as we go towards the end of the close, peter, i want to get your take on the market reaction in the fed minutes today and power yesterday. do you think it has been an overreaction to powell? peter: i think so. when i read the language, it felt like there was a bit of a walk back. and justy from neutral under neutral, but first of all, they were clear that they don't know what neutral is. they can figure out what neutral is, if it is a real number. >> that's confident. peter: well he also said their like feeling their way around the darkroom a few days earlier. i thought process is that she gave himself an interesting cover when they introduced the financials report in advance of this meeting. i think the fed feels like we are late cycle. the walk back could also be

designed to give the ecb room to stop purchasing bonds. if we think about the yield phenomenon,lobal when the ecb is buying the long end of the german curve, that helps to anchor the long end of the curve. thiscb has a big decision december and it may be trying to get them a little headroom. breathing space for the other central banks trying to normalize, meanwhile as we close into the red, let's dive deep into the market action. lisa: peter already stole my thunder with this but let's bring up the yield curves because it is a fascinating chart. we are homing in on a really important trend. what you are looking at is the white line is the five to 30 year gap in yield. ist is how much more yield

on longer dated paper versus shorter dated paper, where the blue line is to tens curve -- 210s curve. when people are feeling bearish, you would think of that being long-term bearishness, but what you are seeing for the near term, the more bearish the feeling gets, the more long-term are getting optimistic about inflation. if you take a look at the longer-term trend of the yield curves, during period of ,istress -- periods of distress when you started to get a higher orld for the longer-term higher inflation rate over the longer-term, that shows periods of -- that is during periods of great distress. really interesting to sort of watch this as a bearish sign going forward. taylor? and thee all doing our

mental analysis today and you are doing yield curves and i'm doing my p/e ratios. this is on gtv go. morgan stanley wealth management had an interesting take on this. we have now seen the forward p/e ratio decline just above the bull market average. we're just now about four points below the peak last december. as we see prices come down, we are a little more focused on the denominator and earnings growth. -- stocksxpecting it to be priced into a 10% earning offth taking pressure earning pressure -- earnings. abigail: on yesterday's rally, the three-day rally for the dow, s&p 500, and nasdaq, that left the s&p 500 and dow higher on the month.

that have been true for the nasdaq but the nasdaq is on peak for yet another monthly decline. let's look at the long-term monthly chart. green is an up month and read is a down month. you can see out of 2009, there is a lot more green bars. you do see a few red bars. the first down month for september which we tracked because it stood out did come in september. look at the bearish month for october, and right now, the nasdaq is set for third down month of the row. lower lows and lower highs. that says the sellers are in control. we saw three down months in 2016 when there was a bit of a correction. whether or not, of course we do have tomorrow to contend, but will it turn into 2016 where may be santa claus will arrive or it will be 2011

when the nasdaq was down 1% -- 30%. you so muchnk abigail and the entire markets team. tech stocks were the leading decliners in the s&p 500 throughout the trading day. they were a drag on the index down 1% on the day. the faang index off by 1.1%. still with us is peter of cantor fitzgerald and gina martin adams. callouss we look for a here, we talked about financial stocks being value plays do for a recovery, but there is not anything to get people excited. one important catalyst is the g20. how are you looking at it? peter: i'm thinking a little bit about 2016 in the g20 meeting in february of that year. scarlet: what happens then? peter: by some people's accounts, there was a shanghai accord. if you remember what was going on then, people were worried itut the nimby and that

would affect the global stability of financial markets. central bankers got together and did what they needed to do to stabilize the currency. we have a situation here where there is different stress, oil prices and trade. the question is, will there be a meeting of the minds on trade? my view, it is difficult to handicap, and based on previous negotiating strategies that the president has used, it would seem to me because he is sensitive to the capital markets and how they are performing around issues including trade, that they will push this and kick the can a little bit. to save face,t xi kick it six months, and i think the market is like that. i think markets -- u.s. equities are bit oversold here. i'm not bullish on 19 the way i

was coming into 18. there are a lot of headwinds into 18 and the g20, even though it is nice to talk about, it is meaningful. the impact -- because of the impact the can have on trade. caroline: let's stick with oil. oil was a key driver for the stock market because energy was the upper former. all of them got above $52 per barrel in the hopes we would get something out of the g20. gina: i think oil does hold this way because the energy sector is so sensitive to what happened with oil prices, more so than we would have imagined. think the really big key is whether or not we can hold the $50 level. it's hard to find consistent support below 50. if we hold 50, we are in good shape. we see downward momentum for the

energy sector and earnings extreme likely to plague the sector in the short-term, but not enough to overwhelm the index fundamentals. energy is only about 5% of the overall s&p 500 at this point. about 50% of total capital spending. those are half of what it was. the impact is strong on energy sector stocks specifically. powell who areay he spoke, and we are getting a sense of what is going on. markets in think the the united states will end higher or lower than where they are you now -- where they are now? peter: our target was much lower than most of our peers. 20 80 five is our target and i believe we are high from here but not by much. it is a sell the rally kind of market. lisa: what do you think gina? gina: we talked about on monday

about technical rebound in the equity market and we will at least target the hundred day moving average. whether or not we can exceed 2800 will depend on the stabilization and revision momentum. if we do see the fed walked back talk and analysts take a breather on this negative estimate revision, i think we can get past 2800 easily as a short run rally. peter: i like my 20 80 extra 2805 because the extra five points shows we thought about it. [laughter] scarlet: thank you gina martin adams and peter cecchini. let's think about gamestop results. shares are falling in after hours trading because of full-year eps outlook misses the average analyst estimate. the outlook is disappointing investors and the stock is off by 10.5%. comparable sales according to gamestop would be done anywhere from 5% to unchanged.

for third quarter comparable sales, that also missed estimates. that does it for the closing bell and for me. taylor riggs is stepping in for "what'd you miss?" we will look at president trump straight -- trump's trade agenda making waves of the g20. that is next. this is bloomberg. ♪

caroline: live from bloomberg european headquarters in london, i am caroline hyde. leaving the ladies in charge , u.s. stocks are down.

they finished the day in the red. lisa: the question is "what'd you miss?" caroline: a g20 meeting on the sidelines taking center stage. president trump has a trade accord ahead of his dinner with president xi. cohen pleading guilty to lied to congress about trump plans for a real estate project in moscow. and, legal trouble coming back to hot deutsche bank. raidedks offices were related to a monday laundering investigation -- money laundering investigation. world leaders are converging on one a sorry's for the g20 and while president trump's trade agenda is taking center stage, he told reporters he is close to doing something with china. this comes ahead of his plan to meet with president xi.

here with possible market impact of the talks is stephen engle under -- englander. if we do get any sort of reprieve or any sort of truce, does it mean dollar down and yuna up -- yuan up? >> i think that would be the general trend. you have to be careful. i think what is most important is that there is some indication tariffs will be delayed. hugoesn't matter if they but -- lisa: come on, it matters if they hug. steven: maybe for a few seconds. andink markets will selloff the doesn't matter what they say on the negative side as well, but if they say we are making enough progress to delay the

implementation of further tariffs, markets will rally on this. lisa: what do you think is a bigger risk factor, the fed or trade? steven: i would say based on the market reaction and the rally, the fed is opening the door to finishing the rate hike cycle. it looks like the fed. the equity market pickup we have seen over the last few days is 80% fed and -- lisa: really? at 693,a look at trade 694, 695. there is a huge optimism priced into that. tradeif it's 80% fed 20% do you expect strength going to 2019? steven: i would say the opposite. into a that seems to be the case, but the two forces pushing thinks the market is

too pessimistic. on the question on is the fed going to be done, what the market seem to care about is whether the fed will continue to be hiking beyond 2019. where it finishes and 2019 is not important for the dollar. 50, theyds raised won't raise 50 in december. thaney said we were done that would be the key question in the markets line. caroline: if you think the market is too pessimistic, if the dollar comes down, is it all orut the chinese currency other emerging-market currencies? where do we see the money flowing echo steven: in this -- flowing? steven: in this case, were they to come to a positive outcome and pushoff tariffs, e.m. would rally and the euro would rally.

tariffs hasabout gone way beyond china. the chinese have been acting to mitigate the impact of the pessimism. i think we would see some of the high-yield or stew well because we would be in an environment where 10 year yields have come off sharply and more optimism in the world. some of the bourgeoisie and companies, the ones in surplus andunt stable, they would do well. i think -- even g10, euro would do well. lisa: how much of the risk of the ecb and the bank of japan sort of titans and creates incentive for people to go over there? -- tightens and creates incentive for people to go over there? steven: i don't think ecb has

much of an option. they would do damage to their bank. it's not clear they are going to -40 and -60 in the stimulus. i think the surprised could be next year a determined the ecb is to start the normalization cycle which would be euro positive. lisa: and negative for the dollar. englander, thank you very much. what a high-grade bond market may be back from the brink. this is bloomberg. this is bloomberg. ♪

caroline: credit coming around? after a tough month to say the least. signals at the bond market including lower premiums

suggests some investors are softening. let's bring in our global macro reporter. we have seen a lot of supply coming into the market. we see a little demand coming into investment-grade too? >> into investment-grade? i'm probably not the right person to ask about investment-grade. lisa: there has been some reversal of what we have seen. the spread to come in and there is a general feeling that credit conditions are getting easier again with the fed backing away. >> maybe marginally. high yields has not really said by me -- buy me buy me. taylor: talk to us about generally where high-yield credit is. last year we will talking given the high-yield concerns in the energy market. where else are we seeing that play out? cameron: in terms of weakness? to me, the most interesting is live war.

it is quite interesting. lisa: for anyone who doesn't know, this is the interbank lending rate for u.s. dollars, three months interbank lending rate. cameron: yes. so we saw the second largest andday rise of the year there's little uncertainty as to why. maybe it is a coincidence that it happened the day after we credit borrow $3 billion from pimco. one might call loan shark type rates. taylor: this is an interesting theory by the way. there's a theory that pimco is doing this as a dollar hedge. it's just a rumor. my point being there is a correlated best correlation to

something like that. cameron: i think there are a few reasons why libor is going up. large u.s. banks are typically lending dollars to the rest of the world but they don't want to do so near the end of the year because they face regulatory charges on their balance sheet at the end of the year so they pull away. corporate treasurers have been been lenders for dollars. after-tax are from, they don't have the surplus cash sitting overseas. they have pulled away. you are sort of left with a shortage of people willing to lend dollars and non-us banks need to fund over the end of the year their dollar assets or dollar liabilities is where -- as it were. it is kind of how high can fluffy jump in terms of the borrowing rate. it is not necessarily something that will last forever. we would expect the rate of

growth or appreciation of libor to pale off into the end of the year once we passed the turn, but for now, it is something clearly driving markets. some of: people blame the regulatory changes that have gone on. this happened last year. our regulators looking at the dollar shortage -- dollar funding shortage? cameron: i'm sure they are looking at it but i'm not sure if they are terribly concerned about it in the sense of it is not necessarily filtering and lasting broader market repercussions. they are obviously aware of it. it is a temporary phenomenon driven by the rules the regulators have put i -- put in place.

argue theyis hard to are panicking or undoing concern. caroline: for you, the story of the day was libor. ,evin christ -- cameron crise thank you. deutsche bank, the german authorities have gone into deutsche bank's offices earlier today seeking evidence in a money laundering investigation relating to the 2016 panama leak. for more let's bring in our next guest. this relates back to that of all papers and panamanian law firm that had really thrown a light on in 2016. some of the ill-gotten a committees suspected from deutsche bank happened to have potentially had been going on a few weeks ago. >> the probe lasted until 2013 and the new ceo took charge this year. it is a question of how much the

current management team had to do -- deal with what was going on. there were two bank employees involved in the probe and doesn't spend larger than that, who knew about it, and there are questions -- a lot of questions involved. as well as are the regulators in the u.s. going to be looking at this as well? taylor: where's management and the board of directors? they brought in christian to turnaround deutsche bank but so far it is not fruiting a lot of results. where's the board of directors? cameron: the board of directors -- sonali: the board of directors is pointing fingers all over the place. go of the chief rate literary officer which is a pretty big deal. is at whatn now beel will paul lightner responsible for some of these issues. deutsche bank had fines in the past decade and bloomberg analysts are expecting another billion with this since other --

some other issues as well. lisa: at what point does this become the german government's problem? people believe the government will back deutsche bank it not let it fail. what is your assess of that? what can they do? cameron: some might say it is -- sonali: some might say it is already there problem. there is that but also the question of whether they will merge with commerzbank and that is rumors -- and caroline: those are rumors we have been hearing. caroline: consolidation of the banks is a key theme that we are hearing. i'm interested by the perspective of the u.s. of what is going on with these money laundering investigations. the banks that help channel some of this bank away from danske bank.

how much do you think the u.s. regulators are looking at this? sonali: the u.s. regulators are awake and we feel it on our desk everyday. record profits and the banking system and people were excited about the industry. lately, it feels like one thing after another. regulators are looking at the european banks strongly. makingwaters said deutsche bank and wells fargo would be a priority at the financial house committee. there is definitely very large regulatory systems and other regulators are working to work here. taylor: he talked about $18 billion in fines. where does this latest programming in terms of the dollar amount and the reputational risk? sonali: i'm glad you brought the reputational risk up the kids that might be the bigger deal. in terms of funds, we don't know. bloomberg analysts have given $1

billion fine as a some of what we may see -- sum of what we may see. clients will say we cannot be working with the bank that repeatedly gets accused the money laundering. the reputational risk might be a and what that shot has to revenue and profitability may be the ultimate question. caroline: and the ultimate question is whether or not the valuation falls -- and where the -- and the ultimate question is where the valuation falls too. sonali: people say how often does it get that it is this low. is there an upside here? that is the question. in the history of banks, tanks are never let to fail. a lot of people understood that during the crisis and they come in when the prices are low enough. who knows?

the question is, does it have more to go that is lower than eight euro's. lisa: thank you so much for joining us as always. that really does sum it up. let's get to first word news with mark crumpton. mark: president trump says his weak personer is a " who is lying to get a reduced sentence." the president was reacting to his guilty plea today about lying to congress on working did on a trump real estate progress -- project in russia. he admitted to lying to the senate intelligence committee about a plan to build a trump tower in moscow. bohen said he made the -- cohen said he made the false withments to be coinciding campaign -- >> this is one example of one of

the president's closest allies lying about their ties to russia and russians. it is just remarkable that you had the personal lawyer still dealing trump tower project through the whole campaign and into 2017. mark: the louisiana republican senator says he does not believe the president will fire robert mueller. senator kennedy added mr. trump says the president likes to think outside. sanders says the president will speak informally with the leaders of turkey and south korea at the g20 summit. the president has decided not to have formal meetings with the turkish president and south korean president. the president has also canceled his meeting with the russian president citing russia's

seizure of ukraine vessels. actions arey iran's destabilizing the middle east aresouth destabilizing the middle east and south asia. iran has previously denied similar allegations. 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. system new york's court has become a crucial enabler of nationwide predatory lending operation. putting a rubberstamp on an obscure legal document college concession -- called a confession of judgment. that.s more is walk me through this. i was fascinated to lead -- read

your story. this means basically the borrower gives up the rights before they take out the loan and this is also illegal. >> these are loans for small businesses. picture shopkeepers, plumbers, electricians, maybe with 10 employees, and they are signing these things on the conditions of getting the money. the money is expensive, up to 400% or more up to annualized interest, but by signing the documents, they are saying if at any point the lender wants to go after me in court, they will win automatically without telling me and be able to have the legal right to seize my assets. lisa: so this was around for a begunbut it has suddenly to become exploited much more frequently, correct? zachary: that is right. has only been using this heavily for about two been years. -- two years.

new yorkusing the court system as their enforcement arm. lisa: why the new york court system even for claims in texas outside of jurisdiction? zachary: there is jurisdiction because lenders require their to sign something giving them jurisdiction. they pick these kind of relatively out-of-the-way county clerk's office is in places like canandaigua, new york which is like the hot place to file them this year. filedonth, 455 cases were in ontario county which is where canandaigua is which is 83% of their entire civil court documents for the county for that month. your piece is the third in the installment and it

shows like names like high-speed capital coming thick and fast to this. what about high-speed capital? what about cash crunch? after a months of processing these deals, are we seeing regulators listening to your reporting and saying this cannot be a good idea? zachary: we are waiting now to see if regulators or lawmakers are going to have any reaction to the work we are doing because you can imagine things that a regulator like an attorney general could do but also state also lawmakers and state officials. taylor: why do the loan sharks say sometimes the debt is legitimate so we are able to go after and collect some of it. it might not be right but it is legal and fair.

zachary: certainly, what these --s are doing, judge has judges have upheld this procedure as following the law. if you talk to the merchant gas industry -- cash industry, they are saying we are providing capital to a market that is not served at all and without us there would be no one. the choices give the small business is a shot or have no capital at all because larger banks are not interested in lending to very risky, new, new,ablished unestablished businesses. lisa: thank you so much. i should mention, read the series because you understand exactly what we're talking about here and exactly how much some of these lenders have taken advantage of people. deutsche bank is not the only one having legal trouble today. michael: please guilty to a new cohen pleadshael

guilty to a new charge. that's next. this is bloomberg. ♪ ♪

taylor: this is "what'd you miss?" democrats,th house elected congresswoman of michigan was elected to be congressman of the communications committee today. kevin cirilli asked what her party's message needs to be and how washington should respond to plant closures in michigan from gm. >> i think it's important that we listen to what the working men and women of this country are concerned about. that is something we did not do two years ago and we need to do -- we did do this year and we need to make sure we are doing going into a presidential election. i think people really worried

about their health care costs, they are worried about whether they will be able to go to a doctor if they have a pre-existing condition. they are worried about a lot of pension -- a lot of people are worried about pension and retirement funds. basic programs like social security, medicare, we have to about the issues that matter to working men and women. -- worry work about about jobs especially with the gm -- especially with gm announcing they are closing plants. you are head of public affairs and worked extensively with gm. what you make of this? >> i'm deeply concerned about the way they did this. they announced they were moving production of the blazer to mexico and it is not clear what they plan on doing with future

production, but i'm committed to making sure we can keep these drops -- drops -- jobs. let's start with trade policy. came in torump michigan and showed he cared about those jobs that have been shipped overseas. my problem with the president's trade policy is that it is all over the place and not consistent. we need a consistent trade policy that levels the playing field. >> [indiscernible] >> i don't think he assigned it or brought it forward, but right now, what is in there will not protect the workers. i spoke with someone that was in mexico this week where one of the supplier companies is paying one dollar 50 an hour. i'm not going to fight for a trade bill that ships jobs to another country. >> people are concerned and angry. this is a company that was bailed out by taxes and i just

closed down plants. what would your message the two mary? -- to mary? >> you need to show you care about the workers. i'm more at about this. was in myock plant district. they made it clear that when they made the announcement, the workers would go to another plant. the way that this announcement came down, no succession about what they would do for the workers, this is not about -- we got a tax bill rewarding these companies moving jobs overseas. >> what about auto tariffs? is that good or bad? >> my problem with the way the president is doing this is that it is all over the board. it's not consistent. -- it's not clear.

it is the art of the deal. businesses need certainty and there is zero certainty. >> another argument when you talk to folks in the gym world, they say they are to shifting to what ford was doing which is trying to double town -- doubled up on things like autonomous vehicles. does this have to do with how the markets are? of thet of all, the fact matter is that this is a cyclical industry. i worked in it for 30 years. a used to be 14 or 15 million sales were considered good. it is 17 million now. this is the longest run this industry has seen of the downturn. isthe same time, what i want the domestic industry to be the leaders in transforming mobility worldwide. autonomous and electric vehicles are the vehicles of the future but all of the companies are looking at that.

i want to keep that here, not china or india. should subsidies offered to gmb pullback? >> i want to understand -- gm be pulled back? understand -- i want to understand it. >> this is happening in your district and you have worked with mary barra and you are in charge of the democratic messaging and leadership, should ceos have to testify? should they have to testify with what happens? >> i think they need to come to washington and we have yet to hear from them, the michigan delegation. they need to be talking. analysis are doing an saying what is in place and what benefits are they getting. if we transform the

mobility, how do we support the sales of that. [over talk] >> she should be prepared to talk about it and defend what we ask her for. caroline: those the congresswoman of michigan with kevin cirilli. a quick check on the business flash headlines. to bernie made off's on the schemes -- the payments are separate from a $13 billion fund by ford. chrysler will spend $5.7 billion to revamp their carmaker -- factories in italy. years to struggled for run at factories. an nba superstar has pushed

under armour to include girls of the signature sneaker. he give a shout out to a nine-year-old fan from california. she wrote a letter to curry those posted online saying she was disappointed to see the shoes were only listed for boys. is workingsaying he to resolve the problem and sending the girl a pair of shoes. that is your business flash update. lisa? lisa: it's a case of he said she said. pleadingohen is now guilty july to congress about the president pursuing a real estate deal in moscow even after he had secured the republican nomination. president trump said that is alive. for more about what this could mean for the mueller investigation, the spring in greg ferro. how bad is this for president trump? becausenk this is bad the president's stance has been

that there is no collusion with russia and yet no business interest in russia, no commercial exposure or anything that could influence him. laidtoday, michael cohen out that an ongoing plan -- layout and ongoing plan to get a deal done, a lifelong goal of now president trump to build a tower in moscow. while in some ways it might not be serious as in the deal never came through, while he was running he was contemplating and pursuing this. he kept it quiet and concealed it. caroline: does it lead to any insinuation that it is showing collusion or is it perhaps he was not telling the whole truth? greg: not collusion more the latter. happened to president clinton, he was careful with how each of things. if you look at what president trump said about russia, he said there is no investment that he has.

that is correct in the present tense. where he wasay trying to build something in moscow so if anything, it is misleading in terms of omission. taylor: we talk about what this means for president trump but what is this mean for robert mueller? he needed a win. win foris is a clear him, a very important day for him. i do not think he views it as a win or a loss, but the fact paul manafort basically crumbled the plea deal in the cooperation agreement came apart whiskey outl monday, -- which came , i think the two events are related. caroline: let's talk about the events being related and the timing aspect. what does this mean in terms of what progress the investigation is making and the potential

release of the report that bob mueller has been working on? greg: before we get to a report, we will see out of paul manafort is a document. most prosecutors have said proceed to sentencings because the skies not cooperating. as part of that -- this guy is not cooperating. as part of that, they will document the lives -- lies he was saying. court,ill be a filing hopefully unsealed so we can all that's -- see it, will detail the lies manafort has been providing. it is likely that some of the information that manafort lied about is contradicted by what they now have from cohen. >> that was our investigative reporter, greg ferro --greg farrell. this is new for me.

the new generation might be more than their parents like they thing. that is next. this is bloomberg. ♪

taylor: this is "what'd you miss?" like mother like daughter, some people think millennials have less interest in non-stock consumption. fed isnterest from the that their spending habits are a lot like the generations that came before them. here with more is our own millennial aspect reporter. this was pretty fascinating on a serious note because so often we don't want gifts, we want experiences, but it is actually not. >> we want to gifts and experiences. the way that millennials are has realreally implications on the economy and future and what this will look like. the title of the paper is our millennials different -- are

millennials different? what it boils down to is that we millennials are on the same trajectory that our parents were in prior generations -- and prior generations were but the only difference is that we are younger and poorer. at this time, we might not be spending as much as our parents, but as time goes on, theoretically, we should be on the same upward path. caroline: and we should be blaming the financial crisis for this? sarah: i don't know if we should be by naming -- blaming the crisis, but a lot of people had turned to millennials to blame them for light car sales are week home sales after the-- weak home sales after financial crisis. if you look at spending on houses, food, it is largely the same once you adjust for a lower income and the fact they are younger right now. lisa: so what are the implications for something like the housing market?

the stereotype is that they were living with their parents and not going anywhere or engaging in family formation. does this mean they will and that will be a boom to the housing sector? sarah: that's what you would imagine. maybe they are taking a little longer. if you look at the generation from 1981 to 1997, you would think people from this generation including taylor and i, that eventually they will start moving into that phase where they do start creating families and buying homes. at that time, there would be a boon to the housing market. caroline: does this actually happen generation after generation? everyone tries to typecast them as different from the generation before them and it transpires that they are the same. where the baby boomers the same generation, it just took the next case? sarah: it seems so. it is almost like a blame game. the fed looks into this and they kind of joked saying people

always blame the kids or the kids are different from the parents, but the fact of the matter is, as time goes on, we start to see the apple does not fall far from the tree and each generation is similar in spending habits. caroline: a great perspective but the apple does not fall far from the tree. sarah ponczek breaking that interesting piece of report coming from the fed down for us. don't miss this, we on the g20 leaders summit begins and by the saris. lisa: i'm looking at the bank of credit -- when authorities -- bu enos ares. lisa: and i'm looking at the bank of credit. have a great evening. we will be back with more ahead of the g20 meeting. this is bloomberg. ♪ ♪ there's no place like home ♪

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leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. emily: this is "bloomberg technology." amazon under scrutiny by regulators in its biggest market outside of the u.s.. german authorities have new concerns about their size and scale. the chinese scientists have -- the scientist -- the chinese scientist has shocked