>> coming up on bloomberg best, the stories that shaped the week in business around the world. a sharp falloff in equities has everyone wondering how to react and who to blame. >> is this the low point? i don't know. >> the fed has gone crazy. >> signs of trade war stress start to show on china's policy. headinge the yuan toward key levels. >> the imf reveals that the rate is getting slower. google reveals a security breach. earnings season kicks off some big banks.

>> the highlights were solid quarters. >> investors remain anxious about rising interest rates. the fed president says it should not be set in stone. >> we don't have to project planned rate hikes at this point. >> volatility in commodities prices is a concern. industry leaders share what is ahead for oil and metal. been norade war has impact whatsoever. >> to my mind, we don't really have a supply. >> expansive energy is back. plus, microsoft's ceo speaks about doing business in a climate of protectionism. what are we contributing? >> it is all straight ahead on bloomberg best. ♪

>> hello and welcome. imf matt miller. this is bloomberg best, your weekly review of the most important analysis and interviews from bluebird television around the world. orthe week began, market reopening in china following the golden week holiday. there was plenty of information for investors to absorb. china cutting its bank reserve requirements for the fourth time this year. policymakers trying to show off a faltering economy that has been weighed down this trade war. a surprise, but given that it is the second cut in three months, it underscores the pressure and urgency in beijing. >> it does. sayingten to the likes that the economy is very bad. other economists arguing -- echoing those lines.

look at the bond defaults and the shadow of the trade war and it does underscore the need as many see it for policymakers to take this step. >> chinese markets have the week off for golden week. they came back monday and it is fair to say they are down 4.3%. two stock markets over there, what is causing this, is it pent up demand over a week of bad news? >> there is that affect of the week on china's markets, but more broadly, we feel as though we have had a slew of negative news on china's economy and there is no sign of a near-term break. you have domestic slowdown for all internal reasons largely, you have the broad trade dispute with the u.s. that shows no sign of easing up. you have deepening political tensions with the u.s. over everything from thailand -- taiwan to the south china sea. we see the stock market heading

south, we see the yuan heading toward key psychological levels. the mood has become darker for china's economy outlook as we head to the year end. the imf cutting its global growth forecast, saying risks have risen in the last three months, threatening to include a further inflaming of the trade war the twin u.s. and countries including china and a rise in interest rates to accelerate capital flight from emerging markets. >> if you go to bali, usually in a good mood at it seems this imf meeting getting underway as they see trade wars conjure booting along with the length of the spansion -- of the expansion so far. you see that in this chart. the blue line is the forecast for the world growth and how it has been brought down by about 2/10 from 3.9% to 3.7%.

this is the advanced economies, the u.s. getting its growth forecast cut by 2/10. that is baked in, but we fall to 2.5% the year after. eurozone gets 1.90 following year and china, because of the trade wars, loses 2/10 of a percent down to 6.2%. one week before the eu summit was supposed bring brexit talks to a head, there are talks that parties are coming closer to a deal. it is a complicated deal that centers on how to handle the border with northern ireland. >> there seems to be a proposal for a compromise which would basically mean the whole of the u.k. would remain in the eu customs area. the gamble is that the northern irish team that is so keen on euaining totally within the with the separation between northern ireland and great britain, they might find it easier to stomach a few checks on the quality of goods or animal health or meet between

north island and great britain. they might finite easier to stomach. that is basically where we are. .> agreement is in reach if we have the negotiations on the 17th of october at the next council meeting, that is why we maximizing an in orderly withdrawal and minimizing the cost of withdrawal. >> michelle speaking in brussels, addressing the issue of brexit. the pound moving higher as he spoke. >> the mood is more positive on both sides. end ofil meeting for the next week, there is a possibility we may have a draft of this agreement. it has been so difficult to get to. it is not for certain by any means and remember that after that is hatched

between the two sides, that has still got to be approved by the british parliament and the european parliament. there will be a huge fight in london. at the moment, a lot more optimism than we have seen in weeks. the closing have bell, 7500 falling the most. this is a genuine selloff. , theleins of 3% in the s&p nasdaq off by 4.1%. you're looking at losses in the different industry groups. >> is this the low point? i don't know. what i got -- would i be buying now? yes. the only thing we are talking about is the price of the market. on wass no discussion their new information that made the stock market less valuable. i think it is making a mistake. they are so tight. the fed has gone crazy. the biggest selloff since

february rolled to the u.s. through asia and europe, seeing declines of 3%. the shanghai close near a for your low. -- a four-year low. >> there has been contagion in equity and rates but nobody is panicked. in oneery complicated set class, but the pain is really intense. >> all the sectors in europe are down today and it shows how seed this is, because you the insurers, the financial services down in that makes sense given the rise in bond wheels, but you also have sectors like technology also down following the global selloff in tech. there is no sign of safe harbor at least in european equities. the s&p 500 falling for a sick day, the trump presidency.

we saw the nasdaq closed by 1.25%. it fell short of expectations for september. the fact have thought that inflation lagged slightly, everyone would go it is fine. the fed won't hike quite as much. >> the underlying growth has not slowed down as much so that is what we're dealing with. the fed has said that in the absence of inflation, they have given up on the concept of artifacts that debt created. go with saying they may tightening, even if they go beyond neutral. at the end of the day, i think they will back away from that, but that is with the market says. bank earnings begin, jpmorgan citigroup and wells fargo report earnings before the opening bell today in the u.s. the biggest selloff in global

stocks since february. were on theights bottom line at jpmorgan, that was a big help, better than expected credit. some provision sales, but in general, it continues to be stronger for both jpmorgan and citi. the credit card business coming very well. that's the key positive. one year ago, people are concerned about that business. the companies have guided to hire losses versus previous expectations, but the numbers are coming in well this quarter and the revenue margin, the net credit margin coming in especially better for citigroup, jpmorgan, those numbers have been improving for a a while due to the nature of their books. still ahead, as we review the week on bloomberg best, an

exclusive conversation with exhaust cheap -- with microsoft's chief executive. what political volatility is doing to prices and up next, top businesseek's headlines. italy insisted will stick with its spending plan the matter what happens. >> slovenia is talking about taunting the gentleman. matt: this is bloomberg. ♪

matt: this is bloomberg best. i am matt miller. let's continue our tour of this week's best business stories in brazil, where a populist outsider showed surprising strength in the first round of a presidential election. >> he is closing in on brazil's presidency after dominating the first round of voting. he wound up with 36% of the vote, just short of the majority he needed to win. he will face the workers party candidate in a runoff in october 28. this was a strong showing from him. we expected him to do well. our people x -- people surprised he did this well? >> they are. the last two polls were saturday evening and they showed him below 40%. 46% is the first numbers that came out had him at 49%, with about half of the vote counted. it was much stronger than expected and not just him but the candidates he backed. his son had a high vote count, a record for a lawmaker. also a lot of candidates voted for state lawmakers that he backed.

we have been hearing from analysts that this is basically his to lose. he would need to make a big mistake in the second part of the campaign to lose the runoff. italy's populist government was on the attack against the european union today. the debbie prime minister bureaucrats the real enemies of europe. >> the enemies of the happiness of the european people are the junkers who have brought and fear to europe. >> he said citizens look beyond friends when they vote. german german bond is above 300 basis points. for how long will citizens ignore spreads? >> he has been talking about having the spread and has been toxic -- taunting the gentleman. i was with him this morning when he was looking beyond the european commission, the people

who are in power now. commissioners mandate will end a few months from now and they're looking to the european parliament elections. i say they want to take power then, then try to change the rules. >> the italian debbie prime he is sure the, spreads between italian and german bond yields want to raise 400 basis points. saying an interview on italian tv, should i change my policies on the basis of what some speculator decides in the morning? no. has this been taken in italy? >> so far, these comments from the italian treasury minister this morning testified again in parliament. he urges people to lower the level of a political rhetoric and tone. they're willing to discuss with the eu. the numbers that up and put -- the numbers that have

been put forward. this is a classic case of the two pillars of the coalition being pretty heavy on the rhetoric and some attempts to walk that back by the italian finance minister. the message the government is saying is that these numbers for right now are not going to change substantially. the finance minister appointed a former governor as finance minister. he takes over two weeks after a budget update. with him coming in, you have people who are involved in s of ag the macroeconomic

democratic south africa. at the central bank, he was at the forefront in south africa. >> as central bank chief, do you have any concern that the finance minister would -- you assume that he, too, is a firm supporter of central bank independence in south africa? >> i don't have to be. he is an advocate of central banking. justice brett kavanaugh will hear his first case in the united states today. give us a sense of a we should expect. what would be different, as certainly just as kavanaugh got here in a different way? >> very much so. the saying is that every time you have a new justice, you get a new court. time.s even more so this a bitter divide over his nomination. we saw it last night when the

justices went to the white house and listened to donald trump kavanaugh how brett had been wronged. everybody is going to have a lot relationshipips -- building to do. he will have to earn the trust of his colleagues and they will have to learn with him. chief justice john roberts will have to decide in the middle of the court, how quickly he wants to move it to the right. a surpriseley making announcement earlier this morning, the u.s. ambassador to the united nations announcing alongside president trump that she would leave her posed by the end of the year. why she is stepping down remains in question, but she was quick to roll out one theory. >> for all of you that a going to ask about 2020, i am not running for 2020. i can promise you i really campaigning for this one so i look forward to supporting the president in the next election. >> people -- she will stay on board the administration until the end of the year. that takes her out of campaigning during the election

cycle. she says she is not running for 2020, but i spoke with a lot of consultants who say her political future is still bright. the president says he will rollout a senate confirmed seat weeks.next 2-3 we will see what that means. a contentious fight forever he nominates, particularly after the contentious just as kavanaugh fight. >> a bloomberg exclusive, saudi arabia's crown prince insisted the planned sale of the oil giant will go ahead. he made these remarks in an interview with bloomberg. he promised an ipo by 2021 and stuck to his ambitious view that the state run company is worth $2 trillion or more. >> a lot to people will be asking, is this new target of 2021 -- they said this earlier, 2020 -- is that realistic or will we see a buildup of questioning of whether it should be delayed further?

i think the questions won't stop. at least on the evaluation. he did say that the markets will decide at the time, but his expectation, he is inspecting $2 trillion, even more, but this time after the merger. hurricane michael making landfall on the florida panhandle with some of the highest wind speeds in history. the strongest storm to hit the continental u.s. since 2004. affecting infrastructure, property, so we will see insurance losses. as the storm approached, we saw rigs in the gulf be evacuated, that is pretty normal. the interesting thing is how it threaded the needle. it to not hit population centers in florida. it skirted to the east of most of the gulf oil and gas production. while we have seen 40% of oil shut in, the market is guessing that it will not last long and will have people back out on

rigs shortly. andrewey has convicted nson but-- andrew bru released him on time served. is this the out that turks were looking for? >> it is a welcome development for both countries. turkey has what it wanted and not a u.s. has what it wanted. washington has said that if he is not released, they will impose further sanctions on turkey. back in august, president trump was fear is that he had not been released and had doubled steel tariffs on turkey and slapped sanctions on turkey's, warning that more would be to come. this would be a bad developed for turkey as it is already startling with a economy that is overheating. it is welcome for both countries. ♪

matt: welcome back to bloomberg best. i am matt miller. this week, caroline hyde set down for an exclusive conversation with microsoft ceo. like many business leaders, she is concerned about global trade tensions and he says multinational countries must work to empower consumers around the world and gain their trust. i think about people and the institutions people build to outlast them. those of the things we think about when we say empowerment. being an american company, i always say that we are a multinational company but an american company. dependentdamentally on and proud of the values and trust in american institutions and values. clearly, the has served us well

and today, it serves as well. our form of government, our form of democracy, with all of the ability toave, our be able to set an example for what is a place where a lot of people of diverse backgrounds can come together and movie and make progress, i think is what makes america unique and us being born in that culture is what gives us our could ability. can't take any of this for granted either as a nation or a company. described trust as a formula which is about having values that are consistently applied everyday or overtime and that is what engenders trust. caroline: are the trade tensions affecting your business? satya: i think we are going to a phase where everybody has recognized, let's call it the phase of globalization has not created equitable growth in all

parts of the world or in any country through our -- through all parts of society. every country needs to be the thingswhat are around trade that help them thrive? that is the key. everyone puts the country's interest first and look at what makes them best. what is our responsibility as a multinational company? public how are we making sector more efficient or multinationals in that country more competitive? if we do that, we're good. if we don't, we have a challenge, because stability for us comes from the ability to create more surplus and more opportunity outside of what we do. -- google was another tech giant rolling out new products while dealing with the fallout from a security breach. those stories still ahead and coming up, more of the weeks compelling conversations with the ceo of the world bank

raising the next financial downturn. >> letter member, what goes up comes down. matt: this is bloomberg. ♪

♪ matt: this is "bloomberg best." london was the epicenter of the commodities sector this week, with industry leaders gathering from london, with them metal weekend annual oil conference. many companies that it is an official stopped to talk with bloomberg tv. let's begin with fosse be role, who told francine lacqua he's worried about falling oil surprised and rising prices. ♪ i think what we have been march is --ince

this is not good news for the global economy. coal and natural gas prices are going up, and i can tell you it looks like expensive energy is back. expensive energy is back at a economic the global is losing momentum, currency crashes in emerging countries, so high oil prices are not good news for the global economy, both for importers, consumers -- but also for -- if not today, maybe tomorrow. >> are you satisfied in how saudi arabia and its allies are responding ? should they be putting more oil on the market to make up for lost production? iran exports are going down

but we really need more oil. but saudi arabia made an excellent move to come to market, especially in the fourth quarter this year. >> why are they not putting more oil in? does saudi arabia not have enough? there's always a time -- it's not like you switch it on and are producing more. >> i have all the confidence that saudi arabia and other -- fourth quarter is very critical, in they will make everything they can do to increase production. otherwise, it is bad news for consumers and also bad news for them. ♪ >> yesterday here at the conference, the markets were entering a red zone. how severe is supply? >> well, physically, we don't have a supply swing. there's plenty of oil around.

i think it's right, what the saudis say. we have enough oil to supply anyone who wants it. what we have is a little bit more of a fear factor, which is -- there won't be any a radium crude oil probably. we don't have a school at all. >> we heard from a lot of your competitors about price production today, hovering around $85 per barrel. where do you see brent, january 1, 2019? >> it's hard to say. i think -- i wouldn't be surprised if it's five dollars, $10 lower by then. ♪ >> the outlook for copper is possible. on the demand side, emerging markets continue to drive a lot of physical demand. china's demand for copper is expected to grow about 4%, and also in other parts of the world

like the u.s. and europe, physical demand is quite strong. on the supply side, copper is in shortage. generally, you have declining grades, and therefore it's a commodity -- i think the outlook for price, therefore, is favorable. i think we have seen prices come but as of june or july, that's likely the result of macroeconomic uncertainty around trade wars. but beyond that noise, which may prevail in the short-term, i think midterm, prices are bound to increase. >> is it just noise, the trade tension, or do you see evidence of it in demand? >> we have not really seen evidence and demand. physical demand is actually quite strong. one of the reasons being that most of the copper that goes into emerging markets, if you take the case of china, stays there. 80% of the copper that's exported to china goes into that market, stays there in the form of infrastructure, and therefore

does not get reexported. the direct impact of a potential trade war on copper consumption in emerging markets we see as moderate to limited. ♪ >> yes, the chinese economy is slowing down, and we know that. at the same time, it is clear that the chinese government has decided to put -- it's exclusionary at a provincial level. concerned about china. it has been no impact whatsoever, and you saw integration into nafta. >> so no impact. i heard from the ceo who was saying the same, no impact from the trade war. what worries the bus of a big mining -- the boss of a big mining business? anything? >> we have a lot of worries

every day. we just need to make sure that oil production improves every day, that we push the agenda to the next level. ♪ matt: the international monetary fund held its annual meeting in bali, where it delivered a downbeat forecast for global growth. haslinda amin caught up with world bank ceo at the conference for an exclusive interview. they discussed the threat of the stronger dollar to emerging-market economies. ♪ and were watching it, are concerned about countries that have a high level of dollar-denominated debt. what do you think today, at this level, we will see the -- at that time, we had the best prices to deal with. -- one,questions are

are countries that are experiencing high level of debt taking the necessary measures through debt management now or are they praying that somehow this is all going to go away? factors that other may undermine investor confidence? and of course, trade uncertainty is a factor. >> we have been talking about prices --ld the next how would you rate the chances of that happening? uplet's remember, what goes comes down. likely to work on the upswing of the psycho, so slow down is happening.

would it be as, relatively small decline that is not going to throw the economy into a tailspin? for now, we think that the global fundamentals are relatively good. ♪ now, amonetary policy federal reserve official thinks rate are fine just where they are. the st. louis fed president joined bloomberg "daybreak" to explain why he is not advocating for further hikes. ♪ >> we are close to neutral today. when i look at inflation expectations from the tips market, it looks like they are about at 2% on a personal consumption expenditures inflation basis, or somewhat below 2% even, over the next five years or 10 years. as of right now, the market

doesn't really think we will hit our inflation target on our preferred measure over that kind of time horizon. that we have to me got about the right level of rates today, in then we should react to incoming data, see if it surprises to the upside or downside. we haven't had a long run during 2017-2018, a pretty good news with the u.s. economy. it may not always be that way. one day we may get some bad news and will have to adjust the other way. i think we have to be prepared that the news isn't always going to be good. toand the good news seems have helped team members been more in line when it comes to their expectations. this year, the consensus seems to be about four rate hikes this year. the problem is what happens when it comes to 2019, and the dots go on the bloomberg, showing how

divided fed members seem to be. what are your expectations? main point is that we are at a good level of rates today. we don't have to be projecting planned rate hikes at this point. we can react to data as it comes in, we can feel our way, see where we want to go. but i don't think it's a situation where we need to get a lot higher with policy rate in order to contain inflation, because there just isn't that much inflation pressure in the u.s. economy. those effects are very weak today compared to what they were in the past. ♪

♪ matt: you are watching "delivered best."

let's resume around of of the week's most important business stories with the bloomberg scoop involving regulatory changes in china. ♪ >> we got some interesting news on china, and that is the country is planning a major expansion of its too big to fail rule. beijing will increase the number of companies deemed systemically important. the concern is, if a country is doing this, are they girding for some sort of financial or economic downturn? what is china trying to achieve here? >> it is really part of their ongoing effort to de-risk the financial system. i'm sure you've read a lot of stories about how it is growing, how there are worries, systemic issues in the country, the trade war with the u.s. is raging and it doesn't seem to be slowing down at all. the regulators have really been focusing on the shadow banking sector primarily, but this is a

sign that they are looking at the more traditional financial sector, the banks, the insurance companies, the brokerages. right now the understanding is they don't have a public list of these systemically important financial institutions, but there are about 20, we believe. they are drawing up a short list of at least 50 that they will look at, in judge from those institutions to see which one should be designated. ♪ >> treasury secretary steve mnuchin is said to have been advised by department staff that the china -- that china is not manipulative the yuan as the trump administration is preparing to issue a closely watched report on foreign currency. given that it is something of an anchor currency, there could be ramifications to market. >> absolutely. because the yuan does act as that anchor, you would see the first-order effects come through in emerging-market currencies. if you saw steve mnuchin name china manipulator, emerging-market assets could be

in for more pain. ♪ >> google is shutting down its google plus platform after discovering a bug in one of the apis that could potentially have exposed the private data of hundreds of thousands of meters. despite discovering the bug months ago, google chose not to disclose until now. google plus is essentially defunct. how exactly did this happen? >> what happened is the profiles of hundreds of thousands of people are still on google plus, in this specific api allowed the developer to request of view of certain pieces of user information. this would have included your name, your email address. there weren't private messages sent between users, some of that a sick identifying information is just sort of out there and open to any developers, who had to figure this out to -- >> google has announced a fresh

new lineup of gadget, including the first ever connected your buds. google is going all out when it comes to integrated software and the integration of hardware. insteadhis the strategy of partnering with other companies? >> we believe that the next evolution of where hardware will go is that it's not about hardware, it's about how ai, hardware, in software come together. this is where google shines, showcasing new experiences we never could before to have a fully integrated device. today, we launched things like the pixel 3, all these products are designed end-to-end to google, where we can bring the ai in addition to the hardware. ♪ revealed aman has $900 million position in starbucks. >> piece mostly very nice about starbucks, says it is a great

company with great products. he's also complementary of the new management. he says they are doing a good job in he's pleased with the initiative. one interesting thing is that chairman of starbucks was the isirman of jcpenney, most acrimonious play. from just talking to people before i came on their, they have much in the way of love for that man. it will be interesting to see how they'd jell with that nice guy activist. ♪ journal"all street says softbank is in talks to take a majority stake with an investment between $15 billion to $20 billion. >> the japanese conglomerate has already invested around $5 billion in the company since last year. talk to me more about what we know so far. thought wasfirst

outspoken support ever since they made their original investment last year. moving softbank headquarters. besides the humongous amount that softbank is preparing to invest, they will take a majority stake, which would be a departure from vision funds typical operating procedure, which is taking a minority stake in encouraging companies to produce energy. having a majority control stake in be very interesting. ♪ the escalating trade war hasn't stopped bmw from accelerating plans for china. is german automaker boosting its space in a joint venture with brilliant automotive. this brings its share to 75%,

making it the first foreign carmaker to take control of its chinese enterprise. >> there's a trusted partnership for many years, and today we said we are expanding it to 650,000 cars, another 5000 trucks after 2020. this is depending on the development of the market. in the premium segment, their artists till cars coming. ♪ >> tesla's biggest outside shareholder has taken a sizable stake in potential chinese rival. to $515oared million as of monday's close. >> i don't think elon musk has anything to worry about. this is one of his biggest investors now backing -- when you look at how much, $550 million is a big number, 11% is

a big number, but if you look at those funds in yuan and that's 140 billion, that's .4%. i wouldn't say it is some sort of glowing endorsement, more of a diversification play. at best if the china hedge, because tesla, while it is expected to go into china, isn't making cars and shiny a. -- in china yet. ♪ morningares fell this this by posting results in one with expectations. chinese demand for high-end products like handbags and makeup remains strong. >> luxury stocks have had a stellar run for the past year and a half, and that has been driven by china, rapid growth coming from chinese consumers accounting for about two thirds of the growth in the business. while investors were expecting a strong third-quarter, and they got it, they didn't get the kind of strong signal they would need

to reassure them that some of these factors we've been talking about, like a trade war in china, won't take a toll. ♪ >> another company on our radar today, sears. the struggling retailer is repairing for a bankruptcy filing as soon as this weekend. ae owner has been pushing debt restructuring that could avoid a chapter 11 filing. what's the story? >> sources are telling us that the company is pivoting, and could be preparing to file for bankruptcy as soon as this weekend. the company has been reaching out to banks in preparation of financing, which would be used in a bankruptcy setting. this is pivoting from the previous proposals that they had put out to lenders into the board, basically asking for a restructuring, but out-of-court. this would be looking at now a bankruptcy proceeding in court.

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♪ -- maps out the different storms coming onshore, and what we have here is michael, a pretty long tail. it is not a direct hit, fortunately, to the oil rigs in the gulf of mexico, moving away from that. matt: tracking severe weather in real-time is one of thousands of functions you can access through the bloomberg.

keep watching bloomberg television for more tips. here's another function you'll takes, wherequick you can get important context and fast insight into timely topics. here's a quick take from this week. ♪ incoming equality -- >> it's a very disturbing trend, recognizing income inequality. >> in the coming equality. >> income inequality is the phrase of the moment. over the last decade, every region in the world has seen the income gap grow, which has fueled populist political movements in places like italy, mexico, in the u.s. and well wider income inequality is generally seen as a bad thing, there is debate about whether equalizing income actually helps the poor. this is your bloomberg quick take on incoming equality. is oftenequality incorrectly used as a catchall description for ill poverty or class division, but the issues are undoubtedly intertwined.

it simply measures the gap between rich and poor. ther the great depression, share of national wealth held by the richest citizens in many developed nations fell, but since the 1970's, it has been growing. in the u.s., the average yearly income for the poorest households grew only 12%, about $12,000, from 2007 to 2016. meanwhile, the wealthiest 5% saw average income increased 31%, to $375,000 per year. the u.s. ranks 39's most unequal among 167 nations. china has an even wider gap, ranking in number 29. president xi jingping has dedicated billions of dollars to tackling the disparity, the wit continues to because by the rapid urbanization. laurel chinese aren't just a third of their counterparts in cities. >> researchers have been able to link rising inequality to negative outcomes. greater political instability, low productivity gains, reduced investment. >> it has even been thought to

create longer commutes and higher divorce rates. but narrowing the gap does not necessarily help the poor. >> one thing we point out is that inequality isn't a zero-sum game. for example, after the 2009 recession, that shrunk the stock portfolios of wealthy americans, which reduced inequality. but in that time period, the poor did not get richer. >> which is why some say>> inequality is in the best measure of well-being. >> some say, where are the worries about rising inequality -- they argue that inequality can act as an incentive for people to innovate, take risks, create wealth. >> there is cause for optimism. since 1990, despite whitening inequality, more than one billion people have been lifted out of extreme poverty. ♪ you can find many more quick takes on the bloomberg, and you can also find them at bloomberg.com, along with all the latest business news and analysis 24 hours a day.

that will be all for bloomberg best. thanks for watching. i'm matt miller. this is bloomberg. ♪

♪ >> i am caroline hyde in new york in for emily chang. this is "bloomberg technology." in the next hour, softbank is set to be the largest ipo ever. plus, u.s. authorities have an investigation into the broadcom deal. they wonder if the company is a stock market manipulation target. alphabet share stocks --