host: coming up on "bloomberg that shapedtories the week in business around the world. the u.s. and china meet. of china's economy was never on the table. >> it is rather surprising that the chinese are here at all. that itargest agreement has yet to be worked out. host: turkey sends troops into syria. >> it is been unusually high pushback from republican senators. host: the white house says it

will not cooperate with an impeachment inquiry. signaling hetrump is ready for a long political battle. host: hong kong drops its bid for the lse. murkyexit outlook remains at best. >> we are nimble. they discussed the british divorce from europe. >> if i'm right, the europe will come back and rejoin the european union. host: jay powell says the fed is planning to expand its balance sheet. and an exclusive conversation with robert kaplan shedding more light on monetary policy. >> it should be limited, restrained, and modest. host: it is all straight ahead on "bloomberg best." host: hello and welcome, i am

nejra cehic and this is "bloomberg best." let us start with a day by day look at the top headlines. with the u.s. and china set to talk trade in washington this week, investors were optimistic there would be progress towards a deal. what a bloomberg report threw some cold water on those hopes. chinese and u.s. negotiators are preparing to restart long stalled trade talks this week and washington. china is going into the talks with new reluctance about a broader trade deal. going to talkt about industrial policy or subsidies. those of you that if all of this for a long time will say to yourself -- is in that the core of the u.s. complaint? you are right. this sort of signals that china is looking for not big deal or deal or no little

deal. the grand ambition on the talks seems to have muted a little bit. or isbert lighthouse realistic about what he can achieve in these negotiations. a wholesale remodeling of chinese economy was never on the table. but getting reluctance from the chinese side that anything on subsidies will be discussed or anything that resembles a concession on this will make it hard for him and the president to sell the deal at home. >> the trump administration has blacklisted eight chinese tech companies accusing them of human rights violations. what has the trump administration done to restrict business around these companies? >> it took a similar move today as it did against a company like huawei, putting it on a blacklist. u.s. companies are restricted from doing business

with the company's on the blacklist. the trump administration announced these are chinese surveillance firms, ai firms over human rights violations. >> the white house exploring restricting pension funds from investing in chinese stocks. offhe white house has taken one of the more extreme options, delisting of chinese companies here in the united states. fineare talking about a pressure on index providers like ofi to reduce the weightings chinese companies in the emerging market indices and federal government worker pension funds to avoid investing in china. , and this isg something pushed by the hawks and the white house, to restrict the flow of american capital into chinese markets and chinese companies. >> the administration slapped

visa bans on chinese officials. state department officials say the visa ban is unrelated to the trade talks due to begin on thursday. but the stock market and investors do not seem to believe that. this individual action, visa restrictions come are not linked to the trade talks, what is clear is that u.s. officials see all of these things as part and parcel of the same thing putting more pressure on china and leading chinese officials know they are very serious and that they will play hardball. a think this gives them leverage and a tougher negotiating position heading into thursday. >> chairman powell said the central bank will reserve purchases of treasury securities and an effort to avoid the repeat of the turmoil you saw in money markets. >> the growth of the balance sheet should in no way be confused with a large-scale asset purchase program that we

deployed after the financial crisis. >> he kept pretty close to his plans to cut rates this month. especially the spread between two-year rates and tenure rates. >> it was kind of surprising for markets that we heard from jerome powell in such advance of the october 30 rate decision. he came out and said we are doing this, be prepared. the combination of the advance notice plus the term repo operations that continue to come out will inundate the short end and make sure the repo madness we had does not continue on. president trump's counterattack against house democrats taking shape. the administration stonewalling the widening impeachment inquiry. a white house lawyer calls it unconstitutional. signaling hetrump is prepared for a long political

battle against house democrats as they continue to try to investigate him for the impeachment inquiry. the scenes notion of that letter suggest that republicans have calculated that politically are daringhey democrats to challenge them in the courts. democrats for their part say -- bring it on. they're looking at polls that suggest that increasingly the american people are behind speaker pelosi's decision to investigate into this impeachment inquiry. bottom line? democrats hope to wrap this up by the end of the calendar year. republicans, as illustrated by that letter, say that the longer this goes on, the better. >> china is open to reaching a partial trade deal with the u.s. bloomberg has learned that in return, beijing would offer noncore concessions like purchasing more farm products. >> influence across the markets. >> what you have is china coming

to washington with the same -- allhey have had for along with donald trump. agricultural purchases. my today energy type purchases. and we will see how it goes from there hoping that will buy them sometime. i think the market is taking it as a positive sign. i am not sure it is entirely such a big step forward. day --big story of the trade talks resuming today in washington between the u.s. and china and the white house may roll out a previously negotiated currency agreement with beijing as part of the deal. f may be suspended. >> president trump will meet with leo hard tomorrow. that is surprising that the chinese have come at all. the mood music around these talks is extremely negative. >> we have had a very good

negotiation with china. they are wrapping it up. we are going to see them tomorrow right here. and it is going very well. a massive moves in cable over the last couple of days. the biggest today pop since december 2008. and potential breakthrough in the united kingdom after a meeting between the irish prime minister and boris johnson. >> a pathway towards an agreement. >> the chief negotiator recommended besides discuss drafts of an agreement in secret. entered ations have critical stage and they are "the highest level. in secret. the newt actually know text and we probably will not know how things are really shaping up until monday. we have to treat this very carefully because the threat of a no is still on the table.

if we do get a deal between the united kingdom and the eu, the u.k. parliament would have to approve it. every time it has been put to a vote, it has been rejected. >> we have a deal, phase one. the u.s. and china have announced an agreement. president trump says he and the chinese leader could sign it next month anin chile. >> fx is part of the deal. ip in the deal. here is what is not in the deal. huawei, chinese industrial subsidies and chinese tech transfers. >> we have had a tremendous negotiation. a complex negotiation. something that will be great for both countries. >> let us get real -- this is not an agreement. it is the agreement of a scope of a deal that has yet to be worked out. what this is going to amount to

is not really a de-escalation of tensions. just a non-escalation. it means the existing tariffs and sanctions will not really be rolled back. have beennctions that threatened by the administration will not come into effect. when one thinks of the broader issue that underlie the tensions between the countries, there does not seem to have been that much progress. you think about the implications for businesses that want to reduce uncertainty, i don't think we have made much progress at all. nejra: still ahead, as we review an week on "bloomberg best" exclusive interview with robert kaplan. >> moving modestly now gives us the best chance to avoid a more severe slowing. nejra: and talks about brexit in london and the ceo spotlight files on jim svitolina. and up next, more of the top headlines -- the controversy

causes issues between china and the mba. >> it has caused havoc in the last few days. nejra: this is bloomberg. ♪

nejra: this is "bloomberg best," and i am nejra cehic. we have an intense geopolitical drama involving turkey, the u.s., and the conflict in syria. >> it appears to be a major policy shift for the u.s. turkish military will be moving into syria and the u.s. will be stepping aside. walk us through the significance of this. >> donald trump just told

president erdogan that the west will stand aside as the turkish military launches an operation allies the u.s. kurdish in syria. the forces have been a close ally of america in its fight against islamic state in syria. on the other hand, turkey tosiders the kurdish group be a major security threat because of its links to groups that turkey has been fighting against for decades, the pkk. >> the biggest selloff so far. since march. we can see that around 11:30 a.m. -- around 11:38 was when it took a leg weaker. president trump put out a tweet writing -- as i have stated strongly before, that if turkey does anything -- to giveresident seemed

turkey the green light initially to attack kurdish forces in northern syria and republicans balked at it including lindsey graham. what is the latest? an unusually high pushback for republican senators. not the two or three. which cano the tweet be read as they walk back of his statement last night which was more of a blank check for turkish forces to move into northern syria. the mood in congress is that the kurds -- no one will want to be an ally of the united states if we pull up stakes and walk away with short notice like that. trumps after president said the u.s. will not stand in the way. >> president trump released a statement in the last hour think he was not endorsing the turkish

operation. he told president erdogan of turkey that he thought it was a bad idea. are stills. forces standing down and trying to move out of harms way at this point. >> china's state broadcaster said it would immediately halt gamesast of the nba's after commissioner silvers said he supports rockets general speech's freedom of after he showed support for the hong kong pro-democracy protesters. >> another example of a company caught in the fray of the protesters. nba arguably has the most at stake here. to put things into perspective, the nba said last year a had 800 million viewers in china. two point five times the population of the united states and they have been notching

double-digit growth in china since 2008. they are caught in this new situation where they are at risk of losing fans in one of their biggest markets rbc as kowtowing to the chinese government. more chinese governments are cutting ties with the nba as the fallout continues from a to the sent by one of its executives. it seems the nba and china at this point are on something of a collision course. >> adam silver expressing regret that it has come to this stage but really sticking by that commitment to freedom of speech. that is what the nba stands for. >> this looks like an unusual event. it was based on not an error but , manager ofividual one of the 30 franchises of the nba. a single individuals seven word tweet causing havoc in the last few days. china areivities of

so strong that if you violate them, you will pay the price. latest fed minutes show policymakers had begun debating how far the cutting -- rate cutting campaign should extend. a few participants saying they are uncomfortable about the gap between market expectations and the feds appropriate path. do you think the fed is leading the markets around on a leash? 2018, increasing interest rates four times. and then suddenly he switches on january 4 saying he is going to be very dovish because the difference was in the second half of december the market created. -- the fed is following a policy where the equity market dictates what they will do with little to do with the economy and inflation which

are supposed to be their main targets. >> now, to germany where a jump in manufacturing fueled surprise improvement. industrial production. after two months of decline. the outlook for europe's largest economy remains troubled production down 4% on the year and shrinking factory orders. no turning point in sight. >> factory orders are down for the 15th consecutive months now and business confidence in germany is down to a decade low now which is not surprising given all of the news about the ongoing trade and the uncertainty about the possible half brexit that is around here. , almostonomist now everyone now thinks that germany has entered a technical recession in the third quarter. the euro area finance ministers agreed on the final key elements of a budget for the

bloc. what kind of deal are we looking at? does it make the difference? actually is a small budget. it has been in the making for two years. it has been watered down men a time. there is a deal but the french government which has put forward this idea many times will tell you that it can get bigger. -- 20 looking at 20 euros billion euros that will be used to facilitate investment and promote reforms in the euro area. but can this help the euro economy? no.answer is the positive spin from the french government is the macron administration says any agreement is always good news and can get bigger. iranianissile struck an

tanker. the tanker company accused the saudi arabia of the attack but later withdrew that claim. >> this is the latest as collation in a series of attacks that have happened in the region on shipping and oil installations. the oil market reaction is interesting. they are not as important as they used to be an the market seems very focused on the prospect of oversupply next year and less focused for the time being on the geopolitical risks. ♪

nejra: this is "bloomberg best" and i am nejra cehic. fed watchers had much to consider this week from the fmoc

minutes and chairman powell's comments. we traveled to texas for an exclusive conversation with robert kaplan. >> we start hearing people like me and others saying i am agnostic about whether we move from here. that would tell you that if nothing changes, we are going to stay where we are. but i think we have so much uncertainty and so much policy uncertainty, i think it would be wise for us not to over telegraph where we are in the cycle. i have said though that i thought that this, this cutting we are doing should be limited, restrained, and modest, and not the start of a full-fledged cutting cycle and i still believe that. allhe question i am asked of the time by people on wall street is what does the fed get from cutting rates? think when rates are

cuts, thefed fund marginal additional affect might be less than if rates were higher or credit conditions were tighter but that does not mean cutting the rate does not have an impact. it does. there are still a substantial amount of borrowers that borrow based on the short-term rate and in addition, i have been concerned about the shape of the yield curve. particularly if the rate is above the 10 year treasury and there is a substantial gap, it has a tendency to make it harder to borrow short and lend long and i think that, if prolonged, would cause a tightening of financial conditions. when you're cutting rates, there is a short-term positive affect but you have to look over the horizon, particularly as to whether you think there is some distortion in the curve that i think suggests that our policy

setting is too tight. >> you're not concerned? >> i'm worried about that argument but i would rather use ammunition when it matters the most. and i have said a number of ands that if we wait withhold our ammunition and wait to see a broader slowing and the economy, we wait for the slowing to reach the consumer, and then we have a more severe slowing, we will have waited too long and the ammunition we have will not be enough the rest that slowing. moving modestly now gives us the best chance to avoid a more secure -- severe slowing and that is why i want to use the ammunition in out which means we will have less relator. >> coming up on bloomberg best, more of the weeks top news in business and finance. chief executive and ge announces a new strategy to them debt. and a more -- and more exclusive interviews.

the new head of the imf says it is critical to have a global conversation about trade. not be talkingalkin about trade war. everyone uses their phone differently.

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nejra: this is "bloomberg best." in washington, she gave her head major address as the of the imf focusing on the worldwide effects of a trade war. she then spoke exclusively to tom keene about the risk of a further slow down. >> we are decelerating. we are not stopping. bad ands not that yet, unless we act now, we are risking a potential, more

massive slow down. i think you brought up the issue of trust. it is absolutely fundamental for think not only what is good for me, but what is best for what you face? what is your domestic restraint? what are the challenges for you? and how can we best face thesion-making that allows whole to be improved rather than the individual parts? >> what is your to do list? >> we are going to go into the meetings and we will show this graph and we will be saying, we will be talking about trade peace and not about trade war. what is so very obvious is that it is the indirect impacts that

hurt. the loss of confidence. , as we do is to show clearly as possible, that everybody is a loser in a trade war. aerefore, everyone would be winner in trade piece. nejra: global finance leaders gathered here in the bloomberg headquarters in london. trade was a major topic of discussion. manny roman said an escalation of the trade war with china could push the u.s. into recession. there was plenty of conversation about brexit. >> what are you more scared brexit or jeremy corbyn? [laughter] think obviously that a full on labor government with a program they have would be bad it somehowssets and

reminds me of when i grow up. in 1981, the socialists in france were nationalizing everything in sight. within a year, they had to do a 180. -- i came to think that the government is not very good at running things. do you see jeremy corbyn as another meter? >> if you look at his program, it is quite extreme. >> do you think that is worse than brexit? do.e and we like the u.k. think even in a brexit scenario, we will be fine. >> and a hard brexit?

>> that is fine. what you need is resolution at this stage. we are nimble and being nimble is not a good thing. you have a situation where between the politics, the government, the house, the voters -- it is so fragmented and i don't have to tell you this that you need a way to get to an outcome. isn if it is a hard brexit better than having two more years of a situation where nothing is getting decided. >> we are in europe in the middle and we have a role to play. the u.k. people, the british people think that this may not be the case. we will see what happens in the next three or four years. if i am right, the u.k. will come back and join the european union in 10-15 years time.

>> do you think that will happen? >> i think the british people are pragmatic. that you didn was not really have control of the situation. but in today's world, it is difficult to have the control on everything because we are in a global world. so you'll have to work with others and cooperate with others. you have to convince others. if you want to decide all by yourself, you decide for 60 million people. in the end, you have much less control. nejra: political divisions in your are a concern for investors but so are divisions at the ecb after a report this week that mario draghi ignored advice from within the central bank. the bank of finland's governor played down the report in an exclusive interview with francine lacqua. >> it has some effect on the

policy impact. communication is such an important part of making monetary policy these days. but, at the same time, it is natural that there are different views and positions with regards to the economic outlook and also the monetary policy stance. i myself, a product of democratic culture and football play, and so i value team and communication. if you are divided, you tend to lose games. if you are united, you tend to score and win games. todayre was a story suggesting more division with mario draghi not listening to advice from the committee. what does that mean for markets -- how should markets interpret that? was greatly itself

exaggerated and actually misunderstood in the sense that the monetary policy committee does preparatory work but certain sensitive issues such as isuming qe and purchases definitely for the governing council to decide. there is nothing extraordinary here. one of the world's most influential oil executives bob dudley recently announced he will step down from his post next year. this week he spoke with annmarie hordern in london about leaving the company at a pivotal moment for the industry. environmenthis new will create a lot of opportunities for companies that adjust to it. people want an instant solution

on everything. our investors want us to do a lot of different things. like other companies as well, we will be leaders in this space. we do wind and solar and biofuels. we have thousands of people working on that as part of the transition. bp has a lot of opportunities. >> what is your advice for the incoming ceo? >> he will do a great job. he will focus on the fundamentals. bring your team together which he willdo and then, and do it great, just be really dedicated to the job. bp has a great foundation around the world. balance sheets are in good shape. i am happy to pass along the baton. no drama. edition ofhe latest bloomberg television come at ceo spotlight, caroline hyde sat down with james dribbling. he leads the company that spun

off from dupont earlier this year. riskscusses the political and how that impacts of the global environment. 1970's,g the 1960's, dow went through a massive expansion. during that time, we built a model which was to build a core financial house. us to look ated each of the places we had exposure and how we were going to manage that currency risk. given some countries we credit to customers and in some countries we sell in u.s. dollars. the whole portfolio risk is managed on a 20 47 on the front manage physical financial hedging and the risks we have their which is a big part of our cost. on the customer and, we manage

the currency risk. and from a project standpoint. when you are building billion-dollar facilities, what is the currency risk on a 3-5 your capital project and who will manage that? caroline: when you are managing flows, how do you see your role in steering the business like that? >> you have to try to stay in front of it. you have to try to make moves before the market catches you. and you try to take a look at what is happening with your trends on credit risks, watch what is happening with the currencies, make moves to counter it. and out ofterials in a country. if a country puts on a currency restriction, you can get caught. how will you manage cash and liquidity in the country under a different currency regime?

you have this day on top of that. you have to have people on the ground that are close and talking to the people in power and understand what is happening and be able to move and act on that. ♪

nejra: "bloomberg best this is -- this is "bloomberg best." let us resume our roundup. with news of the cutbacks. hsbc may cut as many as 10,000 jobs to cut costs on top of those announced in august. the ceo john flint abruptly left after 18 months leaving the bank. >> people are looking at the first take restructuring move of the interim executive.

he replaced john flint in august after he was basically deemed to have not done enough on cost cuts. now is his seeing attempt to try to get a handle on the costs of the bank. the french retail bank is one to bethat the bank looks probably getting rid of in the near future. we are also expecting cuts around the senior levels of the bank. this is going to be job cuts around the directors and the managing directors of the bank. suisse is considering a return to the u.s. wealth management market after a 40 year absence. talks have focused on the ambition to add $15 billion of assets at a new base in miami. it looks like he wants to prove he does not need it all, and around to make -- iqbal khan

around to make big moves. >> it is symbolically important. credit suisse had to pay a fine of more than $2 billion for five years ago and exited the u.s. private banking market. this would be the first return since then. they would not necessarily be looking at servicing the u.s. clients but more catered towards wealthy latin americans. exchange has dropped its bid for the london stock exchange. it is a rare setback for the ceo business.g kong he says the board will focus a building its role in asia instead. what went wrong here? >> at the end of the day, they wanted to remain relevant down the road into the future so they had to do something. tried toeen lse, they

do something that did not work out. they are seeking shareholder approval. stockw, for the hong kong exchange, the big question is, what is next if we want to be relevant? what will be our strategy? do we make more acquisitions? it is just too challenging of a deal to pull off. >> we are watching general electric. taking steps to cut the worst pension deficit in corporate america. 20,000 employees. it has had a defined benefit plan. >> it stopped accepting new benefit plan its in 2011. they're going to keep the benefits they have already accrued but they will not accrue and emaar under that plan. they will be switched over to

defined contribution is. not great for the employees. the idea for ge was to put parameters around this mass of tension liabilities. interest rates have dropped creating a lot of uncertainty about how big the pension balance may be as interest rates remain at all-time lows. >> general motors moving as the one-month mark approaches. the carmaker boosting its investment offer to $8.3 billion in a bid to end the strike. $1 billion more than what they proposed a week ago. what is the issue? >> the big issue according to the union in the letters they sent over the weekend is job security. they have a couple of plants running one shift, 50% capacity. they want to see more vehicles put in there.

is ado not care if it future vehicle or if it comes back from mexico. i want to see more investment and vehicles in those plants which is how you get job security. ,he old job security guarantees that is a thing of the past. they need things to build to stay employed. that is what they want to see more of. commitments but the union does not think that is enough. >> the leadership struggle at nissan has three top contenders all given senior roles. tell us more about the new ceo. why do think he was chosen? relatively young for a nissan ceo. he is not a lifer. from a trading03 company and he has a lot of background abroad. he has worked with renault. he has won favor with them as

well. nissan has three top executives. they can start thinking about how the alliance should evolve going forward with renault. we may be seeing some structural changes including capital, shareholding arrangements. there could be more personnel changes coming up. on both sides. samsung has announced third-quarter earnings that beat the highest estimate but still less than half what the company recorded a year earlier when it recorded record profit. atthe issue we are looking out of those numbers and it is just a couple of sets that does not show what is going on at the depths of samsung. the sell side was more sanguine or cautious i should say compared to what came out. i think you need to look act a year ago which admittedly was a strong quarter a year ago and understand this is still very

.eak times at samsung and they are probably week elsewhere. the top and bottom line numbers did pass expectations. things are looking good but you need to understand where the expectations were coming from. i think they are probably a little bit low and that is why things were looking better. i think we need to look at another couple of orders before we can say that recovery is here. >> hundreds of thousands of people left in the dark after an unprecedented power shutdown why pg&e.ornia gig 30%shares plunged up by following the ruling. blackout to more than 2 million people. a ruling was handed down by the judge overseeing its bankruptcy case last night basically stripping the utility of its organize aight to

restructuring plan and take itself out of bankruptcy. opening the door to rivals, creditors to put a plan that would all but wiped out the value that current stakeholders have in the company. they lose its bid and restructuring plan fails then elliott and pimco could prevail and we could see every shareholder right now see their stock down to zero. u.s. court of appeals for the second circuit today gave potentiallyump a significant setback in his growing battle with congress. his accounts must turn over his financial records to a house committee investigating violations of the financial clause. >> how significant is this? >> i think it is significant particularly after the ruling

this past week and new york along similar lines for a different set of reasons. it will be appealed which will slow things down. his defense of strategy. he is 0-2 and the last seven days in trying to convince a federal judge that these people have no business looking into his tax returns. ♪

>> there is a function on the terminal called ptsd which is basically a back test of an asset class.

put cable into this function and what it does is default to the most profitable trade over the recent time period. if you click on any of the tabs on top, it will isolate what you want and it will show you where the function will go short. and right now, it is actually neutral. there were about 30,000 functions on the bloomberg and we like to show you our favorite. maybe they will become your favorite. a function that is useful right now is brexit go. this week anna edwards visited the irish border to look at why this crossing continues to be a sticking point in negotiations between they u.k. and the eu. >> the 310 mile border between the republic of ireland and the uk's northern ireland looks unremarkable right now. the only clue that

you're leaving ireland and heading into the u.k. is this road sign reminding you that speed limits will now be in miles per hour. has had arder famously bloody history. violence between irish republicans and pro-u.k. unionists as collated in the 1970's. the troubles eventually claimed more than 3.5 thousand dry -- lives. checkpoints. they were allowed to gradually fallen to ruin. in the good friday agreement meant that security checks were and create -- increasingly unnecessary. today, people and products flow seamlessly over 2 hundred rd crossings. million --rth 1.1 billion dollars a week. and thousands of vehicles cross the border every day with no stops and no checks. what would happen if, after

brexit, custom checks in some form are restarted? >> we have no borders. no controls. under this proposal, we will have two corridors. tape.resents a lot of red and a lot of cost. are a service provider. if we see manufacturing drop in northern ireland, it is less for us to move and that is a threat. see tradeusinesses fiction, communities see friction. this is ireland on one side and the united kingdom on that side. it is the open nature of this long and historically troubled border makes taking the u.k. out of the eu so very difficult. nejra: you can find much more brexit coverage on brexit go on the bloomberg. you can also visit bloomberg.com

for the latest business news and analysis 24 hours a day. that will be all for "bloomberg best." thank you for watching. i am nejra cehic. this is bloomberg. ♪ from the couldn't be prouders

to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today.

♪ taylor: i'm taylor riggs in san francisco. this is "bloomberg technology." from this week intact. cunningham, high-level negotiations between washington and beijing begin again this week. ofdig into the issues intellectual property and u.s. properties that do business with china. plus, zuckerberg to testify. the facebook ceo will