-betty: hi. lemonis: you're betty? ho. betty: my god. how are you?really nice to meet you. i did not know what to expect when i came here. it's really cool. betty: oh, it's, well, it's a little -- it's warm. lemonis: and so is this the whole place here? betty: no, there's a whole dining room in there, too. lemonis: have you always been a baker? betty: it's just something i always did. and i was kind of a latch-key kid, so i had to come home and get the chicken in the oven by the time my mom got home. -lemonis: okay. -betty: [ laughs ] lemonis: so, today, you're operating two locations. what will this place do in total sales? betty: i mean... [ sighs ] sales... lemonis: that's like, when you ring the register. betty: i think maybe like $400,000. lemonis: $400,000? -betty: yeah. -lemonis: that's a lot. and what does the other place do in sales? -betty: $600,000? -lemonis: $600,000? betty: somewhere around there, yeah. lemonis: so, does this location make money? betty: some months, but overall i would say no. lemonis: okay, and does the other location m

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-betty: i don't remember. -lemonis: betty.dn't do it 'cause you don't want to? betty: i don't want to. [ laughs ] ♪ it's the final countdown! ♪ ♪ the final countdown! if you're the band europe, you love a final countdown. it's what you do. if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. rheumatoid arthritis like me... and you're talking to a rheumatologist about a biologic, this is humira. this is humira helping to relieve my pain and protect my joints from further damage. this is humira helping me reach for more. doctors have been prescribing humira for more than 10 years. humira works for many adults. it targets and helps to block a specific source of inflammation that contrubutes to ra symptoms. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, have happened, as have blood, liver and nervous system problems, serious allergic reactions, and new or worsening heart failure. before t

etf friday, betty.ty: still ahead on bloomberg television, a big week ahead with the possible fed liftoff. take a look at the terminal function. wirp. traders are calling for a 74% chance of a right move. ♪ live from bloomberg world headquarters in midtown manhattan, i am betty liu. has more from the news desk. david: crying gases playing beat the clock with the federal budget. the senate has agreed to extend the deadline for next thursday and the house is excited to do the same the next day. new york state has won the latest round in the fight against fantasy sports sites. and draft king's have to shut down their new york operations for now. keep operating while fighting an attempt to declare them illegal under state gambling laws. tomorrow in saudi arabia women will vote and run for office for the first time. winner is still not allowed to drive and must get permission from a male relative to travel alone overseas. british by mr. david cameron has been putting off a decision since 2012. now you will n

betty: good morning, i'm betty liu. tumbling as the commodities slumped defense. iron ore prices falling to a point where they threaten the profits of the world's biggest miners. prices keep dropping with brent below $40 a barrel for the first time in almost seven years. bottom in sight for commodities. it is bonus time on wall street, but should executives expect a merry holiday season compared to last year. why one executive says guys like him are paid too much. lebron james signs a lifetime deal with nike. what kind of return is nike looking at in the long run? a lifetime contract. we are half an hour into the trading session. it has been quite a big cello around the world. matt miller has the latest. matt: i'm looking at oil prices, especially. crude, not only nymex crude, started dropping precipitously around 7:00 this morning. brent is also down. west texas intermediary, you can see the big drop that we had to $36.85. we bounced up a little. brent came down earlier and drop to below $40 a barrel. both of these products, commodities, are down till those that

i'm betty liu. a lot happening with the fed. -- venture janet yellen weeks later this morning. .edge funds hunker down who will survive as the industry suffers the biggest amount of redemptions and's the great recession. talk about a twisted web. yahoo!'s board reportedly meeting to sell the company's core internet businesses. what could that mean for marissa mayer? we are about a half hour into the training -- the trading session. i want to head to the markets ask where julie hyman can give us more direction. julie: a janet yellen waiting game. she is scheduled to speak at the economic club of washington so it looks like markets are waiting for her comments to perhaps get more direction. we have had some commentary from other officials over the past 24 hours. ar. heard from leo brain we heard from dennis lockhart, he says he does favor raising interest rates is month. in addition to hearing from those officials, we also heard from adp. it's payrolls report saying the u.s. economy added 217 -- 217,0

well,services report as betty. but look, you know what, betty? of your ism manufacturing numbers. why are we reacting to this when u.s. stocks are still higher? it quite did react to a bit as well, but we are mirror images of each other here, mark. so, that narrative is intact. mark: it is true. it is true. we were trundling along, but barely changed for much of the day. but we rose for november for the second consecutive month. that has not happened since march. factory data has accelerated. stephen morris, our u.k. banks reporter, will drill deep into the u.k. banks stress tests. -- didor banks well pass. and it is the battle of the charts. in brewing with energy after the win yesterday. bloomberg markets' european close is next. stay with us. ♪ to bloomberge back markets. i am betty liu. it is 11:30 a.m. in new york, but it's 4:30 p.m. in london where the markets closed. let's go to mark barton in london. u.s. manufacturing data throws up concerns about the world's biggest economy. the european close starts right now. betty: so, we are going t

betty: exactly.what will be his first steps you go >> he definitely needs to tackle some of the capital controls that are strangling the economy. very difficult to get money there. it goes from citizens to the economies. so he needs to start letting those go a little bit. he has said that is one of the top priorities. he needs to sit down with the holders of defaulted debt from 2001, because until he resolved the pending issue, they cannot abroad. without the financing, it will be difficult to do the things they need to do to liberalize the economy, which in the beginning will be painful to go through the austerity measures. you need the money coming into lesson the blow. betty: there is talk about releasing currency control and lifting the devaluation as well. this falls into what you were describing earlier about how a lot of these countries have already devalued their currencies. how much more disruptive will it be? >> all of the emerging market countries will have one more like down. that is the

betty liu. here is what we're watching. fishes it in day is here, only hours away from what is expected to be the federal reserve's first rate hike in 10 years. we will break down the potential implications. investors in junk bonds have been spooked it's the collapse of the fifth third fund. awakens, this time first in australia. fans down under finally get to see one of the most anticipated movies in years, so how was it, what were the reviews? we are half an hour into the trading session and it is fit day, it is finally here. let's get to the markets where ramy inocencio has the latest. we were remarking yesterday about the big move ahead of the fed meeting, and we continue to build on that. ramy: you would expect people to be in watch and wait mode, but people are bullish on what may happen. the markets have opened higher as we count down the announcement. the s&p 500 is up by .6%, the dow up by .7%. the nasdaq mirroring the s&p. all of this indicating investigators feel the economy is health

betty? betty: thank you. as we saw earlier, oil is spiking on inventory data showing a fall of 5.9 million barrels. however, supplies are still abundant, and opec predict lower demand for exports through 2020. what is ahead for oil? we have been talking about that today. vince piazza joins me, the senior analyst on oil and gas for bloomberg intelligence. how do we impact -- reconcile what opec says about phone demand with the huge drop in stockpiles? vince: the drop in stockpiles is a short-term, near-term issue relative to the broader dynamics out there, the global oil market. betty: right. vince: even with the large drop of 6 million barrels, you also have to consider that imports were down about one million barrels, and gasoline down by roughly one million barrels, so you still have this issue today, --vated inventory cross across the petroleum value chain. crude and refined products. that will be the issue as we move into 2016, well into 2016. 35% above the five-year average on crude oil inventories. that

i am betty liu.elcome to "titans at the table." dish network founder charlie ergen has always been something of a fearless renegade. from being thrown out of casinos for counting cards to selling satellites out of his car trunk around colorado. ergen led a group that created echostar in the 1980's and then started dish in the next decade, upending the traditional cable tv world. in the process, he has become one of the richest men in america, worth nearly $20 billion. ergen stepped out of the spotlight in 2011, handing the ceo rein to joe clayton. but just four years later, the founder is back in the hot seat as television undergoes another revolution. video, moving on to your second screen. like the satellite tv business in its early days, ergen wants to be at the forefront of this change by creating a new, over the top product called sling tv and buying up billions of dollars worth of wireless assets. assets that he says can be used to build a legitimate competitor to at&t and verizon. when we firs

betty: thank you. clinton published an op-ed in the new york times this morning titled, "how to rein in wall street." she says she would fight for tough new rules and more accountability that go well beyond dodd-frank. how is she going to execute this? joining me is jennifer epstein. outlined sounded tough. what she outlined today in the times is something she has also written about for bloomberg view. it's are set of proposals. she is reiterating them. because republicans in congress are working on a spending bill and trying to insert different measures that would roll back parts of dodd-frank. goingtrying to say, i'm to be strong on dodd-frank and urging congressional democrats and president obama to stay firm on that as well. on top of that, she's trying to get back some of the attacks that she's gotten from bernie sanders and martin o'malley and other democrats who are saying -- she's not tough enough on wall street. so she can say, look at me. i am tough. dodd-frank is just the beginning. somethin

betty: thank you so much. i want to check in on the first word news. vonnie quinn has more. vonnie: saudi arabia announced its leading a 34 nation islamic alliance against the team is in. it includes pakistan, turkey, and egypt. u.s. secretary of state john kerry is meeting in moscow with russian president vladimir putin and other officials. coordinating attacks against the islamic state is on the agenda. defense secretary ash carter is in turkey, looking for new ways the u.s. coalition can strengthen its fight against islamic state militants in iraq and syria. they're urging them to better control their border with syria to help control the group. reviewing raising interest rates for the first time since 2006. investors see an almost 80% probability of an increase. coverage starts tomorrow at 1:00 p.m. eastern. at 2:00 p.m. followed by secretary janet yellen's conference at 2:30 p.m. more on that meeting shortly. deniedimore, a judge has motions for a mistrial and change of venues as a jury deliberates in the

i'm betty liu.ime for the bloomberg business flash. -- is leaving pimco where he was the manager of quantitative portfolios. he will start his own portfolio firm. after theching a week fed raised interest rates. he says his exit is unrelated to investors pulling out about half $1 trillion from the firm since 2013. of the u.s. economy expanded at a revised 2% rate in the third quarter, following a three point 9% advance in the second quarter. that number was supported by consumer spending as businesses struggled to sell to overseas customers. droppedhome sales sharply. they collapsed to a seasonally adjusted annual rate of 4.7 6 million. the weakest pace in 19 months. however sales of existing homes rise roughly 5% for the entire year. abercrombie & fitch says the head of its namesake brand that has been fired. the move eliminates a year-long they can see -- vacancy. and that is your bloomberg business flash. much more ahead including who will succeed sumner redstone? ♪ betty: welcome back to "bloomb

betty: it's all online.f you go to their website and aok at the home movies, maybe 35, i would suggest to watch the one of the 1941 campaign. movie gave her the aroundand she goes doing opposition research. they lost the election for senate in 1941. she said it was her favorite campaign. --ian: you write "plantations testy "vacations made him , and their daughters-- ,etty: they went to disneyland and the girls, vacations were not on his of his favorite things. that is one thing lady bird did do after his death, she traveled the world. brian: you write, "as much as she loved him, she continued to be shocked by his acting out. she was not alone in failing to see how a grown man could grow such childish tantrums." betty: when he throws food or spits in a plate. she said, "i'm bewildered by his more thanbut no he is himself." bipolar?as he a betty: several staff said he would be in a mannix age-- manic stage. they went through a bad. in 1965 -- they went to a bad period in 1965. that was the year of the higher e

betty? betty: david, thanks. a big day for interest bank -- decisions. the s&p bankew, president explains why. >> there is no necessity to change monetary policy with negative rates at .75 basis points negative and also to intervene in the exchange market as necessary. betty: and we also heard from the bank of england as well. mark: we certainly did. the governor mark carney and his fellow policymakers left the -- joining us now, and david nolan. thank you. the boe said today there is no mechanical difference between what it does and what the fed does. do the markets believe that or not? david: not really, no. you're absolutely right. the boe is caught in the middle. once the fed moves, at that point, the market will bring .orward the likely timing and the boe, when they published a report on the fed rally, at that point, we will start talking about rates and the u.k. going up in 2016. mark: even as the market did feeble prices -- is that not a slightly more dovish tone or not? david: slightly more. i think the financial policy ministry is more interesti

i'm betty liu.fun to sit down with charlie ergen, but according to some reports, it's not so much fun to work for him. in 2012 and 2013, employee surveys conducted by glassdoor gave dish network some of the lowest ratings in the country for its work environment. ergen told me he is aware of the criticism and is trying to change some things internally, but he also defends the culture he has built at dish. charlie: i think i am a really easy guy to work for and with if you are a high achiever and you want to achieve something. if you're just wanting a job, you are probably not going to like it too much here. right? i mean, i think -- i think dish is -- is -- is a culture for those people who want to achieve something. and there is some uncertainty, as you know, as we are talking about what you can do with the wireless. our shareholders don't know exactly, so there is some uncertainty, so it takes a little bit of bravery as a shareholder. you have long-term thinking. and i think even for employees, the

welcome to bloomberg markets. ♪ betty: good morning. i'm betty liu.uctuating with the s&p headed for its worst december since 2002. the euro rising as the dollar heads for its worst month since april. deutsche bank is flagging $10 million in suspicious russian trade. and it was a record-breaking year for m&a with megadeals like pfizer allergan. we will look at what is ahead in 2016. we are about 90 minutes into the trading session. let's go to ramy inocencio. it looks like the market has shrugged off existing home sales 10%. ramy: you took the words out of my mouth. we are two for two in the green. the s&p and the dow are up. the nasdaq is flat. we are looking at oil trading higher. the u.s. economy is expanding at a 2% annual rate in q3 versus a median estimate of 1.9%. that is from a bloomberg survey of 76 economist. s. let's look at oil. and the fall we have seen over the past year is taking a bit of a pause. this is its biggest rise in the past two months. traders are looking ahead to tomorrow when the eia comes out with its latest inventory repor

, betty.things off a bit it started off so well. , the china data, looking on the bright side of life. expandedvices sector as well. we had factory growth in november. unemployment unexpectedly fell to 10.7% in october. manufacturing growth cool in november, but interestingly, the survey said manufacturing did maintain its positive start for the quarter. so, betty, i'm blaming you. it is it your manufacturing data that caused the flaw in the narrative. betty: [laughter] the traitors did react well to the stress tests of the banks in england. mark: yes, they were. passed theanks stress tests. a couple did not do so well. they fell on a couple of issues, but the likes of standard chartered, rbs, they have announced capital raising plans. there was some concern that they might need to renounce new measures, betty -- to announce new measures, betty. let's be fair, betty. they were more wide-ranging tests than last year and took into account emerging markets exposure. so, those banks like standard

betty: that is right. the steelmakers here have been fighting war that, caroline, and i know that was a huge deal -- fighting for that, caroline, and i know that was a huge deal. over here in the u.s., the markets are higher, not just on the oil inventory numbers we saw about an hour ago, but on some of the economic numbers we had this morning. personal spending coming in, up .3%. personal income also higher than expected, as well as consumer sentiment. we had one, sort of, overhang on the markets when it comes to new home sales. a decline, -- not but a smaller than expected gain in new home sales. again, a little bit of a mixed -- of economic numbers, however that oil inventory number really, really keeping the markets up. in the meantime, let's check in on our bloomberg first word news. courtney donohoe has more from the news desk. courtney: let's that with presidential race -- the next republican is venture debate could include as few as six candidates. fox is this is using a new criteria to be the qual

i'm betty liu.n to sit down with charlie ergen, but according to some reports, it's not so much fun to work for him. in 2012 and 2013, employee surveys conducted by glassdoor gave dish network some of the lowest ratings in the country for its work environment. ergen told me he is aware of the criticism and is trying to change some things internally, but he also defends the culture he has built at dish. charlie: i think i am a really easy guy to work for and with if you are a high achiever and you want to achieve something. if you're just wanting a job, you are probably not going to like it too much here. right? i mean, i think -- i think dish is -- is -- is a culture for those people who want to achieve something. and there is some uncertainty, as you know, as we are talking about what you can do with the wireless. our shareholders don't know exactly, so there is some uncertainty, so it takes a little bit of bravery as a shareholder. you have long-term thinking. and i think even for employees, they

betty: thank you. six more months.s how much more qe we can expect from the european central bank. the last time the ecb raise rates was in 2011 and has been blamed for slowing the recovery in europe. we speak with the man behind the move, former president jean-claude trichet. >> thank you very much. monetary policy is a mixed or of action and communication -- is a mixture of action and communication. where did the ecb fail? >> it is action that counts of course and the markets might have short-term reaction but they take the action seriously. there has been serious action today with five decisions all-important in my opinion. i expect the market to recognize these were really decisions that count. i really trust the short-term should not be considered any i would say in any way an important reaction. >> the market seems to think there needs to be more stimulus. the ecb does not. who is right? >> what is being done by the ecb and what works were the most important sentences by mario draghi today were if you do more, it

i am betty liu. stocks are giving up some of their gains after yesterday's fed rally. the battle over board compensation -- pharmaceutical companies in particular shell out huge blocks. can directors still serve the ?cashing of shareholders in on " star wars -- can disney use the revenue to offset declining revenue? i want to head to the markets for julie hyman has the latest. we seem to be bouncing around on the lows. yes, bouncing off a little bit, but still down on the day. back to the lows of the session. all three major averages taking a hit a day after the fed raised rates as investors say ok, now what happens, after they waited for that interest rate increase for so very long. the focus has been shifting back to commodities, which has been the tale wagging the commodity dog. take a look at my terminal. you will see this illustrated more in detail. a broad-based selloff. utilities are doing well. rates are coming back down. otherwise, steep selling of financials, tax, consumer discretionary's,

betty: isn't that expected?hen a new ceo takes over, you expect there will be changes of the top, right? paul: that figure good point. if it is understandable, and i agree with you, it is, you have a situation where the new team is not as well-known as the old team and that leads to uncertainty in strategy. all things being equal, it is still a negative until uncertainty is reduced by the investment community understanding the new management team better. betty: the new management team is fairly unknown to the analyst community. do you think they are moving in the right direction, paul? part of a larger cost restructuring effort that at aig.d i ag -- they do need to get costs down. this is part of the broader effort. this is important and positive. is this going to be helpful to fend off carl icahn and his attempts to break up the company essentially? paul: i think any time they reduce cost and make aig more competitive with a better return of equity, that will help justify his strategy, but i don't see this part

betty? betty: thank you, abigail. live at the nasdaq.tay on blackberry and get more and ellis this as you just mentioned, those shares are up on the back of this earnings report. up almost 11%. cory johnson has more on this. it looks like john chen's turnaround is working? >> the soft results have been meaningful it important to this company. they have done a lot of acquisitions. they are grown both organically and by buying things. we can't tell exactly how much, but it looks like it is growing. the rest of the company shrinking and doing so dramatically. share are 30% lower euro for your. betty: for what? >> everything. overall, sales declined about 30%. that is not haircut. that is a haircut, shoulder cut, down to the waist. betty: a body part cut. >> is scarcely smaller company. -- it is searsl the smaller company. it is a big deal. betty: what are they doing in software? >> fundamentally, mobility and security. those of been the hallmarks of blackberry. but they realized the hardware business, the handset business, but also the hard

betty: yahoo!i feel like this company -- i mean, every year we talk about when it will turn around. is 2016 the turnaround? dr. eggers: it does feel repetitive. maybe this is the year we figure out that there isn't going to be a turnaround at yahoo! the senses that they will never become as big as google, as successful as apple. soy are so far behind in many key areas. what they need to do a step back and figure out what do we really do best? what are we good at? where do we have an advantage? and even if that ends up being much smaller in scale or ambition than where they would like to be, that is the best but to focus. that have made a great job at compartmentalizing news and weather and things like that. and apps for the phone. maybe that is where they can focus a lot of their efforts. let's not try to be the big broad google. in certain aspect of content or delivery where they have an advantage. on content alone, they don't really have any real advantage. but they are really good at packaging i

brendan: it is your call, betty. caroline: come on, betty. betty: we have got to get going.oline, what is coming up in europe? caroline: we will be keeping our eyes on the market. with a down day, every single industry following. here is what i am watching for tomorrow, it will all be about the turkish central bank decision tomorrow. anticipating a rise in rates as the country tries to balance inflation and a weakened currency. ♪ bring your family and friends together to discover the best shows and movies with xfinity's winter watchlist. later on, we'll conspire ♪ ♪ as we dream by the fire ♪ a beautiful sight, we're happy tonight ♪ ♪ watching in a winter watchlist land, ♪ ♪ watching in a winter watchlist land! ♪ xfinity's winter watchlist. watch now with xfinity on demand- your home for the best entertainment this holiday season. >> it is 12:00 p.m. in new york and 1:00 a.m. in hong kong. welcome to bloomberg markets. from bloomberg world headquarters in new york, good morning, i am alix steel. here's what we are watching. bears remain in control, brent oil sliding to an 11

betty: good afternoon, i'm betty liu, here's what we are watching at this hour. stocks moving in on relatively strong fashion, but will a fed rate hike sour the moves among about toughalk times for hedge funds, greenlight capital -- greenlight capital is poised for losing year. blue crest closing down, returning capital to investors. traders mayeven ubs be the first to face sanctions in the currency rigging scandal, putting them down by the end of the year. we are one hour away from the close of trade, at the markets desk julie hyman has the latest. julie, together we were earlier this morning, headed lower, but now we are making up those losses? -- julie: u.s. equities shrugging off the down of the day, the interpretation is that it will be gradual as interest rate increases, but not enough to derail the u.s. economy. the really key economic support in a busy week for data will be friday's jobs report. also, just hanging on to their gains, but close. a broad-based rally if you look at my bloomberg terminal. mostly green, some subsectors starting to show some wea

♪ betty: you are watching bloomberg markets. i am betty liu. start with a check of the headlines. mark crumpton has more from the news desk. mark: congress has sent president obama a short-term spending bill to keep the government opens your next wednesday. the measure was approved by voice vote hours before the deadline. a vote on a 1.12 in dollar omnibus spending bill will not take place before tuesday at the earliest. republican presidential candidate chris christie is showing signs of life in new hampshire. and a new survey released today the new jersey governor is in a three-way tie for second place. christie and senators marco and ted cruz have 11%. donald trump still way ahead of the field with 27 percent. there is some other good news for governor christie. he is back on the main stage for tuesday's debate in las vegas. in paris the climate change conference has been extended by one more day. the talks have been said to end today but france's foreign minister will present a final draft of the agreement tomorrow instead. there are a numb

betty: it's all online.f you go to their website and look at the home movies, maybe there are 35, i would suggest to watch the one of the 1941 campaign. that is her first and lyndon gave her the movie camera, and she goes around doing opposition research. recording what the other candidates are saying, giving her own impressions and so forth. they lost the election for senate in 1941. but she said it was her favorite campaign. brian: you wrote, "vacations made him testy." betty:, after his heart attack in 19 -- 1955, they went to disneyland, and the girls, vacations were not on his list of his favorite things. that is one thing lady bird did do after his death, she traveled the world. brian: you write, "as much as she loved him, she continued to be shocked by his acting out. she was not alone in failing to see how a grown man could throw such childish tantrums." betty: when he throws food or spits in a plate. she said, "i'm bewildered by his behavior, but no more than he is himself." there was a part of him

betty: right.arter will be one of its first declines, if not its first decline in top sales ever. is there a timeline here? the stock is already down 30%. what if this drags on for another six months? could, too.y well until we have resolution, i dig it will continue to languish. the fourth-quarter guidance -- i think it will continue to leg which. the fourth-quarter guidance -- that is shot. there is no way they will meet the number. we're probably talking about mid-teens declines. the question becomes next year, what happens there. i think you're talking about double-digit declines in same-store sales in the first quarter command potentially not raising -- reaching positive comp until the end of the year. it depends on when we have clarity over what really happens. then we start to build the trust act. betty: ok. we will leave it there. ,hank you so much, r.j. hottovy of morningstar. r.j.: thank you. betty: you can check out the full story on bloomberg.com. we are moments away from the bloomberg

betty: absolutely.ickly, what about leasing versus owning dynamic, will that change much in a year? kevin: the concern is that interest rates are rising a little, but if you look at some of the dynamics behind leasing and the brand loyalty that comes from leasing versus owning or financing, much higher leasing. you get the consumer back into the showroom. you know they have a need for another vehicle, so that is something automakers and captive finance companies will promote through 2016. betty: kevin, thank you so much. kevin tynan of bloomberg intelligence. now for the flipside. it has also been a rough year for automakers, from cheating scandals to recalls. i want to bring in bloomberg view columnist and auto industry analyst ed niedermayer to talk about the biggest three that come to mind. let's start out with the takata airbags. you heard kevin talk about how safety will be more important for consumers. what did we learn from this recall? ed: we learned most recently that it's going to be really ch

betty: from bloomberg world headquarters, good morning. i'm betty liu. here's what we are watching at this hour. it is all about the jobs market. adding. job market 211,000 jobs. clearing the way for the fed left off later this month. we have oil prices falling as well. oil prices set to be raising outputs in the face of a loyal -- global oil glut. and we will take you to the paris climate conference. mike bloomberg will be on with us about creating a cleaner planet. we have that happen hour into the trading session. i want to head to the market desk where matt miller has his eye on this rally on the back of the jobs data. matt: the jobs number beating ß expectations. mine were a little higher, but 211,000 is enough to push this market up. we are seeing gains of about 1% across the board. question --es the why would markets rally at the chances of raising interest rates are even closer now than they were before? up and that shows what future markets are reporting the chances that a rate rise are at. i have the chart here and it is just up, up, up. at one

betty: almost. tocertainly going to fall back as well from our losses and quite a rally today based on the fed's move tomorrow. have a lot of corporate news going on, so it is time for the bloomberg business flash for some of the biggest business stories. homebuilders are growing less confident about prospects. the national association of home builders fell for the second month in a row. they had hit a 10 month high in october. they're concerned about the rising cost of labor. calls tohas rejected break up. they decided to keep the semiconductor and technology licensing arms together following a strategic review. shares of qualcomm has fallen 37% this year. radio star howard stern is staying with serious xm. he said today on his show that he has signed a new five-year deal and he does not come cheap. the current deal reportedly cost serious xm about $80 million a year. you can always get more business news at bloomberg.com. mark, more trouble ahead for volkswagen, right? been yes, the effects have d

betty: thank you so much.otching from industrials the complicated and sensitive real estate market, manhattan vacancies hit their highest levels in nine years last month, suggesting we have hit the ceiling for how much renters are willing to pay. the median monthly apartment over $3300. to just i spoke with the founder of a global real estate firm and the chairman of the real estate development company people's corporation. you are seeing the cost of rent have escalated so much that there is no discount to rent. 1.8 discount to ownership and a lack of confidence in the for sale market. to rentals as a safe haven and many people could not qualify as a result of what happened in the financial crisis. now we have people who are buying. now because there was such a limited inventory on the for , there is a lot of preconstruction sales and those sales have not gone to record yet. down,velocity appears it's a more active market and we are seeing now because these transactions are happening in terms of free sales tha

betty: thank you.h more ahead, the fed of the trigger on a rate hike but what does it mean for the powerhouse pranks? we will have a bloomberg intelligence report on the key banks to watch next year. ♪ >> welcome back live from the beautiful city of london. live in new york, this is the european close. betty: let's get a quick check on stock moves in the u.s. particularly from the nasdaq. >> one stock moving nicely higher this morning is fairchild semi conductor it to come but he said they had received an unsolicited bid for an entity they called party g. bloomberg broke the nose that it is china resources, the same entity that was behind the to $46 billion bid received earlier this month to compete with the opposing bid accepted by fairchild a november 5 this new bid has meaningful deficiencies. there is a strong probability that on semi conductor will raise its bid for fairchild. this has been good for fairchild stock, on pace for its second year up in a row after much volatility in 2015. betty: than

betty: goodbye.ark: larry fink said that yellen nailed it. >> the most important thing, what she gave the market is clarity. the opportunity they missed in september, when the markets were unsettled because we had no clarity on the actions, and in this case, they really express exactly what they are looking for. they have their forecasts going forward. mark: neil mackinnon is here. good afternoon to you. -- the former research budget director said that this was the most crucial inflection point since 1929. and the fed's approval leads to prolonged worldwide deflation and a financial crash. do you agree with any of that? neil: i think he has made an interest in point. the ultra easy monetary policy that the fed has been lamenting for the last seven years is actually creating lots of bubbles, an explosion in credit. debt is higher than it was the time of the crisis. he is making a point that maybe the bubble is bursting. maybe now the cracks will start appearing. we see pressure in the high-yield and j

betty: thank you, mark. got less than three --utes to the close of trade less than 30 minutes to the close of trade. the nasdaq has tried to climb back here into the positive territory. >> the nasdaq is outperforming s&p, trading flat slightly down. behind the fed performance is the 63%. taking a look at tech, the fan trade is doing quite well right now. these big internet names continued to trade strong into the new year. tallon says there is a surge on online shopping. catalyst going into 2016. alexion pharmaceuticals is up nicely and boosting the biotechnology index, which is about 2%. alexion is up on the recent approval of a drug that treats a rare disease that also leads to premature death. betty: thank you so much. prices.oil speculation that opec will keep output elevated has been weighing on the market. but what exactly is going on in oil? that is get -- let's get some straight talk from austin. jason, you are the goto expert on oil. what is going on? do we blame opec? jason: there's a few things. i

apple is betty mentioned.ome are raising concerns about the supply-chain indications at what it will mean for iphone sales. disney is down after a downgrade . the company is overpaying for the rights to sporting events. microsoft falling after goldman thes said we were wrong on stock for two years as it went up. -- moved to neutral but that is not helping microsoft chairs. betty: we are seeing buying in safe havens. julie: that is one play so that is pushing prices up and yields down. ironic again at a time when we are seeing rising rates from the federal reserve area go prices also, we have been watching them recover. the dollar has been lower today but we are seeing gold prices up by 1.5 percent or rebound. we wanted to look at crude which is existing in its universe area it was benefiting from the lower dollar but then starting to come off. we have some headlines from saudi arabia saying it is budgeting for lower oil. the weekly rig count came out and showed an increase in rigs. that has not happened in sev

betty: ok. so staying on what is going on right now, mark, the worst-performing european stock today was steelmaker arcelormittal. what prompted this 12-year low? mark: check that out, betty, down 9%. a big iron ore producer today said steel prices are heading lower next year. citigroup says arcelormittal's earnings have further to fall next year. they cut their recommendation to neutral from buy, and said they jumped the gun in upgrading shares in october. they are facing a double storm. china is flooding the market with cheap exports, particularly in europe and the u.s., arcelormittal's big markets. the other side, iron ore prices have sunk to a record low. here is a great step for you -- stat for you. the world's biggest steel producer, since 2008 shares have fallen by 93%, a massive decline in value for this company. what is a further 8% down compared to that? let's continue. moving from the markets to our bloomberg first word headlines. courtney donohoe has more. courtney: the climate confe

i am betty liu.ime for the bloomberg business, the biggest business stories and that is right now. according to the national association of realtors, the index of pending sales dropped .9% following the revised an gain of .4% last month. internet providers are making good on their advertising promises about faster download speed. that is going to an ftc report, which shows consumers are mostly streaming video online at the speed they are paying for. the downside is there was a growing chasm between those with fastest services and those in rural areas whose options are more limited. twitter is getting tough on violent threats and hate speech will stop the social media company says that users found guilty of sending the messages will be suspended or banned. accounts seen as intolerant on race and religion will not be allowed as well. a milestone for india. the number of mobile phone subscribers there has just passed one billion. china is the only other country with that many. they are fighting for cust

betty: thank you.r business news 24/7 on bloomberg radio, in new york, boston, washington, and san francisco. ♪ carroll: i am in our studio. cory johnson, my cohost. we welcome everybody. we want to talk about the energy markets. a big story this year. oil headed for its biggest two-year loss on record. stephen joins us on the phone. nice to check in with you. talk to us about the energy market. i do not think anyone anticipated we would see oil move lower in 2015 as much as it did. what is your forecast for 2016? >> good morning and yes, we are still looking at prolonged weakness in the energy market. in north america, production of crude oil remains strong. above $9.1l well million per day. analysts thought we would be below that many barrels per day. the --ve a bank like like they do, billions and billions of dollars, they have a problem. crunch weted credit were all suspecting in the third quarter of last year has not materialized because the banks have not pulled back the credit producershence the

betty: fascinating.ting in new technology and maybe not buying as much in some of these older luxury goods. my relatives are from hong kong. i was born in hong kong. i know how important watches are. if you go on the streets in hong kong, there is a watch store on every corner. today. you get the win caroline, your winning streak is over. [laughter] caroline: i will keep my competitive thing going. betty: what have you got coming up in europe tomorrow? caroline: after a third day of losses, we will be looking at where stocks head. it's all going to be about the future of opec. this is where volatility has been. opec's latest outlook will be out tomorrow. we will hear about production expectation changes. and u.k. french gdp figures come out tomorrow. much to be digesting. the pretty quiet on streets, but volume is down 30%. a down day for european stocks. and will i win battle of the charts? that's the key question. have a great afternoon. ♪ betty: it is 12:00 in new york, 5:00 in london, and 1:00 a.m. i

betty: exactly.els good to close out that way. -- and stay tuned for your show coming up next. meantime, stocks are rallying, pretty much about to close at their best point in the session. this is the biggest gain since september for stocks. we will keep our eye on the equity movers. ♪ betty: welcome back. is standing by with a check on some of the movers as we are headed toward a pretty big close, a strong close. betty: i do not need to belabor the point that today has been a very strong day in the equity markets although it is not completely making up for the losses we saw on wednesday and thursday. it has been going through my head, why are we excited about the fact that we are definitely getting closer to a rate hike for equities? r, the markett mip anticipates a flat curve. the market anticipates a shallow curve -- trajectory of raises. we know there is one coming but we do not expect to have four or five increases over the next year and a half. take a look at the two-year here. is talking about

betty: thank you. much more ahead on bloomberg television. the number one stock picker in the u.s. made it to the topic betting big on the u.s. consumer. max winkler will join us with those details. >> you are listening to the bloomberg advantage on this tuesday. i'm carol massar here with cory johnson. we welcome everybody on bloomberg tv to bloomberg radio. the day's about economic news and the market tone as we are 37 minutes into the new training session. here with us in studio is an eloise jackson -- anna louise jackson. the town was subdued yesterday erms of equity trading. but we had a rally start. >> we did. and it has continued into this morning. equities are higher this morning. they are of almost 1% to -- up almost 1%. we are seeing strength across the board, strength in stocks and energy. >> consumer discretionary has been your outperform or this year. we have seen that throughout the year. even with all the questions about economic growth and concern still about the labor market and wage g