alan ruskin, he went to the university of cape town. did you pay any money?ss than you would expect. francine: most of the rest of the world has low tuition fees. being ableyou see it to come into the united states. something is going to give. there is change in the air. tom: good photos today. thank you so much. the former microsoft ceo, he owns a basketball team in los angeles. ballmer, later. ♪ tom: we will get to a discussion on the u.s. dollar and what it means. we need to go to a euro-dollar. let's make it eurocentric. euro-dollar, 110 .97. -- 1.1097. there i am, doing my hands. forget about dollar yen. a lot of pros saying this is where the trade is. now, let's get to a business flash. vonnie: u.s. dropping charges inside a major insider trading case. the case was weekend by an appeal for a decision. -- close down 14%, they are facing a lawsuit in oregon. the lawsuit -- the company says the lawsuit has no merit. tom: a full praise -- a britain. in channeling the legendary roger angell on baseball. this is something george would love. it was after midni

also next hour, what a treat, alan ruskin will join us at 6:00 a.m.lk to him about the bombshell that was mr. draghi straightening out the markets. menu ofoking for a full options. our full menu includes alan ruskin. good morning. ♪ francine: this is "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. it is not raining in london, so we will take what we can. mario draghi says new stimulus could be on the way. let's get over to hans nichols in berlin. in terms of what the pmi data tells us, falling prices, week growth, that is kind of it. hans: that is it. we see a china effect in here, at least in germany. manufacturing came down a little bit worse than estimated. services came in better. actually surprised on the upside. it was a little bit better than expected. it looks like we have some moderate growth in france. we have to remember the baseline. francine: when you look at yields. we had that italian 2-year note negative for the first time. switzerland, germany, netherlands, france -- they are all in negative territory.

tom: this came out at the meeting, alan ruskin at deutsche bank on the dynamics of a dollar.s was a big deal. adecember hike is by no means done deal. the payrolls bar to tightening does not look that high. non-farm payroll numbers will likely pull the trigger in december. you fine-tune the numbers. is a key issue, levels versus rate of change. unemployment at five .1% is pretty close to what the fed thinks is full employment. given how slow the labor force ofgrowing, the growth nonfarm payrolls does not have to be anything like the 2000 plus numbers. presence inte fed 413,000 is all they think they need to keep unemployment steady. tom: professor at richard clarida, the bank of england was big on level analysis versus the media hype of rate of change. do you suggest because we are at good levels of verses three years ago this is a fed that must go in december? richard: excellent point. part of the reason it is confusing is that the economy and two then growing 2% point 5%. potential growth has slowed. the gap between demand and muchy has narrowed not so because of a recovery