alex friedman steps down.ra, another warning about the revenue prospects from the copenhagen business. this is bloomberg. ♪ anna: welcome back to the european open. we are 20 minutes into the trading day. european equity markets barely flat, losing the gains. the most closely watched expensive congressional elections in memory. democrats are expected to take the house. polls.ng to the latest let's speak to stephanie kelly. paribas isg from still with us. talk about your base case, if the divided congress, if the democrats take the house and the republicans take the senate, and if so what difference will that make in the second half of the trump residency? stephanie: i think there are good reasons to believe it is likely the democrats take the house. turnout among voters has been strong. early indicators are positive. that said, it is fair to say there are higher polling errors than you would normally expect with polls and other countries. that base case comes to pass and we get democrats taking the house, what

alex friedman is to leave gam. ceo will take over.he killer blow was at tim fund.d's he was suspended over risk management. alex friedman is to go. $18 billion of assets under management. how gam opens at the start of the trading day in switzerland. go to our reporter in dubai with the first word news. >> president trump has repeated his confidence he will clinch a trade deal with china. both sides ultimately want to reach a solution. he is certain beijing wants to talk. he is convinced he will reach an agreement good for america. says's vice president trade wars are the anchor and relationsof trade with the united states. >> the landscape is undergoing the most profound change since the end of the cold war. this has given rise to many uncertainties. >> european union finance ministers met in brussels. plandiscussed a spending for italy. the finance minister is said to be ready to cooperate with the european union commission in order to reduce the debt rate. the finance minister spoke to bloomberg today in brussels. complex we hope ou

asset management firm sliding as --ceo alex friedman somewhat argue it has taken too long for him to it was inevitable that he would go walk out the door. joining us now in london to give us a take on all of this. was he behind the curve? is that why he had to go? >> it has been three months since he announced the overnsion of money manager what it calls misconduct or potential misconduct. all this while investors have been waiting to see what will happen. will there be any steps that they will take to address what exactly happened? in the meantime as the investors have been waiting for some answers to what exactly went wrong and how the company plans to address it the shares have lost about half their value. --has been it seemsd members finally decided they needed to do something. guy: it is interesting the stock went down. in some ways this could open the door to a hostile bid. this is a leaderless business. >> that is correct. the expectation with today's announcement of mr. friedman leaving the company was that there would be some additional clarity on the direction forward for g

sterling swiss investment firm gambling is ousted ceo alex friedman.f mishaps that culminated in the ascension of a star manager and left the firm fighting for its survival. assets under management fell by $18 million in the third quarter. under armour is trying to adjust to the me too era. -- barred employees employees from expensing business to strip clubs. under armour announced the policy change in email to an employee in the journal says executives and employees went with athletes to strip clubs after some corporate events. bloomberg your business flash. ♪ inauguralbloomberg's new economy form began in singapore today with u.s. china trade tensions taking a central focus in a speech of the form, top deputy to the chinese president that the beijing discuss they to trade solution with the u.s. but also cautioned that the country would not again be bullied and oppressed by foreign powers. china and the u.s. would like to seek greater economic corporation. china is ready to have discussions on issues of mutual concern and work towards a solution on tr