2020 based on political volatility. if you can ticket manager where we are and understand that, yes, we have been seeing the pricing based on politics, if we get any measure, even a bad deal but not as bad as people as aat could be presented positive in the market. caroline: clarity. we managed to cling to gains for the dow. joe: the dow gaining. walgreens, a big help. overall, not a lot of action in either direction, at least at the headline level. caroline: russell 2000, 1 to keep a close eye on as we do have external forces at play. it seems like the domestic arc it is not performing significantly. off of the s&p, 16%

average volume for the last 30 days. that is pretty much the scene all around the world. of course, we saw some selling overnight. caroline: even with dollar weakness. joe: also, of course, it will be interesting to see what the bond market does tomorrow. tooline: let's track out abigail. abigail: stocks might not be doing much here in the u.s. but where we did have some action, the british pound against the dollar. it's best day in about a month on hopes that a brexit deal will get done. let's put this in the context of a long-term chart we have not looked at for a while. this goes back all the way to

1970 at the high, closer to 260 at the lows. in 2009 orhigh, back so, above two dollars. of course, over the last few years, fears that a hard brexit would happen, we see it going down to $1.20. this pattern happens as the bulls are stepping up. gocould possibly see it toward the middle of that, $1.44. all of this may just suggest that some of the big dollar bears out there could be right because the long-term chart of the pound does look rather bullish. >> some of the bears getting it right today were in the natural gas market. down about 5.5 cents. sincethe biggest drop january. this means that notes and etf's

that track both natural gas and producers of the economy are the biggest decliners among exchange traded products. daily, threeshares times long natural gas. that you ga is actually pretty big, about $1 billion in assets. deliveringed, it is tripoli performance today. commodityomes after whether group and some other weather services are forecasting this cold snap we are seeing on the east coast will probably end later this week. meanwhile, the energy department had reported it had seen near record levels of gas placed into storage this season. they are talking about a trade known as the widow maker, the spread between march and april futures. the most since

data on that spread has been available since 2016. >> dollar-yen is the most correlated to 10 year treasury yield since early 2018. that has been great news for dollar-gold. it rose to a high against the yen as treasury yields spiked. the greenback's next leg higher could depend on the 10 year yield breaking 2%. saying it could further boost the dollar against some of those low yield currencies such as the yen. we ended friday at about 1.94%, so not too far away from that key to percent level. plenty of catalysts this week including u.s. cpi on wednesday. caroline: let's get a quick bit of breaking news. bolivia, as we know, in the midst of chaos as the president

es loses support of the army and quits. we are now learning he has requested asylum in mexico according to the foreign minister of mexico. we were talking about geopolitics still at play in latin america. but, your response on what we were just hearing from katie, fx. how much will that be factored into earnings? it has been resolutely higher. i think the most important thing corporations are focused on our earnings and the tariffs. i think the fx trade ways on their minds but not as central to whether we get a deal. be less important, more incidental overall.

what vincent was talking about earlier. we did have futures training and that didn't do a whole lot. nonetheless, what does positioning look like in your view? after the big selloff in rates, have people leaned far to the other side, or where do you think people are? vincent: it looks that way. two weeks ago, big locks were going through the market. it was as the market had already turned about 10 or 15 basis points. it looked like investors not only cutting treasury positions but going short. to what extent the market as a whole was short, it is hard to say. but it does look like the market has totally gone to the other side of the trade.

this 2%n, we are at level. we have not been here for a while. it is an attractive yield compared to what we have seen lately. we could see that whole trade reverse once again. caroline: one to watch given that we have powell making a speech in washington and also trump coming out with economic policies tomorrow. what is interesting, what vincent just said, seven out of the 11 sec is in the s&p 500 are yielding now in excess of a 10 year bond. if you look at the risk and reward profile, one sitting on a balance sheet of global political how -- political policymakers, the other on corporate decision-making that can be dynamic, flexible, and execute very quickly, particularly in a slowing economy. then i think, as you evaluate

those trades, it is important to bring them together in those contexts. the authority and flexibility assigned -- behind the decision-making and the ability to make economically sound, driven decisions. we have the fed deploying their balance sheet and corporate america lined up with billions of dollars in cash and not deploying it yet. we could see lots of things change in this market very quickly. so you are saying bet on the dynamic corporate executives and their ability to allocate cash? sherry: i am always betting on capitalism. we can look back over the last 20, 30 years to see how companies deploy that capital. they do it to the benefit of

shareholders. in weak economies, when companies start to cut rates, the market tends to be an attractive place. why would you not own a portfolio of attractive companies for a decade with the potential for appreciation? caroline: what about holding high quality companies in the u.s. vis-a-vis the rest of the world the echo -- the rest of the world? vincent: the question comes up all the time, where are we in the cycle versus the u.s. economy and elsewhere. i think the dollar is still the place to be, the u.s. economy is still the place to be. emerging-market people for years say, time to go into em. there's too much geopolitical risk, too much risk with the tariffs situation. europe has its own problems.

we have not gotten past the auto tariffs situation yet either. we see the issues in latin america. that is all over the place. theil just last week with lula issues. and the issues in asia still there as well. at least for one now, i don't want to call it a haven sort of safety trade, but u.s. markets are still the place to be from the treasury side and the dollar side. ubs's global wealth management's senior portfolio paul, andherry vincent, thank you. coming up next, we look at wework. this is bloomberg. ♪

caroline: live from bloomberg world headquarters in new york, i am caroline hyde. joe: i am joe weisenthal. romaine bostick is on assignment. caroline: snapshot of the u.s. stocks closing pretty muted in terms of volumes and mood. trade tensions weighing on wall street. stocks picked up slightly in concerns that the u.s. and china's trade deal is still struggling. head, hunts for a new they may be looking at someone from t-mobile for a top job. fromkong looks to recover one of its most violent days

since the protests started in june. joe: let's get right into the hong kong protest. for more, let's welcome bloomberg's shery ahn. what are you going to be watching next in terms of this? after the intensifying protests, we heard carrie lam coming out. it didn't sound like there was anything new. is there any move that somebody could play that could disperse the tensions? shery: she seemed pretty defiant, especially when it comes to that violence leading to any resolution. take a listen. any wishfulis still thinking that by escalating violence, the hong kong government will yield to pressure to satisfy the so-called political demands. give us is not going to

any solutions to the problems that hong kong is facing. shery: of course, the protesters want to choose their leaders. sherry -- carrie lam saying that violence will not help that. saying it has to be loyalty to beijing in order for hong kong's chief executive to be in that position of power. we have seen these protests over the weekend leading to about 90 arrests. we have seen one person shot point blank by police. he was shot in the abdomen. we have seen a man set on fire when these struggles happened in another part of hong kong, also coming on the back of a death of a student on friday. people have accused the police of chasing someone. they have denied that.

there seems to be a catalyst for some of the appropriate how much does this seem to be spilling into everyday life? what seemed remarkable was that so far it hadn't seemed to have been. shery: our colleagues in hong kong are being told to work from home. before, our bloomberg colleagues were all coming into work, getting taxi rides, but now you have these sporadic protests that can turn violent at any given time so our colleagues have been told to work from home. we have seen other universities like university of hong kong canceling all classes on tuesday. this has really morphed into something else. it was anger against beijing, against the extradition bill, now it is anger against the hong kong police who is seen as doing the bidding of beijing. caroline: thank you. for more on these stories, you

don't want to miss her on daybreak asia. coming up, wework is searching for a new ceo and one candidate has close ties to softbank. this is bloomberg. ♪

caroline: wework is searching for a new ceo and t-mobile's leader is among many under consideration. he has a connection to the majority shareholder, softbank. he is currently pushing for a withr with sprint softbank. this is all very incestuous and, , they have seemingly other a few barbs at each

. >> as you point out, there is contention between the current chairman and john legere, who have sparred often publicly on twitter. someone surfaced earlier a tweet from a few years ago where one called the other a con man. but as you pointed out, they both share deep connections to softbank, which as the ,ontrolling holder of wework seems to be open to the possibility of putting him up as ceo. 's success atere t-mobile, ripping up the rules. geteems like they want to

boring, get rid of all the interesting things and just be a company that does a good job renting it out -- renting out space. what could john legere bring to bear with that strategy? >> the new tax that -- the new tack that wework is trying to take, much more rhetoric around, like, we are really going to focus on the core business, providing good office solution for our customers. we are not getting distracted by these other things and we are not going to have this high personality ceo, brash at the top. a big personality ceo like adam neumann, maybe john legere is

similar in some ways to him and could mimic some of that early success. caroline: i am interested by what happens to the co-ceos and at what point we realized that new leadership is needed? >> ever since adam newsom -- adam neumann stepped down and the co-ceos took over, i think there have been question marks internally about how big their role was. we have reported that they have already secured multimillion dollar packages. in the past few weeks, the executive chairman has really put himself out there to employees and internally as running the show. he writes these long memos to police saying, if you have questions, come talk to me, email me. it doesn't seem like there is one tack on who will be leading

wework. joe: thank you very much. now, to another corporate story we are tracking. bloomberg has learned that depravity equity firm -- the private equity firm has approached the chain about taking them private. what is the premise in theory behind this. what is the opportunity that they theoretically could unlock. of course, walgreens shares not doing great. >> it makes very obvious sense when you look at it from walgreens perspective. there is also amazon encroaching into their territory. their margins are being compressed. going private and having the ability to not report quarterly

earnings really has big appeal for them. kkr, it is harder to see how the types ofnerate returns they could expect from something like this, given that they would have to put a lot of leverage on this, and a lot of equity into this deal as well. having said this, these two players have worked with the walgreens ceo and they have generated massive returns. investors have made more than three times the money they have put in. it, it wouldld do be these two. caroline: let's talk about the leverage in the equity that kkr -- it will be a huge amount of debt needed. how much appetite is there in

the market to get this deal done? time to beprecarious talking to debt investors about a deal like this. in recent months, we have seen them pulling back and asking questions about the earnings. they are asking for better terms, better, higher prices. if you talked to a lot of people in the debt markets, they are not sure how someone could raise 50 or $60 million in debt. else emergeomeone at this point and could it potentially be a nonfinancial or strategic partner? would thinkment, we that kkr needs some partner. we have talked about other private equity players being around this previously. you would expect them to perhaps be tapping their investors, they might go to a different private

equity fund. that all remains to be seen how they pull it together. thank you. a quick check on the latest business flash headlines. the ceo of uber calls the murder a journalist jamal khashoggi mistake by the saudi government. meanwhile, uber co-founder travis kalanick has sold about 20% of his stock in the company. daytrade came after a 180 lockup period. kalanick still owns a 4.6% stake in the company. meat areers in beyond rushing to sell shares now that

restrictions have ended. the ceo is holding onto his shares. shares have lost more than eight quarter of their value since the lockup expired last month. musk's company tesla has unveiled its first car built in china. tesla's newilt in factory in shanghai. that is your business flash update. joe: coming up, goldman sachs being investigated for alleged discrimination over its apple card algorithms. it all started with a tweet. what this means for goldman's push into consumer spending. this is bloomberg. ♪

mark: i am mark crumpton with bloomberg's first word news. president trump kicked off new york city's veterans day tribute today saying the nation's veterans wrist everything for us and now it is our responsibility to protect them everyday of our lives. he spoke at the parade organized by the united war veterans council in madison square park. he is the first sitting president to accept of the group's invitation to speak. protesters could be heard with whistles and booing. some chanted, "lock him up."

planeavel in chicago, one trying to land at o'hare international airport slid off the runway. the aviation department said nearly 440 flights in and out of the airport have been canceled. none of the passengers or crew members aboard a flight from greensboro, north carolina, were hurt when a plane slid off a runway this morning. the national weather service inches of much as six snow in illinois and up to 10 inches in southwest michigan and indiana. bolivian opposition leader carlos mesa says president eva morales was brought -- president evo morales was brought down by a popular uprising and not the military. a growing dispute over whether it was the result of a military coup. the united nations is urging all sides in bolivia to remain calm.

>> the secretary-general has urged all concerned to exercise maximum restraint. our main priority is the stability of the country at this time. the secretary-general has called on all actors to abide by international law. chiefbolivia's military had said on national television that morales should resign so that order could be restored. hong kong, one of the most violent days since protests began in june. police shot and wounded one protester. , said to haven disagreed with protesters, was set on fire. hong kong chief executive carrie lam warned protesters that violence would not help them achieve their goals. global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries.

i am mark crumpton. this is bloomberg. caroline: goldman sachs making headlines over the weekend. bloomberg was the first to report that the wall street bank is being investigated for alleged discrimination over its apple card algorithm. here with the latest -- let's first of all talk about , applecomplexities basically pointing the finger at goldman. they seem to be talking about bias within the product. have twony ways, you big names in the world of finance and tech. washington wants to know how the growing use of technology and financial services, how do banks decide which consumer deserves to borrow money, how much they pay for it? most of these banks are now

playing credit assessment models, machine learning algos. are the decisions they are spitting out, is that fair? it has only brought all attention to this topic. obviously, the apple card is one category of a broader goldman push. generally speaking, how do investors and analysts feel fart goldman's success so going into this new era? >> too early to tell. 150-year-old company. first time they are making a push into the lending space, into consumer finance. they have long been known as a premier investment banking house on wall street, providing deal advisory services, trades with hedge funds and major services.

this is a big push for them. saying, allthey are this increased scrutiny it brings. caroline: this feeds into the fact that at some point -- we understand there might be some dialing backup previous targets set, previous targets set to bring in more money by diversifying, by getting into the part of the business. >> you have to remember, in 2017, goldman said they were exploring ways to make more revenue in business lines there were already good at and business lines they are developing. seen a $2in, we have billion increase but not enough to meet the $5 billion goal. metrics,ther financial

i am sure some investors and analysts would say, hold on, are you still committed to that? has nonetheless, the stock had a very good year. obviously, at the end of the last year, we know how ugly things were for financials and others. overall, i think people are feeling the company is on the right track. >> if you view it independently. relative to other bank stocks, not so much. cloudsre still some dark looming above them. maybe they go in but not quite yet. caroline: going back to goldman's responses to biases within products in having to respond to apple as well, how do

you think the relationship is between the two of them and what we are hearing from goldman in terms of reacting to biases and how to fix them? >> apple probably is not happy with all the focus right now. say are probably right to to direct all your questions to goldman. caroline: you can't have your cake and eat it, apple. you can't have a credit card with your name and labeling on it. -- you arewhy the not supposed to carry on the same issues for 40, 50 years and still come up and say, this is how the credit card industry works. is unintentional to continue. joe: thanks for joining us.

coming up later, we will be speaking to apple founder steve wozniak. you don't want to miss that interview on bloomberg technology. up next, farage partially standing down as the brexit party leader has decided not to fight in tory-held seats in the election. this is bloomberg. ♪

caroline: time to look at what stories are trending. terminal users, you are reading about the acting ceo of cvs, -- of cbs, in line for a hefty hall when viacom completes its merger. he will collect $100 million in terms of severance and remain

chief of cbs. bloomberg.com has a story on spacex, which launched 60 starling satellites. taking another step toward elon to creating a space-based internet service around the world. aim to provide services to parts of the u.s. and canada next year. tictoc on twitter has reported that the political deadlock gripping spain has only deepened. socialists won the majority of seats but the results are so fragmented that the party leader will struggle even more than before to form a government. weak minority governments have become the new norm in spain. you can follow all the stories on your terminal, bloomberg.com, and tictoc on twitter. joe: now, to a different kind of

political turmoil. nigel farage boosting boris johnson's chances of winning a majority by announcing his brings it party will not fight and conservative held seats in next month's election. joining us on the phone, the head of eu and trade policy at the institute for directors, where she finds -- where she provides a link between business and government. move should give us some confidence that boris johnson should be able to cobble together a majority. do you share this view or is it one of these things where there are so many unknowns that it is too soon to really feel confident about any outcome? >> a week is a long time in politics. the key deadline will be the end of this week by when people have to give their nomination forms

about who is standing for which party. what you have had happened today is definitely an uptick for the conservatives. i wouldn't say it would help guarantee a majority government. on the one hand, they are not standing in the seats the conservatives currently hold. in order to win a majority government, the conservatives would have to pick up seats in labor and liberal democrat areas . lot to playe is a for. unquotere be that quote remaining alliance that is for -- remain alliance that is forged? caroline: a tactical set of voting. how tactical will it become among the british public? how is this a referendum on brexit versus following your usual allegiances?

>> use with the european elections, electing politicians to the european parliament this past spring or summer, people lending their votes to other parties. it has to be reminded that this election is a five-year government. people will be thinking on the one hand in terms of thinking tactically if i am voting for a candidate who will try to push through or another referendum. of: from the perspective businesses that have been preparing for various different brexit possibilities for years, how much of a relief what it the roughlyds in a deal like what boris johnson and with the rest of europe have come

through but hasn't gone through parliament yet? allie: i think it depends on which business you are asking, in which part of the u.k. , notesses in great britain northern ireland, and a lot of the deal is very much the same. it is trying to provide basically for an orderly exit process and launch us into a transition period. where it would be, i think, thatly different, would be there is uncertainty about how things change for businesses trading in northern ireland. effectively, what has happened, in the previous deal where you had a backstop, a contingency option to protect the irish border, the land border, this has now been replaced by a complicated dual tariffs customs idea. someally, it is shifting

of the controls. businessf you are trading in northern ireland, particularly because the prime minister has said he will not extend the transition period, that has left a lot of uncertainty over how quickly things will change in the next year. caroline: we thank you. renison, great to have you with us. thank you indeed. now, next up, we will be discussing all sorts of things when it comes to trade but notably shifting gears to commodities. priceo says that all volatility. country is ok. of lowest costs in terms

oil. it is quite low. we love this country because it is really low cost oil. $60 per barrel. course, it can refer to the fact that the mood in the market is not too good. us: $60, you sweep. $65, and we have saying 64, 65. where can we move to the upside if there is a trade deal? patrick: i don't know. i make stakes when i try to guess the oil price. my breakeven is under $50. in the oil price, look to the last 12 months or 18 months. 15, -15.s 10 or plus

last year, we had an average of $72 per hour. veryarket, you have a small -- it can derive very quickly. the demand is not too good in terms of macro economic plans and trade wars. even financial markets. manus: did trade wars really hit your demand level this year? the increase of demand, month after month. it was plus 1.4 million barrels for the beginning of the year. plus one today. i think we will end at plus $1

million because of less economic growth. the demand on that side is a little weak. beus: where can the floor for these prices? side, we knowis that the opec policy is quite clear. we know opec wants to price above $60 per barrel. by feeling is that the public will react with a price of $60 per barrel. that was total ceo patrick pouyanne speaking with manus cranny. set to disney plus launch tuesday. the big questions, about consumers. this is bloomberg. ♪

caroline: let's get you a quick check on the latest business flash headlines. bloomberg has learned that xerox is willing to give hp four weeks. the cash and stock portfolio was worth about $27 billion for news broke of a potential deal. china's government is confident that they will -- that brazil will choose huawei for a contract, which could jair bolsonaro on a collision course with the united states. the u.s. has warned allies that it would make it easier for beijing to spy. ceo jamie dimon has called income inequality a huge problem. incomes havess been kind of flat. not particularly good in

america. the cbs: dimon was on news program 60 minutes and downplayed the probability of a recession. it is interesting, the presenter of that show tried to push him more, saying, what about giving up some of your compensation? he wasn't biting. joe: no one thinks they are undeserving. also his idea, me giving it back, how will that help the overall situation. the minute you turn a billionaire, you become worried about income inequality. joe: there's is probably some barbell. there are people who are struggling who are worried about it, than people in the middle, then billionaires talk about it a lot, but not so concretely. they are very concerned about it.

caroline: warren buffett, he has talked about giving away his money. joe: i get the impression that some of them would trade a slightly higher tax rate to avoid the elizabeth warren 6% wealth tax. caroline: now, the much-anticipated disney plus launched -- launches tomorrow in the united states. marvel, pixar, all eyes will be rack upuickly they can the subscribers. l.a. bureau chief chris. won over theey has investor base. they like disney plus and think it will win out in the end. how important is it to get those millions of subscribers, and quickly? >> very important. obviously, disney is way behind netflix.

so, disney is doing something very unusual for a company that is usually premium pricing. they are even giving it away free to 19 million verizon customers if they want it. special offers for their fan club members. they are really going all out to get as many millions of subscribers out of the gate. perspective,ney's is this free money for them? took timeit obviously to build but the marginal cost is basically zero. they are obviously a content behemoth. the margins have to look pretty great. >> this is a huge investment on multiple fronts. spending on original content. star warslive-action

show. revenue.that licensing then there is all the cost of marketing. this is the largest marketing effort they have ever done. everything they could imagine. investments, they are going to lose billions of dollars for years to come. caroline: clearly a bet they think they will win. $6.99 per month. meanwhile, don't miss this. economic data from the u.k. including jobless claims and unemployment comes out tomorrow. joe: president trump delivering a speech on trade and economic policy at the economic club of new york at 12:00 p.m. eastern. "bloomberg technology" is next

in the u.s. have a great evening. this is bloomberg. ♪

♪ kurt: i'm kurt wagoner in for emily chang. this is "bloomberg technology." wework is said to be in talks ash t-mobile's john legere new ceo. more on instagram plans to add likes -- to hide likes to cut down on social media pressure.