taylor: i'm taylor riggs in san francisco, and for emily chang, and this is "bloomberg technology." coming up in the next hour, uber disappoints. third quarter estimates missed. we break down the numbers. mcdonald's ceo out over an improper relationship. how does it affect the company's strategy of investing in tech?

and, it is one year until the presidential election and states are struggling to update election systems. what it means for voter privacy and election security. uber is out with earnings and it is not a pretty picture. shares falling in afterhours trading on monday. growth bookings missed estimates. also light of estimates, uber eats and monthly active platform consumers. we want to bring in tom white, analyst with da davidson, who makes a market with uber and lyft. someone said he is a little bit surprised by the reaction given that they are a little bit more positive than negative. your take? >> i agree. when you look at the top line numbers, the revenue number was really strong. what the rates tell you is that uber is cutting down on subsidies and showing the improved take rates for both rides and eats.

rides growth, booking growth, revenue growth all in line is a sign that they are focused more on profitable revenue growth. taylor: tom, you can see the full-year adjusted ebitda loss, how much is that an encouraging sign they are able to raise prices on the consumer? tom: i think the improved outlook is nice. i am not sure it is enough given the way that investor expectations have shifted a little bit in regards to the high-growth names. investors are scrutinizing profitability a lot more and i suspect that, had uber provided more of a step function change in the ebitda outlook, as

opposed to a modest tweek -- it is hard to call it modest but i think the stock would have reacted better if they were able to move that needle a little bit more. taylor: we spoke last week when lyft came out and said they would be profitable by 2021, ahead of estimates. we are hearing from the ceo of uber, saying they too will turn positive in 2021. where youmatchup with want to see profitability? tom: yes, that is basically right around the ballpark of where we are forecasting. i think the challenge for uber is that it is a forecasting challenge in a lot of ways. lyft operates in north american market that has two scale players, the path of profitability for investors. that is not the case in a lot of

markets where -- uber is really playing the long game. if one competitor gets aggressive, we think uber will respond and react accordingly. that is probably good for the long-term health of their business and ability to create market share, but that will make it tough to transition into the timing of profitability. taylor: a miss here for uber eats. what is your take on that? mandeep: they are still fighting off that fragmented market. it is a sign that take rates have not improved enough to the point that they can maintain that high bookings growth. for me, the key for uber is to cut down on the marketing expenses, because that is where lyft has shown the maximum improvement.

i think they are trying to scale down their marketing as well, but it is not happening as it happened with lyft. taylor: tom, i want to show you a chart in my terminal here, the difference between uber trading at about a 48 handle and the average price target, which is about $31 per share or so. what is the difference you are seeing between the price of the share and where the analysts expect it? how much headwind has to do with ab-5? tom: i think ab-5 is one piece of it. what is probably happening is investors have really shifted their mindset to scrutinizing profitability. in uber's case, they are making improvement on that track but the sheer magnitude of the loss,

unless a quarter is spot on perfect and has no sort of weak spot at all, investors are not willing to give companies the benefit of the doubt. i think ab-5 is the big issue. regulation for ridesharing and gig economy businesses broadly will weigh on both uber and lyft, and continue can contribute into raising prices for consumers, which could erode the market for ridesharing until we get autonomous vehicles. taylor: the ceo, dara khosrowshahi, is kicking off the conference call highlighting their ability to get superior economics, highlighting germany, japan, argentina. in your analysis, how much of uber's strength has been in these international markets, these different business lines?

mandeep: obviously, uber is a global player. they carry that brand everywhere, so the big difference is that uber does not have to spend a lot on performance advertising like expedia and booking.com have to do. they have the brand now. they are present everywhere. it is about improving the unit economics in international markets. we have seen that happen in the u.s. markets. that is why we have seen 39% growth. it is not translating in the american markets. -- in the international markets. latin america was up just 2%. they need to improve the execution a little more. taylor: tom, bear with me as i show another chart to our bloomberg audience. it is all about that lock up expected to expire on wednesday, november 6. a lot of the shares are not trading. it is only about 11%. how much of your analysis, do you think this could be insiders trying to sell out later this week and free up some of that

cash? tom: we are expecting some near-term pressure on the stock as a result of the lockup. keep in mind that uber was a private company for a long time and some of the early investors in the business, we think are effectively sellers at any price. we expect near-term pressure, but it will be days, not weeks of impact. taylor: thank you to tom white, an analyst at da davidson, and bloomberg intelligence's mandeep singh. in other earnings news, shares lower on monday after the company missed at the top and bottom line. net operating revenue was lower than the $8.2 billion expected. the company says they expect their t-mobile deal to close in early 2020 and remain optimistic about the remaining regulatory steps as they continue to work with various state attorneys general.

coming up, a mcflurry of change at the top of mcdonald's. how a new ceo could affect the fast food chain's recent push into technology. this is bloomberg. ♪ taylor: a c-suite shakeup at

the top of mcdonald's leave s investors wondering how it will affect the company's strategy. from uber eats to kiosks in stores, the ousted ceo steve easterbrook had a vision for the fast food giant and dedicated a lot to innovation. it will be up to kempczinski to keep tabs on the efforts at the restaurants. with more, morningstar

strategist, joining us from chicago. given that we are a technology show, really focus on those key innovations that mcdonald's had made, how much of the growth in the last few years really hinged on those investments in technology? >> i would say it was a major driver. i would not say it was completely dependent on technology but it was a major part. you have to factor in things like menu simplification, putting company stores in the hands of franchisees, but if you look at the velocity drivers, things like the kiosks in the stores, mobile orders, those were very important. i wouldn't say it was the top contributor but it played a big part in the mosaic. theor: in your analysis and

average price of a check, how much has it gone up given that customers are willing to go online and pay for convenience and that is perhaps what is driving that average price per check higher? r.j.: that is a big part of it. over the past couple of years, comparables for sale have been in that single-digit range. just two of that actual menu price increase year-over-year, but the other two points are coming from mixed benefits, customers ordering more, which comes through delivery, where typically you see the average check size about 1.5 to 2.5 times the in-store orders. it makes sense because you are dealing with large group orders, family orders. as we continue to see delivery lag year-over-year, that might go down a little bit. that will be a part of it, the average check size. that will certainly tied back to the investment in technology the company has made in the last couple of years. taylor: as we take a look at mobile ordering, mcdonald's had

been making some clear gains. 14,000 u.s. restaurants, 22,000 stores globally at the end of 2018. how much more of a big push you need to see to drive the stock higher? r.j.: i think we need to see more and more of that. what will be very interesting for the story going forward, i think that chris kempczinski had worked very close with steve easterbrook and the mobile part. i think chris needs to put his stamp on it, mobile ordering to the drive through. a company called dynamic yield, predictive ordering, another company that is more voice ordering. i think that will be a key part of the story going forward. in 2020, as it becomes more consumer facing, i think that will be one of the key stories to keep an eye on next year. particularly when it comes to technology.

taylor: how much of this is a shift that mr. kempczinski can continue, continuing to steer the ship of what his predecessor set up, or how much more does he need to continue to invest? r.j.: i think that is the key question. he was a co-author on many of the technology initiatives the company has rolled out over the past few years. he and steve worked closely on this front. investors will really need to see the next evolution from chris. not just a continuation of the experience in the future, the mobile ordering, really his own stamp. the opportunity comes from the drive-through. that, to me, is an area where we have not seen as many investments in the past few years. mcdonald's had the opportunity really to redefine the drive-through with predictive ordering, voice ordering, even eventually ai involved with that as well. when you do that, you unlock potentially new formats, smart formats, delivery only, pick up

only type locations, place -- things that mcdonald's has never been in before, broader exposure for mcdonald's and open up new avenues of growth. i think people need to see that stamp, that new evolution from chris. taylor: relative to mcdonald's competitors, how do you like their partnership with uber eats, with doordash, for example? r.j.: i like it because they are getting some of the best economics out of the deals. from our understanding. that, i think, is good. the company does talk about it, it does drive incrementality. it is bringing in customers that would not come into the stores. some of the numbers they talk about might be a little bit exaggerated. while it might not be as profitable as an in-store

transaction, it certainly is helping to bring in new customers and it has gotten compared with menu innovation, one of the areas where mcdonald's has probably been a little bit behind this year. as you start to see new products introduced and customers have already adopted delivery, i think it opens up an opportunity for the company going forward. taylor: r.j. hottovy, morningstar equity strategist, thank you. coming up, we hear from joe lacob. his views on company valuation and of course basketball. our conversation with the golden state warriors owner, next. this is bloomberg. ♪ taylor: time now for the top

tech calls. bank of america has turned more positive on blackberry, raising the stock to a neutral from an underperform. the analyst says he sees little downside and cites a favorable valuation.

he says investors are overlooking key assets. a floor of five dollars for the stock. overweight and $20 price target, citing positive trends for both cloud related security and content delivery networks. the analyst says that while there are some concerns around the competitive dynamics, cloud flare's platform is differentiated enough. verizon communications downgraded to a neutral with the analyst citing the risk that competition would weigh on the company's growth rates. at&t's new price reductions and t-mobile's response show vulnerabilities in growth trajectory. now, golden state warriors owner joe lacob has many opinions on the industry as well as valuations. on monday, he shared some of those views with the stanford graduate school of business.

joe: i was a guy who came out of a very different background. i was a science and technology major, i didn't know much about business. i liked it. who came from wall street, i did not do anything. i got in, i came here, it was one of the best schools then, too. it was a great experience. for me, perhaps better than some other people because i learned so much. >> you learned a lot about silicon valley which is where you really made your career. what is it about that connection? obviously geography helps but there is something deeper going on between this school, broadly the university, and also the business school. joe: i think geography does play a big role. 40, 50 years, we have been and what arguably is silicon valley.

the truth is that the classes are great. when you come to stanford business school, you are with great students. but you are in this environment that is kind of hard to replicate. i told my kids and i tell others that you can't really beat it. you are in the middle of something hard to explain. it is a culture. i think that culture pervades the business school and the entire area. >> we caught up with the dean earlier about what is going on at the school. i feel like companies are dealing with a lot more in terms of esg, leadership concerns. it is very much front and center. accountability. what do you think has to be a part of getting an mba today. for someone who has been involved in startups and the vc moment, we will get into basketball in a moment, but what has to be part of getting an mba today? joe: it is not just about what is in the books.

there are so many issues that one has to be aware of to be a ceo, if that is your goal, or to be in business. the world is an international world now. it affects the business i am in, as we all know, recently. you have to have an experience where you get exposure to all of those issues. i think that is what stanford does. it is very good at doing that. >> the dean talks to us about 40% of the students are from outside the united states. >> when you think about this place, silicon valley, and stanford, so many companies have been born of this, private companies. we seem to also be in a moment with private valuations. you have been in venture capital for a long time. what do you make of this moment when people are trying to decide what something is worth and there is disagreement out there? joe: i am not really investing as a venture capitalist so much. maybe privately as an individual. >> but you watch the market. joe: i am very aware of it all.

>> hyperaware. be. you can't help but i would say that, clearly, private valuations are very high and there are some structural issues going on here with regards to the giant funds that have been raised and the prices they are willing to pay for some of the startups or a little bit later state then startups. i think the public and private markets have to figure this out. this is no different than what has gone on in the past to some extent. we have had these periods where private valuations have gotten what some believe to be too high. public company valuations have to make do with all that. i think it will all work itself out. >> the idea of ipoing, will it make sense in the future? joe: i hope so because that is something called liquidity. when you are in a private company, you don't necessarily have that liquidity. that is the big difference. liquidity is important and investing is not just about return. >> all that money, whether it is private equity, family wealth offices, there is so much money

in the private market right now. you don't think that will put a damper increasingly on the ipo market? joe: it has, to some extent, you could argue. you have all these companies now that are considered the select group that are trying to go public or have gone public recently, they stay private longer than they could have because they had access to capital. at some point, many of them want to have the liquidity or want to be public companies because of the exposure. >> we have to talk about basketball. joe: i would rather talk about that. >> i have to think you walk through this campus and there are people who look at you and say, this is who i want to be when i grow up, i want to own a basketball team. it is not easy right now. what do you make of the season so far? there have been some twists and turns. joe: every year is the same way in the nba. it is unbelievable how you start the year end everyone has a certain mindset or expectations, and they change. players get better, some get

worse, they get older, injuries happen. the truth is that every year is the same thing. you do not really know. that is what makes it great. this year in the nba, unfortunately for us to some extent, we have a lot of injuries, but it is really exciting for the fans to know that there are nine or 10 teams that any one of them might win the title. i would rather be the primitive favorite. likely have been in previous years. >> i would rather not have the injuries. joe: of course i would rather. but it is sports and things happen, and you have to adjust. taylor: that was joe lacob, owner of the golden state warriors. coming up, attack of the trolls. protesters in hong kong are not just fending off police, they are fighting against social media trolls. that is next. this is bloomberg. ♪

taylor: this is "bloomberg technology." i am taylor riggs in san francisco. now we join daybreak australia to bring you the latest in global tech news. let's take a look at those top global tech stories of the day. executives have declined to testify at a congressional hearing. representatives from the music sharing app were requested to appear before congress on tuesday. tictoc is being investigated for national security concerns. china is reviewing locations where president trump would be

able to sign the first phase of a trade deal. the signing was supposed to take place but was now canceled. if xiision has been made 's visit will be part of an official state visit to the u.s. and taiwan will continue to supply huawei with chips. this comes as the taiwan government denying a report that washington asked it lean on the semiconductor giant to suspend. business with its number two customer. those are the top global tech stories. >> months after twitter and facebook said they removed hundreds of accounts used to undermine hong kong's protest movement, the social media trolls are back.

of 30,000 accounts, 10,000 were created since august. joining us is a senior fellow at the asia society. what is this telling you about the reach of the chinese government when it comes to the social media attacks? >> china's communist party feels any story about china is a story it should get to direct. what we are seeing is something that is, on the internet for a long time, which is the story of hong kong has become a global story and beijing is recruiting an army of trolls. they are putting an army of trolls together that we do not fully understand to shape the narrative and get people closer to think the way the party wants them to. >> how successful has this been? >> for the trolls, not that

successful. the party often is a lot more successful when people who aren't as clearly linked with the party replicate the views. we saw that with the nba scandal when you had top basketball star saying things that sounded similar to how either party refers to the situation in hong kong. this is not something we should talk about, it is a china issue and we should just play basketball. that's a more effective strategy than having a twitter account with five followers say something about the protest. >> this seems to be an uphill battle. companies like facebook and twitter are doing their best to clean up these platforms, but they are going up against the chinese government. what else are they supposed to do to protect and cleanup there platforms? >> it's a tough struggle for both of those companies. even though facebook is blocked in china, its second largest ad market is chinese companies in the chinese mainland. they make billions a year from the relationship with beijing

and chinese companies. on one hand they want to push and allow these platforms for free speech. facebook doesand,' not want to alienate chinese companies, and it has this dream of bringing facebook to 1.4 billion chinese people. >> what is the role that the u.s. government can play? we are hearing that the u.s. government could launch a national security investigation into tiktok, owned by china. >> i think with the u.s. government is trying to figure out is where to draw the line between, this is a chinese company investing in an american product, or it has this good app that is popular globally. this is great, we encourage innovation. in the case of tiktok, it has been downloaded 120 million times in the u.s., they can collect useful data about american habits. is that a line too far?

it is something government and analyst space are try to figure out, what is appropriate behavior and what is not? what is a national security concern, and what is not? this pressuree coming from the government. what is the chance there could be some backfire? with beijing trying to reach those tech conditions even faster then maybe china 2025 vision. >> i think the backfire will come stronger on companies like huawei. it has deep ties to the chinese party state. tiktok is a private company and doesn't have the same national security implications that a company like huawei does. andf you talk about tiktok the news we got on friday, do you assume for the review of these foreign ownerships given heightened tensions? >> i do. i think that is a very safe bet.

because of the situation with russia is so radioactive, there is no way to talk about russia without implicitly criticizing trump, a lot of people on the republican party should want to be strong on national security , recognize that beijing does pose a real threat to national security and think this is a way i can be tough on this and not have to wade into the deep mess that russia is in u.s. congress. >> do you think it is isolated just to the tech sector? >> i think this is something we will be seen across all sectors. -- we will be seeing across all sectors. we saw it in sports with the nba. no sector is safe from this kind .f politicization i don't think these are intensely political issues and companies in the space need to have an understanding on the politics behind the issue. >> we see china moving forward with the tech strategy. we saw president xi jingping

wants to develop the blockchain sectors, the blockchain just rallying last week. why has tech dominance become so important? >> it is a good litmus test for who is winning. is china going to be the country that dominates next-generation ai? will they win 5g? i think both countries like to see this akin to a sputnik moment, which countries model is superior? the big difference, hopefully, is that the u.s. is having the blip with the trump administration, and we will move back to our core values, whereas beijing unfortunately does not seem to be moving away from the tech dominated authoritarianism they are diving deeper and deeper into under xi jinping. >> it is so interesting to see

mark zuckerberg talk about the libra because china is coming up with their own currency. how far along are they in these tech sectors? >> i think it depends on the sector. one of the issues we have here is that the u.s. tech sectors are more open to foreign investment and much easier to understand. we have more transparency and better press. we don't have the same information about the chinese tech sector. we don't know what any ai that involves the coming as party's -- the communist party's liberation army has. >> thank you to isaac stone fish of the asia society, and shery ahn. we will have much more ahead, this is bloomberg. ♪

taylor: sunday marked a one year until the 2020 u.s. presidential elections. while the top democratic challengers jockeyed to be the one to take on president trump, plenty of questions about the state of election security still remains. from the safeguarding of electronic voting machines, the social media companies with ads that feature fake news will be focusing on all of these issues this week in our electioneering series. this week we look at how states are struggling to update their before 2020.ems according to a report from the brennan center, the state will have to spend more than $2 billion to protect their election systems. we have the director of the election reform program at the brennan center. in studio with me is bloomberg cybersecurity reporter.

outline for us the state of the state. >> since 2016, states have learned there are hackers trying to gain access to their voter registration networks. they have an idea there is something they should be looking for. malicious actors are out there. what they are having trouble with is gaining the resources necessary to got their systems systems andeir build the protection necessary to ensure that 2016-like hacks don't happen again in 2019 and 2020, and to know exactly what to look for that hasn't happened in the past. that is probably the biggest challenge. taylor: in your opinion and through all of your amazing work and research, what is the most vulnerable section for you when it comes to not only the election on tuesday but going into 2020.

questions a difficult to ask. i would say the big thing, because so much of our election is run on computers. the big thing is making sure if there is a successful attack against voting machine or the voter registration databases, that we have resiliency plans in place so that even if the system goes down, people can still vote, and we can make sure at the end of the day those votes will get counted. really what that means is making sure enough states and counties have resources and paper ballots, if they are using electronic poll books. and they have the right procedures and training in place. even if something happens, we have to assume the worst case scenario when you have nation state actors potentially

attacking small county election offices, that we're prepared, and people can still vote with confidence. taylor: are states getting enough help from the feds? >> the states will say absolutely not. in 2018 congress approved another $300 million that will be distributed to states and counties across the united states. $300 million across thousands of voting jurisdictions is not that much. no, probably not. taylor: what really struck me is of the $2 billion needed, 40% of that needs to go with cybersecurity. is that how the election hacking and election meddling is happening? is it the cybersecurity weak po int? >> there is no question that our move to computer resurrection makes it easier to vote, makes

sure errors are caught, and also comes with an additional risk. when we made that transition, and it happened in 2002 with the mess with the hanging chad in florida. congress passed a big package for the machines, but there wasn't enough planning about what that meant, that there had to be a consistent long-term investment. just like in an office with an i.t. staff and they are constantly updating and upgrading, or your iphone. it is the same thing with our election systems. we have not invested in them that way. taylor: tuesday are these local elections. do you just assume there is nothing we can do? have we done anything since 2016? >> states have done quite a bit since 2016. the biggest change has been this push to get rid of the device you touch and result in a vote. you can still touch a screen.

that will be tabulated, but in most places there is a paper trail that can verify the button you press is turning out the result you are looking for. tomorrow is going to be a big test with these new systems. this will be the first time a lot of these paper trails are going to be tested. they will have to figure out whether their auditing systems are up to the snuff. in case there are malicious actors, tomorrow is a big day. taylor: we move on from tuesday to 2020. what is the biggest risk? >> i think one of the big things, we have eight thousand separate jurisdictions in the united states. many of them have no i.t. support or cybersecurity staff. getting those jurisdictions and more resources, that means

having extra cybersecurity staff. i.t. staff. as i said earlier, having backup plans in place, because there are problems in every election, no election is perfect, so having backup plans in place, because there are malicious system,or errors in the those votes getting counted are critical. taylor: >> your thoughts on facebook not fact checking political ads. >> we can spend a long time talking about the issue of fact checking. that is a difficult issue and conversation, and a long conversation to have. one critical thing is mark zuckerberg, when he says we just want everybody to see if a candidate is lying. i think that is a little bit disingenuous. one of the problems in 2016 is we didn't know about a lot of these ads.

there is something called micro-targeting so that ads can only go to a select number of people. leaving the issue of fact checking ads, passing requirements for more transparency so everyone can see them, there is something called the honest ads act. it is a bipartisan bill that senators klobuchar, grant and warner has sponsored is really critical. weintraub inhair yesterdayngton post" calling for the end of these micro-targeting ads. you could reach a geographical area like with television ads, but then every but he sees it as opposed to ads people do not know about. taylor: like you said, this is a much longer discussion to be had. thank you both for joining. still ahead, facebook has a new

effort to improve people's perception of the company. that is next. this is bloomberg. ♪

taylor: the u.s. has signed paperwork to exit the paris climate accord. the state department made the announcement monday. it starts a one-year clock for a full u.s. withdrawal. in the paris agreement nearly 200 countries set their own national targets for reducing or controlling pollution as heat trapping gases. an outcry over cloud deals is getting louder. more than 1000 employees are calling on google management to ditch deals with companies like chevron and saudi arabia aramco, with details of a letter published on monday. i get to bring in bloomberg technology's mark bergen. what do we know more about the

letter? >> this is a letter that came out this morning. the main point is asking for the company to put together a climate change plan that includes dropping contracts with these oil companies, committing to not working with border agencies, the activists are connecting some of the immigration authorities have done with climate refugees, and also to stop donating to politicians through the political action committee they see as either climate denying or against the science of climate change. taylor: how has google responded? >> so far google hasn't put a formal response. the company has repeated google has been a leader on renewable energy purchasing. they were one of the first companies to come out and say, we are going to commit to 100% renewable. in september they made the largest purchase for a corporation. google's response has been, look at all this leadership we have around the procurement of

energy. they haven't responded directly to the cloud contracts with oil and gas companies. taylor: between a business with these cloud deals and having their employees on a weekly monthly basis, really protest all of this, how do you draw the line between the business line and making your employees happy? what is that tension like at this moment? it is fascinating. this has come up with amazon, , a the difference is google year and a half ago the employees were able to nix the contract with the pentagon. google employees have shown success in being able to actually stop some of the work. my sense is that some of the companies, the pentagon defense and energy industry, these controversial sectors, are big markets for googles cloud business. i do not see them relenting easily.

taylor: thank you for joining. with facebook. they own instagram. the company started as a single app and 15 years later facebook is adding corporate branding to distinguish itself from the social network of the same name. joining me to discuss is kurt wagoner. why the branding change? >> facebook owns a bunch of different services, including instagram, whatsapp and the social network. historically it uses the facebook name to encompass all of those. it's not clear what you are talking about when you are talking about facebook. are you talking about facebook inc. or the social network? the company is trying to use branding as part of the way of clearing up some of that and using that new brand to lay claim on some of its other products like whatsapp or instagram. taylor: it struck me that when

the chief marketing officer told me it would improve the perception of facebook as a company when everyone knows their brands. is that true? >> that's according to their research. they say when people find out that these products they do like, like instagram or whatsapp, is owned by facebook, they feel better about facebook. this is a company that created something they act truly like. -- they actually like. it would make sense why the company is putting that branding inside of instagram and whatsapp. facebook does not really have a strong reputation at the moment, they can feel some of that from some of their other properties. i think that is what they want to do. taylor: doesn't this highlight more antitrust concerns when they are telling every regulator all the companies that they own? >> that is one way to think of it.

there have been some people that argue that this notion of bringing all of facebook's products closer together is one way for it to be harder to split up. there is a technical underlining there. it is harder for facebook to .plit on the other side of the coin, they announced this big deal with the spc around privacy. ftc around privacy. facebook has not been clear about what data it collected. this could be seen as them responding and saying, we are going to make very clear because we are going to put our name on everything we own. taylor: very smart. thanks for joining. that does it for this addition of "bloomberg technology." " isomberg technology livestreaming on twitter. be sure to follow our global breaking news network on tictoc on twitter.

this is bloomberg. ♪

>> our top story this morning. asked to cutxi tariffs. meanwhile president trump says a trade deal is near. we're live at the expo in shanghai this hour. >> as the fed signals of pause ,fter three straight rate cuts the direction of treasury yields, where they go from here? thehe aramco ipo help wean saudi economy off its reliance .ff saudi oil the track record isn't