be those december 15 tariffs. we don't have something for sure telling us they will not go into place, but that is really what to look out for going forward from here because that is only a couple weeks away. scarlet: right now we are getting ready to close with record highs once again for the s&p 500, the dow and the nasdaq. romaine, you would just saying it is still about 6% below its record highs. romaine: but still a 52-week high. really wanted to see more confirmation from some of those gaps. we are kind of getting it now. scarlet: and we are seeing consumer names leading the way. whether it is consumer services or retailers. on the downside, transportation and boeing and deere. a littlelet's dive deeper into all the market action with all of our reporters standing by. taylor riggs, you are up first. taylor: you talk so much about all these record highs, i want to look at where we are in terms

of bonds versus stocks. we know that as stocks has been rallying, so have bonds. that is interesting because -- because the correlation between them has been declining over time. the correlation is at the lowest going back a year. but and actually might still be attractive to be buying stocks over bonds. if you look at the chart here inside the terminal, when looking at the dividend yields about the 10 year yield, dividend yield is still offering more return than the 10 year treasury yield. so even though bonds and stocks are high, actually still might make sense to buy dividends over treasury yields. let's bring volatility and the vix into the equation. what we are looking at is the vix curve. up, it is this melt at super low levels. the lowest levels we have seen in about a year. beneath the surface we are seeing the curve steepen. the steepest in three years. basically what this tells us is even though volatility is low

right now, the implied volatility going out further is steepening the most in three years, especially towards that march quadruple month where there is lots of liquidity and volume for big asset managers. it suggests we have big asset managers putting hedges against volatility, or perhaps making an outright short bet. areer way, it appears some preparing are looking for big volatility for stocks perhaps in 2020. michael: here is something we can all be thankful for going into the holiday, and that is the atlanta fed's gdp now estimate of gross domestic product growth in the fourth quarter. it really perked up this week after the durable goods ordered data and the trade deficit data. in fact, this model of growth in the fourth quarter was its lowest, about 0.3% just two weeks ago. as you can see in the chart. it is really perked up since

then after these latest data points. now pointing at a growth a little less than 1.7% for the fourth quarter. still not strong, but a lot better than what it was looking a couple weeks ago. the fed is basically saying domestic investment is less of a drag on gdp after this data. and exports went from being a drag on gdp to a contributor to growth in this quarter based on these latest figures. scarlet: i will pick it up from here. thank you so much. still with us is edward campbell, managing director at q&a, as well as bloomberg news cross asset reporter sarah ponczek. i want to pick up where taylor left off, where she talked about the dividend yields being above the 10 year yields and perhaps that being a signal equities can rally further. do you agree with that signal, and does that mean we are going to see bond yields continue to support equities? edward: i do think that is the case. if you look at the absolute

valuation of stocks, we are about a 17.5% forward. on absolute basics stocks are expensive. certainly above average. i would not call them grossly overvalued. but you really have to look at stocks relative to the computing assets like bonds. if you look at stocks at a 17.5 pe, they were at 18.5 pe in january 2008. so while they are high, they are lower. meanwhile we have seen bond yields come down significantly this year. certainly on a year-over-year basis they are down significantly. when you look at things like the earnings yield relative to the bond yield and dividend yield relative to bond yield, stocks are still attractive relative to fixed income. we may see rights move upward from here. we are certainly expecting little economic growth to pick up in 2020. but we do think rates are likely to be contained, and that was still favor equities in terms of

relative valuation. it is odd that we have seen this melt up and stocks over the last several weeks and yet people are buying treasuries. rates are lower since the beginning of the month. and the dollar on a real winning streak, neither of which totally fits with the story of this euphoric reflationary move you might get. sarah: it does not. you would think people flocking to the dollar. same thing, buying of treasuries lately. but still with stocks it is pretty unbelievable move that we are seeing at year-end. there was a piece out today on the bloomberg, and i heard a couple investors bringing it up, the idea that we have 25% gains in the s&p 500 this year, as we saw last year we are likely not going to see that pressure from tax loss harvesting. so the idea is we might continue to see this melt up through the end of the year. that could be one factor. not the complete factor, but many people tend to believe the

path of reason -- of least resistance is higher. so sure, you could sell if you got in at the beginning of the year locked in a 25% gain. but a lot of people did not get in right at the beginning as stocks are falling in the fourth quarter and maybe want to hold on to make up some ground, especially through the end of the year. romaine: a lot of folks are going to say into this market no matter what. trade sort oflue materialize but that was accompanied by steepening in the yield curve. that steepening seems -- flat on that curve and it gets even flatter, does that blow up the whole value trade? edward: it would certainly be a headwind. one of the things we value trade has going for is is an extremely interactive -- attractive compared to growth stocks.

when you have such a relative value advantage and a potential catalyst, and i think we are going to have that catalyst in 2020 with improved growth both on economic growth in terms of global growth and earnings growth and higher rates, i think that should be the catalyst that could drive a phase of value outperformance. scarlet: if you want value you may as well look abroad because the u.s. has outperformed every other market, or certainly international markets over the last 12 years. a narrative that has picked up steam the last few weeks is international outside the u.s., e.m. will outperform the u.s. in 2020. how much conviction is behind that call? sarah: this almost seems to be turning into a consensus trade and it goes back to reversion. we have seen such utter underperformance so long international, whether that is developed international, emerging markets. but you are going to have to eventually see some sort of trade. even when it comes to outlook.

2020 outlooks from goldman sachs, barclays, all talking about potential strength in europe. there is a lotke of force behind this idea right now that we could see international stock markets really take off. joe: are we going to need to see some sort of turn in the dollar for that to happen? we were just talking about this weird situation. risk on, but with very impressive dollar strength. that makes it hard to see outperformance. edward: so many of these trays are related. the u.s. outperformance relative dollar,national, strong growth overvalued, large or small cap. decades-long trades where the u.s. has posted something like 13% returns over while emerging, markets 3.7%. that has built up some really

heavy valuation discrepancies. if we do get a world year where non-us growth is rebounding and u.s. growth is slowing, which i think is likely to be the case, then you could see the dollar weaken from here. missed ite completely but apparently santa claus ran the closing bell. i think they should have had a turkey. what about bread and butter? one ofseriousness, in our market reporters earlier was talking about the vix and how low it is. it is almost nonexistent at this point. is it still relative as a factor in the way that traders are positioning themselves? or is there some other volatility risk metric that people -- sarah: i would see the vix is absolutely still relevant. people raise the question is if there is a different or better way to measure volatility.

but if you look at daily swings, volatility would still be very, very low right now because we have not seen much movement either way. joe: i guess -- romaine: i guess my question is, is the vix a signal that investors are not worried? sarah: they may not be the same signal it used to be. but you look at the vix, it is at the lowest level in about a year. of course people are going to start to think about the word complacency. are investors not worrying about the risks? are people too complacent and will they be taken by surprise? because many times when you see a large spike in the vix, accommodated by the other volatility metrics as we saw in february prior, they typically come off of a pretty low base. very complacent volatility really drives up and all of a sudden something comes out. scarlet: so are we too complacent? joe: i think it does signal -- edward: i think it does signal

some level of complacency. but never short i don't market. if you look at the-- a dull market. lower volatility tends to coincide with better equity market return than higher volatility. so i would not get out just yet. scarlet: what is the single biggest risk that could disrupt everything in 2020? i feel like i set myself up with that question with the election coming up, but is that a question you get a lot? edward: yeah. so, if you had asked someone a few years ago when the next recession would be, most people were focus on 2020 in terms of the timing. the probability of that happening is going lower and lower and that is one of the things that is fueling a rally here. i would say the election is a risk. the main risk from the election is if you do get a clean sweep and you do get a reversal of the corporate tax cuts. scarlet: by the democrats? edward: by the democrats.

there are a fair amount of the candidates on the democratic side who said they would repeal the corporate tax cuts. the same way that turbocharged earnings growth last year, it would weigh on it in a major way next year. sorry, the year after, because it would take some time to legislate. but the market would see it before hand. edward campbell and sarah ponczek, thanks. that does it for the closing bell. but what did you miss is next where we will take a look at the outlook for the retail sector with nate checketts. that is next. this is bloomberg. ♪ this is bloomberg. ♪

scarlet: live from bloomberg's world headquarters in new york. here's a snapshot of how u.s. stocks closed today. another day, another record high. the mood continues unabated. the dollar strengthened and treasury yields increased. romaine: same story, different day. u.s. stocks climbed into another record as a risk on move shows few signs of abating. and the impeachment saga continues. president trump denies directing you rudy giuliani to ukraine to dig up there on his political rivals. and bursting the black friday bubble. is the hype overinflated? we will look at why some say retailers should treat the holiday season like a marathon and not a sprint.

all that and more, coming up. slew of u.s. economic data it was released today showing that consumers are restraining their spending before the make or break holiday season. and an unexpected uptick in business investment may be what keeps the expansion chugging along. let's bring in the alanna to help us break down the data. there was so much data today and yesterday that it is kind of hard to pin the rally we saw on any one piece of data. but if you have to look at everything across the board was the most impressive piece of economic data? >> i would highlight two things from the cornucopia of data we received this morning. first of all gdp growth was revised higher. but that is not a positive sign. because the revision came from inventory which was driven by anxiety stockpiling. another point would like to make is corporate profits slowed

down. that growth is very important for future economic growth. and we saw a significant slowdown in that sector. that is something to highlight from the gdp report. as you mentioned, personal spending of the trajectory of growth in the spending -- sector is slowing and that doesn't bode well for economic growth into the next year. joe: so bottom line, it does not sound that good. if people were looking for green shoots the way you describe it, it is not obvious. weak one wayll be or another. the question is if it will be a critical slowdown such as some tracking estimates, such as atlanta fed and new york fed, or it will be a slowdown, but something like slightly below potential. we are in the camp that expects slightly below potential. romaine: what about the consumer side? we got some data that shows personal spending. it was not quite what the market

was looking for, but it was not awful either. yelena: it was not off, but if you look into the details of inflation, consumer spending, it was zero. so it was flat in the month. and if we continue to see such growth, or the absence of growth, we will see a significant slowdown in the quarter as a whole. scarlet: i want to bring up jobless claims. joe always loves watching this. he calls it his desert island indicator. if he only had one economic indicator, he would want this one. joe is a very interesting guy. it seemed to bottom out and turn, it up. it appeared. what does this mean in terms of how we think about expectations for the jobs report next week? yelena: and what is better even, the unemployment rate also ticked down, touching the

all-time low. so i think we should expect a positive report. obviously it will be overstated by gm workers coming back, but we expect another decline in the unpleasant rate. joe: at some point, though, does this have to give? you cannot have multiple sectors of the economy slowing, as you describe it, and the labor market remain as robust as it is. because firing and all that stuff. at some point you have to expect one of the two to converge. yelena: absolutely. this is a huge risk for future outlook. i do not expect further slowing on the investment side. it is already pretty weak. but slowing in consumer spending is quite likely, and that is a major risk for economic outlook, as you mentioned. scarlet: yelena, thank you so much. joe: coming up, president trump and lawmakers -- no break from

impeachment. house democrats inviting the president to testify. we will get the latest from washington, next. this is bloomberg. ♪ s bloomberg. ♪

joe: when lawmakers return from thanksgiving, the house will move into the next phase of the impeachment inquiry against president trump. jerry nadler sandy judiciary committee will hold its first public hearings next week. for more let's bring in bloomberg congressional reporter billy house from capitol hill with the latest. thank you for mark -- thank you for joining us. oflain to us the timing these hearings, and will adam schiff be finished by the time adler begins?

billy: adam schiff, the chairman of the intelligence committee, says he will have a report to either members of the house, including the judiciary committee, when they come back tuesday. wednesday is the first scheduled to -- judiciary committee impeachment hearing where they will call four experts on constitutional law in impeachment to testify. it is assumed would not certain the judiciary committee will have that report, the investigative report from shift and his -- from adam schiff and his committee by then. romaine: one thing that is interesting about this particular stage in the impeachment process is this is where they would draw up formal articles of impeachment but this would also be the first chance where president trump and his legal team would have a chance to sort of defend themselves i guess in front of the committee. is that right? billy: that is absolutely correct. but as of today the white house was not saying whether they were

going to participate in what they call a sham process. bille past, in 1998, clinton's lawyers did participate in those hearings. and there were four that time. we don't know how many hearings they are going to be. right now we just have the one on wednesday on the record. we will see how that plays out. scarlet: at what point with the president and his legal team need to respond to whether they will show up at the hearing? presumably if they don't ever respond, the hearing will go on as scheduled. billy: the hearing will go on. they have been given until 6:00 p.m. sunday to respond. whether that is set in stone or whether they can respond by monday morning, who knows. but right now the letter that jerry nadler has sent to the white house gives them until 6:00 sunday to say are you going to show up, are your lawyers going to show up, are you going to ask for witnesses, are you going to cross-examine our

witnesses? joe: plausibly, what is the soonest we could see the full house vote on whether to impeach the president and send it to the senate for a trial? billy: democrats are a self-imposed sprint to get this done by christmas. that is what they are shooting for. if, like with the clinton impeachment process, they have three or four hearings, they could conceivably have a vote on the house floor by christmas. andher that holds true whether the clinton team decides to put up a fight or a defense, and that could extend it, or whether other witnesses come forward that have not so far, like john bolton or others, it could extend their timetable. scarlet: that is less than one month from now. billy house, appreciate it. let's switch from politics to business news. business flash headlines here for you starting with shares of deere, they finished down on the day. construction

equipment maker delivered a more cautious outlook than expected. they could fall as much as 10% in fiscal 2020. deutsche bank selling another chunk of unwanted assets to goldman sachs. bloomberg has learned the latest of $51 billion tied to emerging-market debt. they are previously housed in the wind down unit. the bank has been exiting businesses where it has been unable to compete. verizon will sit out other wireless carriers battles for black friday customers. at&t, t-mobile and sprint competing with stepped-up promotion offers for smartphones, but not verizon. the absence suggests it just doesn't need to. their current buy one get one free offers are similar to last year's. and that is your business flash headlines. joe: coming up, if you cannot make it to the verizon store for those black friday deals, there will be plenty of other stores open for you.

we will talk about why some people still -- still prefer to head to the mall instead of staying on the computers at home. this is bloomberg. ♪ rg. ♪

>> let's get the first word. the white house is holding out for thanksgiving trade talks with mexican and canadian officials as it tries to wrap up u.s. negotiations. mexican deputy foreign minister today met with the u.s. trade representative robert lighthizer. bloomberg learned that canadian deputy prime minister will be in washington for a session this evening. rudy giuliani's company negotiated earlier this year to represent ukraine's top prosecutor for under thousand dollars, according to a washington post report. -- four $200,000.

to beent trump was said in talks with yuri lee cinco during the same time the two are working to dig up dirt on former vice president joe biden. there has been a second smaller explosion at a east texas chemical facility in the beaumont area east of houston. it is still burning after more powerful explosion overnight ripped through the plant. multiple people were injured in the original blast. the albanian red cross confirmed at least 31 people dead after up 6.4 earthquake yesterday. albania's defense ministry confirmed hundreds more injured. rescuers continue to search through rubble of multiple collapsed buildings where people are believed trapped. global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than one hunter 20 countries. this is bloomberg. >> is not throwback thursday

yet, but i do want to pull a name out of the archives, toys "r" us. the toy retailer has emerge from his 2007 bankruptcy and today opened its first store in new jersey at the garden state plaza. the troubled toymaker will face an uphill battle to regain its former dominance but it has new things here did not before. i smaller store, a format that is more intimate. it has tree houses. it is meant to be more experiential. cliché atntial is a this point. jeffrey is the giraffe. it is a mascot, not a real draft. -- not a real draft. giraffe. real >> i don't think they've gone to real animals yet. >> let's stick with retail,

black friday is around the corner. many people plan to spend more online than in stores but data says that is not actually what will happen. here with me is our bloomberg rates hell reporter. thank you for joining us -- retail reporter. matterh does it really for the industry? >> black friday is still a huge market for the industry. if you listen to any the analyst calls, retailers say this is a huge thing. we are revving up to hire more people. it is experiential, like you are saying. people come into the store, they camp out even on things giving day, for when the stores open so they can get what are perceived to be deals. and the excitement of elbowing people out-of-the-way. >> so when joe gets done frying up the turkey for all of us, the three of us are going out to the local mall here. >> the american dream mall. >> i understand it is still a

big time for people to shop for themselves and for others we are seeing more of a trend where people do want to go out and be there. we talked about toys "r" us offering more experiences. are more retailers doing that? and are they getting sales out of it? i've gone to a lot of stores for the experience but to not by anything. >> retailers are on their best behavior on black friday. they have the beta for displays, top notch customer service. as what they hope. maybe the other experience it is going to be, like you're going to be at the bar that nordstrom has and is going to be that experience because they're so many people. but they are really pushing that. people who are all in on black friday are the jens is the and younger shoppers -- gen z because that maybe their first time going out in expensing that. >> and walking it off, walking

off all the food. >> you're supposed to take your family with you. >> i feel like gen is feeling jaded after years of black especially when some turned is about events, some people got injured, there were some stampede's peer there was a time when it was unsafe to go. -- gen x is feeling jaded. >> right so there's talk about mei being making a calm or experience paired when you think about online sales they're thinking about marrying that. so it is a good branding experience even if you do not make the sale and then go online and buy on cyber monday. >> they get into your head. >> we're going to stick on this topic, retail and get an industry outlook from an up-and-coming name in the path roan is are space. startup in men's premium activewear. nate, thank you for joining us.

the company came onto my radar i year ago when a coworker recommended i should check you out. there are a lot of people in this athleisure space. why is your company thinking you can make a dent in that when you have giants like nike and lululemon? >> the company is five years old and when we got started it was focus on one area, the same focus we have today, premium men's. most of the men's market, historically, has been served by the big players, the bass players. the majority -- the mass players. in the majority of their business is driven by the wholesale world. when you're talking about driving sales to the wholesale channel, you're not going to be able to make as high quality product as you can when you are a digitally native direct business. most of the animation was happening on the women's side. so we decided to focus on the men's side. it has been a great growth story so far. theight, you can make

argument that men are underserved when it comes to athleisure offerings because most of the brands focus on winning, and they have the pricing power. talk about how men make online buying decisions versus women. website caters to the male audience in a way that when i was looking at it, i was surprised. there were quizzes or questions you do not normally see on women's apparel websites. to be stickyend and loyal customers when they find something i like, they will go back to it again and again. we see this pattern over and over. 20% of our purchases are made by women. when it comes the site, generally they're are buying it for a gift. and they will buy a variety of different products. but when men come, they will start by buying one product. tested out. and when they fall in love or that they come back and buy that one product in every color. we try to cater to that stickiness of the customer. >> i cannot relate to that last

thing at all. [laughter] you talk aboutan how the rise of online dating apps and instagram, has that contributed two more men being sort of very conscious of the outward appearance of their fashion and not wanting to just sort of where the same thing that everyone else was looking to the profile is wearing? >> i do think there is a trend with guys being willing to lean into fashion more and more. there has and a stigma that men do not like to shop paired i think the truth is then like to shop but do not like to shop the same way women do. the allure and idea of going and walking around a sobbing mall for four hours is not as exciting, based on research. for men as it is to women. it is less of a social experience. -- walking around a shopping mall. but online, men's apparel is one of the fastest-growing segments and i think there's a reason for that. because it opens up the opportunity for guys to lean in and ask bearings the joys of shopping in a different way, one

that is more catered to them. >> nate, i know you're direct to consumer and you have a huge additional focus. i did stumble by accident across the physical store of yours here the hudson yards center in new york city. are plans to do more physical brick and mortar stores in order to introduce yourself to people or you going to stay wedded to the digital only strategy? retail has done unbelievably well for us. that hudson yards store, we are the second highest apparel retailer from a sales per square foot perspective. that is amazing when you consider the brands in their and that we are men's only. we have had a great deal of success thus far in the four retail stores we have opened. there is always going to be a focus on, as you said, the cliché having experiential. even people a chance to experience the brand and the fabrics aired have plans to lean in on a retail growth strategy. thanks to bater

rhone -- nate checketts. cannot on who can in invest in hedge funds and private equity are poised for change. this is bloomberg. this is bloomberg.

that determines who can invest in hedge funds and private equity could see the first updates in the 1980's. the fcc will likely reveal new plans for the accredited investor standard in the coming weeks. for now we join bluebird -- bloombergs ben bain from washington.

it comes up when you read the literature on different funds. what is an accredited investor now according to the 1980 standards? >> one way to think about this is it is the guard rail or barrier that anyone has to meet in order to be able to invest in these more sophisticated products. thing about a hedge fund, private equity paired the standards go back to the 1980's, someone who has to have $200,000 a year in income, $3000 between a couple or a million dollars in assets in the bank, not canning your home. -- not counting our home. the number seven not been changed since the 1980's. there has been a person's -- there has been a push for several years to adjust them. on one side people think there has been inflation since then so maybe these numbers, the income thresholds need to be updated. on the others, some people think

since the 1980's, the idea of start up companies before they go public like facebook comes to mind, and others, are really the way investors are making money at this point. so something needs to be done to allow people in earlier. >> so, then, on that point. this is a much different world than in the 1980's with regard to investment opportunities. what is the rationale for the sec to not allow regular folks to participate in that, what is the argument? >> the sec, if someone gets fleeced, there essentially the agency that will hear about it from the congressperson who gets called up by mom and pop investor. the sec is ultimately the agency responsible for keeping people from losing money and morse of his gated investments. they have to walk the line here. -- losing money in more sophisticated investments.

there are those interested in opening up private markets more and encouraging more companies to go back into public markets. but they have to walk the line where they cannot open up completely, because then you will be putting people who may be do not have the sophistication that someone who works in finance might have, into a position where they're going to be dealing with the chance of potentially having big losses as well as big gains you could get from a startup. benhank you, bloombergs bain joining us from washington. sticking with hedge funds, much of the industry is built on the power and freedom that comes with the ability of funds to sell short. if a new paper is correct, shortselling to be scarcely worth the bother. with more here is a bloomberg opinion columnist. hedge funds, a lot of popular strategies are predicated in not taking an overall position but attempting to short one corner of the market and go long on another corner of the market and

hopefully harvesting some alpha. why may the entire premise be flawed? look atse if you take a the long and short legs of the different investment factors, most people have at least heard of the farmer and french notions of value of cheap stocks and momentum, winners keep winning and losers keep losing, those are normally expressed in terms of long versus short. if you then break them down into how well the long side does compared to simply being along in the market and how the short side does compared to sibley being short in the market, you discover that almost all of the -- compared to simply being short in the market, he discovered the most all of the bar is on the long side. column that research. it is important to point out that this is compared to the

markets. the long-term the market tends to go up. and is making the assumption of no friction. we all know that in fact it does cost more to go short then to go along. you have to pay somebody some interest to borrow a stock and sell it. therefore, ultimately, the lotion that there is really something to be said for going long and short individual pairs of stocks or using the same discipline to go short as well as long is very questionable. >> but looking at this paper, we and i'mo the academics glad i wore the bow tie. part of it as the factors as you pick the longs and the short spare i have some short fund managers out there who'd argue they do not do that anyway. they have some secret sauce and

you just do not get it. what is your response to them? >> there accurate. quantof the big, investing. the most -- the most popular strategies of hedge funds in the last 10 years or so have been on the basis of a balance of long and short with the notion that both of them spring from the same source. rather than a secret sauce. the idea being that once you've taken a look at these factors that drive the market that will tell you about the winners and losers. what short-sellers will do is simply say actually picking he was going to do terribly, not worst in the rest of the market, terribly so you make money by going short is a completely different discipline that if you focus just on doing that you can make money. and he is right. >> at the end of your piece you sent this implies that a lot of

hedge funds are wasting their time and money. you can expect this paper to produce a robust sponsor. have you gotten people shouting at you? a it might have been strategic move to bring it out the day before thanksgiving. [laughter] >> we can do this segment again next monday. >> i created a certain amount of your tatian, and -- amount of irritation. and one or two people who have not read what i wrote carefully. so five not had a really strong comeback. i'm sure it is going to come. that is the way investment and academic research works and looking forward to my email inbox come monday morning. so far it has been quiet. >> john, always great to have you. coming up, cutting crashes in hong kong stocks are raising concerns that the $5.2 trillion

market has become a breeding ground for volatility. more for that on asia had. this is bloomberg. -- asia ahead. this is bloomberg.

>> now to asia ahead. a third hong kong stock in less than a week has lost most of its value and a sudden one-day plunge. china first capital group sinking as much as 78% before trading in its shares was suspended. the specter of disc lines -- declines is putting the spotlight on corporate governance. let's bring in shery ahn. which msciart go, announced it was not going to include in its index. >> that was a marble producer and they lost 80% in one day. a furniture company losing 91% because my short seller questioning their accounting.

the latest is china first capital losing 78%. many questions around what triggers this huge moves. bursts in education which china first capital owns part of, they fell 78%, pared back some of the declines. by the director there saying it was probably because china first capital owns a stake and they were selling it, as they had to -- they had a margin call on the stock. the majoru think of global financial centers, new york, london, hong kong, i feel this is a reminder that it is easy to overestimate how mature the maturity of certain stock markets is. >> yes when you thicken these moves, you think perhaps this is mainland china. >> that would make sense, it would fit into the narrative. >> because it is a similar

story. remember last year, we were talking about these pledged stocks and collateral, $613 billion of pledged collateral in the mainland market which bloomberg was tracking as being a risk for moves there. now we are seeing a similar issue happening in hong kong, where you have these four -- forced selling by major shareholders who have borrowed against their positions. because hong kong exchange rows are not very clear on transparency, you really do not know where the pledges are. at the same time because of the comp lex structure of the holdings, you really do not know how they are all connected. shery, our thanks thereto ahn, and see her on bloomberg daybreak asia and bloomberg deborah kostroun you -- bloomberg daybreak australia.

thanksgiving, if you need to find an alternative to the main course, there are at least eight other options. a bunch of bloomberg reporters went out and tested turkey alternatives. they tested eight or nine and this is the alternative. it is a loaf, soy-based, encrusted with gravy. >> at looks like a beef wellington. >> this is an alternative. when you're preparing your meal tomorrow with your family and getting ready to watch daybreak asia, daybreak australia, with shery ahn, right after the bears lions game. >> no joe, my dad is coming for thanksgiving and he is begin -- and he isn

bringing a tofurkey. >> that does it for what did you miss? >> and bluebird technology, coming up in the united states. -- bloomberg technology. have a great evening.

beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond.

>> i am taylor riggs in san francisco and this is bloomberg technology. in the next hour, full steam ahead anti-trust chief tells bloomberg the eu will push for a tech tax even if a global push fails. we hear from her. plus, fine-tuning forecasts. how technology is changing weather forecasting with pinpoint