>> we're counting down to the major -- major market open. >> here the top stories we're covering in the next hour, u.s. stocks plunge on the weight of concerns wiping out traded church optimism -- trade truce optimism. theresa may's government lost a string of debates and

conservative divisions are widening. .il drips to saudi arabia let's get you started with a quick check of the selloff across u.s. markets. we saw major indices falling more than 3% with the s&p 500 falling the most since early october. shiftading today was a out of cyclicals into defensive's. the only sector that gained ground on the s&p 500 was utilities. a banks led the decline and s&p is 66 of 67 stocks on the index falling. we had pressure on yields, let's take a look at this other board. the 10 year yield is under pressure towards 2.9%. the yield curve continuing to flatten. we saw the dollar also trim back and pare back some of those earlier declines we saw when we

expect trade tensions between china and the u.s. to ease. there is more skepticism over what is happening on that front, not to mention we got negative headlines out of the u.k.. put a stop in the market. sterling fell for a fourth consecutive session as parliament voted to have the government in contempt. en across be se markets. towardseadwinds rush asia and we see a red across the board. future is off by 1.4%. wellington and nikkei futures are looking at a loss of over 4% with casper trade. thesewe have have debt while we have these headwinds in play, this is rolling the most in two weeks given the slide in treasury yields which pulled on the dollar -- polled on the dollar.

you have this trillion gdp data show a slightd to moderation in growth. pmi readings also from china, japan, and others. we have malaysia slowing down and export growth due out at midday. this afternoon, the r.b.i. is expected to keep its rate of 6.5%. markets are-- thai closed for king's birthday. teresa: let's get to the u.s. market plunge -- >> let's get to the u.s. market plunge. us through the reaction to that pile of bad news, including brexit, trade tensions and concerns over interest-rate hikes. >> one strategists said the market reacted to a lender believed and it appears murky. it feels like it was lied to.

>> if you like deja vu. we have seen this before as well. >> look at the s&p's plunge. we are in roughly 3% decline across the board. just what weng not saw yesterday, but taking it even more and closing on the low which is a negative. is where you gtv can find this. look at this big red line down with the s&p. the market close wednesday so the focus will be on what happens thursday. trade sensitive shares are clearly taking ahead. also pretty much everything else with the exception of utilities. can you take it through us -- take a threat? su: the dollar was slightly bonds were clearly grabbing, oil was all over the map, gold caught a bit, but

let's go into the big movers. the size of the losses notable. trade sensitive shares kedah shares, caterpillar and boeing, expected to be down. let's go into other shares down. syntax like square down in double digits, advanced micro devices, down in double digits. into the bloomberg, this shows the roller coaster ride of the bulls and bears. it is getting congested over here. it appears that's a negative sign for the market when you talk to some of these chart watchers. shery: i mentioned financials leading the decline. pressure andunder flattening and the financial index on the s&p 500 is really taking hit. su: if we go into the bloomberg one more time, you can see the flattening is causing attention of the markets. as we go into some of the shares that dropped, first the faang stocks were lower and this will

impact interest rates going forward. also, profitability. in you look at the financial sector, wall street firms were hit hard. definitely taking some of the biggest hits. streets many on wall concerned about what the next move of the market is. >> thanks for wrapping up that dramatic day on the markets. we have mixed messages from the white house on the trade truce with china. they initially claimed a deal on china with charts -- cars. our bloomberg congress editor is in washington. this is becoming something of a pattern, isn't it. -- isn't it? ? joe: we have seen this before, the president has a high-stakes meeting, declare success only for reality to set in.

as has happened with his talks of canada, the eu, japan on trade, north korea, nuclear weapons. aboutmments, we on sunday reaching an agreement for china on auto tariffs sent markets soaring, but investors quickly became disenchanted and realized perhaps it was at best an exaggeration. that is thething double of this administration. the president makes a statement, his officials walk it back or recalibrated, and today, trump himself contradicted it suggesting there was no deal and questioning whether one was possible. atare still back negotiations, continuing with no resolution in sight. this has been an issue for the administration in getting some actual deals done.

they declare the newly negotiated nafta which is , butnded as great advance it turns out it was a bit of nibbling around the edges of the trade pacts. the situation with china and the eu remains unsettled. shery: representatives of the three big german automakers met with the president and other officials. do we get anything concrete out of that? joe: nothing concrete. this was a meeting at the invitation of the white house. the executives from bmw, they were met with several top trade officials from the white house and trump in the oval office. they are trying -- the white house is trying to whittle down a $30 billion trade deficit on autos with the eu. the automakers want to resolve

this because they are being squeezed from the eu as well as with china. that's because mercedes and bmw are two of the biggest exporters of autos. at the same time, they don't want to be in the trade talks among all of those parties. said -- bw that vw consider they were considering building a next her production in the u.s. perhaps taking over a ford plant. becker, as early as early 2019. nothing -- that could come as early as early 2019. paul: there is more pressure on the u.s.-saudi relationship following a briefing from the cia director for the senior senators. joe: the senators came out of this breathing fire.

a number said there is no way that the u.s. should accept the denials of the saudi prince mohammad bin salman that he had any knowledge of the killing of jamal khashoggi in turkey. bob corker, the senator of the foreign relations committee said you have to be ignorant to believe the denials. senator lindsey graham suggested saw" ofs a "smoking evidence linking the prince to the killing. what this is leading up to is a vote as early as next week on a measure that would cut off u.s. military assistance for the saudi campaign in yemen. lindsey graham and other senators have talked about cutting off any additional arms sales to saudi arabia. there is no clear path ahead.

there is nothing in the u.s. house at the moment that is a companion bill that would take those similar steps and it is wouldr if mitch mcconnell allow some of this to go forward unless there is a fuller groundswell of support within the senate for such measures. there is a lot of anger right now in the capital, but it remains to be seen if that will result in change in u.s. position. paul: all right, joe, thank you very much. let's get the first word news. here's jessica summers. >> the uk's ruling conservative party faces deep divisions as theresa may suffers a string of palminteri defeats on brexit -- parliment terry feeds on brexit -- parlimentary defeats on

brexit. fighting forister her political life with her bill facing opposition on all sides. >> i asked them to think, i asked them to think what it would say to the 52% to came out in many cases, for the first time in decades, if their decision were ignored. what would it do to our politics? in thefrench government battle for protesters onto hikes. -- mccrone aone guns -- to his president macron is sticking to his guns. want, within the six-month timeframe, to establish fair and

efficient measures on fuel. if we cannot agree, you will deal with the consequences. >> leading figures in washington say a classified cia briefing has convinced them the crown prince of saudi arabia later role in the killing of journalist jamal khashoggi. thecorker even said that jury were to consider a case against the prince, it would convict him of murder within half an hour. they must exact responsibility for the killings. because it was an agency that he directs that carried it out. they have shown no ownership of this issue whatsoever. it is inappropriate. >> a two-year space race has reached a target. 120nasa spacecraft arrived million kilometers from worse. fromare now 20 kilometers

their destination and will move closer to the end of the month. the spacecraft is the size of an suv. the asteroid is so remote it took seven minutes for the message to reach mission control. 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 jessica summers, this is bloomberg. paul: still to come, theresa may's brexit blues. parliament gets set to say yes or no to her bill. shery: next, we dive into the long bond short squeeze as treasury bears the cover. this is bloomberg.

paul: we are counting down to

the sydney open. futures are down recently, but we offer 1.3% right now. i am paul allen in sydney. shery: i am shery ahn in new york. let's get a recap of how markets closed in the u.s.. major benchmarks were down more than 3% and we saw the selloff and boeing and apple led declines. the banks also lost a lot on s&p 500 being pressured by yields being down. the yield curve continuing to flatten, paul. treasuriesally in was kicked into overdrive after a portion of the curve turned negative. that's the first time since 2007. the manned -- the demand for long maturity bond could be signaling that the u.s. is on its way to recession.

>> there is some serious demand for long dated bonds. we saw short sets being covered out on the longer end of the yield curve and that really pushed long dated yields down. at the same time, you had the short end of the curve. those were pretty much unchanged from what we saw in the long ends and you saw yield curves push flatter on the day. tens, look at the two that flowed 10 basis points at one point. the problem with an inverted yield curve is that it often precedes a recession. today, we heard the new york fed president speak about this and he really did not seem worried. take a listen. >> we don't want to lose track of the hard data which has been quite strong in showing

continued momentum well into the fourth quarter. i think that is an important starting point. shery: is bullish comments and the fact that he said potentially for the rate hikes were warranted did not help equity markets. what are investors saying about bonds, the yield curve, the fed? katherine: williams made clear he sees the u.s. economy as strong enough to warrant more rate hikes next year and that will keep the front end of the yield curve, those yields are going to be higher. at the same time, you have bond traders and people in the market slashing their rate hike expectations in 2020 which is going to give a bit to the longer dated bonds which is a recipe for inversion. why we are seeing some of the moves we saw today as well. thank you so much for

that. next, more on oil's fall. this is bloomberg. ♪

paul: i am paul allen in sydney. shery: i am shery ahn in new york and you're watching "bloomberg daybreak: australia." to cut or not to cut, saudi arabia's energy minister says it is too early to see -- say whether opec and partners will reduce output indiana despite seeing an oversupply -- output in yen a despite seeing an oversupply. >> saudi arabia is an advocate for stable, global oil markets. we need to get together and listen to our colleagues, here

about their views on supply and demand, the projections of their production.s shery: joining us now is tamron esther. when you hear all of these comments coming out of the policymakers, what you understand -- what do you expect to come out of the meeting indiana? in the agreement is not back right now. saudi arabia has to convince russia to get on board. russia has been flexing their muscle and they are in a better fiscal position today than they were in 2016. his aboveil prices $40. they really need to get the deal done, russia does not need to get the deal done quite as much. saudi is in a political difficult situation because they

do not want to undermine support from the trump administration which has been vocal about wanting lower oil prices and taking medium and anti-opec approaches in terms of recent rhetoric. shery: let's assume there is no deal. how long would it take to the market to self correct? tamar: a good couple of months. you see oil prices go below $50 a barrel, it takes eight to nine months for this shale industry to respond to low oil prices in terms of seeing a meaningful curtailment and production growth coming out of the u.s.. that is what will be necessary in order to get prices higher. is havingountless now a clear and cohesive agreement coming out of opec which is a tall order. paul: there's a couple of example, we hear about the threat to potentially close -- that was then prices rising, wouldn't it? tamar: there is certainly a believe it -- a geopolitical

risk absent from the market for a while now. if iran closed that, that would be a shock. there are other shocks in the market as things continue to greater in venezuela. that is absolutely something the market has been overlooking because we are oversupplied right now. paul: we have had to cut -- we have had cut her walking away from opec -- cutter walking away from opec. are there concerns that other nations might walk away from opec? tamar: i think there is a risk down the line of the domino effect. situation.one off they have this ongoing spat with what thisia, but shows is the calculus for opec has changed. in the past, it was focused on maximizing markets -- prices.

it is much more focused on maximizing market share. that leads to pumping more. thorn inle poses this the side for opec because shale is an immediate all sorts -- ,lternative source of supply that really poses an existential threat for opec. hey, we haveing these multi use of resources in the ground and maybe we should pump this now to avoid having stranded assets in the future. shery: how much does it help prices that canada announced unprecedented supply cuts? tamar: i think that is an effect on western canadian prices which has been trading at a significant discount to wti. the idea is to get those prices up to derail economic -- up to the rail economic. a significantt as uplift for global prices at

large. it is needed to address the regional disconnect. shery: when you see these geopolitical issues playing into opec, do you get a sense that the cartel economics is working? tamar: i think this goes to the point we were talking about earlier where the cartel economics are broken because of two things. this source of supply and the lower sources of carbon emitters. in interesting thing is that 2016, november, opec was successfully able to reinvent themselves by getting rush on board. that is the critical thing. with qatar pulling out, it is not about opec being that significant anymore. opec and russia is the critical thing. of to earlier the question the wildcard, we need to see rush on board this agreement and willing to cut back in a significant way to have credibility. paul: all right, nasdaq energy director, tamar essner, thank

you for joining us. but have a quick look at futures around the asia-pacific. it looks like it will be a down day. the nikkei futures are off 4.5% . ♪

paul: it's 9:30 wednesday morning and it's not going to be the futures are the r by 1 1/3% after events we saw in the united states. i'm paul allen in sydney. new : i'm shery ahn in york. it's 5:30 p.m. watching day break australia. we're seeing the repercussions sophie es across asia, has the latest in hong kong. looking prettyot for asian trade as optimism over is being dashed.

it's complete confusion over the trade details that were g-20 dinner the table, so we do have deep losses asia after the selloff on wall street. japanese stocks are in for a pain.of nikkei futures in chicago seeing 4.5%.s of this after $ is 33 billion were on d out on market value tuesday. the topix slumping 2.4% on tuesday. came to what was leading that decline, you had companies carmakers, factory automation providers and anufacturers which are exposed to the tariff dispute in different ways. heck in on how the nikkei faired on tuesday, both benchmarks to see the wipeout on tuesday. on the pound discome in total outcome andiven the

to its rling head it all-time low for the key we dollar. major t reporting currency since december 2001 while the pound in that time is currency to weaken against the dollar. ore confusion ahead around brexit details could mean more sterling, paul. paul: thank you very much for that. let's look at what we should be gets underway de adam.a with sophie was pointing out the markets had a rough start. escalated quickly, didn't it? ad what is notable is the swing within 48 hours time, this downdraft, just not affecting bond and equity markets, it's broader than that as well. really what is at the heart of it, one of the key contributors reassessment of

what monetary policy is going to year.ike in the u.s. next basically here in the green line, you got pricing in the two hikes, the yellow line pricing for one and then one, that blue line there kind of suggesting none going into 2020. what has happened in the last few days, for the first time are talking about the realistic potential of a kind of 2020 or around that kind of time that key factor y been a in people's models until lately. you have had this shift from the idea that a dovish federal bullish s in some way going into 2019 to this idea that maybe the fact that the fed to have to put the breaks on is really indicative that will concern affect the u.s. itself, but also ore broadly, how that impacts

global economic growth which has already been tested by a number of other places as well. has been slowly considerably, even before any wars, china's conomy was slowing quite pronouncely and the trade war rhetoric has added to that. bit of a bind a going into 2019 now. the markets are struggling how to price, it's not often that the kind of moves that we've seen in bond markets overnight as well, the 10-year 2.91% and that idea of the inversion of the yield curve really front and center of everyone's thinking. saw this that why we huge technical selling in the u.s. stock market and should we come?t more of this to adam: well, shery, clearly a notable breach in average on the s&p 500. when we breach that in the during the et

session, you saw volumes spike and you saw what a lot of people attributed to, you know, c.t.a.s kind of of that momentum trend following strategies that exist in modern equity markets. they jump very quickly on to it sass and exacerbates the selling. get the prophesy of one thing leading to another and adding to the selling pressure, get a ry difficult to circuit breaker to that other than for markets to close at the end of the day. and, of course, markets are closed on wednesday in the u.s. so, you know, that could signal some kind of a breaker before trading starts again on thursday in new york, but of course a lot can that time and people continuing to watch the twitter from for what happens

trump and also any other further comments coming out from china still a lot of disagreement clearly as to what weekend ppened at the at the g-20. paul: adam, thanks for that. you can check some of the charts that adam was showing you just besides onlenty more gtv go on the bloomberg terminal. shery. to brexit.ning teresa may has lost three key as she parliament battles to force her benchity deal through. one of those would give power to shape the final divorce bill if may's deal is rejected by the commons next week. may says her deal is never going to be perfect, but reopening would let other nations make demands. colleagues k those who wish to reopen the ithdrawal agreement to recognize that were the withdrawal agreement be reopened, it would not simply be a question of what the united then wanted to change,

it would also be a question of to change hers elements of that withdrawal agreement. business week rg economics editor joining us now here in the new york studio. really doesn't bode well for december 11? peter: this is the first time 1978 that the government lost three votes in one day in parliament. one of the things that happened, it was actually held in contempt parliament and that was over he parliament's demand that teresa may's government give the notes from the attorney general advice on egal brexit. she wanted to withhold that and finally has now agreed after in contempt that on wednesday, she'll give those notes over. not looking good for, as you said, the december 11 vote. everal more days of debate coming up so we'll see. it's hard to see anything change then that would

suddenly result in a positive deal.n the no wonder we had the sterling falling. hat would it mean for the economics of brexit? disorderlyhance of a no deal brexit is going up. down.r side is backing jeremy is saying this is not the deal that the british people wanted. we don't accept it. as you, we just showed on teresa may is saying, if we reopen this thing, opposite o in the direction from what you're asking for, so there is such a gap here that obviously a no deal brexit would be the yet it tcome of all and can't be ruled out. to : peter, it's difficult escape the notion that is not only the way we're heading but options of a no confidence

vote followed by an election followed by even more uncertainty? peter: right, that could be the outcome if she loses december 11 and this is what the entire government has been built around lately, the number one issue in the u.k. she could lose a no confidence vote, new elections. another possibility would be a second referendum and that, i hink, would be welcomed by the markets because there would be at least a chance that brexit a second on referendum. much. peter thank you so let's get the first news with jess.ca summers, jessica: thanks, shery sent shock waves to the market by admitting there is no official trade deal with china and questioning whether possible. he described himself as paris man and unless there is progress negotiations, he would be happy to maintain duties on chinese imports. new questions about

the extent of the agreement the president claims was struck at g-20. china has yet to offer a full dealnse to the claims of a or the possibility of more tariffs as the officials are country. of the sources in beijing say ministries are awaiting his they feel able to comment or take any action. xi is in portugal today finishing up his tour. threatened to close the strait if the u.s. exports. its oil the president says no crude will leave the gulf if washington through with sanctions. a third of all sea born traded passes through the narrow straits. there are several warships in the area. he is willing to negotiate but rejected the negotiation of talks. a fund is summoning more

including the company's former president. former government chief secretary and auditors who questions. also be the chairman refused to offer prime bability of the minister being called in. on al news 24 hours a day air air. 'm jessica summers, this is bloomberg. paul: thanks, jessica, still to a greater ne wants nato response against russia naval clash reignited tensions. more next. this is bloomberg. ♪ ♪

shery: let's get you started across heck of futures

asia. nikkei futures are down more than 4%. the japanese yen strengthened in session. it's right now holding steady, but, of course, that is not oing to bode well with the exporters. the kospi futures also down more percent as the asx200. we get the course, third-quarter gdp numbers later today. we are expecting a growth of 3.3% there. down more than 1%. i'm shery ahn in new york. paul: and i'm paul allen in sydney. you're watching day break australia. for a bloomberg exclusive. ukrainian president says his clash with val russia has underthreads of a scale war. he was asked if he believes the is over. >> definitely not.

main reason of crisis was the act of aggression under the and under the aw resolution of the united nations when t of aggression is the russian military vessel neutral water of to a military boat unprovoked and targeted fire, wounded three of sailors and injured three storming operation of of russian special forces the border control troops. reaction was that this sea, the water of russia under the international agreement from 2003 and also

krainian and russian territorial water and under this greement, our military vessel can openly and freely navigate. one. is point number of my umber two, 24 soldiers, my seamen are illegally in prison in moscow. this morning i have a meeting ith the parents, wives, and relatives of ukrainian soldiers under the s and geneva convention they are a russian f war and court has zero jurisdiction, no ukrainian n on the seamen. russiansber three, the still keep the three ukrainian oats and this is absolutely necessary immediately to return. the oint number four,

ukrainian losed for vessels. just en't opened, this is lowering the number of the vessels which is waiting in the sea for russian permission to pass. it as publicly occupation by russia. with this situation, we need a and decisive ed action. >> what do you think vladmir putin wants? >> i'm not the right person to ask what putin wants. and i doubt that anybody in the as a world leader understands what vladmir putin

wants. explain why he launch llegal annexation of the crimea. nobody can explain why he launch aggression against my country. he dy can understand why approved the terroristic attack 294 victims of the plan. understand why he in nized a chemical attack great britain again in the center of europe in the 21st century. nobody can understand why he the soldiers to kill the population. have lots of questions which s absolutely zero answer what he wants. ministers e foreign are meeting. are you satisfied with the that you have s

gotten in the west? >> first of all, i want to thank of the leaders of the world up, the difficult time during the russian aggression. the statement of the united states, the statement of the g-7. he statement of the european of the verytatement strong words is definitely the of ukraine.rt but with this situation, i think while the western partners ake a strong statement, putin over this situation definitely we should have a better act.ination to war, ans not open the definitely no. a personn peace and me

of peace. and protect fend our sovereignty and independence. a new bloc of the sanctions against russia is as all sanction. presencey increase the in the black sea and it would be invite the lcome to nato vessel and to keep the because this is the ew type of war, the hybrid war and hybrid war which exists via full western n democracy, this is the campaign.tion the is trying to attack different countries during their and embargo on buying

goods, stop supplying natural gas and the most the use of ct, military force against including country ukraine. >> you mention the election, does the fact that the ports and the strait has opened at least partially mean able to end t be martial law earlier? do you think it needs to be extended? is the status? >> the current state is definitely, the ukrainians as a ountry are the object of unprovoked aggression of the russian federation. his is the first time when flag, notit under the of ring any smoke screen their presence, the sovereignty. we have an intelligence nformation we share with our western partners about the concentration of the russian

forces alongside of the ukrainian russian border. they increase it three times, three times increase the number tanks, number of the rocket launch system, number of the system, a number of the flights of the intelligent plane and the number of the artillery and with that situation there is martial law. parliament support my proposal just to make a reaction decision to a attack my country open the ground to russian. at the same time we do not leave any tiny right of the ukrainian freedom, rightor or democracy because if we postpone the presidential election to only one winner in this situation and the name of mr. putin. is

chance, give them this give him this chance. -- under the martial the we have our army, second position, we protect the democratic right of the including the e right to vote for the president. parliament ask the to hold the date of the 31,idential election, march 2019 and me as the president, as he commander in chief of the ukrainian armed forces and of ukrainian constitution, promise and protect the election year. president next >> let me ask you before we let you go, if the crisis has had an impact on the economy or the investors in ukraine? not answer definitely

because we, first of all, we do any rights including the rights for the economic agent. we have a stable banking system. of ave a stable rate exchange. forms, we have a decision of european union for financial assistance which was made last week. have, we awaited the board meeting with i.m.f. which supports everything we have done including economic reform. we have the decision of the world bank community after the i.m.f. for g of the additional supply and today i meeting with business

community and very much with the very strong and positive free action. probably, if the russian aggression is not happening and i hope and i pray pressure help al soldiers back my 24 and officers, definitely the and al law will be expired or have zero any results a any, zero results and zero results for the krainan economy for the international and the investor. the protection of the investor priority. top we do that in the ukraine is the current ust situation. -- ukrainian

president. aul: we do have some trading underway. in new zealand, the only market in the asia pacific up at the surprises there. it is weaker by almost 1.5%, no to the key we dollar. .s.x. futures are weaker what we saw in the u.s. with the big selloff there that i think every financial stock was down in the united states. its most in surging eight weeks, the aussie dollar 7339, shery.o shery: we're looking forward to those gdp numbers out of as well and take a look at futures across asia. seeing nikkei futures falling and the japanese yen holding steady, but in the session, we had seen it strengthen the most in a couple of weeks.

fact, the japanese yen rading at around 112, in fact, strengthening the most since july. that's going to hurt those in japanese stock markets. kospi futures also down 1.2%, of had lots of news out of south korea including gdp c.p.i. out of there and numbers as well. e're keeping a close eye on what happens there. well.se is down 1.4% as e saw chinese shares fluctuate between losses. hang seng rebounding after session..7% in the last right now it doesn't look good of 1%. open, down .6 we could see a lot of pressure for asian markets when they open. and of course we'll be discussing all of that with our mike of bank of america merrill lynch joining us

hour.e next we'll be talking metals and mining stocks. what is sion affecting happening in the commodities market. "day break asia." this is bloomberg. place, the xfinity xfi gateway.

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"activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. paul: good morning, i'm paul allen in sid fli where just lian markets have opened for trade. shery: good evening from bloomberg headquarters in new york, i'm shery ahn. kamaruddin m sophie "day hong kong, welcome to break asia." paul: our top stories this day with a bruising nikkei futures down almost 5%, concerns darkening the mood. may lost three brex "it"