you can say is it is been hammered with everything that is negative.he euro has hung in there. it is external surplus, it is large enough. it has created the buffer. you just need something small to turn positive. handou get that natural over from the fed tightening to the ecb tightening? that looks less likely. one thing we have seen over the last 14 or 15 years is 14 out of the last 15 years, we have see the one 20's. are we going to zoom higher? i doubt it. alan ruskin will be staying with us. a financial services m&a leader will break that down and discuss the potential car tariffs being lifted. we will get some insight as china is said to move on u.s. tariffs. this is bloomberg. ♪ this is bloomberg daybreak. the s&p down to percent yesterday. s&p futures up by about one point. getting a boost and holding on to that level. looking for more of tariffs, looking for clarity on that. european stocks participating in the risk on rally. president macron says i am going to lower taxes, not go through with the gas tax. the market seems to like it. we take

it is what is happening with the equity markets and it is not clear that the market is convinced thathere is a clear strategy for the u.s. government to negotiate with china, and if this comes on, it could have a meaningful impact on global growth. jonathan: to see that volume go into the front in the front end was stunning for me and stunning for a lot of people. there was a conclusion that so many people i've spoken to that basically said the move lower on the front end in terms of yields is limited. the reason being is essentially we have already priced out the fed. what are we doing down here when we already have such a dovish expectation for the fed? >> the dovish expectations with respect to the federal reserve, i think they are right. the bottom line is, in that part of the curve, there is a lot of expectation. with the yield curve this flat, you pick your spots. flight to quality is clearly in play. i think this is as much of you from investors that maybe the fed has gone too fast and too far with these eight rate hikes. greg: i think it is too much. the market has priced too

that is the pain trade. that is what it is bouncing off hardest.avid: let's look at this function for the s&p 500. this is year to date right now. there has been a perceived rotation from cyclicals into defensive's. is that done? : great done. i think we are three quarters of the way through that. health care looked cheaper. they were unloved. there has been a big rotation into them. i still think there is more downside to markets in q1. will be some lovely rallies in the cyclicals of central banks do what we need them to do. alix: it seems like this narrative that the second half of next year will be the rough part. and is causing margin pressure and outlook rusher. why -- outlook pressure. why are you optimistic? chris: we haven't finished the shakeout yet. what the market has been telling us -- alix: growth and momentum? chris: central banks need to change their stance. ecb can't stop qe. they are putting liquidity back into the market. we need the fed to change. bankst think the central of spoken enough and said we need more. they have begun. d

his ego is everything, what he is going to do is fight, fight, fight that is what is to act this way. >> if you look at the foster, fee has rudy jewel that a judge accepted his it has been a long time since he was a whatever it was that you pleaded guilty of or son victed on. as we now, as he is arguing for donald trump. stlmp that is how he cleaned up new york. he is trying to say, nobody died. it is quite rap about face for someone who was so strict. happy holidays, happy new year. >> tonight's last word is next. >> time for tonight's last word. associate supreme court court justice beginningberg is said to be resting comfortably. after removal of cancerous nods. she voted with the majority of the court to block asylum seekers. i was on the same flight from washington to new york city, now we know why she was traveling. if you are curious, she seemed well. walked on the plane, off the plane on her own. spent the entire time working, today, as yesterday, is justice gingberg, would you like anything to drink, she ordered coffee. that is tonight's last word. >> we are live from nbc new

there is no question that it is there today, whether it is through satellites, gps.o we live our lives today? we live a lot of it through the capability in the skies. that is an area where it is important we have a degree of control and we have certainty, so there is a space element to this, but all aspects, land, sea, and air are under constant evolution and constant development, and we have to both respect that and help lead that process. francine: you have a number of positions for a different number of companies. which is the one that you have liked the most? sir roger: that is like asking which children do you love the most? [laughter] sir roger: i have enjoyed really all of the roles. i have been very fortunate. i have had some really interesting roles and they have been very different. that is why it is not possible to pick one. the bank of england was a particular experience. i was the deputy chairman in the period of the world financial crisis and i saw very able people working under incredible pressure to deliver a result where there was no blueprint. fasci

it is an extension of the school playground this is a very important. the site is -- any shadow cast on this would be a significant adverse impact on the community. please do not approve this project. thank you. >> thank you. >> next speaker, please. >> good morning, commissioners. my name is jean. i am here to highlight the negative shadow impacts and they strongly oppose the proposed project on the site that would have on the park. soma continues to have the least amount of parks and open space per capita out with only 12-foot full-sized parks. and then it serves as a key element in some of our f. no tours that i host at least twice a month. it will affect the daily use among seniors, families, children, and folks who live in the south of market. it is a crucial part of honoring our history and especially victor victoria -- victoria manolo graves. the shadow will negatively disrupt our interactive tour activities at the park and daily use by summer residents, families and workers in incidents of the carmichael. think about the shadows during standard

this is bloomberg. ♪ is is bloomberg. ♪ selling we have markets off. is just off the session lows, up by 1.9%. onare keeping a close eye movement in d.c., particularly major moves inside the trump administration with high-profile changes. we are joined now by kevin cirilli, who is live in our d.c. bureau. let's start with the attorney general, because there has been a temporary attorney general that has been named by the president, said to be loyal to him but now president trump has named his nomination. kevin: matt whitaker is controversial, to say the least. president trump will nominate william barr to be his new attorney general. he previously served in former president george h.w. bush's administration. i was looking into some comments mr. barr had made about the mueller investigation, and the washington post a couple of months ago, he said he had a couple of problems with appointees in the mueller pro, having previously made political donations to democrats. he wants to see the mueller investigation remain impartial. while he is facing a confirma

that is why the eu is pushing to make a few cuts. the other part of the problem it is not very clear if this project is progrowth. it is not generating more revenue for the economy. let's talk about what is going on stateside. president trump is beset by the lyrical and legal setbacks. the question of the day is, which asset is most vulnerable for president trump? to news about president trump, because it could be bad or good, but which assets could be on the news -- on the move? some point this will probably be a big issue for markets, but many times we have moved on quickly from the headlines with trump. people think it will be an equity story. at some point it raises the risk aversion. for the short-term reaction. more sustained reaction we are still not seen yet. -- seeing yet. expect to seeyou from jerome powell, given the huge names that are predicting from goodlatte to paul tudor that there will be no moves in 2019? think it is a fascinating meeting. jerome powell has excellent communication in meetings. i think he will emphas

everything he says is true, why is what he is legend a criminal offense?emember the facts of the story are undisputed, two women approach donald trump and threatened to ruin his career and ruin his family if he does not give them money. that sounds like a classic case of extortion. but for whatever reason trump caves to it and directs michael cohen to pay the ransom. now more than two years later trump is a felon for doing this. it does not seem to make any sense. oh, but you are not a federal prosecutor on a political machine. if you were a federal prosecutor on a political machine, you would construe those extortion payments as campaign contributions. you do this even though the money in question did not come from or go to donald trump's presidential campaign. they knew would claim that trump and michael coyne violated campaign finance law because they did not publicly disclose those payments. despite the fact that disclosing them would nullify the reason for making them in the first place which was to keep the whole thing secret. that is the argument yo

it is so nice to meet you. is this mum over your question is this mum over here. the president, the ex—president getting out to meet people. he lives about a mile away from our studios in washington and he pops up occasionally in the city and people like seeing him and he is part of the community. i have been criticised for wearing a black shirt thatis criticised for wearing a black shirt that is not festive enough. our editor kate saying it is not showing enough of the festive season. so in honour of the festive season i have decorated my desk here in washington. tastefully. kate will not like that. i will have to hold it up. this is for christmas. it is not quite christian fraser's christmas tree which he decorated and sent loads of photos around on twitter. he broke the star on top and he had to fix it for christmas. what else do you expect from him? that is very beautiful, very festive indeed. i hope you have a fabulous time away. give a very manly hug to your husband from me for christmas. thank you very much indeed. can i say to the 18,577,000 people who wro

is this week is different? actually seeing what the trump brand of disruption actually means. for a lot of people it is disconcerting at best. we're seeing it both in the national security front with general mattis's departure, mcgurk's departure and pretty, a pretty difficult decision, vis-a-vis syria. we're seeing it on the economy with the stock market really taking a nosedive. and it is not just this week not this week happening. there is negative trend conversing what happened in china. that all began with the trade war. we're beginning to see some of the impact of chaos. it is, it is disconcerting. i agree with katie we do have a tendency to take a look at a week, look at a snapshot in time try to extrapolate what it means. we should caution against that. the problem is, every week is chaotic, and every week feels disconcerting this one particularly bad. and but that accumulation is having a real impact on both politics an policy. chris: we have had other shut downs, bad weeks or even bad months in the st

>> it is -- the allegation is not that it is his money, there is allegations that he move money aroundrom various schemes. >> tucker: you are allowed to do that too. you are allowed to hide the payments. is that a crime now?? because it is your money? >> that is a violation -- a clear violation of campaign finance law. >> tucker: i will let you speak, we are in campaign v finance law that taking money that is not from your political campaign to respond to an extortion attempt to pay off your girlfriend or pay the gardener, pay anybody, why is that a felony? where does it say that?ri >> campaign finance law, i will not quote to the section in verse, i do not know it off the top of my head. campaign finance law clearly states that any money spent for campaign purposes specifically by people other than the candidate must be disclosed. >> tucker: why is that it campaign purpose? >> the president and michael cohen when clearly set up the scheme so that other people could pay these women off on behalf of donald trump while he was running for president and the allocations within his campaign

is a day wheres everything is just a sea of red. >> it is, indeed.ok at the you can see a lot of red, obviously. real estate and consumer staples, telecoms, utilities, which are normally defensive sectors, are down. there is not a lot of bright red. you don't see anyone getting crushed. sectors are down more than 1%. financials, consumer discretionary's, and i.t.. tech stocks are going to hit the hardest. as maybeot look as bad it could. they are falling further and further into this market open. nna: there is an indication of where sentiment is right now. let's have a look at the screens. at the biggest movers on the stoxx 600. they are not particularly linked on the upside. they are very risk off. let's go to the downside. we have a big mover. we have a few of those companies that have been on the move already this week. st micro was one of the biggest losers. we did have some negative read across them from the arrest of the cfo of wall way. you have semiconductor stocks. we are looking out for any connection. matt european markets are down and fal

that is an uncertain few of what is happening.on, the russian trawler farms, the connection between wiki lakes and people close to his campaign meeting in trump tower, but what was interesting about some of michael cohen's revelations last week was that from wanted to build our hotel in moscow through the campaign, even though he said he wasn't doing it. when trump flies, you can find him in the light, it is a sign of what he is worried about covering up. the washington post came up with a new category, there are one, two, three, four star pinocchio is, then a bottomless pinocchio. so alive that there is no relationship to fact checking. he is the only holder of the bottomless pinocchio. we are talking about the leader of one of the most important countries in the world, terrible. adam schiff, the incoming chairof world, terrible. adam schiff, the incoming chair of the house intelligence committee, says he will follow the money, go after tax returns, go after deutsche bank. there was always thought that money—laundering going on.

it is a daily story. what is the latest? >> it is a moving target and every day seems to change. question is can the eu help prime minister may. that is uncertain. they said this is our deal. we signed it. we can say we will show commitment. we aretry and say prepared to move march 29. minister may'sme end, it is changing day-to-day. waiting for some kind of rescue option. take a look at the pound. they seem to be easing up on these no deal pets, but do you think there under pricing the of all outos -- chaos now? volatility isied the highest since 2016. >> what the volatility is pricing in is a 72% chance and the next six months that cable will trade between 1.16 and 1.41. they are saying it is a wide range and we don't know which way it will go, but we are prepared for large movements. whether people are long or short , i think mostns can be seen in the implied volatility where markets saying we are prepared for a wide swing in the next six months. david: the other angle as well. thatve sources telling us eu officials are waiting for theresa may tell them what she needs. could t

eddy is here, shah gilani is here, and elizabeth macdonald is here ash is over in london.with the brits. china reportedly preparing to increase access for foreign companies doing business in china. eddy is that what's driving this market so strongly higher? >> absolutely without question the future direction of this market has everything to do with china and fed nothing to do with earnings or anything at this point and time and until clarity i would not take confidence in this volatility continue to swing that it has been until there's clarity on trade and hopefully it happens sooner than later if not my concern for next year -- is that slowdown overseas will start spilling over to here in the u.s. >> but for now progress on trade market is up. huge for the market. got it how about that no confidence vote on prime minister theresa may she faces this no confidence vote i think literally three and a half hours away. shah gilani does that vote one way or the other move the market? >> i think so move the british market and move european stocks i think if there's a no vote no v

what is your going about this is all stick. we are going to regulate this, pass this law, criminalize this, do this and that. this gentleman says it is complaint driven. that is nice. complaint driven. anybody go to the vehicle dwellers and say the neighbors have a concern about this behavior. if you don't correct it, we are going to have to regulate the street. scent that reasonable and -- isn't that reasonable? isn't that humanitarian? no, not this city. this city has a mayor that says we are going to throw you in jail, run you off, throw your things in the trash. you act like people have an option. this commission member i asked why is this taking so long? let's go back to the super bowl 15 days. pier 80 was open. within four days they had justin her man swept, the embarcadero swept the mission swept. they put them in pier 80. it is political will: i will leave you with this thought. there is say federal ruling out of idaho. you cannot evict homeless people unless you can provide a shelter space. they were talking about home

so i just think it is really a reaction to what i think is the reality which is the economy is going okay but earnings i think are going to decelerate and i think it is going to be slower growth going forward >> and, you know, we should offer some context here which is that today's market we lost half of what we gained in six days. >> exactly >> it did seem to come out of nowhere given the news of what we had talk about financials though they did get hit very hard today. some of the names making big moves. citi group all dropping 4% or more bank of america ceo telling frost earlier today that he isn't too worried about the market swings and warning signs from the bond market >> we feel very good about the u.s. economy the predictions will slow a little bit under that is a strong growth rate that we feel very strong about. unemployment, wage growths, all of the factors are very strong including small business enthusiasm that we just put out the other day. >> i have a feeling i know where you're going to fall in response to the excellentcomments >> there is a lot of disruptive innovati

what that is saying is that there is a mismatch in policy. we want to fix that policy, which does not seem like we will do that, we will have these bumpy roads. whether we accelerate to the downside, we look at kew levels and try not to anticipate. levelsvel for us -- q and try not to anticipate. that level for us, if it goes below that, we will be more concerned. lost anticipating stuff happening rather than waiting for to happen. caroline: all right peter borish of quad group, thank you. this is bloomberg. ♪ ♪ place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. mark: i am mark crumpton with bloomberg's first word news. u.s. senators are considering multiple pieces of legislation to formally rebuke saudi arabia for the slaying of jamal khashoggi. bob corker says senators are looking at moving three measures, a resolution to

and that is as simple as it is.e focus on the seven level, but we think we will be below that by the end of the year. yvonne: hm. rishaad: stick around. still to come, looking at more on the wild ride on wall street, the s&p 500 pulling up its biggest reversal since 2010. and we will discuss what is driving the atmosphere out there. yvonne: 865 point swing on the dow yesterday. and you can join the conversation, send us instant messages during our shows on tv< go>. this is bloomberg. yvonne: ok, take a look at the live pictures out of hong kong. looking sunny, but the temperatures are dropping today. and the asia-pacific, we are lower here across the region. that is a reversal in u.s. stocks not carrying through here today. japan with a nearly 4% gain yesterday. rishaad: let's talk more on this. we have our guest, head of fic strategies, standard chartered bank. before i get to this, take a look at what is happening with the u.s. economy. we have consumption at the moment holding up -- just. we have pmi looking stro

there is friday that is not a big deal.makes its move sunday night into monday. 50s on the temperatures near 60 for some. this morning, we get a break through friday. it might get a little bit of rain sunday night and monday. >>> 6:21 is that time. package thieves are getting creative and why was a little girl used to pull off the crime ? >>> preserving net neutrality in the last minute deadline conversations to save the groundbreaking legislation. >>> we want to show you a reminder that everything may be bigger in texas. drivers avoided colliding with this on a houston freeway. look how big it is. it all off the truck. they are driving right by because this is the third one reported on the freeway. michael vasquez! come over here. i've heard such good things about you, your company. well, i wouldn't have done any of it without you. without this place. this is for you. michael, you didn't have to... and, we're going to need some help with the rest. you've worked so hard to achieve so much. perhaps it's time to partner with

is steady.ith opec in the example, you have 28 billion barrel build year on year. 20 million of that has come from iran. it comes down to the distilling down to country level and tank level, to be able to look at where are the draws and where are the bills? -- the builds? that is the interesting thing we have seen in the past few months. going back to the fall around september, we were looking at an incremental continued build. there is a big delta that is developing here from a latency effect. you can either trade off of that well or have an exposure. we have seen that pattern, these divergent builds versus draws and to be able to help people distill that down. alix: does a 1.2 million barrel per day cut next year do it? andy: that is the important question. you had opec cut by 1.2 million barrels per day. you have other things going on as well. on the negative side, there are headwinds regarding demand. worries with threat of trade wars, how robust is emerging-market country demand? stronger d

uma: here is what is happening. u.s. judges are pushing back against justice department efforts to halt lawsuits involving the trump administration during the partial government shutdown, now in its sixth day. the agency is arguing in court are loggers for the u.s. barred from working even as volunteers while the government is shut down for business. in other news, iraqi lawmakers citizen leaveu.s. their country. the president surprised and -- visit isolation a violation of sovereignty. roughly 5000 u.s. service members are stationed in iraq as part of the coalition against islamic state. russia is saying it can overcome any missile defense. hypersonic flight vehicle lies 27 times faster than the speed of sound, making it impossible to intercept. vladimir putin believes it will guarantee russia's security for decades to come. a wide-ranging overhaul of top government posts. that move comes after the international fallout over the murder of jamal khashoggi nearly three months ago. the king and his son have come under inte

whether it is back page, whether it is financial crisis. it is important. it is very rarely on whatever today's headline was but it can , move billions of dollars and have a major impact on our society. >> so three oversight experts. their contact information is in your packet. make sure you take advantage of them. thank you justin, andy, and austin. [applause] [captions copyright national cable satellite corp. 2018] [captioning performed by the national captioning institute, which is responsible for its captioning content and accuracy. visit ncicap.org.] c-span's washington journal's live every day with news and policy issues that impact you. sunday morning, bbc washington correspondent gary o'donoghue and elegy coups and discuss up people in britain and france. we will about the 50th anniversary of the apollo eight mission and the first-ever orbit with robert courson, author of " rocket man." c-span'so watch washington journal. join the discussion. announcer: money run. for several federal agencies this coming friday, unless congress passes legislation. o

that is what this is about.indicated, often after shutdowns are over, the congress and white house do the ande thing -- right thing provide retroactive conversation to employees. it is not guaranteed. it always could be changed. it might not happen. so, what we are trying to do is make sure that as federal employees watch the spectacle on capitol hill, and they are thinking about joining their families for christmas or other things over the holidays, that they don't have to have the uncertainty about it there is a government shutdown. whether or not they are going to get a paycheck to pay off the bills that will stack up over that until of time. period ofver that time. let's make sure federal employees don't have to pay the penalty for dysfunction in washington. of the other uncertainties is when legislators themselves will join families for the holiday break. that could be determined on the first day of the shutdown. bill scanlon and craig kaplan from our producers talk about the events of today, at noon, the s

the law is what is taking a.” citizen, is governed by the law. the law is what is taking a.s different from resolutions of the house of commons, 0k? the law of the land is taking us to the 29th of march to leave the eu. yes. there is at the moment no agreement with the european union and the european union has made it perfectly clear that what is on offer is not changing or getting any better. yes. therefore, we are leaving. as long as the law doesn‘t change. whoever heads the government has a critical role in whether they will be complicit in changing the law and altering the path to the 29th of march. so you don't want the path to be altered, you want to leave without the deal? she was dead right, no deal is better than a bad deal. when i chaired the foreign affa i rs deal. when i chaired the foreign affairs committee, we looked at the implications of no deal.” understand. what is important is we have got to stop project catastrophe. i had some talking yesterday about economic armageddon if it happens. i‘ve no idea who it was but it was in the media and you‘ve got to chall

of course donald trump is saying it is nancy pelosi who is not cooperating. saying, how much leverage is the president going to have at this point? one commentator said the 2020 election begins now and they are that that this is his view. rishaad: let's get back to jim mccafferty. what do you make of the situation, it could have economic ramifications. we will probably some material impact of the trade war in the next two months. have financial conditions going off and economic lift and wti on the way down. in capital goods orders also falling. pmihe positive side, good and personal consumption holding up. is the fed getting it right? jim: the fed has a number of objectives. is it damaging the economy ultimately? jim: it depends on the metrics and traditional rhetoric, on both objectives it is doing ok. from a fed point of view, the stock market is quite an important influence on consumption activity. so much of u.s. wealth is held in stocks through individual pension plans. i think the value of the stock market is something the central banks around the world

at the moment, it is domestic political chaos, it is not at all clear what parliament will approve, isprove, what are the alternatives? the other bit we are going to see is a sort of step up in the planning for no—deal, so the prime minister, in a statement yesterday, said she was going off to brussels to see whether she could issue —— she could get more assurances about the temporary nature of the backstop, but she said the cabinet would step up its no—deal planning, so maybe our christmas present will be a lot more of those scary to medication from government, what we have to do to get ready for that. as much as we have heard some politicians say, well, look, if needs be, it is a no—deal brexit, we have probably heard from more politicians saying there is no consensus around no—deal, so if theresa may cannot come back with something that a majority of mps will back, and if there isn't a consensus for no deal either, what could happen? the problem is that eu law in triggering article 50, and in uk law, the d efa u lts article 50, and in uk law, the defaults are for exiting in march, s

that is not what this is about. it is about making this available to people saying that this is affecting your own self interest and get them educated. samuel: as individuals, all of us are involved in having this discussion around policy. as individuals and not as cri. world, ourlobalized small and medium-sized companies engaged in cross-border commerce, more or less vulnerable as a result of doing that and to stretch the water metaphor a little further, some of the water is saltier -- [laughter] ajay: i don't know if you can generalize if cross-border commerce makes a business more vulnerable than domestic. this works, they use ai and robotics to probe where the weakest link is. the weakest link. there is no discrimination in that methodology yet. yet. it will change. --this young man's challenge to this young man's question, as of now it has not. as sam said a little while ago, we want these tools and processes to be available globally. a lot of us are interconnected. to think you can create a border. that will b

something is wrong, it is wrong.my: what gives you hope, , nnio bassey? >> my hope is in the people. because where are the politicians are having a difficulty coming to agreement, people in the streets, people in thingy all agree this must be taken head-on. in 2010 -- this is 70 years. to respecthope that the rights of mother earth, the rights of nature. the planet is resilient, but we just can't take it for granted. amy: nnimmo bassey is a nigerian environmental activist and the director of the health of mother earth foundation. he is the author of several books, including "oil politics: echoes of ecological wars" and "to cook a continent: destructive extraction and climate crisis in africa." when we come back, fossil-free costa rica? we will speak with activist monica araya about the plan to become the first decolonize the economy in the world. stay with us. ♪ [music break] amy: william onyeabor, "heaven and hell." this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. we are broadcast

it is really nothing. >> it is not about the money. this is a symbolic fight where president trump is trying to show his face, i have not forgot about you. i'm in there fighting. i'm willing to shut down because i believe in border security. the democrats are playing to their base. the pain will be ratcheted up so much, it could go on for three weeks, three months, that can't happen. so they will go mount with a paperworks over compromise. but it is not like the government is going bankrupt, you are right, the democrats have some responsibility to show that they are not just going to be in the opposition camp, and the president has to show that he will be able to govern. >> how he makes a good point, we have heard from the president's, not the complete numbers, but the acting chief of staff mulvaney went back to them what the numbers, we have yet to hear from government leadership if they are willing to take this to enough of a compromise, the only thing that we have heard from democrat leadership on the 24th was blaming the president

guest: that is, um, that is true. and the reason being is that the ways technology helps the wealthy, there are just more of them. it is not like a grand conspiracy or anything. but simply speaking, people who are wealthier can deploy more technology. multiply their abilities more than people who do not having come. likewise, if you are a business owner and you implement the technology across your enterprise, then you get the benefits of 100 people, 1000, 10,000 people more productive. and those are just simply byproducts of how technology works. the technology really only helps the non-rich in a couple of ways that are meaningful. we all have the internet. i don't know what price most people would take for never using the internet again, but $1 million., technology is worth that much of that person. that is a new thing and their life. that helps everybody. and the fact that, you know, every car you buy now is better than the car you bought 30 years ago, your television is better. so, technology really only helps are

that is the only spot. every thing else is fantastic. there is no problem.ng us. we are out of time. you can get a roundup of stories you need to know about to get your day going. tvomberg subscribers go to on their terminals. it is available on our app. you can customize your settings so you only get the news you care about. this is bloomberg. ♪ paul: this is daybreak asia. i am paul allen in sydney. shery: let's get a check of the market this friday. sophie is in hong kong looking at some of the stocks we should be watching. onhie: we are keeping an eye suppliers across the region. japan is planning to exclude huawei from government use. the attack sank 6%. we saw suppliers for huawei slide in hong kong and shanghai. down nearly 6%. china saw a tumble of 13% in hong kong. we are keeping an ion chinese drugmakers. drugs cut prices by 45%. saying see no biofarma will be one of the most impacted. biofarma has said two of its products have fallen 16%. we have taiwanese november trade do out and a slew of data throughout the region, including china. get a

it is less than 1% additional shadow. this is .34. there is no reason for you guys to deny the additional housing that would be added to this location. further, on behalf of the parks department, they would want to have additional families who would use the park more often. having the building across there -- ther there -- >> next speakers, please. >> i just want to say a couple of things just from experience. i have been in the neighbourhood since 1989. one of the things i liked about how this was, -- you don't see too much sunlight. there are not many parks. number two, the sun, it is important for the kids. when i first started to work in the area, in the neighbourhood, they played basketball. they were in vacant lots. the vacant lots are no longer there. they are housing. we do need housing. there are other places to put the housing. put the housing in treasure island. you know. we have to preserve and protect the shadowing. i urge you guys to keep that in mind. it is one of the few places that has sun in the city. >> thank you. >

my big question is is this fundamental? peggy: i think a lot of it is sentiment. there are trying to look at the political risk. we have a potential government shutdown. we have trade worries with china and the u.s. and political risks are hard to trace. you can't really look at data. we are going into the end of the year. this is a time when a lot of people take gains or losses going into it. there are a lot of headwinds on the market. lisa: i do want to get to the fundamental. when you look at what companies are spending money on, it's to buy back shares, it is not reinvesting in their businesses. we see capital investment decline. could there be more of a problem? mike: they are looking at several years. you would say that. there has not been a lot of additional investment that would boost the economy in the out years. the coincidence and future indicators suggest strengthening the economy going forward. if you look at the isn's and manufacturing, that's a good indicator of growth. they are at very high levels. there is a suggestion that going into 2019, growth

it is not a slamdunk. >> it is not. it is early days.eally used to watching sports this way. but we all kind of know it is the future. any timeline or anything on this in terms of getting this done? have to wrap this whole process up pretty soon with the regional sports networks in general. this is one of the things they have to do. carol: certainly going to be fascinating. i love watching what is going on in terms of the content. thank you so much. he is managing editor for company news and the americas here at bloomberg news. we also want to get a check on the markets. because wech that are seeing a rally. right now it is time for a check on your first word news. this is bloomberg. uma: carol, thank you. i am uma pemmaraju. the fallout continues in egypt after a bomb exploded and strikes a bus filled with tourists. two people have been killed with another 12 injured. this is the first attack in egypt targeting tourists in almost two years. all this happening at a time when the tourism industry has shown signs of recovery. some federal

is happening and that is a problem. the good news is, i think people are starting to wake up to it and the leadership of the organizations and individuals represented here among our witnesses is a major reason -- major reason for that. we will continue to focus on and i fully intend to be the chairman for this committee again. we'll see if that happens, i hope it does. i will continue to focus on these issues and we certainly want the expertise represented here to remain engaged. as you said, mister goodwin, you are taking action, we need to start taking action and we are going to get there and we will keep pressing. i want to mention, with regard to the hearing, the record will remain open for the next two weeks and during this time senators may submit additional questions to all of the witnesses. for the record, i am upon receipt of these questions and we respectfully ask the witnesses to give their written answers to the committees as soon as possible. i would like to thank the witnesses were appearing today, specifi

it is small. 4096 of our trade is with the european unionm is 496 trade is with the european unionm isthe european unionm is 496 of our gdp. when you're talking about trade you have to compare what the eu offers with what others offer —— 12% of our gdp. compare what the eu offers with what others offer -- 1296 of our gdp. we don't pay to trade with united states or china or india or anywhere else. that is if you do. that is where the growth is in the world. you don't know that, but what we do know, what we do know is that if the british government can't make a deal with the eu and march 29, the deadline comes along, and were crashed out without a deal, it will have an extraordinarily deleterious damaging effect on the uk economy. have an extraordinarily deleterious damaging effect on the uk economylj damaging effect on the uk economy.” have to say why. we trade with the rest of the world on world trade organization rest of the world on world trade 0rganization terms. there are 164 countries, 90% of the world ‘s trade is on world trade organization terms, that is a legal framework desig

is there a compromise as to what this wall is? prototypetiful structure that is going up on the southern border. it is a way to save face, for democrats to say, we are stronger on border security. republicans and democrats agree this is not the most effective structure to protect the borders, so if the president calls it a fence, there has been a note -- money appropriated for a fence. it comes down to semantics and where this money comes from, which part of the government. sarah huckabee sanders suggested they could reprogram this money and get money toward the border security that they say is being used for a wall. david: what about technology? there are ways to have a virtual wall that may be more effective. .nna: it is not just democrats an interesting member of congress to watch is will heard from texas. he has the most amount of border in his district and he says a wall is a fourth century technology that will not be effective to keep out drugs and people. he has advocated for a smart wall, which he is calling technology tha

the ceo is saying, if there is a problem, fix it now. so she is trying to get out in front of this problem rather than letting it fester. inahead of the g 20 summit buenos aires, president trump saying he is pushing forward with plans to increase tariffs on $200 billion worth of goods. his flagging duties on all remaining imports from china if negotiations with president xi jinping fail. are days way from g20, will this impact the talks there? >> no. i think president trump wants to inject an air of uncertainty. he always likes to take the approach he is unpredictable. so he is going to keep his chinese adversaries guessing. as well as people within his own administration. this is the way he operates. when you have the president of the united states saying he is prepared to slap 25% tariffs on chinese imports, you would think the markets would be in a meltdown and they are not. and i think they are beginning to discount this rhetoric. >> apple shares moved sharply down yesterday after president trump said in an interview with the wall st

this is bloomberg. next. this is bloomberg. jason: you're watching balance of power on bloomberg television. i'm jason kelly. time now for -- emma. here is what is happening, mick mulvaney saying no active end partial to government shutdown taking reporters at the white house, indicating he doesn't expect talks to resume until democrats officially take ontrol of the house on january 3rd. > for example, has been open all week, it will be closed fter new year's, shutdown does look different under current administration. indiscernible] -- make it hard on people. adding "everyone grees the u.s. needs a steel barrier along it's southern border." other news, top house democrats all evidence related to the death of two children at customs preserved.ol kuft me guatemalan boy died as a he had , officials say the flu. another guatemalan child died 8th.on december both deaths are under investigation. committee chairs saying today hey want access to medical records, logs of health and welfare checks and surveillance ideo from the holding f

caroline: why is two to bring many when the consumer is still the consumer is still strong and thereplenty of buoyancy? naeem: we are taking their liquidity out of the system by increasing the interest rate. now you have to balance the two-year so if we get one interest rate hike next year we are talking about five hikes over the space of two years. caroline: then we have some sort of normalization in comparison were.re we were. is it a necessary step? naeem: normal steps in an unprecedented era steps in an unprecedented era, because the market is used to seeing this quantitative easing, used to the fed coming into the market. this is bloomberg. ♪ ♪ caroline: i'm caroline hyde in london. tom keene and francine lacqua are off. rise to thedramatic highest $18,500, that coin has plunged to $4000 -- bitcoin has plunged to $4000 in the span of a year. they believe the long-term prospect is brighter than ever. on crypto his take here it where does crypto go? is it a full errands to find out where we might go? naeem: if you are a speculator, yes. if you are a believer in the technology, no.

connell: kevin is in the erin gibbs plant. probability is zero is pretty low. many people would disagree with that. we have market trading down. are we pricing in a different probability? what is your take? >> i think the probability is significantly higher. i think when you look at the market, the markets are telling you there is a problem. we know they never announce themselves so what i would expect to see, i would expect a recession. if you want to by me a bet on zero i will take all he wants. there is a lot of issues here including rising wages and rates are going to rise no matter what the fed says today, they're signaling there's a problem. connell: let me ask you about stocks in particular, todd. the idea of rallying into the end of the year, it has become this annual thing. there are numbers to back it up. usually the market rallies towards the end of one year and first couple trading days of a new year. average gain of 1.3% over that seven seg time frame. is that something in the near term that as we selloff? we in some measures are oversold, right? >

it is worth noting it is a broader trend.g increasingly under more scrutiny. shery: thank you so much. let's get a quick check of the latest business flash headlines. new york city has become the first place in the u.s. to set up minimum wage for lyft and ube r drivers, marking the first time lawmakers had imposed salary rules on ride-hailing companies. it is slightly above the $15 minimum wage the city requires all employers to offer by the end of next year. paul: fedex and ups shares they faceter underappreciated threats from amazon air. estimates for revenue growth and cash flow was cut. an analyst expects domestic volume to shrink by 2% to 3% on amazon air's early rollout. tesla? - -closed-esla has $920 million of debt. level,es stay above that tesla could meet its obligation with stocks instead of cash. the stock has been firm since tesla posted is largest profits last quarter. paul: qualcomm unveiled new chips that they say will run many new phones next year. it includes a process to link to wireless networks. upgrade t

she is who she is.d social media which she get as tremendous amount of you know what for. they look at her husband and his twitter record. it is important clause. she clearly asked him to pull back on that. they have their debate. it is especially important club especially for kids. brian: after she blew out the deputy national security advisor i sense in 2019 you will hear a lot more from her. we heard so much in the close. talk about something is really exciting you have a brand new podcast to launch today. >> i started listening to a lot of podcasts in the past year. i think it's a great thing to do, when you run or do exercise. almost in away, like it is kind of like radio. you sort of want to tune in, listen. it is a pace that is different than the frenetic pace we live in. what we try to do on the "the untold story." dig into a story you don't hear from people our viewers are really familiar with. first is general petraeus, who was shot early on his military career. his life was saved by general j

the reason we have recessions is breaking it. that is what the market is worried about. it is the principal reason we have had the most recessions in the last 100 years it gets very nervous we have seen this before you'll raise rates too much. something will break and we'll have a recession i hope he gets it and we'll see it walk it back and the market could rally if we do >> all right thank you. good point >>> we are seeing a turn around. we are at session highs for the dow. only down 196. we were down 611 points. the s&p was down 2.6% earlier. we are down less than a percent. >> you have been there with the market >> yes >> if you want to thank that we'll have more on this market move and whether we can trust the turn around. bottom line is didn't add to the 5% joins, what to do with all of that >>> we have a line up of key wall street voices dan tells us why there could be a rally in the final trading days of the year >>> and scott black explains why he doesn't see any value plays in the market. we are back in a couple of minutes. i've always been amazed by what's nex

it is the way it is now.washington and we are live from the new york stock exchange on all of this coming up. while the mood has been dour certainly on wall street, one bright, retail sales. 'tis the season for that and they have been on a tear with just four shopping days until christmas. we'll have the very latest on that front as well. >>> president trump today saying the democrats now own the shutdown. that is how he sees it. we'll talk to our political panel coming up, to see how they see it. the dow is down 210 points after being up 350 plus points earlier today. i don't mean to laugh, gerri willis. this is the way it goes, you get plenty of green and red all in the same day. >> that's right, connell. very busy down here today. volumes very high. plus holiday hijinks going on behind me as you can hear. what is going on in the background, quadruple witching, rebalancing indexes this is technical jarring jargon. that whens we're getting ready for the end of the year. oil was higher earlier but down right

that that is even a proposal is concerning. fields, visas in tech that is problematic in a lot of ways. a source ofy resources and intellectual capacity and exchange between universities and students. there's the review of h-1b visas that we don't talk about with the current context of china. china is the second largest recipient of h-1b visas. some of the ways the trump administration is considering visas could have long-term implications for how chinese students and scholars operate in the united states. and then there's this other subcategory within the university setting of backlash against confucian institutes and concerns about the chinese students and scholars associations which have both, under increased scrutiny. there's important questions that can be raised about the use of chinese dollars to support these kinds of activities and whether there are counselors who are dictating actions to students, but some of these concerns can get overblown. ofhink you see some examples the ricocheting out of those concerns in the wi

what is the point? what is it achieving? he is doing it in syria.ut it is apparently without counsel. for the europeans, it has been a fantastic opportunity trump has given to have european defence because he cannot be trusted. and on top of it, the european defence, which the british basically killed in 2018, it's becoming a big issue because you can't rely on the british because they are out of the eu, you can't rely on trump because he's unpredictable, he doesn't listen to his miltary, he doesn't care about nato, so it's time for europe to go on its own way on defence and, in fact, it is important that governments in europe increase their defence budget because i think american protection has gone with trump. to pick up on your point, i don't think it is leadership. the way he did this. you have some people, non—interventionist on the left, saying, yes, they wanted this for a while, you have liberatarians like rand paul, but the way he did it was lacking in leadership. he did not consult his allies, he did not consult anyone in congress, he pushe