problems. into 2020 there will be severe credit issues out there. we will need asset management. scarlet: issues but we're not necessarily see people too worried about that today. closing bell.the the dow adding 619 points on the day. the s&p 500 advancing 2.3% with only utilities in the red and barely at that. the nasdaq is the big winner of the session up by almost 3%. all three indexes closing up a session high of advances. surging theocks most in for margin s&p 500 up 2.3%. nearly 3% on the nasdaq. like you said, it was pretty remarkable the way not only we got those initial gains after the speech but they accelerated after the close. scarlet: volatility pick up as well. we have seen lower than average

volume today. 7% fromn the dow is up the 15 or 20 to average. let's get to our market reporters started with romaine. romaine: i will take a look at one of the biggest losers of the -- thech is the written women retailer having its worst they on record since it has been a public company. that was after it came out with a very disappointing earnings report showing same source sales the kind again. shares dropping 34% today and i want you to take a look at the trend on same source sales. they fell 6.8% on the year but the real issue is not the one quarter thing, it is that this has been the trend line for this company quarter after quarter. they have not been able to get out from under this quarter line -- trend line. president from chicos

is leaving. most president analysts say thil in the ceo canes help stabilize the brand, not a lot of analysts are bullish on the stock. there are 10 covering it on only to have a buy rating -- two have a buy rating. so this is not for everyone. i want to take a look at two oil and gas companies. offering and bond they have a triple c rated bond. you can see price falling off a cliff in light of oil prices still fairly low. even though we got risk on, not so much for this one. similar if you want to look at sanchez energy. it is a more than $1 billion bond offering. oil, thise a look and is the big why. as we see a decline in the dollar, we have sanchez energy prices plunging. -- the dollar has

been rallying a little bit. oil prices have been falling and that has been a very negative dynamic. abigail: on this day for stocks, it was the best day since march. let's take a look at what was risk on. this is truly the doubt. we have been talking about the major averages recently, but to the point where they were fighting. the dow is back above the 200 a moving average and we are talking about a possibly bearish island reversal. there is a bullish island reversal above the 200 a moving average, but you see the dow is stuck in that range. long as the dow is in the sideways range, we are looking at the battle between the bulls and there's -- bears.

the bears are trying to get back in there and we're still stuck in sideways despite today's big fat induced rally. ifwill be interesting to see we have a santa claus rally. caroline: let's take this question straight back out to sean matthews and mike regan. sean, will we get any rally do you think? >> i think we do get a santa rally. part of it is that everyone is set up short going into this. we will still have to see what happens on saturday which is a key component of what your thought process has to be in december, but i think it will be dovish comments coming out of there. you will have trump talking about we are close to a deal or some thoughts of a deal and that will add fuel to the fire the rally.

really you should be thinking about from the perspective of, what is the absolute return. if we look at the equity space, you have to look at five to 7% returns as the norm. you just got half of that today. securities trade going forward because it will be a volatile marketplace and the ability to make money will be driven by the people who take advantage of that. joe: here's what i'm thinking about. if we have a different line from the fed or people perceive policy will be easier and the pile back into risk assets, are they going to pile back into the same momentum salesforce, adobe, square names or does it look like there is new appetite for emerging markets? we have seen em outperform the s&p for the past few weeks. if there is a late higher, could there be a different complexion for most of 2018 -- from what we saw from 2018?

mike: i'm looking at some of the big movers and a lot of the momentum names. facebook is underperforming again today, so it is not a pattern. the question is will the dollar crack further. will we see this weakening in the dollar. . very sharp move down today it hit the 1200 level that was resistant but now it looks like it might be supportive so we will have to see. a dovish fed would weaken the dollar further. december 19, we will get the dots. the santa rally depends on whether the dots shift in the statement. scarlet: i find your question interesting, joe because a lot of people piling to momentum names. what constitutes a momentum name always changes depending on what is driving the game. technology was made up of the bulk of the momentum names, what if you fast forward to recently, you have other groups of stocks.

you will not necessarily have tech names holding down the fort for the momentum etf's. that is true. i'm not sure what has robust momentum to be added to the index. mikeine: we just had talking about the dollar move. you have a call in 2019 on the dollar, talk us through your thinking. shawn: you have had a strong dollar for a couple of reasons. you have repatriation of dollars coming back into the country. as we move into 2019, you will see the dollar weakened. by the second half, you will see cannotly week because we be an island forever. we have been an island economy for a long period of time. willme point in time, we not to have the stimulus of the tax cuts that will help our economy continued to grow so we will have to come down to the rest of the economy is out in the world or they will have to

come up. either way, the dollar will go down because of that. joe: did you see policy easing elsewhere? it's not like we eased today but there might have been a subtle shift in language. do you see central bankers are policymakers elsewhere in the world helping to close the gap by boosting their economy echo shawn: tickets hard -- economy echo shawn: it gets hard --economy? shawn: it gets hard. europe talked about how they will start scaling back and purchasing assets. they will have to follow through that -- on purchasing assets. they will have to follow through with that. the rest of the world would get easier rates. scarlet: so you see lots of room for volatility and dislocation. which asset class concerned you the most? shawn: if you look at investment-grade corporate, 50% of them are triple be rated. that is scary. --triple b rated.

if they get downgraded or abe small percentage gets downgraded, who will absorb -- downgraded or a small percentage gets downgraded, who will absorb those benefits? what happens with leveraged loans is that they get priced at par, stay there until they don't perform. to don't have any mark market risk associated with regular corporate debt. untiln't see the problems they emerge because they are nonperforming loans at that point. , ifink the riskier assets you look at private equity firms, they have been doing deals around 13 to 14 times including both debt and equity. that is for terms higher than it was five years ago -- turns higher than it was five years ago. there are more turns in the system, more risk associated with those turns. scarlet: that might be the

perfect storm. shawn matthews and mike regan, thank you much. we have breaking news. according to dow jones, i'll is trying toria the a minority stake in e-cigarettes that are unfortunately popular with teenagers in juul. that does it for me for "what'd you miss?" romaine bostick will be stepping in. this is bloomberg. ♪ this is bloomberg. ♪

caroline: live from bloomberg's european headquarters in london, i'm hairline -- caroline hyde. markets hadthe their best they since march. we see the power of powell. joe: the question is "what'd you miss?" u.s. stocks surge the most since march as they strike a dovish -- dovish tone. bitcoin becomes the first state to allow -- we speak with the state treasurer as bitcoin has its best day of the year. the road ahead. we speak with one of the

carmakers top executives about how to get back on track after downfall. the two were is making waves in the markets is chair jay powell. interest rates are still low by historical standards and remain just below the range of estimates of that level. it is neither speeding up or slowing down growth. romaine: for more let's bring in tim a from bloomberg economics. below are the two words everyone is focusing on. i felt like the market overreacted to this. are we overreacting to these comments as well? >> i think that is what is happening. we were when he said still a ways off, i think what he was trying to do was set the expectation that we are not

stopping in december and i think there was overreaction like you said and recalibration of comments. i do think maybe there is a little change in how the fed is maybe they were three and now they go to two hikes. i think it is a more recalibration than a no course -- new course. tomorrow does it make all the more important? tim: i think you are likely to see discussion around balance sheet unwind, but mostly, i think you will see a strong economy. you have consumer spending above out andut the gdp came showed investor stronger than the first. joe: just to go back to the comments today, it is notable that he didn't say we were just below neutral. he said we were just below a range of estimates that comprise

neutral, the bottom of which might not be anywhere theoretically where he thinks is. economist,ormer fed there is a lot of hedging in that statement. i think it's important he said there is a range of estimates as a not to other members who have ranges up to 3.5 and down below twoank but if you look -- but if you look at the forecast, you are somewhere around three. it is important to remember the fed is data dependent. they have some idea where they are going, what if we see week inflation data or a slowing in labor market, they will slowdown. romaine: if they are data dependent, why are we getting a different message today than what we got on october 3? when you look at the data, is it still suggesting 2, 3, potentially four hikes? tim: i think for would be aggressive. i would be surprised if we saw four.

i think there is recalibration today. what they will be leaning on willis strong labor market be three. if we see well above 200 jobs gained on average every month and inflation picks a, i think we will see three. if you see inflation weakening -- pick up, i think we will see three. if you see inflation weakening then the headline number would suggest. if you buy that story may be go to two. right now, use have to stay in the -- you have to stay in the two to three term. caroline: will this reinforce the market views that the fed has its back? does --hink the market especially when we talk about 25 basis points movements, i think the market overreacts or under reacts to certain comments. i do not think it is necessarily

an issue with the strategy. i think you will see communications become a little because they want to give himself room as we approach this uncertain finishing point. so they don't lock themselves into a specific number. joe: why isn't the fed more concerned about housing data? we had a bad new home sales number and yesterday we got prices gaining in the lowest in about two years. this is an area sensitive to rate policy. by many measures it is decelerating at a dramatic pace, yet it is not coming up in the conversation much. at least on that level. tim: i think the housing market is expected to slow. what we're seeing now, perhaps or than people thought, but it is not unanticipated. aboutleague talks affordability. for a long time, we have had

house price growth outpaced income price growth. as you see house prices decline, income should pick up and you could see a second wind in the housing market. that would reduce affordability. joe: our thanks to bloomberg economics tim mahedy. coming up, doing your business with bitcoin, the ohio state treasurer is joining us next to talk about bringing cryptocurrencies to the government. this is bloomberg. ♪ ment. this is bloomberg. ♪

caroline: time for look at what stories are trending a cost -- across the bloomberg universe. users are dekes -- dissecting jay powell's comments.

powell said the benchmark interest rate was just below the neutral range. markets took this to mean less rate hikes are coming or are coming at a slow pace. there were gains on the news. tensions between russia and ukraine are at their highest and years. russian forces seized ukrainian naval ships. ukraine imposed martial law in some regions. took to theitter streets of both countries to ask questions and ukrainians about what they think of the situation. on bloomberg.com it is reporting lostocurrency trading desk $136 million in the first part of 2018. seeing how could class its have tumbled in november, fourth quarter is not looking good. could today's rally be a sign of change in fortune? ? you can follow all of the stories on your terminal, on bloomberg.com and on tictoc on

put her. -- twitter. joe: bitcoin is having its best day in the year. ohio is the first state in the union to allow businesses to pay taxes with cryptocurrency. for thestep mainstreaming of the currency and arguably and innovation in government. josh mundell of the ohio state treasury joins us now. what is so good about this? the ability to pay taxes with bitcoin? >> we are proud to do our part to allow small step taxpayers to pay with cryptocurrency. we're doing this to give more options to taxpayers in how they pay taxes and to plant the flag and a and say ohio is the place embracing cryptocurrency and embracing blockchain technology and send the message to the rust -- rest of the country. if you want to grow blockchain technology company and you want to grow software development, do it in ohio.

romaine: for those of us who are really familiar with how it works, ohio is not taking any risk in holding bitcoin in transactions, are they? josh: correct. the taxpayer will take their cryptocurrency while it and iphone and skin the qr code and they will transfer their currency -- scan the qr code and they will transfer their currency down to bit pay in atlanta. bit pay will verify the transaction on the blockchain and they will converted into u.s. dollars. at that point, u.s. dollars will be transferred to the state of ohio. the state of ohio will not be holding cryptocurrency as an asset of the state. the we talk about managing state's tax money, security comes first. this was the most responsible way to do it. ease to taxpayers but do it in a way where we are keeping tax money safe and secure. caroline: you say the upside is this is easier and it is lower

.ees - at the moment, fees are quite high for bitcoin and ether. is it that much easier? josh: we built the website in a way that is intuitive. you don't have to be a computer or cryptocurrency expert. you just go to ohiocrypto.com and sign up that way. you can pay via check where there is no fee, you can pay via credit card where there is 2.5% fee. when they pay be cryptocurrency, there is a 1% fee so the fee is lower than the previously existing fee to pay via credit card. it is another option and the fee is lower with the cryptocurrency option than a credit card option. joe: was anyone asking for this? josh: yes. as we traveled ohio we heard a growing amount of businesses, mostly small and medium-size the stateshat wanted

to embrace blockchain technology. is aeveland, ohio, there pretty significant conference going on called block land which is about embracing blockchain technology. its business leaders, software developers, coming together this weekend along with this is act -- this exact mission. joe: gm is closing a factory in your state drawing condemnation from politicians on both sides of the aisle. do you believe companies which receive a bailout have an obligation beyond the bottom line? some sort of broader purpose in repaying that money? josh: i do not know if i would call it a certain -- social purpose but i would call it doing the right thing. the taxpayers obliged on the payout -- bailout and gm is killing these jobs. within one of the parts of ohio that has been hard hit. lordstown is in

the youngstown area. it's between youngstown in pittsburgh and i can crush when still companies went away in the 70's and 80's. i think it is pretty hypocritical for gm to ask taxpayers for money and do this. i hope as soon as possible, trump gets to youngstown, looks these workers in the eye and says he will fight like hell for their jobs and take the plane to detroit and meets with executives of gm to put it -- apply pressure. josh, thank you for talking is through bitcoin and gm in this difficult context. coming up, we stick with autos. we had to the l.a. auto show to get one top executive's take on the abrupt exit of an official. this is bloomberg. ♪

mark: i am mark crumpton with bloomberg's first word news. nancy pelosi clear the first hurdle by winning democrats nominations today. her detractors have one less opportunity to attempt a block on the entire chamber votes in january. 203 to nominate pelosi. the number a short of the 218 votes she eventually needs to prevail on the house floor january 3 if all members are present and cast a ballot. some dissenting democrats are likely to support her at that point's if the alternative is a republican. federal judge will hold a

hearing friday regarding a former trump campaign manager, paul manafort, whose plea deal with mueller has collapsed. he lied repeatedly which exposes him to a lengthy prison term. the push for a vote on the senate floor for a bipartisan has been blocked for a second time in less than a month. the utah republican rejected arguments from his fellow senators who worked on the legislation today on capitol hill. >> the separation of powers protect us. that does not mean we will agree with what every president in every administration does, but it explains we cannot convert an office like this one. an office like the previously existing office of independent counsel without creating a de facto branch of government. the new jersey democrat

disagrees calling the legislation a proactive measure "aimed at ensuring that now and in the future we have appropriate checks and balances in place to prevent a constitutional crisis." >> the bill is becoming more urgent. we know that there was an attack on our democracy. we know that there were and are -- whoents attempting attempted or are attempting to undermine the democratic institution. we need to understand what happened and how to prevent it from happening again to all those people accountable for their actions. mark: republican senator lindsey graham is threatening to oppose key legislation until the senate is briefed by the cia on the killing of saudi journalist jamal khashoggi. senators were briefed on his death today by the secretary of state, mike pompeo, and the defense secretary. chris coons spoke to reporters

afterwards. >> i think it is time for us to send a strong signal to our ally, saudi arabia, that actions that violate our core values like participating in the murder of a u.s. resident journalist, have consequences. mark: pompeo says there is no intelligence connecting the the journalist to the saudi crown prince. he also spoke to reporters after the briefing. 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: mark, thank you. the rent of trade war between u.s. and china has delivered i delivered i hit to the markets of cars and carmakers. some waited on the impact of tariffs earlier today at the l.a. auto show.

think even the conversation of tariffs and trade wars and all of these debates ring instability and bring unknowns. of stability and unknowns is not a good thing for business. , fairieve in free trade trade, an open marketplace. 10,ake investments that are 12, 15 years cycles and you cannot have the chess pieces moving all of the time. >> that would mean more expensive cars for consumers because we're not the only ones believing the price will go up on the market. employment bad for and there are a lot of american parts in the cars. caroline: let's head back to the los angeles auto show. we are joined by the president and ceo of mitsubishi motors. thank you very much for giving us your time. part of mitsubishi and the alliance between nissan mitsubishi and others.

you said this alliance would do wonders for the mitsubishi brand. how worried are you bought the alliance at the moment -- worried are you about the alliance at the moment? >> not worried about it at all. it is business as usual. the alliance is intact and the direction from the mothership in japan and direction here in the united states stays focus on business at hand. fred, when you talk about doing business as usual, i want to talk about your car lineup. specifically where the mitsubishi brand is headed in the united states. and, if there are any plans to expand into more fuel-efficient vehicles. primarily electric vehicles. >> yes, the vehicle you see behind me is a prototype and is a concept vehicle. this is the design inspiration

for where mitsubishi is going in the future. as well as the loaded technologies this vehicle has which will be a part of our future when the alliance lifeforms and synergies kick into gear. show up in the united states within a two to three-year time frame. we are excited about what consumers will have because every product we bring forward will have an electric vacation platform -- electrification platform as part of that vehicle. joe: is the u.s. from a factory standpoint a place you want to invest right now? >> you broke out on me. is the u.s., from a place you want to add manufacturing capacity right now? >> what we need to do is get to a point where any of our products we bring to market particularly with the alliance products coming forward, once we can get to a point where we are

manufacturing 100,000 units in a particular product, the business case becomes robust relative to a positive reason to why we would bring manufacturing to the united states. caroline: how important are subsidies at the moment? this is something we hear being fired at gm in terms of electric subsidies? is this something you need as part of the industry or something you depend on? >> it is not something we depend on. it is clearly something the consumers depend on. it makes these vehicles much more intrigued with the synergies that we have with the alliance. we make more of these vehicles and can bring the cost of the vehicles down. we will be able to get the manufacturing cost to a point where we might be able to operate without these subsidies and consumers won't be the subsidies. they are important as electrification become something consumers are more and more comfortable with, and avoid any of the rate anxiety issues

with that are quickly becoming not an issue anymore. i think we are in a good shape going forward. romaine: when you look at consumer trends specifically in the types of cars people buy or gravitate to, what are you looking at over the next couple of years? one of the issues we saw gm and other companies is that they are not seeing sales growth in sedans or more of the traditional vehicles. >> absolutely correct. you see the current crossover tolity vehicle continuing explode. fortunately, with our focus groups and data, we happened to see this coming. when you look at the new vroducts like the outlander phb this is a vision and the design in which we will be specifically focused on the crossover utility segment because we see that continuing to slow going forward and also as i mentioned earlier,

electrification or some type of electrification platform on all of our vehicles. joe: fred, interest rates -- the car industry is seen as one industry sensitive to interest rate policy. and the speech from powell, how much are you feeling the moves the central bank has already made in terms of north american demand or consumer inclination to buy cars? so far, looking at the market trend, the market trend is flat. we have yet to see anything significant. anytime there is an interest rate move, it makes consumers think whether or not they should make the second-biggest purchased and most people's lives which is an automobile. we have to be careful relative to what we do with interest rates because there will be a point in time where consumers will hold back and wait for possibly lower interest rates going forward. caroline: fred, as we look

toward the g20 over the course of the next few days, and with regard -- we think of trade top of mind, we think the auto sector will be hit by tariffs in particular, how much of an issue is this for you as someone managing a japanese brand in the united states? how difficult is it to invest? fred: it is certainly something worth looking at the very carefully. watching theng and momentum of where this thing is going and it is something that we started to look at and realistically start planning on. what could happen if, so that we are not caught flat-footed. this will be a huge impact on us and everyone for that matter because every oem imports in some way shape or form into the united states. unfortunately, some of these costs with the tariffs like that, we will be forced to pass them on to consumers which will

make it very difficult for consumers to purchase vehicles going forward. i think we have to be careful. caroline: all right a candid viewpoints coming from fred diaz. thank you for your time. coming up, what outlook do the technicals have for the u.s. stoxx? smart charges up next. -- stocks? smart charts is next. this is bloomberg. ♪

romaine: it is time for smart tries with abigail doolittle. our weekly segment where we dig into timely topics with the top technicians. abigail: joining me today is the chief technical strategist at macro risk advisors. john, what a day for you to join. majorst day for the

action since march. will it last? john: let me tell you. today was the day where we were looking to the markets to start the healing process and i this is exactly what you wanted to see. we had a very strong rally today. very good so far from what i -- when i left the office. abigail: so bullish on the day but the longer-term you are concerned here. john: taking a step back, we try to determine whether this will have legs or not. this chart right here is the russell 3000, a broad measure of the stock market. the middle clip is percentage of stocks above the 200 day moving average. the bottom is above 50. we tell clients the industry is cap waiting. this is to take a look at something like this. speaking, if it is in an

uptrend, it is above the 200 a moving average. right now, only 30% is above the 200 and moving average. two thirds is in a down trough. abigail: so the long-term, there is a lot of work to be done to correct it otherwise it is pretty bearish. it sounds like you could see a near-term balance -- bounce. john: ok. to try to determine whether this will have legs, and i look at this back turned over there, it's will require work, but taking a look at some's, this semis, thise-- the caught my eye. of dowy, they are a bit transports. are a big tell. they told us on the way down that maybe and and maybe they -- down and maybe they are telling us on the way up.

perhaps we are seeing a bit of a base forming within the semi index. while we see stabilization, we want to see a real rally. we want to see the 200 day get taken down and also see anything more than one half to two thirds decline. that will be important to see. on the bottom clip, that shows the relative performance of low beta to high beta. when this line is driving, high beta is outperforming. that is typically what a defensive strategy is. is this is ay eye bit of a double top performing in the low beta. it makes a higher high and it has gone sideways breaking the low in the 10 day moving average which is the yellow yellow line -- yellow line. semiconductors are going to break out and that would show we had maybe legs -- maybe some legs. abigail: let's look at an etf

for our viewers. john: our trading idea is going long. the objective i see on this trade right now is around 244 which is the blue line drawn here. what really caught my eye on this one is that international markets is what brought things down. china has become sticky strong. that is what the bottom chart shows. the relative performance to the s&p. when this line is rising, china is outperforming. something is going on within china. i like the way this chart looks. on a short-term basis, getting around 44 and stopping around 4075 or so. abigail: so near-term bounce but longer-term still a bit bearish. john: correct. abigail: john, thank you so much for joining smart charts. back to you. caroline: coming up, losing its sparkle.

infany plummets the most almost four years but it is not the jewelry that is the problem. we will have the details, next. this is bloomberg. ♪ ♪

caroline: a quick check of the latest business flash headlines for you now. eddie lampert will be part of the takeover plan that would keep the bankrupt chain alive. that theylearned might swap debts. ford is reworking its u.s. factories to lower costs and increase output of suvs. unlike general motors, the move would not reduce headcount. workerstransferring the to other parts. the company wants to increase production of the navigator and ford's expedition.

shares of apple are closing up nearly 4%, this is after cnn reported the iphone xr is the top selling model since it hit the market last month. the british government reports what is at stake when parliament votes on trade brexit deals. the gdp could shrink 11% over 15 years. the country leaves the eu with note new trade arrangement in place. the u.k. would be poorer under every model in the study. that is your business flash update. this has been front and center in the united kingdom is not only have we had the treasury weighing in on this, we have also had the bank of england h ead stirring up brexit concerns by thing -- by saying we could see gdp done a percent in one year. romaine: it was really i grabbing. the most interesting thing was that he talked about this was more of i a supply issue.

joe: it raises the question of whether this is all enough to get people to vote for a deal. whether they are sufficiently scared in some vote like prospect to get theresa may her win in parliament or whether it will have to go another round. we will see if that works out. meanwhile, tiffany is something the most in almost four years after revitalization efforts in the third-quarter. reportedy jeweler momentum zapped ahead of the holiday. here for more is our reporter. what happened? >> tiffany has had a good year. it has been a year-long revitalization plan where the ceo came in and has done a good job marketing themselves to younger shoppers, getting more exciting.

it is a 180-year-old brand to .ppeal to the and younger set romaine: they came out and blamed sales amidst on a lack of tourism primarily from china. >> specifically from the u.s. to europe to korea. luxury company overall have been worried about this since louis vuitton owners -- the louis vuitton owner in october noticed there was a crackdown happening with chinese border guards. people coming back into the country with all of this stuff in their suitcases are not declaring it. they were getting caught in that is this incentivizing buying more luxury products abroad. what about at home? and china? caroline: you see the growth is still above 6% slowing but by more at home, are we seeing

people being able to have these price tags? >> they are buying more at home and shoppers in china are going to places within the country and the luxury companies are going to them. that is how they can avoid this risk with tourist traffic across the world. they can go to the shoppers there, go through a mall which has this luxury pavilion the call it where a lot of of luxury brands now exist. amazon does not even have that but alibaba does. caroline: more talk about alibaba, one key luxury pair has been rather hurt i ask is to china at the moment. because they set off a chain of events with a poorly set of advertising. they seem to have offended the chinese buyer. how is that going? >> it tends to be the kind of brand that tends to ruffle feathers. they did cancel a fashion show

in shanghai and luxury companies are looking to do that kind of thing in the country. are having fashion shows to court those shoppers. the torilla secret did one last year. that is a great way to find those shoppers, but sometimes racist withttle your messaging which is what happened with dolce & gabbana. caroline: not so good when you are trying to do that, it does offend people. a great way to bring us all of the news when it comes to luxury in china. the g20 finance ministers attend a working dinner. joe: and more fed. romaine: and don't miss the numbers for personal income and personal spending and jobless claims out at 8:30 a.m. eastern. caroline: that is all for "what'd you miss?" romaine: "bloomberg technology" is up next in the u.s. joe: have a great evening. this is bloomberg. ♪ ♪

emily: this is "bloomberg technology." president trump on the attack over gm's plans to cut jobs and factories in the u.s. threatening cuts for subsidies to electric cars and add new tariffs on car imports. plus, samsung's push from hardware to software and everywhere in between. the president ways in on the slowing global smartph