>> dozens of women, some of whom have worked with bret kavanaugh and others who have known him since high school gathered at a washington hotel today to show their support for the man who supreme court nomination could be in jeopardy after a woman said a drunken kavanaugh sexual he assaulted her when they were teenagers. he has denied the allegations. his closestn of us, friends in high school, and hung out with them virtually every weekend had no choice but to stand up and say that is not the brett that i know. he stood out is the most responsible guy who treated us

with kindness and respect. >> the attorney for dr. says her blas the ford client is prepared to testify under terms that are fair and which ensure her the. judge kavanaugh has agreed to appear. rod rosenstein is denying a report that he suggested secretly recording president trump in the white house last year. the time side anonymous sources who say you want to expose the chaos consuming the administration. report says he discussed recruiting cabinet members to invoke the 25th amendment to remove mr. trump. duke energy says the dam containing a large lake has been breached by floodwaters in

florence and his possible coal ash is slowing into the cape fear river. the water has caused several breaches of the dam slowing back into the river. floodwaters were continuing to rise today. the area concerned -- received 30 inches of rain from florence. midterm elections are officially underway while election day is technically november 6, early voting began in minnesota and south to code up. or more states will begin voting in the next week including key states like new jersey and missouri. dayal news way for hours a on tictoc on twitter powered by more than 2700 journalists and analysts in 120 countries. i'm mark crumpton, this is bloomberg.

scarlet: this is bloomberg markets. caroline: we have 30 minutes left in the end of trading. volumes were significant at the start of the trade. dow jones industrial average up three points -- 3/10 of a percent. markets. itoline:individual stocks expid is the most since 1999. why is it rising today? they are helped by the weakening pound. so hard? being slapped had a highway00

ring at the moment. led intel.rs being which is why i am looking at the etf. of course we are keeping our eye on the 10 year yield. the 10 year was yielding under 3%. they got to 3.9% coming back a little bit. copper futures continue to move higher by 9%. 12% since rebounded its low in august. --went to theresa may with was ith -- she i don't not think we are

where we were in march. >> brags it is the choice of the british people per the choice pushed by some who predicted solutions. >> getting a deal on brexit. the eu should be clear, i will not overturn the referendum nor will i break up my country. scarlet: she has been in salzburg. talk to us about what you learned about seeing such loggerheads. that is why we saw such a brutal selloff. mayoday we saw theresa doing the only thing she could insist brexitlly

means brexit. we don't really know what type of briggs that she wants but she has been told your plan does not work by european leaders. then she said the u k has got to be respected. this is a reference to everything that went down yesterday. i was on the ground. she said your plan does not work. lies.ere told those people then left because they know this is a mass. i can tell you based on the reaction they were caught off guard. they thought she was cornered. it was the opposite of what they thought it would be like. there was nothing else theresa may could do but to double down

and demand respect. >> it is just not acceptable for eu leaders to reject her blueprint. i wonder at any point, even in madeurg, has eu leaders any kind of concessions. >> right. that was what just happened. how good things go so horribly wrong? why did things change so much? eu would tell you she got this wrong. she thought we were going to get concessions. this was an informal summit. just so bigon was that we had to just to go back square one and a -- and say we don't need to make any concessions yet.

blueprint is the wrong. this is the starting point. we hear a big mismatch between what the u.k. saw -- thought this meant and what what this was about. course in salzburg at that event. of course, when you talk about brexit, how much talk there is about wanting to get rid of her. they have been scheming of different ways to do so. no one was to be in that position. >> precisely. this is why you hear these rumors that certain wings of the brexit camp are in some ways looking to oust her. in the reality, no one does want her job.

these are who macron has been talking about. they say they left. they exited. he is trying to point fingers at and alsogn secretary those who really led the charge, particularly the man who led you cap. he has teamed up with donald trump. there you go. we have more coming up. homebuilders are falling out of favor. the latest a sour on the sect your, taking a bite out of take etf's. shakeup theydex will be all over it. and gearing up for a rate hike. questions about the balance sheet remained. from new york, this is bloomberg markets the close.

caroline: a look at the big

movers on the back of analyst recommendations. first up darkly's cutting its rating. it is continuing its overweight rating about oversupply closing down 3.4%. ubs upgrading at&t to a buy from neutral. saying wireless remains key to the company's growth. .our dollars more to go goldman reiterating its by rating and $84 price tag on activision saying they should expect significant sales with call of duty. these are your top calls. >> jpmorgan downgrading five homebuilders about the home-building sector. here with more, peter jeffrey.

they are just downgrading the group as a whole. >> they are. they are talking about good fundamentals, good leading indicators. solid job growth. a shortage of inventory in existing homes. jpmorgan points out looking ahead to the rest of this year how long can that keep up? the sentiment is flat. there are tepid times ahead. ist year homebuilders were of think it was 75%. four times the broader market. be take ins news may to the homebuilder shares. jpmorgan is warning about the

impact on gross margins of order growth. things are looking dodgy. caroline: if the end dodgy. the worst week. they lost a quarter of its value since january. down from that date. is the data pointing in any clean direction? we had disappointing existing home sales yesterday. it is pointing in the direction of moderation. paul wrote a story genuine 22nd in which she interviewed a money whoger out of montana called the housing bust in 2005. he was worried at that time. the next a after our story ran was the beginning of the decline . if you look at beecher jack jury -- if you look at the trajectory, it is on.

scarlet: little ominous. a quick check of the business headlines. paypal cutting ties with info wars. paypal extensively reviewed info wars and found instances that promoted hate and discriminatory intolerance. they are a conspiracy news website and media platform owned by alex jones. home sellers are cutting prices like 2009. they have/prices on 800 listings in a single week. the most in 12 years. that is your business update. now is the time to buy new york city property. caroline: i am not sure i am a buyer quite yet, my house is still in great british pounds. >> interest rates are historically low.

>> i need the pound to go up slightly. let's check in on the market for you. today was interesting for emerging markets. this is bloomberg.

caroline: this is countdown to the close. scarlet: joe weisenthal joins us . you're looking at cryptocurrencies. >> the headline markets are not that exciting. there's a bunch of things that are interesting. notcrypto's go which have had a good day in forever are up. for the first time in a long time people are buying them. there is a strain

between these two always. itthey have to choose if goes into cannabis or crypto. >> it is the perfect hedge portfolio. look at the risk appetite today in equities. .eems kind of quiet the dow still clinging onto the advance led by the likes of mick donald's. you can see the nasdaq off of 1%. a tech sector etf, lower on the day, the worst performer shares as a group. it is going to be the last you will see of it for a wild. .ou have 12 sect yours telecom is the best performing group up 4%. scarlet: let's dive deeper into the market reporter. what are you watching? n, i am looking at micro

lonely in the information technology group without the buoyancy of that communication services group. yesterday, the forecast for sales, we are short analyst estimates. there is still a strong underlying demand. there are questions about the china tariffs and the effect that is having on demands. there have been concerns about the memory chip cycle and where we are in that. if you look at the broader semiconductors on the day, here is the semiconductor index. macron at the bottom. you have something of a drag down half a percent. you have some stocks that are higher. sky works as well has been volatile as of late. not necessarily infecting everything but semiconductors

have been bouncing around recently. julie: this is a big day for the dell. putting in an all-time high after having done so yesterday. the first day since january, the worst week since july. helping out caterpillar. caterpillar gaining on the tariffs being less bad than predicted. we had an upgrade on a risk reward ticking shares to an outperform saying evaluation was attractive considering the input costs are peaking. top stocks, interesting. simply a big point boost. will the gains continue for caterpillar? this is the relative valuation within the bloomberg that suggests perhaps it is possible. we see we have caterpillar trading at a discount.

of the historic range suggesting shares could have more room to run after a strong week. the strongest week since november 2016. stocksgene editing became all of the rage, they are taking a hit today. crisper therapeutics is the pioneer. they are down 9%. down 15% -- the technology is called crisper. they have been on a tear. they have not sold a single dose . raymond james came out with a note initiating coverage saying that it was overdone. specifically citing disappointing progress on a sickle cell treatment and said that recent disappointing trial , aa for a separate company

slightly different technology, appointed, wall street is going to stop giving these companies the benefit of the doubt, they are going to need to start showing these treatments actually work. caroline: overdone. we thank you. a reshuffling of major industries. reorganizingci or with some internet and media stocks into communication services. the tech darlings are facebook mouth a bit and netflix. here to explain is sarah. s&p 500 is flat. >> volume on the s&p 500 was over 600% more than what it is in that time of day. if you look at average is now the dow jones, 70% above the 30 day moving average.

keep saying this because people are trying to get ahead of these changes that will be after the close. tooline: changes are going cause chain -- problems. is it going to matter or make things more difficult for people trying to do tests on these industry is? was i don't think it would cause real concern. we are supposed to get the data going back in time. you can create it and look at 2008it has looked like in and see what would have happened. people are going to have to take note of these different etf's because they are not all going to be the same anymore. they are keeping the classification the same. if you have an etf buyer you need to take a pension -- pay attention. >> you have to look under the hood.

how much money is at stake? do we know how much that is? >> there is a lot of money at stake. if you look at the new communication sector that is going to be making up 10% of the s&p 500. the telecom sector was a smaller sector with only three companies and it. when you have companies moving, you have a lot of money at stake. we are already seeing the amount of money flowing into them. >> good stuff. you are sticking with us. sticking around for this conversation, i'm looking at telecom stocks. there's only three names in this group. they are not part of the communication sector. do you have a theory on why this group is performing well? you would start telling stories

about a defensive sector. let this wash itself out. real estate a couple years ago, let's let the rebalance shakeout. fundamentally you will get a sector that is more expensive than the current tech her that is less expensive. if you are a passive sector investor there are things you would be forced to do. these are things, you are going to have to live with some churn. >> blocking and tackling. you think you have a strong year as a consumer. a lot of bigg moves. they are internationally exposed. what do you think of this tech her? you still have software and hardware. less consumer a but it is part of the economy.

we think there is an important cap backs pulls that continues to flow through. slower than it has been and a big shift. maybe less media spend over the less consumer oriented tech but strong the fundamentals. let's talk big picture. today aside, it has been a good week for markets. despite the fact that we have these trade headlines. of our ability to move through these headlines? consumer, the set up to these new tariff announcements was positive. e.m. assets underperforming. hard to calibrate how much damage is priced within the u.s. market. extremes for

headlines indicative of success is not likely for the higher tariffs. got kind of what was expected and now we are back to a strong consumer. will go through and the u.s. economy still first in class. weoline: let's look at how ended the day. s&p 500 was down but there were volumes of that were higher. seeing they are managing to cling on into the green. that is why we saw the nav back underperform -- nasdaq underperform. despite the trade tensions managing to close close to record highs. >> absolutely. it is not much of a selloff at all. especially at the s&p 500. the s&p 500, despite the pull

back, it's up a 10th of 1%. there is a lot of excess in the markets. that brings me to know of. what do you make of the media around the pot sector? is this an indication of the late cycle we are in? noah: to think about cyclical analysis in the pot sector, i don't know if those go together. think the new thing, i you were talking earlier about the cryptocurrencies being new asset classes coming out. for lots of my institutional clients, you do not -- they do not know what to do with them. are they uncorrelated assets? you want to be a little bit ahead of big shifts in economy. maybe there will be a little money flowing. i'm glad picking the winners and losers in someone else's job. scarlet: what will people be

looking for an upcoming week? >> the fed meeting. everyone's expecting them to hike, however there is question on where the new dodge will be. some people -- dot will be. some people are looking at dovish assets. caroline: sara, thank you. let's talk about terms of globally exposed sectors and where we go in terms of -- coming out. we have a dollar starting to give away gains, but do you think the dollar is what dictates trade at the moment? noah: certainly with e.m. risks, the dollar will be important. i don't know if i would have mapped out this week if you told me what happened. rising u.s. yields helped a

little bit by the rest of the world and the dollar a little bit weaker says the market is sniffing out, not that you's growth is leaving but we get a little bit of a re-convergence. market seems the to see to hikes into next year and we could have three or four so there could be room for the dollar to move. lookd to think you want to there. it is interesting given how much damage is priced the bond -- a broad. --: diversifies investors diversified investors are either down or roughly flat. what portfolio allocation should people have? noah: i think the outlook going forward, we should see rates selloff a little bit in this cycle and yields rising. i don't know if that is damaging for equities. will be a good year.

the paradigm, i think we have a growth driven cycle and do not have enough on the rate side to end the cycle. both yields and equities can move. scarlet: what could give investors pause is earnings. we will get earnings from jpmorgan in october, until then, we have bits and pieces coming in like fedex, general mills. the reaction has been negative. one reporter of bloomberg news was writing about if this is any indication of earnings, they be it is time to be worried. noah: we have upside targets for this year and next. i will give you two things that give me pause. one, margins. tariffs go directly toward that issue. it is probably the time in the cycle to think about that issue. the second, where our expectations set?

historically, pockets of underperformance emerge when expectations are high and revisions are negative. to give an indication of where 170 might be, we have dollars earnings forecasted for next year. i don't know if that is a meaningful gap, but it is something to pay attention to. you get a typical pattern where expectations get started high and bleed lower. a slow bleed, we are ok with. willultimately, earnings be a function of the macro economy. you hear people use terms like sugar high or some sort of recession once the effect of the tax cuts come in. moment, allyote very technical. are there fundamental drivers in place keeping this expansion going on longer or will it be that once the step changes, or

the system with the tax cuts, there is nothing else? we arey analogy is that u.s. consumer put. the labor markets are strong. the consumer has been deleveraging up until recently. joe: so we haven't even seen the good times yet? noah: there are a lot of more good times to come. caroline: what sectors in particular? noah: we have over weights in some of the classical cyclicals -- late cycle cyclicals and materials. that is where we have questions. should we think about tariffs in dollar. joe: what about consumer specifically? deleveragingbeen in the saving range has been high which implies if the consumer is feeling good -- that the consumer is feeling good that no one is getting laid off around them. noah: the economics of the

consumer look for them but the question is the business models. it is back to picking the winners and losers. cycle,id, early in the amazon outperformed for several years. every time you thought they good news on the u.s. domestic side priced in, you had another year of outperformance. that is a paradigm where we think we have not changed our sex reviews yet. scarlet: rethinking but -- our sector views yet. scarlet: so rethinking. let's move on. there is a lot of eco-news to watch. raisee addresses and a position on the federal reserve. plus you have gdp and income data as well. let's get a preview with a senior analyst economist from bloomberg. the fed would love to keep the proceedings in just the trade

inflation but proceedings are coming in. >> they are watching the trade war carefully. that is among one of the biggest risks on the radar. it will be interesting to see whether they will, somehow, put oninto their forecast wednesday. whether they will bump up inflation because tariffs could have inflationary impact or whether they see the latest inflationary development going little weaker. joe: let's talk about that. the cpi number, was that just earlier this week? >> it was earlier this month. we are getting pce data. joe: the most recent inflation data was benign. >> very benign. joe: is there a tension where you have people saying but it should not rise because the labor market is down, but it is not rising. how does powell navigate the

dispute between what the data dependent people and the model dependent people? in another one. inflation expectations have been benign. if you look at the michigan survey, they have been quite week as well. -- weak as well. the fed is looking at all kinds of different data. we saw an increase in the latest payroll reports a hot be reconciled that? ofwill be the same message that's will gradually rise and we will hike gradually again. we looking for different indicators that tells us inflation is rising, wages are rising, labor inflation is rising, but modestly. caroline: we were talking about the housing market. we had a housing market clearly showing a slowdown. how does the fed care about

that? >> it was mentioned in the latest report from their august meeting. that popped up as a new risk on their radar. they are concerned about it and looking into it. it is a very cyclical indicator. prices arriving -- rising rapidly. they are watching a carefully. that is one of the things that the fed is concerned about. we expect that to continue. quarter,in the fourth it could be adjusted by rebuilding efforts. scarlet: thank you so much. that doesn't for the closing bell and for me. romaine bostick is stepping in for "what'd you miss?" where we look at what is happening in the corporate bond market -- high yield corporate bond fund it. this is bloomberg. ♪ -- bond market. this is bloomberg. ♪ ♪

caroline: live from new york, i am caroline hyde. u.s. stock the market closed up the day. volumes are huge. the dow jones is the only one in the green. joe: "what'd you miss?" we will talk to a board member of a london-based company. reportsnstein denying president trump to cause chaos.

opec and its allies meet in algeria this weekend as trump pushes for lower oil prices. joe: we have been talking about this great week in the stock market and we should be talking about credit more often. let's take a look at this chart of corporate high-yield averages. you see spreads on high-yield are very low. sometimes a snooty people like to say the high-yield leads and that is the smart money. if there is truth to that, it is not showing anything to worry about. subject, let's bring in brian. do you believe that? >> having covered bond traders for years, yes, they are the smart ones. [laughter] a lot of it is similar trends going on right now. stocks are hitting record highs.

one of the main things to watch is that spreads are very tight and might get tighter. this is a weird balance i wrote about. the supply and demand in balance is crazy. there is so much money from redemption that are going back into the market. as a result, you have this demand for these bonds. a spreadlt, you have tightened by 100 basis points on a single deal. romaine: where is this coming from? >> it is inflows into high-yield funds. it is folks seeing what is happening in treasuries. yields are going up and you have this in sensitive market in high-yield that's will not necessarily lose a lot of money if interest rates go up. caroline: why are the suppliers

ramping up? why aren't companies making the most of this? don't necessarily know that. a lot of what has been going on feels like a high-yield market and these lbo's. you see the spreads come in tremendously. the one i mentioned, the yield was at 8% down from 9%. there was all of this talk from the credit research group saying there is a lot of unfriendly protections in here for investors. joe: people have been talking about unsustainably narrow spreads since 2012. brian: this is a forever story. i have heard push back saying we write this all the time. the sky is falling, high-yield, and there is leverage loans beast out today on the terminal -- a leverage loans peace out today on the terminal.

there has been talk about it. at a certain point, you have to ignore knowledge, when there has been a tremendous rally, you say when will there be a drop? romaine: there is a thesis that all of this money coming in will protect the sector if there is a crisis. what is the idea behind that? brian: i'm not convinced of that, but there is this argument that there is so much interest in debt that if there is a such buying will be opportunity that everyone will swoop in and we will be safe. joe: that's never works. brian: you can't catch falling knives. caroline: you were talking about -- about the fact that they were starting to get unfriendly paths into the area. what are we talking about? brian: there is this brightly of aings that give the sponsor

lot more rights than are typically provided in these deals. it will be interesting to see what happens because if people are expecting this to be ok, and we see this trend where all of these investors are allowing these lower rated companies to extend their debt. they are kicking the can down the road and they are willing to do that. as long as the economy stays strong, and the default rate goes down, things should home along -- hum along. caroline: brian, thank you. that is a great piece on the terminal. opec is talking about boosting oil output. this weekendl meet to discuss the oil market and supply deal. we will have the details. this is bloomberg. ♪

romaine: taking a look at the oil market, it has been on the 3%. up almost brent is also rising back near the $80 level. here with more insight on policy decisions that could affect the oil market, our next guest is from the global energy sector. we have a big meeting with opec this week. with saudi arabia, iran, and russia not in the mix, does this meeting matter much? >> we have to look at the context of the global oil market. we have two big trends. a tight oil market and geopolitical risk galore.

you will have a lot of other risk. meeting going ahead through 2018, there is a trend of rising oil prices that opec has to look at. walk us through the interests of the major players. we reported saudi arabia is comfortable with a two dollar brent crude. with $80 brent crude. who wanted to be higher? brenda: if you look at the media on the opec decision, trump's they are fundamental forces of the economy determining what will happen with the oil price. a tight oiluch market and there is so much oil going off of the market that there is very little that the opec group or the white house can do about it. caroline: we did see the tweets coming from president trump who said we protect the companies of

the middle east and they will not be safe for very long without us yet they push for higher and higher oil prices. opec must get prices down. they ignore that because it seems oil prices respond to that sort of tweet. we saw weaker oil prices on the back of it. brenda: the irony is who is really pumping as much as possible is russia. russia is at the height of oil production. if anyone is helping fuel the prices, it is actually russia itself. arabia wantnd saudi to keep it around $80 per barrel and they do not want instability in the markets. whathave a long-term goal, can happen if oil gets toward $100 per barrel? we will see eight reaction to the economy. -- a reaction to the economy.

the end, what could actually bring oil back down is probably not opec, the white house, but it is probably the economy itself. romaine: how much of a factor is in as the major player in the rise of oil prices we have seen this year when you think about the sanctions put in place on russia and iran? brenda: at the end of the day, what really boosts the oil prices is the fundamentals of the market and major economic trends. we focus a lot on different actors, but it is major economic trends so that is probably not controlled by the white house or anyone else on the globe. the iran sanctions have a huge effect on the markets as they did during the obama administration. could also ring to

other goals in the long-term and bring to higher oil production. caroline: how high do we go on prices, brenda? brenda: [laughter] i would look at that medium and short term. months, thenext two trend will be up and as continues that way, we see a boost in the economy which could affect demand and change the oil price. caroline: thank you for all of your insight. it is time for your bloomberg business flash. is -- another executive leaving tesla. walmart is looking at new ways to attract new hires. asking employees which

perks would be most meaningful. they are two great potential rate potential incentives. germany's government is set to favor a deutsche bank murder -- merger. they would like to create a national lender that would finance the export oriented economy. has run bank leadership through various merger scenarios and decided the time has arrived. i want to go back to the walmart story. which one would you want most, the bonus, childcare, or others? joe: for me it would be the childcare. and it is suches a difficult thing, even if you have the money to afford it. the jim is deftly the worst -- g

ym is definitely the worst. caroline: they do this rather than do the wage increase. we talked about this on this show and other shows that a lot of the inflation we have gotten is because companies are doing this like perks instead of raising pay. joe: absolutely. caroline: coming up, nothing far-fetched about hundred and -- aboutin the u.s. london-based -- in the u.s.. this is bloomberg. ♪

to rent a movie? showtime. or buy the hottest shows. even here? we've got you covered. now they are all yours. to take on the go. on any screen. bingo! alright! and watch whatever you buy. wherever you are. head to xfinity.com/stream to start watching. simple to rent, easy to buy, awesome to go. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers.

"activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. mark: i am mark crumpton with first word news. susan collins says she is appalled by president trump's tweet challenging by name dr. , the one blasey ford who accuse brett kavanaugh of sexual assault when they were in high school. have noident we did "i doubt that if the attack on dr. ford was as bad as she says, charges would have been immediately filed by local law enforcement authorities either her or her loving parents. i ask she bring those filings forward so we can learn date, time, and place." senator collins called the presidents tweet inappropriate

and wrong. a group of up to 75 women convened at a washington hotel to voice their support for judge kavanaugh. some worked with him and others have known him since high school. friend,n, a longtime insisted the allegation is false. when asked how she could be sure, she said the charge leveled against him is inconsistent with every single thing we know about him. rod rosenstein is denying a new york times report that he suggested secretly recording president trump last year. the time cites anonymous sources who say rosenstein wanted to expose the chaos consuming the administration. the report also says he discussed recruiting cap the members to invoke the 25th amendment to remove trump from office for being unfit. rosenstein calls the story inaccurate and factually incorrect. the british prime minister is it

sticking to her guns when it comes to brexit. she said the horse negotiations with the eu are at an impasse. the two sides are divided over the irish border and the future economic relationship. the prime minister warned that you -- to the eu that it is not enough to reject her plan. >> the eu should be clear. i will not overturn the results of the referendum nor will i break up my country. engagement ons these two big problems in the negotiation, and we stand ready. mark: global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. caroline: far-fetched debuted in

the u.s. today. we spoke with the ceo on what this ipo means for the future of the company. >> we have two opportunities here. one is growth of online luxury which is going to 25% in the next seven years. billiona 100 incremental opportunity in online luxury. then, we have 75% of transactions -- how is technology going to brand the retailers and improve the consumer experience? more, let'sr welcome a board member from far-fetched. vectors --dex ventures that have backed far-fetched. i want to know, we are hearing from the ceo saying the

opportunity to scale. how much can luxury fend off the amazon approach. >> what is interesting is that it is a neat but luxury is a massive niche. it is not an area amazon plays in. if you think of the opportunity, it is 300 billion and there is 100 billion and not online. joe: so you are bullish on opportunities including far-fetched for online retailers and you mentioned amazon. what are amazon's blind spots or weaknesses? areas you think about the that they can't compete easily? daniel: it is difficult to talk about weaknesses when you think about the behemoth that amazon is. if you look it our portfolio, we look at what are the wedges and niches particular to a specific type of buying. luxury, and we,

had this company called goat which is a sneaker marketplace for high-end sneakers. if it is not in the mainstream and there actually is a colts following or interest, it should be ok. romaine: how do you raise awareness? i buy a lot of close online and do not use amazon. for the type of stuff you are selling, i just became aware of you maybe seven or eight months ago. how do you reach out to people buying these products and do not know what far-fetched is -- far-fetched is? daniel: folks will get more comfortable with it and the other aspect is that they have a broader selection than anyone else. if you put into a search bar what you are looking for, it is likely we will be one of the first places. ," romaine: are you holding inventory are connecting with the seller? daniel: farfetch connects with the boutiques and the brands who

sell it directly from the warehouse. there is no inventory in the case of farfetch. caroline: it's interesting you chose to list in the united states because this is a british founded company i a portuguese ceo -- by a door to you ceo. daniel: the u.s. is the largest market for far-fetched and it made a lot of sense to penetrate the u.s. market further by listing on the market. caroline: no brexit issues? daniel: none in this decision. joe: will we see didactic global names coming out of europe -- gigantic global names coming out of europe? with the exception of spotify, all of them are the u.s.. will that be different than five or 10 years? daniel: that is what we are banking on. one of our companies is in the $20 billion market cap and we

think the trend is natural that you will see more and more significant global players come out of europe because success begets success. caroline: there was this argument that they sold out too early. that is a bloomberg scoop a particular delivery company might be purchased by uber. i know it is in your portfolio and you cannot talk about it, but do you mind whether a company goes to list or gets bought out? what do you care about? daniel: we are not interested in entrepreneurs coming to us and trying to build something to get it bought. we believe they have to stand alone. is that ifscenario they keep executing and have a great team, they will go public. romaine: there seems to be more companies going private -- staying private for longer.

what is the incentive to come to the public market? question ofs a timing the market correctly, making sure you have your ducks in a row and that you are prepared to go public and you can address the public audience. joe: for the investors in your fund and other pcs, is the for early-stage vc type investing growing like crazy? daniel: i think they are professionals. they are interested in backing firms that have been around and keep spotting great opportunities. we have more entrepreneurs aber to build -- able to build faster now than ever before because of global cloud, the global audience on mobile and internet. in anne: you have been awful lot of the companies going public at the moment. you have stuff up your sleeve.

do you worry about the market? it was a perfect day for farfetch to come to the markets. do you worry about the timing? daniel: i feel like you're jinxing it's now [laughter] yes, absolutely. the fundamentals enable these companies going public. equity analyst that took amazon and netscape public. caroline: do you think amazon would be one trillion? daniel: i wish i had. caroline: wonderful to have you. daniel has been in farfetch. republicans are caught between a rock and a hard place on judge kavanaugh. who is at risk if they go ahead with the confirmation? that is ahead. this is bloomberg. ♪

caroline: for developing stories. suggested ton colleagues last year that he secretly recorded conversations with president trump. the news was first reported by the new york times but whether the comment was serious is under dispute. one person is telling bloomberg that he was joking. we bring in stephen from capitol hill. apparently he was sarcastic? absolutely. this is the real question because if the president looks at that and says rod rosenstein was going to engineer a coup attempt at me, i should fire him . even if he was joking, i can

the president not being too pleased of the deputy attorney general joking about wearing a wire. rod rosenstein is probably on thin ice. we know the president is unhappy with him. the question would be is if he would fire him, what would be the reaction on capitol hill? romaine: when i first saw the story, i shrugged my shoulders but thought about the ramifications of what would happen if we got rid of rosenstein and jeff sessions eventually. do you have any sense the white house could be moving to change on the doj after this? steven: we have already heard from lindsey graham he expected the president to fire jeff sessions after the midterms and warned the president not to take action before. if you did that, he could replace sessions with someone

who could shut down the mulder investigation. -- mueller investigation. graham no one would be confirmed unless they agree to protect the mueller probe. looks at thisnt story and says i will not wait until after the midterm elections, we could have more chaos in the next few weeks. we already have with this kavanaugh nomination. joe: let's go to that. how is it looking in terms of the hearings for next week? --ven: they are negotiating the woman who is accusing kavanaugh of sexually assaulting her when they were in high school, her lawyers are negotiating with the senate judiciary republican lawyers on what that hearing would look like, the day, and diane feinstein is accusing the republicans of trying to bully

before she isg ready and only willing to do it on monday or wednesday. she supposedly once to come in on thursday and has other demands for what the hearing would look like. there are negotiations over who would be the ones questioning her, whether kavanaugh would be in the room. we may have news on that later today if they come to an agreement. if not, it is in the air. you have several republicans to watch who could be the difference here. caroline: a lot hinges on those fema republicans. thank you. joe: steve dennis. president trump keeps promising a red wave. members of his own party even think the warning signs are flashing blue. it could mean more than a

balance of power switch. connor has a new piece on this. why would democrats winning have an effect on the labor market? >> the reason we are here is this governing framework we have in place, especially at the state and local level, was set in 2010. that's what a lot of the governors came to power. were aboutback then balancing budgets. economyars later, the has improved, tax revenues have come back. we still have this austerity framework in place and that should unlock that. joe: so your view is that state and local government is the -- if the political climate changes, they have the spending capacity to ramp up in some of these public sector jobs?

conor: yeah. the climate has changed this year with the teacher strikes and other issues. we have the leaders in place that we elected years ago. if you got elected on cutting spending, you want to cut spending eight years later. romaine: this sounds good for those people that could potentially get hired or get the rates. in that type of capacity, is that good for the economy long-term? conor: more spending is good. right now, inflation is relatively contained. we still have this issue of some workers being held back in terms of employment and wage growth. a boost should help everyone. romaine: how competitive are some of these agencies going to be in hiring? there was a story about how the army was having trouble with

recruiting because it does not pay as much as other blue-collar work. conor: that is part of the issue as well. pay has to go up. bute jobs are being offered to the wages have not moved in years. the public sector is going to have to respond with increases. if the public sector does it, the private sector will have to do more. caroline: where do you think they might -- is there an army of workforce waiting in the wings underutilized? where might they draw the talent from? conor: from the private sector. one of the reasons public sector employment has not grown is that people in the public sector are being pulled away by the private sector. joe: we are looking at the chart of the government job openings

to hires ratio. openings are increasing. what areas of the public sector are they going to have the hardest time hiring for? is it teachers? is it the police force? where will they struggle the most given relative pay skills and potential labor supply? conor: i think schoolbus drivers has become an issue and is a tough one for the public sector because you have all of the stories about truck driver shortages. also, if you want to drive, you can do uber or food delivery. there are all kinds of opportunities in the private sector to drive, and maybe you don't want to deal with kids. joe: in the big picture, we are waiting on the wage spike that everyone is hoping for for a long time.

could this be a missing piece to the puzzle? conor: i think so. unlike the private sector, the public to not do as much as spot bonuses and things like that that make things better. they have to raise the hourly paid to get the private sector going as well. caroline: thank you conor sen. up, after working hard on stabilizing the economy, president of zimbabwe says the country is now doing better. we will have highlights next. this is bloomberg. ♪ erg. ♪

caroline: it is time for your business flash. apple fans to plan and a ritual today.

they lined up at apple stores to buy the latest version of their favorite device. $200ew iphones are up to more expensive than the ones that came out last year. paypal is discussing ties with info wars and related websites. paypal intensively reviewed that ittes and found promoted hate and intolerance. info wars is a conspiracy theorists website owned by alex jones. homes or cutting prices like 2009. they're tired for waiting for buyers. that is your business flash update. zimbabwe is working to stabilize the economy by reducing the budget deficit and eventual current to reform. i sat down with the president of zimbabwe to discuss the current

relationship with china. >> china is very friendly to zimbabwe. we have continued that friendship and have no problem with china at all. it to say and bob way is open to business but not only to china but to the entire community. business can come in from across the world. the entire immunity is closed out because of that you sanctions on us. america and others are closed out. we are requesting them to open up.

today, it is time the britain prime minister changes. year.s inaugurated last she came and congratulated me after my inauguration. i have picked up three or so ministers from the united kingdom. engagement with britain is going well. the german chancellor sent another minister. we feel the entire world is opening up.

i have several high-level officials from the u.s. who i have met and i believe the signals coming from washington are indicative of engagement between zimbabwe and the u.s. we still maintain our partnership with brazil, india, and china. caroline: that was the president of zimbabwe speaking exclusively to bloomberg. that has taken significant money from china. it's not the best market to be raising in. romaine: especially talking about stability in economy and policy. caroline: don't miss this, the 10% u.s. tariffs on $200 billion in chinese goods takes effect. and president is addressing the united nations general assembly on tuesday. romaine: and wednesday, the big

fed rate decision. caroline: that is all for "what'd you miss?" it's friday. romaine: "bloomberg technology" is next. joe: have a great weekend. this is bloomberg. ♪ ♪

emily: i am emily chang in san francisco. this is "bloomberg technology." in the next hour, the battle of the chilean air tech titans. apple fans get their hands on the latest iphones. who will dominate devices of the future? plus, facebook pulled back on presidential campaign support after the uproar of help it gave candidate trump in 2016.