abigal: coming up on "bloomberg best," the stories that shaped the week in business around the world. stocks reached record highs as the u.s. and china signal a trade deal. >> it seems to be suggesting both governments are on track for some kind of agreement. abigail: voters in hong kong deliver a message that is crystal clear. >> the people of hong kong talking about the biggest political issues. abigail: investors sift through data to get a handle on global trends. >> we are now in a boom period in terms of prices and real estate. >> all this means slower growth going into the fourth quarter of the year. >> the economy is fairly weak

but the data today shows things moving in the right direction. abigail: alibaba goes public on their home turf. >> narrows the valuation gap to amazon. abigail: the u.k. election campaign heads into the home stretch. >> it is very easy to end up in a hung parliament territory. abigail: m&a madness with a delusion of big deals. >> and lot, but they can deftly do it. >> the general feeling is they probably will go through but how long it will take. abigail: a new suite of leaders brings a fresh set of goals to the european commission. >> climate change is existential. it is a huge opportunity. >> every company should contribute. >> indeed, the banking union will be one, also the commission's priorities. abigail: it is all straight ahead on "bloomberg best." ♪ abigail: hello and welcome.

him i'm abigail doolittle. this is "bloomberg best," your weekly review of the most important business news, analysis and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. after months of protests that pitted citizens against the government and police, hong kong stayed calm on sunday as voters turned out for district elections. >> voters pretty much across hong kong overwhelmingly siding with pro-democracy candidates and what many see as a fairly damming referendum. record turnout, what does that mean though? >> it means the voters here have really woken up to what is going

on. this is not a huge surprise. more than 71% turnout on sunday. we have seen the pro democrats look like they are set for big gains this time around given the highly politicized environment, given the protests. a guest we had on bloomberg earlier on said this is really the people of hong kong talking about the biggest clinical issue. a vote on the government, a vote on the five demands of the protesters, including an inquiry into the police behavior. labeling protesters as rioters. the demand for genuine universal suffrage. the people have spoken out. the question is what will happen next and what the government will do about it? >> china says it will take action against intellectual property theft with the sticking point looming over the u.s. and what should be read into the timing of the ip rules. >> we do have a trade deal that

looks like it is getting closer to fruition. we have the vice premier of china saying he is cautiously optimistic last week. we had president donald trump saying on friday that we are very close. ip and forced technology transfers have been a key part of the u.s. complete of chinese behavior. this could pave the way for something to decide between the two presidents. the other thing i think worth mentioning is china is increasingly developing a lot of its own technology. it has become beneficial for china to protect that on its own. >> a shortened trading week and we have the dow, s&p and nasdaq hitting record highs. the s&p closing around 3100 level at 3133. the russell 2000, the clear performer of the day, up by 2.1%. >> you have the stars aligning between a pathway to a trade deal. there is light at the end of a brexit tunnel.

earnings being less bad and impeachment conviction risks substantially being reduced. a lot of people who have missed now feel empowered they can hop on board. >> 3, 2, 1. >> surging on its debut in hong kong. the company raising more than 11 billion u.s. dollars. the stock was heavily oversubscribed. tell us about the price action. >> decent showing for alibaba in hong kong. not as much as we saw in 2014 when it listed back in new york. shares opened at 187 hong kong dollars, above the ipo price and a slight premium to the new york listed.

the stock jumped, with turnover of more than 8 billion hong kong dollars. far outpacing tencent which is down slightly on the day, making alibaba the most actively traded stock. analysts are bullish on the company. hold on alibaba's adr's. the share sale could help the company narrow its valuation gap to amazon. alibaba training at 22 times earnings compared to amazon's 46 times. >> the u.s. and china agreed to stay in touch to resolve remaining issues to get to phase one trade deal. this comes after a phone call earlier when the top negotiators from both sides discussed core concerns. >> another day of incremental news that seems to be suggesting both governments are in track for some kind of trade agreement. the language has been quite positive. a positive spin. from here, the expectation will be how will the u.s. respond? of course, as we head towards the middle of december, will it be sufficient progress were both sides can agree to a trade agreement or we reach the deadline and the terror of threat from mr. trump is promised and he increases

tariffs. there's a lot coming. >> u.s. stocks climbing to record highs on renewed trade optimism. president trump telling reporters that u.s. was in the final throes of a trade deal with china after negotiators spoke by telephone. >> stocks moving higher on the day and it is easy to forget how big a move to tenths of a percent is. on the surface, it is not that big but if you have several days like these put together, they become huge moves very fast. even on a quiet day, this is a very fast-moving market. >> the european parliament voted again on approving the new eu commission today. the president-elect won the backing of the clear majority of mp's, allowing her new team to start work on december 2.

>> finally getting the green light. they will take office, including the european commission president in december, replacing jean-claude juncker. she has made climate her number one priority. she said she wants to make the european union carbon neutral. climate neutral by 2050. that is cutting down major carbon emissions. that is her number one focus. she also said the european union needs to be much more assertive on the global stage. there's also the idea of brexit. this would stare be looming on the european commission because they would have to renegotiate the trade deal with the u.k. if it manages to leave the european union in january 2020. >> hong kong has found itself at the center of u.s.-china tensions after president trump signed into law a bill and support of the protesters. the move will complicate trade talks with beijing as the two sides get close to a phase one deal. the big question we are asking is what form of retaliation from china might take if it ends up being anything more than words? what signals are we getting on

that front today? >> china has basically continued to warn the u.s., first warning not to pass the bill. then, president trump not to sign the bill. now they are saying they should not act on the bill. there has been threats without specifics at this point. obviously, it comes at an inopportune time for the trade talks but both sides seem to want to move forward. >> germany is excited to continue ignoring calls for greater fiscal stimulus with lawmakers looking set to confirm the government's balanced budget for 2020. a potential shakeup in german politics could endanger the future of the ruling grand coalition. two pairs show off. what exactly is happening with the spd? what is the politics of story? >> what we have is a face-off of leadership of the spd, the junior coalition partner in merkel's government.

we will find out the results of this face-off. the voting has been going on among party members for the last week or so. we will find out tomorrow evening who won. it is really important in terms of the future of the government because if the finance minister wins this, it is likely he will push to continue on in this coalition with merkel. the challenger to him for the party leadership has basically said he does not really believe in this grand coalition with merkel and that is hurting the party. it is much more likely the social democrats would consider pulling out of the coalition if the challenger were to win in the vote that will get announced tomorrow. >> it is the moment retailers have been preparing for all year long. black friday underway in the u.s. the national retail federation expect more than 165 million black friday shoppers this year, each spending over $1000.

>> we are not seeing people line up like they used to. 2007, 2008, these are people swarm walmart, grabbing tv's and fight over things. that is not what black friday looks like anymore. this has become an online holiday. a lot of these companies rollout promotions back in october. there has been a lot of online shopping. something like a quarter of bargains have been bought today. you don't have to wake up and stand in the cold anymore. it is definitely changing. >> who are people going out to the stores today? >> a lot of young shoppers. the millennial, gen z shoppers seeing this is a social event. that is why stores like american eagle, urban outfitters are benefiting from those young shoppers. also, electronics also benefit. people who want tv's and the big electronics, they are seeing a lot of foot traffic as well. >> our forecast was sales would grow this year between 2.8% and 4% over one year ago. we know the consumer confidence levels have been very high.

we have low unemployment rates, wages growing. macro conditions are very good. we know just having seen the october retail sales numbers, they are quite strong and consistent with this three-month average of positive momentum in the market. we feel very good about the way we are off to the season. abigail: still ahead as we review the week on "bloomberg best," an exclusive view of hong kong's financial future from the head of major bank in singapore. >> our medium-term outlook for hong kong and for the region continues to be positive. abigail: ireland's finance minister speaks exclusively on brexit and other eu issues. next, more of the week's top headlines. german business confidence rose slightly in november, but still plenty for europe's largest economy to worry about. >> there is concern about the lack of the trade agreement, but it is not everything. abigail: this is bloomberg. ♪

abigail: this is "bloomberg best." i'm abigail doolittle. let's continue our global tour of the week's top business stories. in the u.k. where political parties sharpen their pitch to voters in advance of the december 12 general election. >> the prime minister boris johnson unveiled a safety first program of policies and his party's election manifesto yesterday. the promise, to end the seemingly unending brexit boxset drama. >> this is really about mitigating the risks. what we've got today is a series of i capturing initiatives where it is meeting the eye. yes, there are tax cuts for some. there is pledges for more nurses and infrastructure.

look more deeply and you will see some of these pledges balance out. the tax cut on national insurance is balances out by increasing tax. boris johnson makes it clear this is about getting brexit done, getting the deal through parliament and getting a trade deal by the end of next year. something that many observers suggest will be very difficult. >> the u.k. election and a pole out overnight shows a big win for boris johnson. 68 seats in the december 12 election. >> you see the labour party starting to squeeze the national polls more, closing the gap. it is very easy how we can end up in a hung parliament territory. >> 30 of the seats out of the 68 are very tight. >> yes. the issue for boris johnson has always been the threat of the brexit party which has now largely went away.

nigel farage has removed himself from 300 plus seats. for jeremy corbyn, it is still that liberal democrats and the other parties like the green party. that threat is still very much there. still fighting as hard as she can against jeremy corbyn. >> bloomberg economics says today's eco-survey adds evidence that germany's economic slowdown has reached a bottom. surveys remain consistent with subdued gdp growth. how concerned are german businesses about the lack of a trade agreement between the u.s. and china, and how concerned are they about other things? >> i think they continue to be concerned about the lack of trade agreement but it is not everything.

the brexit situation is unresolved. there are domestic issues. the german government needs to do more in the areas of energy policy, infrastructure spending. we still find it difficult to get infrastructure spending. private investment is not ideal. we need proper tax reform. there is a lot to be done. it is not all about trade. >> turkey is now testing a missile system. the move could escalate the dispute between turkey and the united states. how big of a line has been crossed in turkey? this is something the united states has warned them against. >> it has definitely gone past a pretty significant threshold. it is a russian missile defense system. turkey is still a nato member. the u.s. and nato allies have warned there will likely be additional sanctions on turkey if they continue to press forward with purchasing and not activating this system. it looks like they have taken that step. >> hong kong leader carrie lam called for peaceful dialogue with protesters.

pro-democracy had a landslide in local elections. >> there is no new concessions, no new strategy. it is basically going to be following the pre-existing strategies that was happening before this election, trying to engage in dialogue with residents of the city. there are calls for more rallies. there was a brief standoff yesterday. now we are probably going to see what protesters describe as a return to protest. some pro-democracy lawmakers have feared that given that no one listened to this vote in government, we may see an escalation of protests going forward. >> powell saying the glass is half-full. the fed chair says at this point, the glass is more than half full but the right policies, we can fill it further, building on the gains so far and spreading those benefits to all americans. your takeaways?

>> jay powell telling us what we already know, the fed is on hold for an indefinite period as long as the information from the economy remains broadly consistent with the economy. same old, same old. what he emphasized as new is keeping the expansion going as benefits beyond trading floors. low rates spread the benefits of the expansion to the economy more broadly. him getting more marginally attached to americans in the labor force, benefiting from jobs, including minorities, the handicapped and the less educated. the one area he did emphasize where there might be some problems -- inflation. not that it is too high, not that it is too low. he did suggest the fed wants to make sure inflation continues to rise and he thinks rate cuts are going to do that.

here's an interesting statement. look at the conclusion of his speech. he said monetary policy is now well-positioned to support a strong labor market and returned inflation decisively to the 2% objective. jay powell with a little bit stronger view of how inflation is going to develop over the next year. >> this morning, we got a rush of economic data. the u.s. economy expanding 2.1% in the third quarter, better than initially reported. while demand for u.s. business equipment unexpectedly increased to the most this year. where do we stand? >> all this means is slower growth going into the fourth quarter. personal income spending report indicated decelerated trajectory of personal income growth. disappointing, absolutely. if growth in personal spending continues at the same pace, it would imply significant deceleration from 2.9% growth in the third quarter to something like 1.6% in the final quarter of the year which also implies gdp will not be that great in the final quarter of the year.

>> german unemployment dropped unexpectedly amid a slump in manufacturing which seems to be easing. >> generally speaking, good news. the economy remains fairly weak but the data shows things moving in the right direction. inflation is a big one for the european central bank which accelerated to 1%. if you are going to get inflationary pressure, that will come through wages which is why you need tight labor markets. still a big discrepancy. german unemployment is just above 3%. spain is 14%. greece at almost 17%. there are still fractures across the euro area. we need more data. pmi's come out next week. the week after that, christine lagarde's first policy meeting as central bank president. that is one to watch. ♪

abigail: you are watching "bloomberg best." alibaba's mega share sale this week was a much-needed shot in the arm for hong kong amid ongoing political unrest. investors have began weighing other financial hubs with singapore being the obvious choice. the head of the ocbc says he is not seeing significant inflows from hong kong just yet. the ceo spoke exclusively with juliette saly. >> actually, the amount of capital and wealth flow into singapore from hong kong is not noticeable yet. there are inquiries, their interests, but we don't see any significant, noticeable flow from hong kong into singapore at this stage.

>> you are not seeing any major shift in client investment in terms of inquiries coming from hong kong? >> correct. i don't see any major inflows. their interests, there are inquiries. >> what kind of contingency plans does the bank have in place should the situation in hong kong escalate? >> we do commercial banking interests. we do some treasury business. in terms of the hong kong domestic business, we are pretty well contained in terms of liquidity and things like that so we are not that worried. in terms of future outlook, i think hong kong's domestic investment will take a few years for them to come back to the previous level. the most important thing is we rely quite a bit on the flow business. we are not talking about flow per se, but trade flow from china through hong kong into other parts of the world.

that may come correctly. in that sense, singapore may benefit as a result of the restructuring of the flow. the supply chain shifting that will happen, but not focusing on the wealth flow. >> so you're not looking at changing your business strategy in hong kong? >> no. we still think hong kong is an event in that event does come and will go at certain point in time. i think after the event, all parties, all stakeholders will probably engage each other more and rebuild hong kong. that will take a couple of years for them to rebuild hong kong. our medium-term outlook for hong kong and for that region continues to be positive. abigail: coming up on "bloomberg best," more of the week's top business news with a cascade of m&a leading the way. plus, more compelling conversations. a challenging timetable for working out a trade deal after brexit. ireland's finance ministers says europe will give them the best shot. >> the european commission in the european union will be ambitious. we will work on negotiations as soon as possible. abigail: this is bloomberg. ♪

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>> home prices in 20 u.s. cities rose more than forecasted from a year earlier. yale university professor robert shiller spoke with bloomberg about these numbers and the larger economy. periodre not in a boom in terms of prices in real estate by any means. it is not driving like before the last recession.

i prefer having the stable level of modest enthusiasm we have now. whether we will have a recession is a big if. according to my new book, narrative economics, it depends on how the narratives change and how our ideas change. that is hard to predict. abigail: what is the single most predictive narrative out there? single most prominent would have to be the impeachment hearings, the instability we see by the polarization in politics does diminish business somewhat. it has not impacted us that much. it is like we are preoccupied with the impeachment hearings and are postponing important business until a later date. it is quite possible we will make it through november 2020

without any recession. that would be good for trump. europe, an exclusive conversation with ireland's finance minister on bloomberg daybreak: americas to discuss the future of europe after brexit. he u.k. and eu aim to hammer out a new trade agreement within a year after brexit. >> it is a very demanding timeline to have such significant talks done by then. the european commission and european union will be ambitious, and we will look to get the work done on negotiation as soon as possible. it will be first either the withdrawal agreement passed by the 31st of january, and that will depend on who has the majority in the house of commons. the next phase will be an extension of the transition peri

od if required. the deadline will be by the summer with the current deadline by the end of next year. there are different posts we need to move through. i believe the european union will be ambitious in looking to reach agreements. parliament spoke to new members of the european commission. how are things going to change if at all? >> i think we are going to see some significant changes under the new president. i think there are three in particular that i think will be very important for the future of europe. the first is the new president is looking to put in place a conference to have a discussion regarding the future role of europe, how all the member states of the european union engage with each other. the second area that i think will be important, and i expect

to see progress on this as soon as next week amongst the meeting of finance ministers is accelerate the progress for the banking union, try to come up with a roadmap to a positive scheme, an insurance scheme for deposits and use that for the completion of the banking union. this is a vulnerability at the moment inside our currency union with the euro. i believe more progress will be made on that. finally, i think there is a big debate on the way in relation to future industrial policy for the european union, how we should be championing the development of more large european companies. i think you will see a very lively debate in relation to that as well. >> wednesday, the eu parliament voted to approve the new parliament of the european union. spoke with bloomberg about

the path ahead for the european union. opportunitya huge because at the moment being we are the european fron front-runner fighting climate financing, soen if we do well, it is not only good for the planet and the people, but it will also be good for the european economy because we will be the exporter of vonage antic -- knowledge and technology. >> angela merkel said it was too drastic. role for thebigger eu within nato? is it time to consider a bigger european army? >> nato will always be collective defense. the question of nato is the

strongest military alliance with the world. the european union has a different role. we have many european member states who are also members of nato. europeans, we do not need nato, but the european union is called upon. we are building up the european union defense within three years, knowing that it will be complementary to nato. this will leave the european union with a huge toolbox we and from development diplomacy to servicemen and women so that we are able to act when called upon. >> we just heard from president longer line. what does that mean versus the u.s. and china? >> to promote what we have going

for ourselves already. in the business-to-business environment, you find a lot of technology. you find an impressive start up environment. and the willingness to balance all the possibilities and to play the downsides. have heard many times from u.s. companies that the reason you are so focused on taxation is because we have not seen any real innovation in europe. is that fair? >> that is absolutely not fair. what is fair is to say to the many businesses that pay their taxes in europe is that every company should contribute where they do excellent business. that is the bottom line in europe. you do very good business. >> do you think by the end of 2020 if there is no international agreement for taxation that it would be fair for the eu to go alone? >> of course it would.

where strong believers in a global agreement. there is a positive feedback on the first draft by the oecd. that would be the best solution, but if that cannot be met, when you look at all the businesses that pay their taxes, it would only be fair if we picked it up again if a global solution is not possible. one thing that has been talked about is the move towards a banking union. is that achievable within the next six months or year? >> this is an ongoing initiative. threey we have two out of pillars of the banking union up and running. we talk about single resolution. next monday we will be concentrating to finalize the work on the third pillar of the banking union, which is the european deposit insurance

scheme. it will be one of the next european commission priorities. >> we have minister schulz of germany out with a proposal on that subject. is that something you can work with? >> this is a welcome opening. the european deposit insurance scheme has been moving slowly among member states. germany had a certain resolution. this is welcome. we hope it will facilitate discussions and agreement on european deposit insurance scheme. ♪

abigail: this is bloomberg best. of's resume our roundup

business, news, and politics. bank tiffany for more than $16 billion. goods the biggest luxury deal ever. $16 billion is quite a figure. can they afford it? >> they definitely can. cap $200a market billion plus. everyone knew they were going to have to bump. some analysts were expecting 140 plus. it is a lot of money, but for lvmh, they can definitely do it. >> it is a multibillion-dollar deal that will reshape the retail brokerage business. charles schwab aims to buy td

ameritrade. charles schwab is capitalizing on the industry shock it created last month by cutting commissions on u.s. stock trading to zero. >> this is the first foray in the discount brokerage industry space. the idea is that it generally will go through. the question is how long it will take. some analysts expect it to take into the third quarter of next year. there is a growing sentiment businessnti-mega large , whether in finance or technology. it is a big question of whether there will be appetite for a behemoth in the industry. novartis is buying medicine cope for $8.6 billion. it is the latest in a string of

acquisitions for the company. >> they are buying this for close to $10 billion. why does it make sense? anartis has been on acquisition spree under the new ceo. this helps them expand into an area where they had a gap. this complements some other areas they have like heart disease and so on. this continues the trend of making more acquisitions. >> another day, another deal. ebay selling its ticket marketplace stuff of to a european rival. $4 billion in cash. the deal expected to close next year. orthis a business decision something more personal? >> the business logic was just so obvious to us. i found it both companies. is an industry leader.

stub hub is number one in the u.s., so you put the two together, and you allow fans to buy a ticket anywhere in the world in their home currency. >> london's transit authority refused to grant uber a new license. the reason, rider safety. the authority is worried that unauthorized passengers can manipulate the app. >> it is pretty low that anything is going to change in the near future. uber has 21 days to appeal the decision. it said that it will. beforeme it was months that appeal was initially heard in the court, and even if it lost that, it could take that to the supreme court and then potential years before this gets fully resolved. all that time, it is able to accept new rides and operate on the street.

>> the embattled leadership of west bank -- 23 million times. can you give us a flavor of what this involved? >> there are a number of moving parts in this. regulators in australia want to know about them because they want to track the potential for money to be transferred to countries it is not meant to be. potentially the more explosive allegation from a domestic perspective is that west sac failed to adequately monitor for child exploitation risk. it has identified 12 separate factors were these risks were not adequately mitigated. in one case there were payments made from australia to someone later found guilty of child

exploitation. change the money laundering scandal this year. the biggest violation of financial loss in australian history. >> we have a list of possible contenders to replace brian hart at the helm of australia's second-biggest bank. no obvious contenders, but a few names out there. in then linzie maxed at last few days talking to institutional investors and proxy advisors ahead of what was a real crunch for the bank on december 12. the field was that a voter backlash against this money laundering scandal could reciprocate a vote against the remuneration package for the executives and that calls for then

entire board to step down. the hope within westpac is that alleviateation will that pressure and say the rest of the board -- save the rest of the board. morningg earnings this as it prepares for the holiday season. they seemed to defy expectations every quarter. their second quarter was a little bit of a stumble. they talked about tariff related uncertainty. they come out in the third quarter with the proverbial beat and raise. things are looking pretty good for them going into the holiday season. it is not just about selling tv's for them. it is about pushing into new services and areas like health care where they see an opportunity. >> john deere was out with

results as the company beat on earnings. >> analysts were braced for those fourth-quarter numbers to not be great given the dynamic in the u.s. in the agricultural sector this year given difficult planting conditions. that 2020 outlook, people were expecting an uptick in agricultural demand due to stimulus from the trump administration flowing down to the farmers. john deere is not being optimistic. they are being conservative in calling for a 5% to 10% decline in sales in that sector in 2020. >> morgan stanley has placed on leave at least four traders over an alleged markets securities. concealingspected of losses of $140 million. how serious is that? >> that is not an ordinary day of business.

it is still an allegation. how quickly was it dealt with? understand just how serious this event is. desksivity across trading is slowing as we approached the thanksgiving day holiday, giving everyone time to think about bonuses. according to new analysis, some of the hottest trading professionals will see smaller bonuses this year with equity traders faring the worst. we thought the first time had faded and things were picking up in the third quarter. is that not the case? >> lower risk, smaller payouts, that is the unfortunate mantra for the big banks. when you have that trend going. ,hen you have a secular slump the same expectations will flow through into the bonus pool. that is what you are in the

situation where most of the groups within the trading units will see a decline. flat is the new up. you are expected to have a similar bonus payout. that is the best you can get.

>> a roundup of the stories you need to know to get your day going in today's edition of daybreak. mobile.ilable on you can customize your settings so you only get the news on the industries and assets you care about. >> there are about 30,000 functions on the bloomberg. we enjoy showing you are favorites on bloomberg television. here is another function you will find useful.

. here is a quick take from this week. chances are you're not a vegan, but you may have had an almond latte, and even though only a small number of people identify as vegan, vegan products are flying off of supermarket shelves. more of us are substituting vegan products for meat and dairy. is it a fad like so many food trends, or is it the start of something much bigger? this is your number quick take on the -- bloomberg quick take on the vegan economy.

they say you've got to eat vegetables. >> it begin and remained a small community for decades. the animal alternative industry is now expected to grow to $140 billion in the next decade. there is something out there for anyone wants to replace any amount of animal products in their diet, from cheese and yogurt to that you burgers. only 6% of americans describe themselves as vegan. our meat heavy diet does not just harm animals, it is killing plants as well. livestock farming produces 14.5% greenhouse gas research fromg oxford university claims a vegan diet is probably the single biggest way to reduce your impact on the planet.

concern for the planet is one motivation. over half of u.s. adults who eat said theed protein main concern was taste. products are no longer the weird packages hidden in the back of health food shelves. they are embraced by huge brands like mcdonald's and burger king. eer becauseen vegan b as it turns out brewers use fish guts for filtration. investors are now getting in on the action. meet sort 600%d in the three months after its ipo. another plant-based burger maker impossible foods raised $300 million in the same month. what can hold this the get economy back? officials are questioning the

health credentials of some of these alternatives. the impossible whopper includes 35 grams of fat. despite the concerns there are bullish signs. traditional meat and dairy companies have invested in plant-based products. with supposedly benefits for health, it could produce savings of up to $1 trillion a year on health care and lost working days. humans are going to have to shift their diets to stem the tide of climate change. the vegan economy will need to win over even more of us if it is to have a substantial impact. >> that was just one of the many quick takes you can find on the bloomberg. you can find them at bloomberg.com along with all the latest business news and analysis 24 hours a day.

that will be all for this week. thanks for watching. this is bloomberg. ♪

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francine: how do you breathe life into one of europe's biggest lenders? let's ask jean pierre mustier. the frenchman has led italy's biggest bank since 2016. under his leadership, it has posted higher earnings and stronger capital. it's also changing the way it is run, down to making fiat the ride of choice instead of luxury cars. today on "leaders with lacqua," we meet jean pierre mustier, the chief executive of unicredit. jean pierre mustier, thank you so much for joining us.