reassess this is the risk profile they want to have. the best thing to do is to stay invested. to not try to time the market. to try to time the market. caroline: there we have it. the bell rings. we're seeing the nasdaq almost erase all of yesterday's losses. scarlet: almost but not quite. points andes ads 400 tumbling 608 point yesterday. 1.9% with0 gaining most of the big sectors advancing led by technology. joe: it is about to get really rowdy. we have amazon, out for bed, --el, chipotle, snap alphabet, intel, aaa, and snap. scarlet: luke calla is sitting us. await these amazon and alphabet numbers, there is so

much emphasis on what this will say about technology going forward. are these the bellwethers to watch? we said that with microsoft and turning out to be a low weighting game. >> i think you will see the market -- >> scarlet: let me jump in because amazon has reported third-quarter eps beating the consensus. i'm not even sure if we're comparing here. billion isf $56.6 lighter than what analysts were looking for. sales waster net estimated 57.1 billion. we are down on amazon. let's get how intel is performing. ahead of the expectations. a preannounced everything active couple of months ago.

intel third-quarter adjusted earnings per share are much better than expectations. has beenrter revenue better than expected and they are boosting their outlook. joe: that is pretty nice. know how much the semiconductors have been getting clobbered. we are up three and a half percent. amazon also a much bigger deal, arguably, in terms of market cap, slow down after hours. scarlet: it is useful to remind everyone how much amazon has gained. it is up 50% this year. it has fallen quite a bit since the record high in september, down 14%, and in october it was down about 12% which is trailing the 8.5% drop overall measured by the faang index. joe: initial thoughts on amazon? leigh: we have been talking a

lot about -- scarlet: we have the in again. i'm sorry. third-quarter eps for alphabet just coming in. $13.06 was the reported number. -- we are going out of order but let's give you what we do know. other revenue including hardware was $4.64 billion. paid clicks on google properties are up 62%. google property revenue is $24 billion. let's try to put that into context here. investors are struggling to figure out what it all means. joe: traffic expedition costs down just a hair shy of estimates of 27.3 billion. we are not seeing volatility yet in out the evening is so young -- in alphabet shares but the evening is young. caroline: it is.

what's ruth says on the see what's ruth says in the call. leigh: putting a bigger eps numbers now. does the market care? historically the 90 day correlation to the price movement is the eps beat miss, but how long can they go with the revenue slowing down here? everyone says it is a revenue story. it has been an eps story for quite a while. it doesn't seem like they are focused on it. i will but you the revenue number is good because that is where the gross margin is. if they miss on that, that was on fire. that is what will flood the stock tomorrow. caroline: so amazon mrs., alphabet-- misses,

hitting. romaine: the intel numbers look good. they hit on all of the main metrics investors were looking for. revenue as well as margins. they did not talk a lot about the new chip manufacturing technology. we might get a little more insight on the call, but they did not have any red flags with regard to the forecast. they seemed to boost their forecast higher than what the street was expecting giving the shares a lift. the other story is amazon. that is looking if the. their revenue -- iffy. their revenue came in high. as long as they keep growing revenue, investors seem to be happy. the thirdlight for quarter and not giving investors a lot of optimism. number,th quarter supposed to come in close to $80 billion for the fourth quarter, that also looking like it might be a little flight as well.

joe: and it is worth noting that google is down 4%. i'm thinking about last quarter when big tech companies bombed but the overall market was fine. can earnings change sentiment or do something deeper need to happen? luke: i think it can. what has been concerning about this earnings season is that you see the day after reaction. earnings has the big move and the dust settles and the next day stocks have been going open to close lower no matter whether .hey beat mess -- miss there is no enthusiasm on what anyone is seeing. get the bell.n microsoft was a good sign for me. a green shoot, but it is not the case with amazon and alphabet. leigh, thoughts on

alphabet? leigh: the paid numbers are incredibly positive. i don't worry about revenue because they definitely don't want to get into trouble with cranking that thing up to delhi for a regulatory perspective. i think it looks pretty good. talking aboutere the paid clicks, up 62%. cost per click is down 28%. i like high you can say they can turn the dial however they want. what is the optimal situation they want to present to investors in this kind of environment? leigh: not getting in trouble from a governmental perspective. scarlet: [applause] that really is the story. if you look at google across the last couple of years, revenue growth is so stable and so incredibly stable. scarlet: and they are a big company too. leigh: as warren buffett says,

sheenrket is weighing the and google is superheavy. how some we have seen toymakers have been hit and mattel third quarter is $.18 and estimates were $.21. we are creeping up after hours. maybe that is a relief. expedia had adjusted earnings million and 912 estimates was 824 so a beat for expedia. scarlet: i'm looking through the amazon release with the plunge we see in the stock price. in terms of the guidance with the quarter, which is light for net sales between 66.5 billion to $72.5 billion, they say that is a 10% growth.

it anticipates an unfavorable impact of about 80 basis points. a stronger u.s. dollar is really starting to take a hit on some of these companies. we knew this would come in time. luke: we have seen the 3m cited earlier. earnings the issue is visibility in length cycle. people have given up on the idea that these behemoths are insensitive on the secular growth stories. maybe you pay more for defensive companies that you think will be dwell -- will do well on the downturn. much of the story speaks to a macro change for you? we were on here a week and a half ago talking about how the pe numbers had come down to a point where they were below the average but we saw longer-term estimates start to

take down. it had been moving up for the last couple of quarters. it is not that cheap e-reader rates are going up, it feels like trade war starting to matter. you look at china down anywhere depending on% which market you are looking at. that is starting to have a real impact. in theu look at the lull u.s. market, let's step back. the moves we see from these high beta names, no matter what the are, were, -- prints have seen a high velocity moved to the downside. scarlet: and we're getting numbers out of snap as well. the big number is third quarter daily after this -- daily active users down 1% versus the second quarter. just a little shy what analysts were looking for. revenue is at 297.7 million so

better than expected print on the top line. the stock is bouncing around. caroline: when we see some of the falls off in amazon and i'll, amazon climbed to 7%. it is not eroding all of today's upside. we have to take that into the significance. scarlet: speaking of the volatility, luke, this is features right now and i have it on my bloomberg screen. just a sense of what this miss means for futures overall, you see a drop, a leg lower in futures. that made the case the weakness will carry over into tomorrow. 100, ifr the nasdaq amazon beat, we would move around the 200 day moving average. this says it will take some time to get us there. thestep numbers continues theme of cash flow matters and results matter. people do not care as much about twitter, they cared about the

fact that the company is making money. leads to laterus cycle concerned about profitability. aboutou are about to say they -- within the fangs. what is that mean to you? leigh: you get the feeling that social is on the outs here. there is a cleaving going on. if you look at the way facebook is acting. caroline: i look at how facebook is performing, falling in tandem. leigh: if you look at the snap numbers, the da use came down from 198 to 187 or they printed right on the money there. throughout the quarter, the stock fell in tandem. although the twitter numbers were better, it was because of profitability. they are turning the dial. i think there is this feeling that social may have had its time. caroline: i'm interested if

facebook is falling on the back of snap. leigh: we have seen the facebook numbers come down significantly throughout the quarter. we don't break out the instagram numbers, but we see those others fall a good amounts relative to other numbers. the other interesting is, i will be interested to dig deep into the amazon numbers. we have seen retail and consumer hold up really well. likeu look it stocks lululemon, target, walmart, all safe havens in the numbers look really good. it would be interesting to see what numbers did not go as well as expected. scarlet: it is a clear contract to the part of technology. we look at shares all falling after hours trading. the etf attracts a lot of the faang stocks is off as well in after hours trading. an indication here of what is to come tomorrow when we resume trading.

luke, you want to jump in? luke: i think this is another thing that is different from this earnings season's two previous ones. all happy families are alike and happy in their own way. when one company beats, they all rose, and when one misses, only one misses. joe: what does this mean for private markets if investors are saying you need to make money, pure growth and vanity metrics are not enough? leigh: the interesting vcs who play around and move most of this money, they are starting to ring the alarm bells around these business models that rely on burning a lot of cash not really having economics down, end.maybe coming to an i think that is because of the macro environment. that will have a spillover effect into the public market, 100%. caroline: you mentioned amazon

is probably firing on all cylinders when it comes to web services. when you look at the overall blogs, we seeing one bright spot for amazon. the web service division continues to cook with gas. toes up 46% year-over-year $6.7 billion. aws is still managing to drive forward. luke, i want to your sense, yesterday seemed to be driven by microsoft, tesla, and will we fall on the back of the fact of the faang stocks are falling? interestingld be for us to go haywire on the stock. volatility is the highest it has been in years and we see it continue turn in markets. that seems to be mostly technical at the beginning. it seems to be reacting to these day-to-day mixed results within technology. scarlet:been in years and we set

continue turn in markets. thanks lou, and lee droge and who is sticking with -- luke and leigh who is sticking with us. that's it for me. romaine bostick will be stepping in. this is bloomberg. ♪ this is bloomberg. ♪

caroline: let's check in on how the earnings roller coaster is continuing. we see the impact on the share market overall. amazon was up 7% on the trading day, so not eroding all of its gains. volumes are high and we see 200,000 shares already traded after hours. alphabet is off as they come in with their revenues.

snap is going between gains and losses as they come in line with their daily active user base. welcome to the team romaine bostick and you have been analyzing what is been happening in terms of the numbers. romaine: the amazon web service is seeming a little troubling. it was a lot of growth, but that is where folks thought it would be. when you look at the top end of what analysts were expecting, they were looking to push it to 7 billion. this is supposed to be the growth and of the company, right? joe: leigh was just saying the same thing to me off-camera. leigh: we were a 6.831 and that has come up significantly from 6.65 during the middle of the quarter. that is a pretty decent mess. that is normally the gross margin's driver. if you look at the eps numbers, it is pretty big. i'm interested to know where the gross margin came from, or to

analysts not know it all but the normalized eps of this companies at this point? caroline: joining us now is paul sweeney. pick apart some of these numbers. line,habets comes in amazon's key support comes in muscling in on alphabet. looking at alphabets, why are they falling so much after hours? paul: i think the output story, these are topline and -- alphabet story, these are topline stories. know the expense levels of a lot of these companies are set. the cfos of these companies have laid out a pretty sustainable level of expense they think they need to do to reinvest into the business to drive their business, and investors are generally good with that. amazon investors are willing to give up years of profitability about what jeff bezos believes

his long-term growth. we've seen this volatility in these names quarter to quarter, but most investors are looking at the topline stories. romaine: the narrative was that there was so much growth in these cloud services that from other businesses, it would be this main driver for growth and for a larger economic driver. is that materializing -- is that not materializing to the extent people thought it was? paul: i think it is. we saw good numbers out of alphabet. i think we will hear on conference calls in terms of operating expenses and capital expenses, and hiring engineers and computer programmers to support the cloud business. the cloud business for a lot of these top three or four players in the space remains a growth driver for investment.

fortunately for investors, particularly amazon investors who have been starved for net profits, the cloud business is a profitable business. joe: i'm looking at the screen and there is a big fat screen number there from intel which is striking because of course, they have gotten clobbered since the middle of the summer. it has been brutal. what is the read their? is it may be that the sky is not totally falling? leigh: we do a podcast every week and on monday, we had the bearish analysts pretty on semis except one of them had qualcomm as his best take this quarter through the quarter. he kind of looked at it as a bifurcated story. nvidia, macron, some of the other higher beta names did not like him at all. that stocks chart looks like death.

the thing completely fell apart. it had not looked in that bed until about a week ago and then they gave it up. the question is, is this a complete cyclical thing and we are now on the other side of the semiconductor cycle? or has this played out and we got the high-volume moving out goes back up. and theyon is up 3.5% have come back. this is not the end of the world. they are still up on the day. caroline: and alphabet has not eroded its pick up either. paul, you were saying the top line is what people look at and then they will start to dig into the numbers. how much is it also in terms of future guidance? amazon's fourth-quarter guidance is pretty light. how important is not what the revenues look like for the third quarter, but what they look like going forward? paul: what is really driving the stock, the initial aftermarket trading, is a fourth-quarter guidance which i would call

lighter than people even expect. a lot of times with amazon, the guidance is all over the place. huge ranges for revenue and operating income. you could drive a truck through it. people take their guidance with a grain of salt, but it was light across the revenue board. the market, in particular with the faang stocks, nasdaq stocks, the blush sensitive to the topline. leigh: i think that is the best point for paul which is where are you hiding here in tech right now in this kind of high beta, high vix move? it will be amazon, google. we saw grubhub put up great numbers and get smashed. i would not want to be in some of those really high beta names right now. i think people are hiding the money google, amazon, some of the bigger names. romaine: is in there risk that all connected? so much of intel's business is tied to the cloud. the server business they are

facilitating is directly tied to what alphabet is doing and what amazon is doing. you wonder if there is pain with one, will be run the risk with pain with other companies? paul: i think that is very true. there's a lot of interconnected businesses here. we spent a lot of time looking at the equipment suppliers and the demands coming out of telecom and the cable companies to see where the demand is. what we see across the board is very strong, strong investments, and i think we would hear on the ,oogle and amazon call tonight commentary by management saying they will continue to reinvest in their business because they believe in long-term growth opportunities. that is what most tech investors one. a1 the long-term investment. -- they want the long-term investments. it is concentrated into a handful of names like the faang stocks and maybe a couple others in their. negativity that is probably not sentra --

central of the amazon issue right now is mediocre whole foods. the other competitors in the physical delivery of, they are getting good at this. leigh: speaking of private markets, we will get a couple of ipo's from the delivery companies in early 19. i used the whole foods delivery. we don't go to whole foods anymore, we get it delivered. it is an amazing service. is itgument around it is added to the revenue or replacing people going to the store? it looks like it is more replacing people going to the store then adding on to your revenue numbers. ,aroline: looking into alphabet we seem to. be peeling back the onion as to why perhaps the numbers are not looking that pretty. it seems this is traffic acquisition that has driven higher. google is paying is part to distributed search engine and they say that rose to $6.5 billion.

people are be what thinking to pay out to partners. romaine: we have seen this before. about a year ago, they ran into the same issue. these acquisition costs are going up because the companies don't have the same leverage it used to. they were the 900 pound gorillas when we talk to google and facebook, but night you have other players on the periphery gaining traction. caroline: particularly when th tou doesn't want them preinstall it into android phones. on theust to go back tech issue, it reflects more and more of the traffic comes from mobile devices so you have to pay apple and others, but that is a high-class problem. that is something the company manages aggressively. the regulatory issue is an issue on return for all these tech names. caroline: so great to have paul sweeney with us and leigh droge and -- drogan.

from new york, this is bloomberg. ♪ bloomberg. ♪

mark: i am mark crumpton with first word news. twonew york times reports people briefed on the matter say federal authorities investigating a series of pipe bombs sent this week to prominent critics of trump have turned their vision to southern florida believing a number of the devices were mailed from that area. investigators are trying to determine what the devices were intended to detonates. the scare widens today as officials recover three more devices. one of them in new york city addressed to robert de niro at his restaurant. secretaryhouse press

says the notion that president trump is responsible for the packages sent to his opponent is "disgraceful." she told reporters there is a big difference between "comments made and actions taken." vladimir putin says russia plans to commission new military weapons that would be unrivaled throughout the world. president putin's statement s president trump announcement that he wants to opt out of an act due to russian violations. bloomberg has learned the trump administration plans to send at least 800 additional troops to the u.s.-mexico border. the defense department may issue an order as soon as today to deploy the troops. there are already 2000 national guard troops assisting at the southern border. the white house is proposing cutting what medicare pays for many costly drugs for cancer and other conditions to match lower

at european countries. the president said "i never understood same company, sandbox, saint hill, made in the exact same location and you go to some countries and it will be 20% the price that we pay." 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: let's return to the earnings after the close. plenty of action after hours in terms of volumes and the equity market reaction. amazon had declines in the trading day. alphabet came in line but there are concerns over there overall profitability. intel gains but it is losing some of the steam in after-hours. snap is down two percentage points.

let's get more on snap. let's bring in sarah frier. a real focused on the fact that they are losing this once again, sarah? sarah: that is the case. even though revenue beat estimates, the revenue is get a be building off a base of an audience that has to grow in order for the company to continue growing. that hashis product had this great standing among youth markets and the youth market is fickle. if those people are leaving the app and are not able to grow internationally as well as people thought they could, that is a problem for the future. they said not only did the user growth decline, this quarter, but they expect fewer users next quarter as well. and you have had a long day early this morning, twitter said it's monthly users were down. is that a different case of them continuing to clean up their

numbers and get rid of spam and bots and all of that stuff? and thus, from a quality standpoint, snap is in a different category than twitter? sarah: right. snap does not have that kind of problem with bots. there is not intended for things to go viral on snap the way they would on twitter. you cannot really start a conversation in the way you can. they don't have the same problems with influence campaigns by foreign governments and all of that. that makes snap a cleaner place. they need toime, continue to be relevant in the conversation. people are seeing instagram as an alternative to snap. going there and doing the same things. instagram copied the stories format from snapchat. that is the videos you can post every day and they disappear after 24 hours. onis incredibly popular instagram, more than double the people use it on instagram then snap. it is a tough position for them to be in. joe: sarah frier in san

francisco, thank you very much. turning the page, president trump made headlines when he said the central bank, the fed has gone crazy. our next guest says the president may have a point. and that the federal reserve is if the fed hikes until something breaks. let's bring in our next guest. not many defenders of their. you are one of the few in my you know in docs that sent us a note saying maybe the president has a point. >> i don't think the president should be commenting on monetary policy. there's nothing much upside. joe: the rest of us do. >> it keeps the news cycle going which is nice, but to me, what is important is the fed data dependent? why are they raising rates? just to placate forecast for five hikes next year? what is the point?

is inflation moving up? right now, to me, the evidence is pretty thin because looking at what happened today. you have the dollar breaking out in your own index was a highs today. time, inflation breakevens are coming in. the dollar is strengthening and introduces downside risk to their inflation forecast. the fed's data and forecast dependent, and if that is the case, they should be marking down their inflation numbers for next year and/or moving up their potential growth estimates for next year. romaine: powell has laid on the case for why he thinks there have been downside risks and how they are not there. when you consider the pace of the hikes, we are basically going quarter by quarter. is there not some sense the economy is strong enough in the market is healthy enough to stand it -- to withstand it?

neil: i think that is probably fine through the end of the year. they have gone to all of this trouble to leave the market also forward guidance. that is probably why they moved to a press conference at every reading. they have moved that language around accommodation. markets off forward guidance which means data will have to drive the boat. financial conditions are getting at core and if you look cpi inflation over the last three months, it is not consistent with the fed target. it's not consistent with acceleration. the momentum in core inflation is weak. if you think about it moving forward, rental inflation appears to be slowing in many markets so that is disinflationary and the dollar is strengthening. that suggests the continue weakness in inflation that we see at the consumer level is likely to continue. i don't think inflation is going to go back to 1% or something

like that on a year-over-year basis, but is it going to accelerate? i'm skeptical that. that is what the fed has in the forecast. caroline: the vice chair was speaking today and had been putting to bed the fact that they would look at stock market falls as anything they would go by. we speaking to guests yesterday the fed needs to take notice. word yousef it would look at the market? neil: i don't know if it would be 30%. the question is why. if the markets are selling off because of rates are backing up, that is one thing. if the markets are selling off in falling at the same time, you have to think about it more holistic way. it is not a 30%, 50%. i don't think about it that way. today, there was interesting nuggets and there when we given not to lower narrative and not to productivity, and to the idea

that -- i think it was pushing back on what they said last september. joe: caterpillar shares are down since october 3. that is the day jay powell said there was a long week to go until neutral. is theh, in your view, marker tour more oil that we see basically throughout october a function of people coming -- turmoil that we see basically through october a function of people coming. neil: i don't have a good answer for that. where the utility stocks outperforming? you would expensive -- expect the front end to be rallying but that is not what we see. in there. hung the short end of the curve has not moved all that much. you can talk about trade, talk about tighter fed. -- overallmarkets

financial conditions in my view are ok. they're not a drag on growth. credit is still pretty healthy. look at what is happened recently and think about it if this continues. it is about the dollar. the dollar is the escape valve. when you look in what is going on globally, we have european pmi's at three and a half year lows. u.s.e same time, europe -- pmi's have strengthened. all three of the risk factors lead to one place, dollar goes up. up, that is going almost has a mechanical impact on consumer prices. caroline: and we certainly start to see that in the earnings. the dollar index is the highest since june 2017. neil, thank you. a great take their.

coming up, -- there. we look at how we fall after hours. this is bloomberg. ♪ this is bloomberg. ♪

caroline: alphabet released third-quarter results after the bell. they did not seem to be coming in line with revenues, but they beat when it came to earnings per share. emily chang with spoke with -- spoke with the google executive and joins us. >> i just got off the phone with the alphabet cfo and we ran through these numbers. we ares of some of what seeing, she talked about currency headwinds. she wanted to talk about the

strengths which is revenue going on more than 20% year on year. mobile,ibuted that to global, ai, hardware, and the cloud. we will hear more details when the executives, including the ceo gets on the earnings call. she said he would give us more on ai. that said, when it comes to the ad business, sales are going up and competition is fierce. she was asked directly, is threat in the advertising threat in the advertising business. she had an interesting answer saying whenever new inventory is created, that attracts consumer interest. from what we are seeing, lots of the dollars come from trade promotions and other budgets that of not been historically spent on advertising. we believe that expands our opportunity to tap into digital ad budgets. we also asked about china which has been very controversial. reports leaked about google's interest in reinstating the search engine in china.

in response to that, she said at this point, we continue to invest to help support chinese users from developing android their mobile apps and then she fell back on what sundar pichai has said repeatedly, we are not close to launching a search product in china. given the sheer scale of the market, we are focused on making sure we are doing the right things for the long-term. i thought that was an interesting statement reading between the lines. i had to ask her about the big new york times story about sexual misconduct that google reportedly got sexual misconduct claims against a few executives and one particular they asked to resign. sundar pichai hasn't any mail to the company to reassure them google does take these claims seriously. when i asked her response to this, she said the most thertant point is

experience people are having today and how we are so focused on are we providing a safe and inclusive workplace. we are programs and policies around this and we encourage people to speak up. we have taken action and it is clear with the changes we made, people can see it and we have become a great magnet for talent. this is impacting the number of people who want to work with google, but she emphasized this idea of today it is a new regime under sundar try and now -- pichai.ry -- sundar caroline: thank you for bringing us those comments, emily chang. coming up, what is brazil's new president and president trump having common? find out next. this is bloomberg. ♪

joe: bolsonaro is expected to

win the presidential election in mexico. a look inside of the office of his son, eduardo, reveals the passion of the family for firearms. let's bring in our sao paulo bureau chief who is in town. i love this. you is his son but maybe look at his office wall and i think we have a picture of it. it gives you a sense of what their ideology is. >> i think it was a great photo story. it gets -- if you need the bolsonaro's. this is a very good visual. walls,re guns on the they have second amendment and pro-life things on the wall so it is clear to see their positions. romaine: how much of those

positions, overlap with the positions in the u.s. and why? julia: i think we can make a lot of similarities to what we see. against abortion, pro-gun rights. resilience much harder to get a gun than in the u.s.. they are looking to get congress to change that. joe: the thing that interests me is that they are not just pro-gun, it is an explicit reference to the american lens through which gun rights are seen. sticker an nra bumper on the wall, a plaque commemorating the second amendment. is that unusual? the american flavor of conservatism. julia: it is unusual. i was talking to the reporters and they said this office is very unusual. caroline: it is worth reminding it is the son of the person of the president-elect and not himself. remind us how close they are and how much of an impact he could have on future policies. julia: they are very close.

he has three sons who are all politicians. his office is next to the sun's office -- son's office. how much is crime a big theme that would drive voting on sunday? julia: it is huge. we had 64,000 murders last year. that is incredibly high. it is something that is on day-to-day. being mugged, driving armored cars, that sort of thing. it has been big in driving builders. romaine: and is the solution loosening gunnd control or other other programs he is pushing for? julia: he has other ideas including paying more to police officers who kill more people, and things like that. nothing that experts say is particularly new in terms of , but veryicy approach

hands-on. -- sohat is again a mean we saw on the other thing that the donald trump bobblehead dawn on the shelf is this will be a doll thing -- bobblehead on the shelf. is this going to be a novel thing? julia: eduardo has said he wants to meet more aligned with the u.s. then we have been. shifting away from at a school -- from medical school and focusing more on the alliances including the u.s. caroline: this has been the market's favored runner. not because of the right wing tape that he has, but what are the policies that could help brazil along the term even if you move away from some of these pro-lifet-wing pro-gun -- polar opposite of what his opponent is proposing, smaller states selling off

state-run companies. he wants to selloff over 100 companies in the year. tax reform and pension reform, which is what investors have been wanting for the past few years. we get close and it does not come to pass so that is what he is promising. caroline: we will see how the elections run and it was great to have your perspective and -- perspective in new york. let's go to the other side of the world. asia ahead. shinzo abe arrived in beijing today. the trip takes place as the two largest economies come under pressure from president trump over what he called unfair trade practices. it with more is shery ahn. what can we take from this? shery: back in 2014, remember when we have the really awkward handshake between president xi jinping and prime minster abe where they clearly don't want to be with each other, that they are barely holding hands and barely smiling.

other, that they are barely holding hands and barely smiling. that was the relationship there. joe: [laughter] it is not subtle, is it? shery: that was the talk of the day back then. that was only four years ago and that you have to wonder how much of this warming of ties between the two has to do with trump and the fact that he is tariffs on china and he has bullied one of these key allies into these bilateral trade negotiations after pulling out from the transpacific partnership. romaine: what is the source of the tension between xi jinping and abe? shery: it all happened because of to terrio -- because of territorial disputes. i lived in hong kong and territorial issues are big. japan nationalized these islands the japan claims as its own, but the chinese call them something else. that was the shores -- source of all of this anger in beijing. there were protests and all of this led to a snowballing, and

they're not had a great relationship since then. up until now where shinzo abe will be headed to beijing or is there already for his first state visit. a japanese leader in seven years since 2011. joe: is there concrete goals but shinzo abe wants to get out of this or is it something better than the awkward handshake? shery: it is sort of a hedge. both are for shinzo abe and xi jinping. president xi jinping does not have a great relationship with japan as a having better japan as a better relationship when it comes to potentially trade -- caroline: what do they sell into each other? shery: the trade is great. china is japan's biggest trading partners. we know the u.s. has tried to push japanese carmakers to produce more within the u.s.,

but even then, local media reporting toyota wants to increase production in china by 20%. joe: quickly, on the markets, are we seeing this whatever we do and asia does we do? what is your rate on today? shery: we kept asking who is leading. comes back with new stimulus measures, tries to boost the markets and wall street comes over and pulls the down. we have three losses for the asia-pacific and we have not seen this you'd plunge since the financial crisis. things don't look good. we had a good day and wall street but it does not look back at fraser. caroline: we want to stick with shery ahn. you cannot miss her at 6 p.m. and 7 p.m.

the ecb president delivers a speech in brussels after this comes from an ecb position today. joe: i will be walking economic data. gdp for q3 out at 8:00 p.m. romaine: and consumer sentiment at 10:00 a.m. eastern. caroline: that's all for "what'd you miss?" joe: this is bloomberg. ♪

emily: i'm emily chang in san francisco. coming up in the next hour, amazon reporting third-quarter results and shares are reacting to a miss. jeff bezos says the company is not slowing down. we will break down the numbers. plus, alphabet missed on revenue. i talked to the cfo. problemss