is anna edwards, this bloomberg.ted states president wants to reach a trade agreement with china at the g20. the iphone maker says it will data, as itng sales falls 7%. oil approaches their market. sanctions for iran kick in monday. how low will exports fall as the u.s. is set to grant lower wages? ♪ anna: a very good morning everybody. this is daybreak europe. friday morning, 7:00. let's look at futures, stellar session. what a difference a few days trading makes. what a difference a bloomberg school makes when tracking asia, msci making its biggest gain since april 2016. the kospi in south korea having its best day 2011. k-pop is how david inglis described that. it's set to light a fire under european equity markets. ftse futures, dax futures, and cap futures set to go higher. what does this mean for europe? as trump is trying to reach a truce in trade with china, does that mean he is my did to stop arguing -- minded to stop arguing about trade? bonds playing ball. equity markets getting more attention in the asia

just ahead, mike bloomberg explains what makes this building a perfect fit for bloomberg culture.e: this building was designed to foster collaboration with clients, cooperation among employees, and reflects the company's values on sustainability for the benefit of everyone. ♪ >> i'm a big believer that this company's main asset is its employees. the space that we built, the furniture we designed, the layout that we chose is all designed to make the work experience better, happier, more productive, more challenging, more satisfying. you want your people to be happy to come in every day, to tell their friends, "i work in that building. they really care about me." >> when a visitor or a guest >> when a visitor or a guest comes into this building, they will know they are somewhere pretty special. they will pass the reception desk in the front of house and be swept up into the double high vortex, which is really the architectural masterpiece. they will take a glass lift directly to the sixth floor , which is the heart of our building. when you come into this space, you can't help but n

this is bloomberg. ♪ anna: welcome to "bloomberg markets: the european open."dwards in westminster alongside matt miller in berlin. following a dramatic day in u.k. politics yesterday and looking to what happens to the pound today. matt: absolutely. the castrated, starting in 30 minutes. -- the cashropean trade starting in 30 minutes. on tories are holding gains.

carol: welcome to "bloomberg businessweek." jason: we are. bloomberg's global headquarters. a look at the topics facing the business leaders in the coming year. to ourl leading up summit hosted in new york city. we will be there. jason: we are looking at big themes. carol: we will also talk about the trade war and brexit and the slowdown in china. a look at publicly traded companies with special mention in 2019. carol: and what is next for u.s. politics? it's never too early to start talking about 2020. jason: we start with josh green in washington dc, author of "the devil's bargain." the campaign for the presidency has begun, which makes things tricky for democrats. josh: we will have a big clash between trump and democrats. thatooking at pressures will fall on the democratic party. they have fodder for two years in the minority -- fought for two years in the minority. now they have oversight and control the house. that will bring pressure. the party will begin to spilt into the -- split into the governing wing, and then as many as two dozen democratic presidential candidat

that is it for "bloomberg markets: european open." this is bloomberg. ♪ ♪ >> fed up.the central bank again, saying he is not happy with jay powell. we hear from the fomc chair later today. prime minister may said to be backing down from her battle of parliament. is it a risk to her deal, or political calculation. and, the deutsche bank is said to be considering a management shakeup. ♪ francine: welcome to "bloomberg surveillance

supporter of the bloomberg school health and bloomberg american health initiative launched two years extraordinary commitment of $300 million. that used to be a big number for johns hopkins. but i digress. as you have seen, today's agenda is future looking. as mike bloomberg frequently reminds us to look ahead effectively you have to look back. sometimes way back. in this case, i want to go back to new england in 1736. that year, a strange disease swept across the region. it would eventually claim the lives of one out of every 40 people in the colonies and most were children. locals called it the strangling angel. we call it diphtheria. for one minister who experienced this catastrophic loss of life firsthand, the only explanation he could muster was define retribution. he was, of course, off the mark. diphtheria had both natural and social caucuses -- causes. so over the years, the disease was systemically addressed. first, scientists addressed and identified the bacterium, the cause of the disease. then a vaccine. next public health experts organized mandatory testing and immunizat

this is bloomberg. ♪ is is bloomberg. ♪ this is theie: european close on bloomberg markets.ng for the second day after a 13 day losing streak. this is a double day of gains. we are back with toby. talk about u.k. assets being difficult to count on these days, what about the commodity complex? it seems it has been difficult to read what is going on with crude oil. toby: as someone who is not a specialist, i am astonished to find after an enormous fall in crude oil prices, the bloomberg energy commodity index because of what's been going on with natural gas, but walking through unfolded and the rationale behind that, i think it can be read relatively straightforwardly and it seems to be the three main drivers, the first of which was really that the white house has said absolutely no waivers on this iran sanctions fine. people thinking about how to get this oil into the system building off inventories in advance of that no waiver call coming through. then the white house says sure there are waivers for pretty much anybody who wants it. china, india, south korea, turkey you can

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."join us every day on the radio at 2 p.m.-5 p.m. wall street time. you can also check us out on itunes and soundcloud. jason: and our mobile app. carol: startups have been spending more time on a questionable road to profitability. it is a luxury. here they come. jason: uber, lyft, slack all top a record-breaking lineup of 2019 listings. tracking this lineup is our reporter, alex. alex: when you run the numbers, there hasn't been more than three companies that have a valuation of bigger than $10 billion since 2000, when palm pilot was listing. it has been a long time since we have had such a group of large companies, looking in the public market. carol: what are we talking about in terms of valuation for uber? >> they are valued at more than $70 billion. i think there should be a little bit of skepticism around those exact numbers. it gives you a decent range, frankly huge. softbank mobile in japan is going public, may be the biggest deal ever. they are in that range. uber may be bigger

bloomberg daybreak, bloomberg radio. is "bloomberg surveillance." there is a headline from sky saying the u.k. government is seeing support on the back of a deal between the u.k. and the eu , but this deal has a couple of hurdles. first, it has to go through parliament. first, the. they meet at 2:00 p.m.. for themore important market is whether it can go through parliament. it is crucial theresa may get p, whichfrom du according to sky she does have that support, because that means they are ok with the irish question. tom: let's move on. here is the chief executive officer of citigroup on our international economics. on services and are surplus in theica, year after year united states runs significant trade surpluses with its trade the ceo says the following. look for that today off the speech at the economic club of new york. did you write this essay for him? >> i did not. about have conversation these issues over the last two years. we know the administration is focused on goods and manufacturing, but when it comes to

this is bloomberg. ♪ ♪ francine: this is "bloomberg surveillance."ooking at live pictures of the president of china visiting for a couple of days in spain, just meeting with king felipe. i imagine the pompous mess and pageantry will continue for the next couple of hours. interesting to see a president that in therriving middle of trade tensions between the u.s. and china. we have been looking at whether the margins could impact and you can see come up money flow from , and we willpe keep an eye on that, and it of investment flows to europe. but as you can see, president xi jinping there in spain. sterling remains under pressure as theresa may launches her brexit tour, on sans a will be difficult for the house of commons. lawmakers are not being allowed to change the terms of the brussels accord and even demand a second referendum. theresa may had wanted a straightforward take it or leave it debate. joining us now is our european and used, david merritt. it is more likely that this vote gets passed on december 11, or not? david: there is no majority i

this is bloomberg. ♪ francine: "bloomberg surveillance."s "bloomberg surveillance." tom and francine from new york and singapore. a lot of the talk here is on globalization, but a few people talking about investing in europe and italy. if you look at the troubles, it is not only about the budget and the fight between italy and brussels, but within the italian government, there are two different factions at loggerheads from everything from immigration to what you put in the budget. let's get back to david riley. he joins us from london. i know you have been a buyer of italian btps. give us the differences between the italian government, these two factions that don't really seem to get along. are you still a buyer of btp's? been, and it is been quite a rough, and at times painful ride. i also still think that we have the mispricing of italian exit risk, the deputy prime minister from the five-star movement talked over the weekend about for how italyo wants to stay within the euro. theink it speaks to discussion you are having earlier about be

this is bloomberg. ♪ us. this is bloomberg. ♪ francine: this is "bloomberg surveillance."new york. cities are celebrating armistice day. this marks the 100-year cease-fire of world war i. celebrations are said to be held. today, prime minister theresa may and resident emmanuel ron meet and discuss race ahead of the cabinet meeting. on sunday, -- president emmanuel macron meet to discuss brexit ahead of the cabinet meeting. saravelos,rge deutsche bank cohead of fx piccoli, and wolfango are both with us. who is the leader of the free world, who is not, who is in trenching? where does trump stand after the midterms? does he feel emboldened? i don't think he will feel emboldened. thea little perspective, concern is after the midterms, whether the a unilateral approach will become a even more pronounced in the future because of the european point of view. iran inalready seen one, so europe, in many different ways, from the european perspective, from and all they others, with a look at risk, if putin were the number one risk until recently, trump is very soon becoming the number

this is bloomberg. ♪ ♪ sheri: this is bloomberg markets. canada's biggest cannabis companies are reporting this week. are so many understanding the markets when they come online and what products will be sold on those markets. their summits we're learning. each quarter -- there is so much we are learning. >> is the first time in our history that i am aware of where we had a slowdown. i think it was more of a distraction. >> our strategy for the u.s. was provideto a place to compliantly. >> in september, we announced an export from canada to the u.s. at the university of california san diego. to veryes us advantages quickly deploy capital in the when the farm bill passes. >> when you can work with a long-term care and reach into that world, evolving their perspective, the rate at which this market rose will be gigantic. and those with the best science, the best brands will win. amanda: how much and of this -- there's obviously a reality versus the expectation for future growth. rising on seem to be expectation. into legal glitches and retail

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."jason kelly. carol: i am carol massar. you can listen to us on the the radio on sirius xm channel 119, and in new york, boston, washington, d.c. -- jason: and in london and on the "bloomberg businessweek" app. carol: in this week's special issue, we turn to the economics section and the european central bank. mario draghi is in his final stretch. ends his term as president of the ecb, he may do something he has never done before -- raise interest rates. jason: undoing more than half a decade of stimulus might come just before his exit at the end of october. here is cristina lindblad. cristina: one of the most anticipated things is the end of mario draghi's term, which happens at the end of october of next year. he will be in that position for eight years by that time. he has not raised rates once in that time. and he actually began by lowering them. so we anticipate that, by that point, at the end of his term, what people are looking at now is what is going on in italy, forh is an emba

this is bloomberg. ♪ ♪ this is ""bloomberg surveillance."ave decided to give a thumbs down to the popular government in italy's funding efforts. we have another session later on today. trevor greetham from royal london asset management and stefano aversa from alixpartners are still with us. what is the level of stress right now amongst italian companies? stefano: relatively low. exceptions are the construction sector. we had the issue here in the u.k. k and the same issue in assize companies, such bori.i la in general, they were doing well in terms of export. many sectors actually growing in double digits, but you can see some slow down. i think it also depends on our financial and political gridlock? trevor: do you buy italian bonds? trevor: i if the world economy strengthens, it would take the pressure off if we had a downturn. think you would see more stress around italy in the downturn. it depends on the policy but also on the world economy, too. francine: up next, it is the brexit show. we talk brexit. this is bloomberg. ♪ this is bloom

he spoke exclusively to bloomberg.eany trade negotiation must mutually satisfactory for there won't be any agreement. if we give something to the united states, the u.s. needs to give something to us. it will depend on further negotiation. the prime minister and the president agree but we can valuee in terms of culture is limited up to that japan has agreed to. it is something the u.s. and forwarde trying to look and create some kind of rulemaking. that was our exclusive interview with the japanese foreign minister in tokyo. speaking with the subject of trade, xi jinping has taken a slight at trumps protectionist policies. he said the law of the jungle would lead to global stagnation and pledged to cut import tariffs. joining us now is a stephen engle, who has been tracking the events. good morning to you. what stood out in this speech? president xi used a lot of colorful metaphors, as often chinese leaders do. specificscked were like the european chamber wanted . firms specifics on opening up and reform measures. he i

don't miss special election night coverage on bloomberg tv and bloomberg radio. west will lead our team with the results and market reaction starting at 7 p.m. eastern tomorrow. p.m. eastern7:00 tomorrow. guy: coming up, the ceo of halliburton is going to be joining this program, next. this is bloomberg. ♪ guy: i'm guy johnson. vonnie: i'm vonnie quinn. this is "bloomberg markets." our it is time now for bloomberg business flash, a look at the biggest business stories in the news right now. let's kick off with shares of ferrari. hitting the brakes a little bit today. reported there grinning -- reported third-quarter earnings were below estimates. citigroup will continue to support the roles of chairman and chief operating officer. mike o'neil was replaced. and the most influential person in russia is not overly concerned about facebook and election meddling. bloomberg at an awards ceremony in mountain view, california. >> the challenges we are facing can be solved. human attention and occupational intelligence. actorse are always bad who are testing different pro

this is bloomberg. ♪ this is bloomberg markets.rookfield renewable partners is promising to sell $850 million in assets. that raises the question where will it deploy the cash. the first place to start is what this represents. >> today what we are seeing in the private markets is a very strong bid for high-quality renewables. portfolio ofll hydra acids in canada -- hydro assets in canada. if we can take the proceeds and redeploy them into created investments we will create value for our shareholders. that is consistent with the strategy we have had for 20 years. oftentimes the buyers are other asset managers who might have a lower return threshold area it could also be governments. we broadly marketed this and we saw all types. we had interest from all around the world. >> what creative projects are you talking about when you talk about where to deploy the cash? to reinvest the capital. if you look at the last five years, we have put together almost $4 billion out of equity. generally in that return threshold. we are targeting. for

this is bloomberg. ♪ >> this is bloomberg surveillance. that deputy prime minister might be open to revision of a budget criticized by the european union within those reports being denied. the commission is going to take its first step towards fighting the country of a dozen changes spending plans. we have more with our guests. talking about italian politics and the budget, specifically, but if you look at europe, if italy turns eurosceptic, is it done? >> it's done. how to keep this thing together? no leadership. merkel is gone. you have france in trouble right now. if you have one more domino fall, i think it's over. >> what will it take for italy to turn euroskeptic? >> i think they are going eurosceptic. but i think actually it will be a good thing. germany and france are entrenched in their position. they don't even work with their own electric. they need someone to rock the boat. you have to change the constitution but also vote on euro. it means that the next european elections don't yield any genuine change in the direction of euro

>> good morning from bloomberg's european headquarters in the city of london, this is bloomberg: daybreak europe. supply and demand concerns for crude cause the biggest drop in three years. theresa may strikes a brexit union.th the european parliament may threatened to vote it down. forers gets ready volatility with billions of dollars in market cap already wiped out this year. ♪ good morning. it is 6:00 a.m. in london. today,us is on london with a brexit deal being struck between u.k. and the e.u. will it get through parliament? a big jump yesterday. is the rally premature? can theresa may get the deal through u.k. parliament? crude is down 8/10 of a percent. the biggest drop in three years. oil, supply, demand, and president trump, causing concerns. let's take a look at how u.s. futures are performing. a little bit of a mixed session in asia. we are flat after losses in the u.s. session yesterday. let's get to the earnings. let me sum up for you what we have had. raising its net sales growth forecasted to 6%. that is the headline that came out of the bloomberg. this is in focus. 3.723 p

this is bloomberg. ♪ francine: "bloomberg surveillance.""bloomberg surveillance." dip in the bidht to cover ratio. italy's populist governments have failed for a new plan. not adget issue is question of decimal points. sitedow, and his agency mateo saying no new deficits would go toward the budget. we probably shouldn't call them deputies because they are actually in charge and run the show. how does this end? first of all, the market cares about decimal points. how does it end? that we are fact talking about decimal points it is almost insignificant. the first proposal was not designed to be accepted. we are seeing give-and-take. by the time we get to the middle of december, we will have reached a conclusion. i think both sides will have saved face and italy will give it up a bit and the european commission will not be too heavy-handed. iain: i think we will get to a situation where both people say they have won. francine: is this always going to be a problem? is and it is going to be a significant problem the next time italy goes into a r

this is "bloomberg markets."ith unprecedented wealth coming over a ten-year economic run, the world has changed pretty dramatically. guests.oined now by our definitely $38 billion in assets under management, jim. i understand one of the averages is $78 million with a floor of $50 million, correct? jim: that's right. vonnie: let's kick it off with the idea we are in an unprecedented bull run and have had a lot of wealth created. what is the primary goal your clients have with all this wealth when they come to you? jim: well, let me set this up a little bit. i think without it downing, we have three different types of clients. family,enerational which is a family that is going to have its wealth for a number of generations and will be passing along to children, grandchildren, as well as foundations and endowments. we also serve the family office market and foundations and endowments, which is an outsourced cio model that we use. on the family office and generational families, primarily it is tax efficiency. there h

this is bloomberg ♪ anna: this is bloomberg markets: european open.minutes to go before the start of the equity trading day. we are looking at unicredit. the italian banking sector. details from our equities team on oil stocks. and we are focusing on rocket internet. there. anna: what is the latest on the italian story? the sale is not really huge by their standards. they are still interested buyers. that is a positive for banks across the board. many of them are still trying to get rid of still large piles of bad loans. anna: we know that this new specifically broke before the end of trading yesterday. we will see whether there is for the reaction today. let's get from one sector to another. oil. what have you got? >> european oil stocks this morning, oil is crashing this month. putin same time, vladimir is supposed to meet the saudi enos aires and possibly agree to new curbs to the supply, which would raise the oil price. anna: and what they have to say this morning? annmarie: a slight beat. a pop of 1% or 2%. 196 euros for the nine-month period. if

nejra: this is bloomberg. ♪ nejra: this is "bloomberg best." continue our global tour of the week's top business stories at the same time as global were selling off early this week, cryptocurrencies were in steep decline. >> volatility returning to crypto. cryptocurrencies resumed their slump with a bitcoin falling below the $5,000 mark, following the split of one of the largest major tokens. is this all to do with regulation, more to come? >> regulation and enforcement should be good in the long-term, but markets are taking back the excess this last year. got to extreme. last week, it hit a key inflection point. the market, it is going to get more supply and that will not be good. a hard for king bitcoin cash, people don't understand it, that is the problem. >> the great cryptocurrency crash of 2018 is heading for its worst week yet. is there a shift in sentiment as a result of the drop? >> it is a led bath, a washout. we will see a lot of tourist capital if it hasn't already left. it will be leaving. there are these true believers and by very

this is bloomberg. ♪ >> this is bloomberg surveillance.are preparing for the bloomberg new economy forum. let's go to the bloomberg business flash. aylor: gains from technology investments and a solid performance from sprint. to ¥706g profits rose billion. speaking after the results, the said the mobile business will keep rising despite government pressure. undergoing one of its biggest management shakeups with the departure of its longtime chief executive. theas in charge of electronic payments company for come underut had increasing pressure for its performance. announcinghs will be fewer than 65 partners this week smallest in 20 years, when goldman was a private company. lobbying for promotions is less than in the past. francine: steve eisen has earmarked two british banks as targets. he will not say which banks he is shorting. about 50as a list of u.k. companies he may bet against the event jeremy corbyn becomes prime minister. joining us from london is the head of global multi-asset strategy at the jpmorgan -- at rajeev, thank you for

this is "bloomberg markets." here are the top stories we are covering from the bloomberg and around the world. talk of a tree do between the u.s. and china sending stocks soaring in asia. europe is still up. the u.s. is down now. the early cynics may have suggested the president was trying to talk about it as a way to get stocks rallied into midterms. if u.s. price action is anything to go by, it's not working. yes we are getting some wage inflation, topping 3%. should a december hike from the fed now be baked in? italy's pmi data shows the biggest slow down in four years. we will -- take you live to rome. let's go to the marked to show you what is going on. european markets are higher and the dax is leading the charge, up by .9%. it was up significantly more earlier on. the dax is probably the index with the most exposure to the result,conomy, and as a up by 1%. the auto sector, this is a trade the dax is leading the charge, up bystory, up by 2% today. european autos pricing in that rapprochement between the u.s

this is bloomberg. ♪ francine: this is "bloomberg surveillance."et's get to the business flash with taylor riggs. >> five consecutive quarters of contraction. joining the european firm that are closing the gap with their wall street peers. trading revenue jumped by 19% last quarter beating estimates and performing at the top of the global investment banks that have reported so far. what we have seen this -- [indiscernible] >> siemen's has put a positive spin on its outlook after making up for a loss with power operations. profit margints between 11% and 12% this financial year. the company plans to buy back 3 billion euros of shares. unicredit is lowering expectations for growth. an 850 million write-down on its stake. provisions included charges to settle allegations it violated economic sanctions against iran. italian lender lowered its forecast for revenue. tesla has appointed a new chairman of the board of directors. that is after a run-in with securities regulator cost elon musk the position he had held. position will leave her role as cfo and

this is bloomberg. ♪ this is bloomberg. ♪ ♪ i'm guye from london, johnson.i'm taylor riggs. this is bloomberg markets. time look at the biggest stories in the news right now. farming construction equipment deere reported fourth-quarter earnings missed estimates. the forecast for next year are lukewarm. tradeump administration's war with china is expected to weigh on american farmers. there is a signal that t-mobile's arguments over sprint is not winning over officials to approve the deal. t-mobile is telling regulators that the tie up could help them compete against at&t and verizon. was in september, t-mobile quickly building out a 5g network. that is your bloomberg business flash. guy: foot locker is having a really, really strong session. the best a sense may -- the best day since may. kailey leinz, what a performance. raise: we had a beach and from foot locker with really great sales. they were strong in a parallel positive in footwear for the first time in six quarters, and coming in strong -- and coming strong in europe. they are forecasted to be stron

this is bloomberg. ♪ guy: i am guy johnson. vonnie: this is bloomberg markets.berg new economy forum is underway in singapore. it brings together global leaders engaging in significant changes and challenges. we spoke with the mastercard ceo earlier specifically about their strategy for competing in china. we don't actually connect with the consumer directly. if i were able to offer it in china i would be a partner of this. right now the real problem is we are not even allowed to operate domestically in china. >> it is not outside china in the sense that alipay and we chat are expanding, i just saw them in tokyo. what they don't have is locally. mostly are people overseas in those countries and markets, banks have a pretty good digital offering and they are able to offer their own version of paypal. there are different kinds of players playing. >> do you not see those companies as a threat? >> i see them as a threat but only in china. i see everybody as a threat. it is always good. what i really see is an opportunity to work with them as constructive partners. w

to -- on your bloomberg.hepean volume is way down way you would normally expected to be. the blue line is an average day over the last 30 days. we are significantly below that level. the market up, sitting back, saying we do not quite understand how other investors are going to react to the midterms so what we will do is sit back and not put it a extra -- any extra money to work. these levels, i can show you is now in the market a holding pattern in advance of the midterms good the ftse is up, the dax is down. stocks have come up on the trade story which is given back some ground on both sides of the atlantic. we had a euphoric session in the backside of last week. paris finishing flat. let's see what the individual market moves look like in some of the individual names we are watching out for. trying to get a sense of what is coming out of this. this is the function on your bloomberg. chemical stocks have had a better day today. some of the battles and mining stocks are in the mix. this is a payment system b

taylor: this is bloomberg. ♪ taylor: this is "bloomberg best." i'm taylor riggs.et's continue with our global tour of the week's top business news with a look at some more earnings reports, starting with results from credit suisse. francine: credit suisse's turnaround is running out of steam, just as the bank enters the final stretch of its restructuring overhaul. now, revenue and net income missed estimates in the third quarter, and, of course, a lot of the banks are now asking questions about global markets, which posted an unexpected loss. >> what's happening in global markets is they have been very good at cutting the cost, cutting the risk without destroying the franchise. we are still number one in asset financing in the u.s., number 2 in average finance, still number 4, 5 in prime come in -- in prime, in cash equities. so we remain a very, very good place to invest. francine: so you will hit your targets? >> one year late. we said that in q2, a 10% return on capital in global markets. at that point it was too ambitious given the market conditions. >> hsbc c

get in touch at bloomberg tv. let's get a first word news update with debra mao karen debra: -- debra mao. years before goldman sachs arranged the bond deals now at the heart of a global corruption scandal, lloyd blankfein personally helped forge ties with malaysia and its new sovereign wealth fund of according to people with knowledge of the matter. both solomon and his predecessor have said the scandal was the work of a few rogue employees. goldman said it believes the proceeds from the debt sale or for a development project. a spokesman declined to comment. set for its longest stretch of declines on record after entering a bear market with investors awaiting a weekend -- meeting of opec and allies. futures in new york are slipping for a 10th day, extending a dramatic plunge that had prices down over 20% in five weeks. the oil slump has been exacerbated by a u.s. decision to allow eight countries to continue importing from iran. producer nations will weigh possible output cuts when they meet in abu dhabi sunday.

this is "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek."m jason kelly. carol: i am carol massar. you can also listen to us on the radio on sirius xm, and in new york, boston, washington, d.c. jason: and in london and on the bloomberg business app. carol: trade tensions remain on the rise, an exclusive saying u.s. officials are planning to announce tariffs on chinese exports if talks proved fruitless. jason: here is taylor riggs breaking down the billions of dollars of goods moving between the two countries. taylor: it is not dollar for dollar. we export to china a lot less than we import. i thought a terminal chart would do good. we have the u.s. exports to china, only $155 billion, versus imports, about $.5 trillion. we import a lot more. on thursday, president trump was tweeting about talking with the chinese president ahead of the g20 summit. saying, trade talks are going well, but we never know. carol: we never know, indeed. thanks so much. the question is when the rubber hits the road for the chinese economy. current tariffs are expect

this is bloomberg. ♪ francine: this is "bloomberg surveillance." am joined by martin sorrell the founder of -- and former and theecutive of wpp chairman of s4 capital. how are the last six months? surprising exit from wpp. >> they have been interesting. we have been our ups and downs. francine: any regrets? >> you always have regrets, whatever you do. it's natural. francine: do you have regrets over the last six months? >> obviously onset at what happened with wpp but we have made strides with s4 capital. embracing digital content, digital media, planning and buying. we have made our first initiative and we will be taking another initiative in digital media planning buying the recent -- very soon. francine: there are concerns about wpp in terms of revenue. you don't fill any responsibility? >> i was at it for 33 years, francine. it was one of our million shell products. we started with galveston, which we know -- the terrorist in -- we started the company, which we renamed s4 capital. i always feel responsible for everything, francine. when you bui

this is bloomberg. ♪ ♪ . >> good morning, major markets just opened for trade. >> good evening from bloomberg'sme. hong kong, in tuesday, technology general, apple supply under ressure today, reports of eakening demand for i've ones

this is bloomberg. ♪ s is bloomberg. ♪ tom: good morning. "bloomberg surveillance."he election. let's go first of all, what is the president's plan this morning? kevin: he has been locked in local battles with politicians spanning the geographic map. look no ford than florida. forwar than florida. that they are veering will mobilize the left to get to the , not and have a resurgence just in the house, but key senate states. tom: i want to talk about the general statement and a polarized movement. david wasserman with an important summary at the margin last night. two towards democrats, towards republicans. king, whobout steve is polarizing out of sioux falls. we can't restore our civilization with somebody else's babies and his travels to meet the far right european figures that made him a pariah in the house and enraged democrats. this is fascinating, kevin. what will happen to the verbal base, like congressman king, over the next five days? kevin: i'm trying to put this in context with a global audience. steve king is the steve bannon in the house of representative

this is bloomberg. ♪ this is bloomberg. ♪ ♪ anna: this is "bloomberg markets."london. i'm an edwards. if you are -- i anna edwards. -- i am anna edwards. if you are celebrating thanksgiving, congratulations to you. now singing ag is different tune about consultants that researched the company's opponents. she admits she received information about the social firmrk from a consulting that investigated george soros. joining me to unpack all of that is alex webb. --x, the global audience what has sheryl sandberg said in that announcement? alex: they really dug into some of the steps that they took from public relations, and there was one element that was controversial that they had hired a firm to dig up dirt on george soros. then the company essentially placed fake news into the system about george soros, saying he was launching a dirty campaign against facebook. the chief at the time said it was not true. they said the report was misleading and now she is saying from it transpired. she said they were doing it, but we did not ask him to do exactly that thing. frank

carol: welcome to bloomberg businessweek. jason: we are here at bloomberg headquarters in new york. carol: we have a special takeover on the new economy. we have to talk about china and india. we are exploring the challenges of growth as they advance. jason: the u.s. is raising the stakes. it is said to be premiering more tariffs on chinese imports. off, president is spending his final days on the defense, troubling to support republican candidates. jason: white house officials have all but given up, bracing to lose gop control of the house. >> there is anxiety at the white house. on staff it is a strong possibility democrats could take the house. hear,enario i most often may republicans control the house by a seat or two. scenario, they are aware of what that would mean for the second half of trump's term. me how this jives with what we are seeing with trump? shannon: the midterms gives people a good excuse to leave. move on to something else or get prepared for the candidates to be reelected. this administration has had an enormous amount of turnover. it is a handful of people who

this is bloomberg. ♪ >> this is "bloomberg surveillance." with your bloomberg business flash. the departure of carlos ghosn is likely to lead to changes in the nissan-reynold alliance. bloomberg learned that mason will try to create a more equitable partnership with a renault. the french automaker has more influence in any sense than nissan does in a renault. oil is heading for its seventh weekly loss to react futures were down in the new york. saudi arabia signaling that it's output may have reached a record. that is your bloomberg business flash. tom, francine. much,ne: thank you so taylor. spain is threatening to vote against a brexit deal. the nation has criticized during just to the accord on the issue of gibraltar, describing the move as treacherous. the british prime minister returns to brussels tomorrow for with thete talks wit the european commission president. we continue with our guests, gerry fowler and christian keller. with the fight going on in brussels, even if theresa may gets the deal through, she still needs to sell it to

jason: this is "bloomberg businessweek." ♪ carol: welcome back to "bloomberg businessweek." carol massar. jason: i'm jason kelly. join us for "bloomberg businessweek" every week on the -- every day on the radio from 2:00 to 5:00 wall street time. carol: and you can find us online on businessweek.com and our mobile app. jason: the cover story the results of the u.s. midterms. republicans held the senate but the dems take the house that means president trump will soon be on the receiving end of some pointed questions. something carol he didn't get much of from the g.o.p.-led congress. carol: it will be a different environment. orders backed up by subpoenas for officials to answer questions on controversial policies such as the dispatch of thousands of troops to the u.s.-mexican border. here's u.s. congressional reporter. >> congress has had subpoena powers from the teapot dome scandal but with republicans in 2015 -- carol: got ramped up a little bit? >> they added additional powers for the chairmen, the majority party, to make the decisions on their own and not many cases with

this is bloomberg. ♪ vonnie: this is "bloomberg markets.": stopped in shares jumping five consecutive quarters of contraction. genderrg spoke to stop stockgen'sjen -- ceo. >> we have seen very robust activity in the u.s. activity was subdued in europe. footprint to capture divides in the markets. that's why we are seeing this rebound. guy: meanwhile in frankfurt, commerce bank's cfo says they will not be 2020 revenue targets. the repository revenues coming through. unicredit was fascinating today. unicredit took a hit from its turkish operations, not italian operations. it was actually the turkish bank that provided a problem. joining us to discuss this is dan liefgreen out of milan. bank providing the problems here, but it doesn't seem as if unicredit is going to be backing off in any meaningful way from turkey. dan: that's right. in fact, the ceo made a point in the sizing that investment there is long-term. they would be willing eventually , if a capital increase were needed to contribute to that on a proportional basis. he said they were

this is bloomberg. ♪ matt: welcome back to bloomberg markets.e are 15 minutes away from the start of cash equity trading in europe. aramco's ambition is to become a leading global refiner and chemical maker. the oil giant aims to tap into areas of the industry were demand is growing fastest while also underpinning economic diversification in the kingdom. project plans for the next decade. the ceo and president spoke exclusively to bloomberg's in saudi arabia. >> demand is healthy. 1.3re looking at between and 1.4 for this year of additional demand. next year, it will be the same in terms of additional demand. we're crossing 100 million barrels. there is a lot of healthy demand. we are not looking only at oil. ,e looking also a gas and lng at chemicals. there is broad potential for saudi aramco as we are trying to balance upstream and downstream. a lot of growth potential. >> there is skepticism among investors about your ipo ambitions. it has been delayed a couple of times. 2020? 2021? is that firm, or could happen sooner? first of all, his roya

this is bloomberg. ♪ anna: welcome to "bloomberg markets: the european open."wards live european headquarters here in london. reasons to be thankful? asian stocks higher after a modest rebound on wall street. you are up point to a negative open. the u.k. prime minister plans a last-minute trip to finalize a brexitbr

on your bloomberg.d a question in from a viewer, which i will put to our guests here. pricese u.s. control oil because a control several million ballots -- barrels of swing iran supplies? lan on this. i was going to ask you about the role of the united states of weaker oil prices. the role of the u.s. has changed so much in the oil industry since the last time we saw a selloff in oil prices, hasn't it? any thoughts on the relationship between u.s. foreign-policy and oil. it isterms of a producer, a way bigger player now. that has significant implications. expectationso the of trumps influence on saudi arabia, for example, which seems to have changed expectations in terms of the supply outlook of the short term. the is one of the reasons for the correctional error. yeah. the fact that it is president trump and the market, he will do whatever it takes kind of thing. he's not afraid to be undiplomatic about getting what he wants. perhaps the markets are more sensitive of his policy influence than previous

this is "bloomberg." ♪ bloomberg. let's get the bloomberg business flash.ollars in the ipo of its domestic telecom operations next month. the company's founder is listing his cash cow to raise capital to keep making investments in text -- tech. japan's biggest mobile carrier plans to cut rates by 40%. close to a deal to buy at the in a health. it would tell you the covenant at about $5.5 billion. athena health provides is the services including billing for health care providers. christie's has kicked off a week of auctions. depicts thehat artist young lover could fetch 29.6 my in dollars. bloomberg has learned the was alessio ofr merrill lynch before its merger with bank of america. that is the bloomberg business flash. tom: thank you so much. can you bring up that painting again? fromoks like something sixth grade. $30 million. a shorter. francine: i actually like it. tom: franson, what can i say echo right now, single best chart. we're going to do this with jim glassman was forced at gunpoint read on rip van winkle. right now it is rip van powell. he is b

this is bloomberg. vonnie: just to reiterate some breaking news, with president trump saying he spoke with chinese president xi jinping on trade. he wrote this on twitter, that this -- the discussions are moving along nicely. we saw a rebound in the s&p 500, up 4/10 of 1%, but it is coming off those levels now. this is bloomberg. ♪ ♪ guy: live from london, i am guy johnson. vonnie: i am vonnie quinn. murdere fallout from the of the saudi critic jamal khashoggi is mounting for the crown prince. we are joined by libby cantrill. in terms of what this is going to mean in terms of saudi policy moving forward, how will this affect the vision 2030? how will it affect the aramco ipo? what we see economic impacts flowing from this story? that willisly story clearly affect the relationship between riyadh in washington. libby: as it relates to the administration's approach to saudi arabia, which i can speak to, there are two big implications here. one is just in terms of the administration not wanting to watch.0 o

this is bloomberg. ♪ a. this is bloomberg. ♪ haidi: very good morning.ng -- haidi stroud-watts in sydney. shery: i am shery ahn in new york. welcome to daybreak asia. haidi: our top stories, oil is in the spotlight as producers signal curbs on output. saudi arabia reducing exports starting next month. 10 years after lehman brothers, u.s. banks are still falling short on risk management. alibaba delivers

- flash ed by bloomberg.he said is he is emphasizing the amount of money china has taken out of the united states that saudi arabia is permitting. that requires a significant change in the relationship between china and the united states on trade, as well as a large number of other issues. aside, we areump seeing a bit of optimism creep into chinese stocks. it feels like authorities are having trouble halting the selloff. encouring more companies to do share buybacks. will that be enough to stem the rout? the time being, it is too little, too late. tax cuts,hina auto it was announced on the one hand, but we found nothing was going to happen in 2018. maybe something would happen in 2019. if you look at the shares of chinese automakers, each time they try to get back all the it hasn't stopped the market from falling. it's too little and not enough. manus: next, sanctions loom. can iran capitalized on the khashoggi affair? this is bloomberg. ♪ manus: with u.s. sanctions on iranian oil experts set to resume on th