some moves, concerns about the agreements. benefiting some product or that some broader positive sensitive --benefiting some broader positive sensitive and -- positive sentiment. below $1300ill well per ounce, and those are today's market minutes. scarlet: let's get some insight to trading with jones trading chief market strategist, who joins us from connecticut. onia had mention a buy rumor, sell on fact. can he signed it into law? michael: returns are more than 28% now since election day last

year. it has been a strong run. to itms like joe alluded has been a strong few days. i won't be surprised if we see profit-taking when this bill passes in early 2018. joe: i saw people use the term melt up to describe the action. is there a continuum of investors out there, that after all these years, have still been underexposed to the rally and are panicked and are now trying to rush to get in, realizing they may have missed one of the grateful markets -- the great markets of all time? michael: i wouldn't say it's a fear of missing out, i think that ship has long left. --are rampant speculation rampant in speculation. there are people that gained 28% in a little over a year, and

they're looking for more juice, more aggressive trade in cryptocurrencies and stocks related to cryptocurrencies. speculative, rampant, mania mode. you are saying the froth around bitcoin and cryptocurrencies speaks to something in the stock market as well, which is that speculation is in the air. michael: big-time, very much so. you see a lot of small stocks have made announcements associated with blockchain or bitcoin, or bitcoin mining, and they have seen their shares take off. so we will definitely see carry over into the stock market. joe: we will be talking about one of those later, crazy story . -- crazy story. the hopeshink one of of moving to futures trading here is that you get more

institution investment involvement. your point is that that is simply not coming in at this stage. is it too early to make a judgment on institution investment and their involvement in this? michael: i think it's too early to make a firm judgment. the observation i would make is as far as the cboe futures, the average daily commission dollars for last week's trading is about $10,000 per day, if you are going at about $5,000 per contract. that's all in. you are talking about an environment where if you're expecting the institutional investors to come in, there are some hedge funds there, but institutions by and large aren't there yet. and there is going to be a lot of people out there who are concerned about things like the -- man rule. when you're talking about an unregulated market and unregulated broker, it raises lots of questions. you are going to have a lot of

questions to answer. can it go before someone can assess questions, doesn't get an answer, and they go, perhaps we should sell this? that i'm not sure. that's the crazy part about mania, it's hard to pinpoint what's right, what strong, where the value is, because you've disconnected from reality at that point. scarlet: must people we speak to look at what happening in bitcoin, the mania, the speculation is separate from what is happening in conventional assets, stocks. the economy is doing well, the job market is strong, and profits are rising. that is fundamentally supporting where share prices are. speculation there a in bitcoin and spilling over to equity markets. whenbeing the case, bitcoin is correct, when we see that pullback that inevitably bubbles lead to, what kind of spillover are you looking for

into equities, into credit? -- michael: one of the key traits of every bubble is there is a positive story there. when you talk about the global growth, when you talk about earningsgroaning -- growing, those things are all going on right now. the question is what is the correct valuation for the environment you have? usually valuation is not a good argument to sell. but it shows there is probably -- there is bubbly, speculative behavior out there. the thing is we are seeing massive asset speculation. it's notjust stock, just bitcoin, it stocks and bonds. even homeowners are more optimistic now than they were during the bubble. a new home prices are 25% above bubble peaks. -- 11 area is when a breaks it will likely follow through into other areas.

that should be a risky concern for investors. great you make some points. talk to us then, what should your portfolio look like going into 2018? you are raising all sorts of potential red flags here that investors need to protect themselves against. michael: and i'm a bit of a bear, and i've been wrong on this, obviously. you have to understand where i'm coming from. that i do think -- but i do acid, cash is the cheapest out there and there'll be opportunities to buy things cheaper and it will be opportunities in the future. look for the next sees to so next year, but there is no rush. sow, but there is no rush. julia: coming up, it is a while they for emerging markets. we will have all the details next. from new york, this is bloomberg. ♪

♪ mark: i'm mark crumpton with first word news be at at least six people are dead after an amtrak, on its inaugural run between seattle and portland, derailed this morning. officials say the death toll is likely to rise. several injuries are also reported after the train came off the tracks as it reached an overpass. some of the trains cars landed on interstate five. thet 7:40 this morning train derailed. multiple agencies are responding area did when we got to the scene, it was obvious there were some fatalities and there were a lot of injuries and some people were able to get off the train. multiple cars were struck by train cars that left the train tracks and went down onto the road. the people that were in all the vehicles, even though when you

see the pictures it's pretty horrific, at this point nobody in any of the vehicles is fatal. mark: the section of track or had just had derailed been upgraded as a part of a 181 million dollar project for a new faster route. sound transit, the public transit system for the seattle area, oversaw construction of the upgrades. the united states today vetoed an objection -- and egyptian sponsored resolution supported by the other u.n. councilmembers that would have required president trump to rescind his declaration of jerusalem as the capital of israel. u.s. ambassador nikki haley accused them of try to distort the presidents position in order to serve their own agendas. witnessed today in the security council will be a -- council is an insult, it will not be forgotten. it is one more example of the

united nations doing more harm than good in addressing the israeli-palestinian conflict. mark: ambassador haley said trump, "took great care to establish negotiations are co--- negotiations." a white house official says a trump judicial nominee, who is able to answer legal questions at his nomination hearing -- at his hearing, -- he became an internet sensation after the video of his confirmation hearing was posted online. in his resignation letter to the president, which was obtained by the associated press, peterson said, "it has become clear to me over the past few days my nomination has become a distraction, and that is not fair to you or your administration." a british official heading an investigation into the london blaze says she has been shot by

four construction practices and in adequate building fire safety regulations that allow some builders to cut corners. in a report out today, current regulations are too confusing and accountability for compliances or. the june fire killed 71 people. dayal news 24 hours per andred by analysts journalists in 2100 countries that in 21 countries. -- in 21 countries. julia: investors are reacting to a flurry of elections from south africa to india and she lay -- and chill a -- and chile. let's start by talking about south africa, all sorts of economic concerns about this country. today witheared up the decision on leadership going forward.

been quite ahas bit of speculation as to who is going to be the next anc leader. as we saw on friday the south 3% and wellied finally got confirmation it is the guy. a lot was favored by the business community and investor community. julia: you only have to look at the one week volatility. i'm just trying to kill those pop-ups there. to give you a sense of the short-term shift we have seen in implied volatility. globalpare it to the financial crisis. if i shifted across that shift it across a little bit, you get a sense for the weeks that for the december -- if i shift it a cross a bit, you get a sense for the december weeks. george: emerging markets and currencies were pretty volatile.

hopefully that volatility will fade over the next couple of days. scarlet: this changes the church rectory of south africa's future, but what about right now? it still under pressure from the credit rating companies. would dorobably they another downgrade, which is expected. but i think on people's minds, ahe election of mr. ramaphos will prevent any further downgrade. joe: let's talk about the other big movers. flying this weekend. george: i think it's different than south africa, because south africa is black and white, the contract has been so stark. the defensehile, between the two candidates is smaller. we are back to levels we saw before mid-november. afterwards it has been quite a bit of drop.

and a raise from the drop has acumen elated over the past months and days. the prospects are good for chile. because of copper prices. the export is this year. le has been lagging as far as copper because of political concerns. now that these concerns are gone, the future is bright. scarlet: every can come together at the right time. what about india? , -- this isarty just more support for his agenda, isn't it? george: it is more support. it is a confirmation that the current momentum is expected to last for a while, at least for 2018, for people who have been buying india for 2017, that is a confirmation. scarlet: don't stop you. julia: we are getting to positive on emerging markets --

too positive on emerging markets. i want to bring in turkey. those guys hiking rates far less than the market expected, and the usual question about central bank independence and its fairness. george: exactly. we don't really know exactly what's going on, exactly what is on these people's minds. it was a lot of speculation that they were under pressure from mr. erdogan, who has come up for a long long time, been in opponent -- been an opponent to a higher interest rate. julia: it's different reasons than what we've got in the developing market. joe: finally, peru. one of the big winners in the em space. really ran into a speed bump last week. what are people looking for right now? forge: people are waiting thursday, because their congress is going to vote on thursday to determine the fate of the

president. but the key point is even if the president steps away, pretty much the same macro framework in the same policy framework was staying power. it is -- framework will stay in power. it's not like some politician goes and a radically different version of national strategy is going to take place in that country. so probably after a period of uncertainty and volatility, people will be looking at the fundamentals and say, things are still solid, things are still strong in peru, and they will resume buying peruvian currencies. scarlet: thank you so much. it's good to the emerging markets in the u.s.. breaking news, senate republicans appear to have the votes to pass the tax cut bill. they are supposed to vote on it sometime in the next day or two. that susan collins. joe: announcing her support. with mike lee, that pretty much does it. scarlet: john mccain unable to

vote. otherwise that's it. julia: just in case he was needed, looks like he will be needed. scarlet: senate republicans getting this done. now with the house loading -- and the shutdown. and the president has the sign the bill -- has to sign the bill as well. what the death of ceo hunter harrison means for the future of the company. this is bloomberg. ♪

♪ scarlet: what'd you miss? the railroad industry lost a giant over the weekend with the passing of hunter harrison. he turned around three railroad carriers during his five decade career, and was in the middle of another one.

he will be replaced on an interim basis by jim foot. joining us is senior analyst lee class go -- lee --. wasas a railroad legend, he also a disruptor, wasn't he? guest: he certainly was. he was credited in part in turning around canadian national. he really did as he helped to transform canadian national two of the most profitable radios -- profitable railroads, probably one of the most profitable industries out there from a company that current a couple hundred basis points in margins to mid 40's operating margins, which is pretty impressive for a sleepy industry like the railroad industry. he really put the railroad industry out of its long dormant -- nap and turned it into the great cash flo --

great cash flow generators they are today. he: of course at csx famously held up for a salary that was $80 million, and shareholders deemed that to be worth it. what was it that he could bring to the table that the rest of the industry didn't see in other executive's out there? lee: what he was known for was precision railroading, which was a different way of operating a railroad. railroads would build heavy trains and let them go. hunter harrison came along and said it would be better if we were able to manage these assets better, continuing to turn them over as quickly as we possibly can. but also with a degree of reliability when those assets are needed. he really made them into profit generators. and that was different from what was being done before. he did that at canadian national, it took years for the transformation to take place. he did that a canadian pacific, it's took about 18 months for that transformation.

unfortunately at csx he had 10 minutes to do his precision railroading there. and that is a much different network, cp ncn are more linear csx is a web.as management is telling the street they are far along in that where they have turned the shift a lot quicker than they had at cp or cn. time will tell if that is the case. julia: bloomberg intelligence senior analyst lee klaskow there. up next, theresa may laid out her vision for the next phase of the brexit negotiations. is a speech on trade and enough to satisfy her critics as well as investors? what is the bottom line? we will discuss. from new york, this is bloomberg. ♪is a speech

♪ mark: i'm mark crumpton. president trump duterte -- president trump today announced america would pursue a muscular farm policy. in a speech to military and homeland to care the officials in washington, the president said, "we recognize that weakness is the surest path to conflict, and unrivaled power is the most certain means of defense." also facetrump: we rival powers, russia and china, that seek to challenge american influence, values, and wealth. we will attempt to build a great partnership with those and other countries, but in a manner that

always protects our national interests. ank: the u.s. today vetoed egyptian sponsored resolution supported by the 14 other un security council members that would have required president trump to rescind his declaration as -- declaration of jerusalem as the capital of israel. u.s. ambassador nikki haley called the resolution and insult that the united states would not forget. house republicans are challenging the senate with a take it or leave it spending bill to keep the government running another month. with ase is moving ahead build that moves defense spending, while funding the rest of the government at current levels through january 19. senate democrats could block it, that means they will need to be a copper mine is -- need to be a copper mise to keep the government from shutting down

toe friday -- a compromise keep the government from shutting down come friday. ,ccording to british news media a car try to ram the gates at an raf hall. global news 24 hours per day powered by 2700 journalists and analysts in over 120 countries. i am mark crumpton, this is bloomberg. julia: what'd you miss? it appears the senate gop has the votes for the senate tax bill. susan collins discussing why she's supporting the republican tax bill. this means that all but one gop senator. others like marco rubio, bob corker,en, -- bob coming out in favor. senator john mccain

is not expected to be present. the house is expected to vote on tuesday. the senate could then vote late tuesday or on wednesday. scarlet: it could be a done deal very quickly. let's get a recap of today's market action. helping to drive u.s. stocks to record highs. we are talking about the dow, s&p, and nasdaq making new all-time highs. the gains in the nasdaq particularly robust, up 8/10 of 1%. joe: at 1.i think it was over 7000 today. scarlet: you'll get your one number -- your round number. julia: theresa may and prime ministers uniting around a brexit policy. discussing what kind of trade deal the u.k. will seeks -- will seek from the eu. joining us today is a political commentator, great to have you on the show as always. even theresa may and the

surrounding her are on board with the strategy, do we have enough time to agree on a trade deal given with left? absolutely not. the top line is the u.k. will be leaving in march 20 -- march 2019. i don't think it has gotten into the public consciousness in the u.k. yet. there is no way that trade deal will be ready by march 2019. what the u.k. has asked for is a two period transition period, which is an extension of the status school. that will be difficult to swallow. u.k. will continue to have to , it budget contributions will continue to have to accept the jurisdiction of the court of justice. it will have to continue to accept the free movement of people. u.k. remains a rule take her with how those rules are made. then only we get into the nitty-gritty of the trade deal. even though the cabinet met today and they are starting to

converge around how that future trading relationship should work, we are a long way from there. i think the cabinet is going to be quite split on that. do we want to remain close to the eu? do we want to have regulatory alignment with the eu? or do we want to diverge? , i read about trade negotiations that go on years and years and years. even with the two-year grace period, do you think that will be enough? nina: good question. even though two years as a ambitious timeline, i think what you might see is, perhaps if they are lucky, by this year you will get a test get an agreement on the framework -- you will get an agreement on travel. those negotiations, there is no way it is going to be done by the way the transition ends in 2021. we are not there yet, but when i talk to do you officials across

europe, they say we will cross that bridge when we come to it. it's in everyone's interest to strike a deal. but to get it in the two years after we left is still ambitious. scarlet: sunna matter what it looks like we are looking at a long time lying or long -- timeline or longer than anyone anticipated. does that mean prime minister theresa may stays on his prime minister? because nobody in the conservative party wants to take over when you are in the middle of these negotiations. nina: that's and adjusting thing. the mystically there is a lot of ,peculation she is a week p.m. and many commentators and she should be gone by christmas. brexiteers,-core some of the things she signing up to, which looks like compete -- like complete capitulation to still, i think there are scope here for domestic fallout. once a becomes apparent to a certain part of the conservative party that the transition is

not, as they call it, and implementation phase, the of limitation of the future trade deal, will they kick up a fuss about that? also don't forget there are some hard-core remainders in theresa may's party. a situation next year where you basically have the perfect storm where theresa is between hard-core levers on one side and remainders on the other. i think is she will stay in post for the short to immediate term future. i was just perusing the u.k. press earlier today, and i saw some comments that advisor -- that an advisor to the negotiator on the eu side's adjusted there was some kind of loophole that could offer some kind of hope to the city of london. she suggested there was some

kind of loophole that could offer some kind of hope to the city of london. have you heard anyone talking about this or whether or not this is a clips of hope or false hope being generated by someone in the eu? it's adjusting you mentioned that, because i got an alert, where he says there will be no special deals for the city of london. the eu has been clear in terms of what it offers. either the u.k. can have a where it hasmodel, full regulatory alignment with the eu, and then it can continue to enjoy the same kind of access to the markets that it enjoys now. u.k. has nois the more say. it's anything in the eu but name. trade the kind of free deal eu has with canada. of coarse that model does not offer the same access to the

market that the u.k. currently enjoys. and for services in particular, when agile services being key, there is very patchy access. i think what the u.k. team is try to do right now is to agree the outline and hope they can have other agreements on the side that will give them access, not only for financial services, but also agreements on security, defense, on data. but, as i said, that's a very tricky negotiation. topline, many more years of talks ahead. causes toloopholes or speak of. wishful thinking. joe: speaking of wishful thinking, for all this about they are not getting deals done on this timeline and there is going to be this transitional period, they haven't even solved the irish border issue, the kicked the can on that. do you see any indication they're going to make their way anywhere near on that. julia: we are not supposed to talk about that.

nina: we have only got those magic words, sufficient project -- sufficient progress. involved in the negotiations read it exactly how they want to to read it. many commentators and irish politicians are well aware, they have kicked the can down the road. god knows what would happen to theresa may. it's quite likely she might not have stayed on as prime minster. the irish issue, there still no solution. it's true that part of flat -- part of that lies in which direction the u.k. is going in the future. this issue will be coming back in spades, too. it has not been resolved yet. commentatoritical nina schick. thank you for joining us. for --up, the formula

sending shares of lfin soaring. but the microcap is not alone. this is bloomberg. ♪

♪ scarlet: what'd you miss? a marriage of -- feeling a gain of as much as 2006 under percent. 2600%. the company not dealing when rallying on this crypto craze. we want to bring in currencies reporter camilla russo. mups us with this story. i want to read the first paragraph that sent this cover east -- this company's stock surging. a leading company announces the acquisition of a blockchain and

powered solutions provider that provides micro-finance lending against collateralized warehouse -- coins. the form of this is what it takes to create a stock surge these days. : to translate all that, investors are just seeing crypto, we are buying this. it has seen a surge. 2600% since the stock was issued last week. times soared more than 45 , comparative to the other trading days. there was more than a dozen trading house. people in crazy over this, so crazy even the khamenei ceo told me he doesn't know what going on. he said this is not linked to the company fundamentals, this is crazy speculation. julia: so even he was concerned. camilla: he basically said this

is all based on our cryptocurrency announcement and doesn't really reflect our company's fundamentals. julia: when was the cryptocurrency announcement? camilla: today. julia: it was actually today? camilla: like you said we have seen this over and over again on some companies releasing some blockchain cryptocurrency. julia: 2000% is pushing it. that's a billion dollar market cap at its peak. we are not talking some penny stocks for $10 million to 100 million -- from 10 million to 100 million, at some point this is real money. camilla: so what they are trying to do is give out loans based on their own cryptocurrency. those loans are going to be backed by what companies own in their own warehouses. convoluted process.

camilla: and it --julia: and its collateralized by the company bind the currency. convoluted process. camilla: they go to the warehouses and say i want a loan by the assets i am. and they will give them coins and it can convert those into bitcoin or can convert them into dollars. joe: i think it's a rope you went through the trouble of figuring out their business. went's here wrote you through the trouble of figuring out their business. invent a can cryptocurrency you can exchange somewhere else to get currency. joe: what a world. julia: based on your assets and warehouse, genius. can i say once again, please come on to chat to us and it's plain it further. we would love to chat with you. camillo russo come a bloomberg's -- bloomberg's live blogger and could the currency reporter.

-- bloomberg's live blogger and cryptocurrency reporter. up next, we'll have the highlights in our interview with irving picard. eye-opening to me. from new york, this is bloomberg. ♪

♪ julia: what'd you miss? nearly 5000 clients woke up in 2008 discover what much of -- discover much of what they thought they held in his fund was a fraud. -- to recover as much of the lost funds as possible. the trustees are making their ninth distribution to madoff

clients. for $918 million. that brings the total distribution to $11.5 billion. earlier today picard and his co-trustee talked to bloomberg's david westin. david asked how much further they need to go to make victims completely whole again. >> we would like to get to 100% if we could. david: what are the chances of that? irving: we are not quite a quite make it, but we could get close. >> what about recovery distributional? irving: we expect there will be additional recoveries, and hopefully we can make another distribution. david: what are the basis of these claims, what -- how are you getting all this money back? at some point it was gone. >> i think the critical factor was the length of the ponzi scheme itself. many of the people we recovered serious money from were in this

game for many decades. and as a result they did the smart thing. they knew what was going on. so they took their gaze and invested in some of the people that actually had been liquidating their accounts at goldman of their apple stock. so if it had been a quick typical up-and-down, the money may have gone glimmering. there was a long time to draw money out of the fraud and reinvest it for themselves, when we sued them they had real assets. >> you had a big settlement from an irish fund. you got a statement back from the madoff family. the irish fund was 685 billion dollars -- six under $85 million paid the settlement was not to much for the money involved. the money turned up to be $28

million, a variety of reasons for that. the family kept a good deal, which was fine with us, which is the fact we are take -- which is the fact we are talking about widows here. the one we shared with you is the attorneys offices put together a comp located deal, but i think we got a good result for everyone. they've it: i want to be precise, this is the principle they originally gave to mr. madoff. they are not getting any investment games that investment gains -- any investment gains. irving: we are returning to them the principle they invested. it is a cashin, cash out methodology. in-cash out methodology. $3,175,000,n because of this distribution you would have gotten back all of the printable you put in.

>> what happens to people who invested more than that? irving: they continue to get distributions. >> a remember before, corporations saying it was $.61 on the dollar, is that the case? irving: we are between 63 and $.64, but we have additional money in reserve because of don'ttion, because we want to be in a position of overpaying people. there will be some money there that will go to these people. the distribution amount will go up. david: that's what i wanted to ask about. we are holding some in reserve, who resolves it? how long does it take to resolve those disputes? fa six before dollar question, a small amount in this case. a $64 event, -- that's

question, a small amount in this case. in any event -- have a very strong pace. we do think those cases were wrongly decided. we win that, that will open the door to approximately $4 billion that we can still go after. i much more optimistic, irving is a bit more conservative than i. but i think we have a good chance of hitting 100% here. with the reserve we have, that $.63 irving alluded to earlier, cents.r $.70, 72.5 we potentially have $4 billion assets.- $4 billion in i figured minimum we are going to be at 85% at a good chance of 100. scheme did not

exist until 1992. what happened to investors that made gains before that? can they make their -- can they keep their money? guest: if that was true we would have to recalculate the principal balance of money in. we looked at all the books and records going back to the 70's. this front started in the 70's. .thers have testified to that others who are there since the 70's. i think it is an ill-fated attempt by mr. madoff to suggest untill i was a good guy 1992, then i got co-opted by some bad people and did some bad things." julia: that was with -- joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪

♪ scarlet: what'd you miss?

u.s. stocks asr investors anticipate the passage of the tax bill. andt miss this, fedex macron will be reporting their earnings tomorrow after the bell. joe: and i will give economic data. housing starts and building permits for november come out at 8:30 a.m. eastern. we got a great homebuilder sentiment number earlier today. julia: and u.s. senate banking committee considers scott garrett's nomination. bloomberg technology is up next. joe: have a good evening, this is bloomberg. ♪

cannot live without it. so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. alisa: you are watching bloomberg technology. let's start with a check of your first word news. at least six people have been killed in the amtrak train derailment outside seattle according to the ap which is the

death toll is likely to rise. the high-speed train may have struck something before going off the track. at least 50 people were hospitalized. 78 passengers and five crew members on board. president trump unveiled a new national security strategy for the administration, declaring today america is going to win. the president blamed predecessors are failing to look at for u.s. citizens. the u.s. vetoed a resolution supported by un security council members that would have required a president trump to rescind his declaration of jerusalem as israel's capital. it was a foregone conclusion but supporters used this vote to demonstrate opposition to the vote. have anians seek to similar resolution with the un's general assembly. the puerto rican governor is reviewing death after hurricane maria after reports that the u.s. territory vastly undercounted deaths. it can be higher than