this is bloomberg. ♪ welcome back to bloomberg markets. this is the european open.e are currently less than 24 hours a day. we're looking at some red arrows there in terms of futures. it will be a very light trading day today and tomorrow. a gold end of the year rally is gaining ground even as investors target risk assets, including equities. again as funds plowed more money into bully on backed exchange traded funds. georgette boele is still with us, senior fx and precious metals strategist. i know you have a bullish outlook on gold, but you want to wait for a pullback before you get in, is that right? georgette: that is correct. longer-term, everything looks bullish for gold. at the end of next year, much higher gold prices. positioning,t speculative positioning, they are really, really high. the only thing is, when you get a pullback, it can be a quite nasty one. i prefer to wait. thatould have expected towards the end of the year. you see now some optimism building. the correction will probably, a the --bit later because usually at the start of the year , it is

on bloomberg television and bloomberg radio.across the coast and around the world to a truly interesting and nuanced day. you are in the crucible of it last night. i loved what you did with ian bremmer. what was the shock at 10:00, where you, and i, and guy looked at those results? jonathan: there was always going to be a focus on the labour heartland come up but it was starting to come through overnight. you started to see seats that have not been conservative for 100 years being turned, and that is when you knew this was going to be a lot bigger. , cnbc reporting that china still has concerns regarding hard agricultural purchases. this is the issue. it has been the issue since october 11, when the president said we had a deal. tom: there were some other , and it is a lot more tangible right now. jonathan: october 11, the president of the united states was in the oval office with the chinese vice premier liu he, and said we have a phase i agreement. we are going to have big ag purchases up to $50 billion. the big issue is the c

this is bloomberg. ♪ this is bloomberg. ♪ viviana: this is "bloomberg surveillance."e unit that serves the bank's top billionaire clients. it is the first sweeping changes under the new cohead of key management, iqbal khan. ubs would break apart the ultrahigh net worth unit from less-rich clients when he moved into the regional division. japanese bankers are taking a hard look at their most important client. some privately said they are less comfortable with the eccentric billionaire's management of softbank's vision fund. softbank reported a $6.5 billion loss based on valuations on investments and we work and -- wework and uber. richard baker may scrap an offer to take the struggling retailer private. this follows complaints from a minority shareholder. hudson bay owns saks fifth avenue. the company was valued at one point at $4 billion. --dman sachs is pledging to this that directly supports new thermal coal mines and upstream arctic oil exploration. the firm is also targeting $750 billion for what it calls climate transition and inclusive growth finance. that is yo

"bloomberg markets"bloomberg iskets this is. -- this "bloomberg markets."'s check in on the bloomberg first word news. here's mark crumpton. senatoraska public and -- alaska republican senator lisa murkowski says she is "disturbed" by majority leader theh mcconnell's stance on upcoming impeachment trial, a rare dissent in a party that has an largely unified behind the president. in hong kong, more rallies are being held today in shopping malls. protesters are hoping to attract attention to their cause by forcing malls and stores to close. on christmas day, police fired tear gas and dispersed demonstrations inside a mall. two dozen people were hurt on christmas eve. this comes at a bad time for hong kong retailers, who have seen their sales plunge over the past six months. . the turkish government will ask its parliament next month to authorize the deployment of troops to libya. president erdogan said today that the african country has asked for military help. the troops would be sent to train fighters loyal to libya's prime minister. president erdogan has s

o eleanor randolph, her new biography of michael bloomberg "the many lives of michael bloomberg". today was kind of a big day. did it take you by surprise? >> not very much, he said he wasn't going to run and i thought he wasn't running and that is the end of my book, he doesn't run but has an impact on the country and all of a sudden these droplets of a rainstorm started two weeks ago. >> host: did mister bloomberg participate in your biography? >> guest: he took questions, he allowed me to interview people i wanted to interview. i talked to him several times. i followed him around a lot. i had written on and off for 12 years as a member of the new york times editorial board. i had written a lot of editorials about him. >> host: when he was mayor of new york. how did michael bloomberg get his start? >> guest: he came from a small working-class family in massachusetts. his father did not give him $1 million when he was in third grade. and 5000, and sometimes 8000. he became a student leader, a strong student - and a business degree. he didn't go to vietnam. he couldn't go, very si

on bloomberg radio and bloomberg tv. there we are, the equity average records. >> so many record highs, 30 record highs we've hit on s&p this year alone. aren't some major catastrophe over the next four trading days. this is going to be the second best year this decade and the fourth best year going back three decades. -- it istty remarkable pretty remarkable. and we finished pre-much for highs at than the session. higher, 338names and one hunter 59 lower and eight unchanged. themajor industry groups in s&p 500 for the day overall, we can see that everything was up. at the top of the pack, consumer discretionary, communication services and i.t.. health care the laggard down 1/10 of 1%. what are you watching? >> you mentioned amazon, the biggest percentage gainer in the s&p 500 but the biggest point contributor as well. apple had another all-time high, up 80% on the air. one year ago people were talking down apple saying this pivot to services was not going to work, people were not buying iphones and what a difference a y

on bloomberg tv.n what you missed and save your favorites for future reference. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." here for first word news is courtney donohoe. abigail: at least four killed at in pensacola, florida -- at a naval base. it is the second shooting this week to take place at a naval base. and injuredt two another before killing himself at pearl harbor base in a wahoo -- in oahu. the government is processing up occasions from chinese companies buying u.s. products such as soybeans or pork. u.s. and chinese negotiators have signaled that they may be close to agreeing on the first phase of a trade deal. a new bloomberg survey of economists say the european central bank is done with cutting interest rates. that is despite persistent downside risks to growth. as to those with bonding to the survey say monetary policy will be on autopilot for the next two years. global news 24

this is bloomberg. ♪ nejra: this is bloomberg daybreak europe. let's get to the bloomberg flash.s standing over first chinese built car. for theerates motion largest electric vehicle market. more workers will receive -- deliveries will start in january. goldman sachs said jp morgan have found ways to limit the impact of regulation on repo trading. they have lowered the capital requirements of regular repo trade. in the u.k., farmers are getting nearly 3 million pounds. the system was announced by the chancellor. farmers movers see the same funding next year. u.k. farmers are not viable without. that is you bloomberg business flash. nejra: thank you so much. here is what you need to know. we work will have pay millions if they are fired or leave. how much could they pay out? much theylion is how will have to pay out if the co-chief executive are fired or leave the company for multiple reasons. that is about 8 million each. this is a report from the financial times and they cite documents and people briefed on the matter. they may continue to experience a significant amount of seni

coming up, the bloomberg 50.om finance and politics, to tech and entertainment, we talk to those who have shaped 2019 in unexpected ways. carol: this is "bloomberg businessweek." ♪ here, it all starts with a simple... hello! hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! wifi up there? uhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your local xfinity store today. ♪ jason: welcome back to "bloomberg businessweek." i'm jason kelly. carol: and i'm carol massar. still ahead, we take a look at a data nerd's guide to doing good. jason: in addition to the gift list, you've got to give away some money this holiday season. plus, provocative remarks. why companies run by women are not always fair to them. carol: that is a must-read. first, we have to talk about the bloomberg 50. jason: it is all the people in business, entertainment, fin

on bloomberg tv.atch up on key analysis, save your favorites for future reference. this is bloomberg. ♪ ♪ vonnie: biogen has been halted. it was down 0.9% before the hold. finalizing details of a re-dosing study of their alzheimer's treatment. we had learned earlier that some data showed that it didn't reduce a decline in patients that had undergone a trial, and that was negative the stock. it is set to resume trading in about 30 minutes. biogen saying it is finalizing details of a re-dosing study of that same alzheimer's drug. guy: let's check in with the bloomberg first word news. here with the details, ritika gupta. ritika: house democrats will draft articles of impeachment against president trump. house speaker nancy pelosi says the president's actions are a profound violation of the public trust. rep. pelosi: the president leaves us no choice but to act because he is trying to corrupt, once again, the election for his own benefit. the president has engaged in abuse of power, undermining our natio

this is bloomberg. ♪ carol: welcome back to "bloomberg businessweek.": you can also listen to us on the radio. on sirius xm channel 119. including on am 11 in new york. carol: a.m. 960 in the bay area. over in london on dab digital and always on the bloomberg business app. lululemon earnings are out this week and although the stock dropped shares, they have gained 90% this year. it is a remarkable turnaround. there's also a win for this boston-based investment firm. jason: interesting. this is a never before told story of the money behind one of the most influential brands of our time -- talking about lululemon. the pe firm, advent, they first invested $74 million, not that much in private equity, and they got eight times as much from that 2005 deal. fast-forward to 2014, another deal and a lot more money. i sat down exclusively with advent managing partner david rutherford and calvin mcconnell, the ceo at a store right here in new york city. >> the business had its challenges but at its core, the issue was alignment. part of the power that private equi

this is bloomberg. ♪ his is bloomberg. ♪ selina: you are watching "bloomberg markets: china open."s away from the open and the china and hong kong markets. we will bring up this chart showing passive sentiment leading to the next year. recession,rs of u.s.-china trade war, protests, up 24%i indexes actually and on track for the best year since 2009. 2018 every asset class was a loser, but 2019 was the reverse. only one benchmark is down. g.at is the hongsen does this bull market have legs? will it extend to next year and beyond? david: and what leads it? that theting to say global economy is on track for the slowest year. it has been pretty much the same since the crisis. i want to wrap up the decking. gold made a comeback, 18%. best since the start of this decade. held liftlar recently prices of gold. let's get a holistic view of what this means. here with us, j.p. morgan asset management analyst, hannah anderson. hannah: everyone has their favorite scenario in which gold is the safe asset for their portfolio. you see a lot of investors taking stock of where things stand. we are i

this is bloomberg. ♪ ♪ vonnie: welcome to the european close on "bloomberg markets."ew york. u.s. crude oil inventories are out through the week of december 20. the market is looking for a drawdown of 1.43 million barrels. in advance of that, wti is down about $0.19. we got a much bigger drawdown of and dissipated, 5.4 million barrels. a bit of a recovery for crude oil futures, trading up a couple of cents. presumably that will go even higher. gasoline inventory saw a build, a little more than anticipated. distillate inventories were down. finally utilization coming in at a whopping 1.7% -- refinery utilization coming in at a whopping 1.7%. taking the

this is bloomberg. ♪ vonnie: time for the bloomberg quicktake.n union has a new weapon in the fight against climate change. it has been vetting environmental standards for banks, money managers, and insurers. stepdaughters -- skeptics worn some of the changes could learn urszulala or line -- willer leyne -- the eu will have to decide which activities are considered green and which are not. will have tos disclose how they incorporate environmental factors into investment decisions. fitch warns preferential treatment for sustainable investment could underestimate financial rest. the ecb says banking supervision should focus on the risk faced by regulated firms and not on political goals. that is today's quicktake. guy: time for stock of the hour. it is ralph lauren. shares of the clothing maker are rising on headlines that tariffs could be cut by 15% on $360 billion worth of chinese imports. used to have 40% of its supply chain based in china. taylor riggs has more. taylor: ralph lauren is one of the clear winners from all of the headlines we are g

michael bloomberg's founder of bloomberg asand well.ing bloomberg "surveillance." bloomberg has learned kering is holding exploratory talks with montcler. kering is the parent of gucci. acquiring montcler would help the company keep pace with lvmh, the french luxury giant that agreed to by tiffany. formula one racing lawrence stroll making a bid for aston martin.g -- aston stroll wanted to purchase a controlling stake. aston martin is grappling with struggling sales and lower earnings. that is your bloomberg business flash. tom: we will keep this brief because we did so much on impeachment. luigi zingales with us. it is europe united? trump and macron, trump and merkel, was there any sense of united nato? was united in making fun of trump. that is the only thing they are united about. when it comes to action, i don't think there is unity and that is the problem of europe, they cannot develop a common defense policy. they cannot develop a common fiscal policy. they are united only in the opposition, not the actions. francine: where does

this is bloomberg. ♪ live from bloomberg's world headquarters in new york, happy new year's. am romaine bostick. vonnie: i am vonnie quinn, in for scarlet fu. joe weisenthal is off. romaine: the dow, s&p, and nasdaq all finishing in the green. last market close of the year and decade. beststocks with one of the years of the decade, the s&p 500 to a 29% advantage. says the phase one trade deal will be signed january 15. roaring into the 20's. bitcoin has risen 9,000,000% since 2010. can the digital token keep it up this decade? we enter into a new decade, it is time to look at the highs and lows of this year's market. here is bloomberg's abigail doolittle. abigail: when a year in 2019 for stocks. the s&p 500 rallying to the best year since 2013. it was an even bigger year in some cases for bonds. this chart is the negative yielding debt around the world. muchin 2015, not so negative yielding debt. go, yields above $10 trillion. at one point this year, there was $17 trillion in negative yielding debt. bondwas just how big the rally was. bonds are still in rally mode. this of co

this is bloomberg. ♪ ♪ david: this is "bloomberg daybreak."westin, in for steel on the last day of the year. equities futures have gone negative, which meant a good part of the early morning was in the positive, but now they are all negative, and this is on top of the stoxx 600 or get a lot of those exchanges are closed, and volume is down about 80%. let's switch it out now and take a look over and see the u.s. ten-year. you can see they are selling off a little bit, down just under 1.9% now. the dollar index, where the dollar has been weaker several days, the fourth day in a row against the g10 currencies. gold remains up well above $1500 an ounce. that's been a remarkable one up -- a remarkable run-up. crude is up quite a bit. now it is selling off a bit on this come of the year. we spent a good part of the last year fretting over u.s.-china trade relations come about as we approach the new year, it looks like we will get at least phase one of that deal early in the year. how important will this trading relationship be for the u.s. and the g

juliette: this is bloomberg. ♪ juliette: this is "bloomberg best." i am juliette saly.ooking back in turning 18 in business, finance and politics in asia, through the years best interviews. leaders in finance from around the world had plenty to say about asian economy and markets this year. jamie dimon spoke exquisitely with stephen engle in may at the global china summit. he explained why investors were hanging on every twist and turn in trade negotiations. >> we are not just afraid of the direct effect, the reverse of global trade. it can slow down global growth, heard a lot of economies around the world. >> it could. i mean, the imf is already bejecting global growth to at the rate of the global financial crisis and that is with a china deal. do you think it would be worse than that? >> i think the world economy is actually doing ok. china is growing at 6.5%. that is $1 trillion of growth. america is a most 3%, that is half $1 trillion of growth. yes, growth has slowed down, but it is still active. the one fly in the ointment would be, if this goes south, i think tha

the school of public health is supported by michael bloomberg, founder of bloomberg lp and bloomberganthropies. coming up, an exclusive interview with bruce slats. how his firm is preparing for a recession ahead. meantime, stocks are lower and continuing their dissent this afternoon. major indices down .7%. the nasdaq down 1%. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. mark: i'm mark crumpton with bloomberg first word news. president trump is reimpose in tears on steel and aluminum from brazil and argentina. the president tweeted that both countries have been presiding over a massive devaluation of their currencies, and that he says is not good for american farmers. the president also called on the federal reserve to

on bloomberg tv. catch up on analysis and save your favorites for future reference. this is bloomberg. ♪ ♪ york, i'mve from new vonnie quinn. this is the european close on "bloomberg markets." let's check in on the bloomberg first word news. here's mark crumpton. mark: european commission president ursula von der leyen tells a french newspaper she is worried by how little time is a long-term trade deal with the eu by the end of 2020. she says that as optimistic. after a landslide primary victory, is really prime minister benjamin netanyahu is looking ahead. he will need a big win in elections in march to stay ahead , and gain an majority in parliament willing to grant him immunity. in australia, temperatures soared to a blistering 108 degrees today, 42 degrees celsius. further east, firefighters continue to battle brushfires, trying to gain more ground on the blazes for a heat wave hits this weekend. about 70 fires are burning across australia. nearly half are not contained. they have destroyed dozens

this is bloomberg. vonnie: coming up, israel's benjamin netanyahu facing a leadership challenge today after his failure to form a government. we are live in jerusalem, next. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." let's check the markets with abigail doolittle. abigail: very small moves on this holiday shortened week. in europe, extended holiday closing those markets. in the u.s., small gains. the s&p 500, dow, and the nasdaq all extending the rally that we have seen in 2019. another set of all-time highs. you can probably expect continued quiet trading into the end of the year. however, the santa claus rally, many are talking about the fact that santa came all year. the official santa claus rally starts today. it appears to be taking effect come about when we go into the bloomberg terminal, there may be reason to think that santa may officially pass on it. here is a three-month chart of the dollar-yen in red. when that rises, it is risk on. it t

this is bloomberg. ♪ ♪ matt: welcome back to bloomberg markets's/this is the european open -- bloomberg the european open. 20 minutes into the trading day, looking at green across the board. n up up 0.25%, ftse mib mila 0.4%. this is not a christmas special, although there is a christmas tree behind me, and behind that is the european central bank. waiting for christine lagarde's first press conference to kick off. we have more media here than i have ever seen at an ecb meeting, probably because there's so many french media participants this time. madame lagarde of course hailing from that nation. our top stock stories, back to london and dani burger. dani: the biggest mover on the stoxx 600 is balfour beatty. a trading update, now at the highest price since the summer. full-year operational profit is ahead of their previous view, and revenue should search about 5%. they said their order book at the end of the year will be in excess of $14 billion. more on the move up than 2% after morgan stanley had some of their top 2020 calls, and adyen, they called it a best in class at valuation lo

this is bloomberg. ♪ ♪ nejra: this is "bloomberg daybreak: europe."et the bloomberg business flash with selina wang in beijing. fulla: jp morgan wants control of its joint venture in china, and we learned they plan to boost the stake from 49% to 100%, the first global lender taking advantage of the opening of the nation's future market, allowing full foreign control from january 1. there is no comment from j.p. morgan. huawei will overhaul ranks next year in leadership after a slowing in 2019 with u.s. sanctions affecting suppliers around the globe. they are bracing for a painful year if the u.s. maintains restrictions. tradinging in u.s. after the chinese electric carmaker lost less money in the quarter than expected, but it is still warning it is running low on cash, and doesn't have enough money to continue operating for another 12 months. the chinese car market has been slowing and nio has cut thousands of jobs and has started scaling back marketing. that is your bloomberg business flash. nejra: thank you so much. now, the arrest that shocked the

this is bloomberg. ♪ guy: this is bloomberg surveillance. i'm guy johnson in london. let's get to the bloomberg business flash. >> to address u.s. concerns considering selling a majority stake in tictoc. washington is worried the -- tik tok. selling more than half the business could raise over $10 billion. the u.s. secure is an exchange commission to put bmw under his microscope. this comes months after the regulator find fiat chrysler $40 million over similar issues. it comes as the german carmaker is in a tight race for leadership in the u.s. luxury auto market bmw says it will cooperate fully with the investigation. boeing hopes in new ceo will restore confidence in the company and fix its relationship with a range of stakeholders from investors, customers, public crucially the faa regulators and lawmakers. it comes as boeing disclosed a new batch of internal messages. it's a second time they've turned over documents related to the grounded 737 max. that's your bloomberg business flash. guy: thank yo

this is "bloomberg markets." time for a bloomberg business flash. kick things off with what is happening in switzerland. credit suisse is again blaming its former chief operating officer for a new spying incident. the statement from the bank says used a contractor to spy on the company's human resources chief, and allege that he acted alone in ordering surveillance on another top manager at credit suisse. the company says there is no indication that tidjane thiam or any other board members knew about the case. tencent wants to boost investment in europe to more than $10 billion a year, according to the tech giant's european cloud chief in an interview with the german newspaper -- with a german newspaper. germany as its most promising cloud market beyond china. than 1.4 secured more billion dollars in financing from local banks for a shanghai factory. sources tell bloomberg an announcement will probably be made as soon as this week. tesla is looking to build on recent momentum as it prepares to begin deliveries of the china made model three sedan in

but it was a constructive one. >> this is bloomberg. ♪ >> this is "bloomberg best."e will revisit the year's top interviews on bloomberg television in europe. in 2019, mario draghi ended his tenure as president of the central bank. he was unable to lift inflation to target and raise rates from record lows. a third of the ecb's governing council opposed the decision to restart quantitative easing. skeptical official spoke at was of lee with bloomberg. -- spoke exclusively with bloomberg. >> it was an intensive and constructive discussion at the council. i could find out -- and everybody listened to the other s. a discussion in which other tries to take the others -- in which someone tries to take the other seriously. it was a push back and it was a constructive one. up withe tries to come a common solution that everybody agrees with. >> not everybody agreed with the measures that were announced yesterday. >> essentially, it was about the question how effective will a further monetary easing in these various areas be? is it something we have started to reach the end of

this is bloomberg. ♪ matt: this is bloomberg daybreak: europe.ck in on the markets around the world. joining us from our bloomberg partner in mumbai is niraj shah and over in london is dani burger. after a disappointing economic data and a rate hold, how are the markets ending the week? you.: good seeing thanks for having me. we've had aftereffects of what i is not the economic data. the markets in late trade corrected. in today's session, a bit of red on the screen for all. a bit of a disappointment. i don't know if it is short-lived. we had rallied a little bit and gone on to all-time highs. a little bit of a technical correction in play as well. certainly, that seems to have been the trigger point because the market was pricing in a rate cut and that didn't come in. will this disappointment continue next week or will it be a new one? back to you. matt: thanks very much for that. dani burger, you were looking at the action in the u.s. dollar ahead of today's monthly jobs report. what do you see? dani: today, not too much. over the week, a clear

this is bloomberg. ♪ vonnie: time for the bloomberg quicktake.ate negotiators have reached a tentative agreement to spun face force, the first new ministry -- to fund space force. it will be the first new ministry service in seven decades. the pentagon has called for aggressive capabilities to defend u.s. interest in space, that would include systems to disrupt and destroy an enemy's capabilities. space force would sit in the air force, similar to how the marine force sits in the navy. the main threat to the u.s. is the ability to disable satellites from the ground. in 2007, satellite used a missile to destroy one of its old satellites. destroying us by satellite means the flow of real-time intelligence from a place shuts off. u.s. intelligence has been working on ways to protect satellites from space. some in congress are calling for weapons that could destroy ballistic missiles from space. that is today's quicktake. our stock of the hour is netflix. ld on the golden globe nominations did nothing to offset one analysts concern. taylor riggs has

welcome to "bloomberg markets." we are joined by bloomberg nv vienna bloomberg audiences. hear the stories we are following from around the world. minister boris johnson revived the no deal brexit threat setting up a new cliff edge for a split with the eu at the end of the year. an exclusive sit down with dallas fed president robert kaplan on why he thinks the trade war with china is far from over. grounded.duction the aircraft manufacturer has confirmed plans to halt the 737 max and it is likely to be more than a temporary headwind for the u.s. economy. get you started with a quick check of markets. trading in the afternoon session. we are off session highs. u.s. stocks building on the record rally. we are seeing the longest winning streak on the dow since september. s&p 500 always gaining for a fifth consecutive session. consumer discretionary and financials leading the gains, the 10 year yield headed toward the 190. more positive data from the housing and manufacturing numbers coming in stronger than expected. take a look at the credit market. we are seeing interesting

this is bloomberg. ♪ ♪ romaine: live from bloomberg's world headquarters in new york, i am romaine bostick. here is a snapshot of how u.s. stocks closed today, a sluggish start, stocks, bonds, the dollar all edging lower. disappointing data and trade tensions. america's industrial sector painting a bleak picture as president trump targets tariffs on brazil and argentina. the impeachment inquiry enters a new phase this week as president trump declines to participate. trump travels to london this hour for a nato summit. opec strategy in question. iraq says the cartel and its allies -- despite reluctance among eu members. scarlet: global manufacturing little brighter with a pickup in china and germany validating calls that global growth is stabilizing. in the u.s., the two most-watched manufacturing in a different direction for november. joining us, bloomberg businessweek economics editor peter coy. the ism manufacturing, a fourth straight month of contraction. sh showed an increase. so which do you believ

this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open."utures suggesting we will see movements to the upside for european equity markets, and the pound is up 0.25%, not weighing on futures yet. the scatter first word news update. >> japan's government is pulling out all the stops on fiscal stimulus, announcing measures to support growth as the economy contends with an export slump and the fallout from a sales tax hike. the total package amounts to around $240 billion and is expected to boost real growth by 1.4 percentage points. u.s. presidential hopeful elizabeth warren is drafting a bill to reverse megamergers. they would restrict deals going forward. speaking to bloomberg, she says president trump does not have a plan when it comes to trade. occur in to see trade a way that is helpful to the american workers and the american consumer. i want to see what donald trump is doing, he is destroying markets and value of around the world. >> an unexpected hold in india, the r.b.i. keeping it benchmark rates unchanged. it reaches its medium-term

this is bloomberg. ♪ ♪ bloomberg: this is "surveillance."to buy american boutique investment bank green capital advisors, a rare overseas acquisition. and sell wind and solar farms. the terms were not announced. shares of lululemon were lower in trading, reporting another quarter of double-digit sales growth but not enough to boost a stock that has almost doubled this year. the market expects the result to be flawless. that is the bloomberg business flash. francine: we are just a few minutes away from the latest rate decision from turkey, president erdogan sounding off, saying the country will be moving to single-digit interest rates in 2020, as inflation jumped into double digits in november. back with us is steven major. theging markets go back to dollar. what does the dollar due in 2020? steven: it is going up according to our fx analysts. there is always a risk the cyclical pillar is pulled, that key support. at the moment, what is not to like? you have higher yields in the u.s. and developed markets and high real yields as well. it is d

this is "bloomberg markets." let's check in with the bloomberg first word news.he details, ritika gupta. ritika: u.s. negotiators reportedly making a new bid to get an interim trade deal with china. according to "the wall street journal," they'd offered to cut onsting tariffs by up to 50% $300 billion of chinese goods, and cancel new tariffs such a effect on sunday. in return, the u.s. once from commitment by the chinese to buy more products. the house judiciary committee approaching a historic vote on impeaching president trump. this morning, lawmakers voted on a moments. at the end of the day, they will be asked whether to send the two articles of impeachment to the house floor for debate and vote. a warning from the international energy agency. it says the global oil markets still face a surplus next year even if opec and its allies deliver newly announced production cuts. the iea estimates inventories will grow by about 700,000 barrels a day, even if the cuts are implement it. in turkey, a surprise from the central bank. it cut its interest rate from 14% to 1

join me at 2:00 for bloomberg businessweek on bloomberg radio.balance of power" on bloomberg television and radio. ♪ what are you doing back there, junior? since we're obviously lost, i'm rescheduling my xfinity customer service appointment. ah, relax. i got this. which gps are you using anyway? a little something called instinct. been using it for years. yeah, that's what i'm afraid of. he knows exactly where we're going. my whole body is a compass. oh boy... the my account app makes today's xfinity customer service simple, easy, awesome. not my thing. scarlet: i'm scarlet fu. this is "etf iq ." tale of two years. etf flows show caution ring for most of the year until risk took over in november. how does that set us up for 2020? we get passive aggressive with the big three. what is fueling the fire of etf adoptions. the holiday season calls for an etf

joining us is tom orlik, chief for bloomberg academics -- bloomberg economics.om: i think there is a tangible sense of relief that a phase i deal is going to get over the line, and that those december tariffs are not going to go into effect. the rollback of some existing tariffs is an additional positive. at the same time, we don't have to go very far back in history to osaka over the summer or on a series -- or but osiris -- or buenos aries to remember what trade agreements between the china and the u.s. are breaking down, so i think there's going to be a lot of attention to the details on this one. what is the schedule, if any, for further rollback on u.s. tariffs? what numerical commitment is china going to make in terms of agricultural purchases? these are some of the big questions. vonnie: will we get answers to them? it seems likely market is baking and we'vetimism, moved on. we are talking about phase i being done when really, it is not quite clear that it is done. tom: right. i think the expectation heading up to december 15 was that that final tariff ro

this is bloomberg ♪. -- bloomberg. ♪ nejra: this is bloomberg daybreak: europe.loomberg business flash with tom mackenzie in beijing. talks tokrock is in start and asset management business with one of china's biggest banks. the world's largest asset manager and singapore state investor have entered a nonbinding agreement with china construction bank. it's part of the u.s. from's goal of becoming one of china's leading asset managers. is selling 60% of its stake in meat processing brand hurt her. it is part of this was giants plans to focus on faster growth in its portfolio. nestle will maintain control of the vegetarian businesses that focuses on plant-based foods. it has been valued at 600 and 90 million -- 690 million euros. bbva is taking a $1.5 billion hit from its u.s. unit. it is blaming the fall in interest rates for the charge. the american a business accounted for 13% of the groups and come in the first nine months of the year. the division has proved troublesome. they describe its push into consumer lending in the market as a learning curve. that is yo

this is bloomberg. ♪ viviana: this is bloomberg surveillance.g, shares of fedex plunging for the delivery service cut profit forecast for the second straight quarter. weak international demand has hurt fedex, plus the company has ramped up investment to handle the surge in e-commerce deliveries. deutsche bank calls fedex quarterly results "breathtakingly bad." tesla may take a big step to ramp up sales in china. next year the carmaker may cut the price of its china made model three. your bloomberg business flash. tom: thank you so much. we are considering 2020 we can do that with stephen mack smith of jp morgan. -- stephen macklow-smith of jp morgan. an nicola mai of pimco. pimco has one of the most cautious housecalls i can see out there. how do you dovetail a cautious international look into the sustainability of negative interest rates? are they here to stay? we think that negative interest rates are probably damaging over the long run, so if you look at it so far, you could give a thumbs up to negative rate policy and bank rates have fallen

bloomberg. ♪ ♪ you are watching bloomberg "surveillance."rget for this year and next. trade tensions and negative interest rates are clouding the outlook. credit suisse also signaling this year, its investment bank is set to make a loss. chevron expects to write down as much is $11 billion in the third quarter, more than half from its appalachia natural gas assets. they are considering a sale of shale gas holdings and are keeping their capital budget unchanged for the third year in arroyo. apple offering a number of eye watering prices with its new mac pro. you can buy the device for just under $6,000. fully loaded, it will set you back $52,000. wheels for moving at around the office will set you back extra. tom: thank you so much. as we try tondon stagger the election tomorrow and our special coverage is camilla cavendish, former head of policy to david cameron and his known for writing for -- is known for writing for "the financial times." world."ons for an aging one does old age begin now, 80? roger: camilla: 80, -- camilla: 80, 85. ,hen

this is bloomberg. ♪ ♪ alix: time never bloomberg first take.ning me from our in-house team of wall street veterans and insiders, vincent cignarella, former fx and rates trader and of the bloomberg audio squawk, squawk, damian-- sassower, and also columbia threadneedle's cio. got bank of japan stimulus, and it seems like nobody seems to care. vincent: it is an invention that monetary policy is an admission that monetary policy has reached its end game. when you have markets getting that kind of news, it is a glass half-full type of scenario. it is needed, but it is probably about $100 billion of stimulus, and then you have the european issue which we will talk about in a few seconds that may take , and that on an 86 trillion dollar global economy is really a drop in the bucket. reporter: i agree with the point -- guest: i agree with the point that the central banks cannot do anything. it is really important that we begin to move away from that. although this is a small first step, i think it is a very important one because of the messaging about

this is bloomberg. >> this is "bloomberg businessweek post quote live on bloomberg radio and bloomberg television. we have the market close and averages finishing off their highs of the session. remain and i are going to take a look at some of the stocks and major equity averages on the .ove -- romaine and i 233 names in the index, higher andy, 255 lower, seven change, but the nasdaq unable to maintain another record, that we did hit it intraday. : all these index still in the week, slow on the month, still up on the year. carol: i want to mention the nasdaq because it has had so much momentum behind it. one of the reasons, i actually looked breaking it down to the nasdaq 100, and some of the top stocks included a lot of those chit names. maybe we have a board that we can bring up for the folks on tv. for the folks on radio, andy -- has been a huge outperform her. if we look at lam research, that stock also within the semis sector, you could see it's up about 150%, 120% so far this year. kla,take a look also at that stock has shot up. the whole semi stage, which i think is often a key

joining us is bloomberg's cinelli -- bloomberg's cinelli vasek. let's -- bloomberg sonali basak.with sonali: the idea here is fundraising. ?ho's in charge they had open architecture where more than $200 billion was degen hated to private market -- was dedicated to private market investment. he has a live experience with pension funds, insurance companies, and he did that for other funds. alix: so what is the goal? what did they want to be? sonali: right now the merchant banking division rivals the size of kkr. they certainly want to be bigger here. we are in a record fundraising environment. this is definitely a big private market play, and which they want to be allocating money for their investors. alix: let's get to those zombie firms. david hunt, pgim ceo, talk about that. here's what he had to say on bloomberg. david: my view is they will become, i've used the firm some be funds, with vacant -- the term zombie funds. they still pay the bills, but they don't really go out of existence, and therefore capacity doesn't come out of the industry. alix: i feel like we've heard that

this is bloomberg. ♪ francine: bloomberg surveillance.cine lacqua we will talk about the u.k. with reinhart and kenneth. here's a quick bloomberg business flash. viviana: cell, this is the -- sell, this is the advice from an investor. he says donald trump's trade wars mean it is time to raise tax. -- sends ahe says terrible signal to both importers and exporters. that is not to view of the 2020 outlook. next year will be brighter than ever. the bank predicts expansion will continue. and anticipates corporate earnings will rise another 7%. that is your bloomberg business flash. week'se: ahead of next elections in the u.k., reports are rising at the slowest pace in decades. the recruitment -- with u.k. labor market paid meanwhile, the election trail, boris johnson and jeremy corbyn will go head-to-head making the debate this morning. this morning, reinhard cluse and kenneth broux. reinhart, when you look at the u.k., the economy is in bit of a limbo. are we going to get clarity? we will get some clarity on the timing of brexit. that might i

nejra: this is bloomberg. ♪ nejra: this is "bloomberg best."e are revisiting the year's top interviews on bloomberg television in europe. in 2019, mario draghi ended his 8-year tenure as president of the european central bank. he was unable to lift inflation to target and raise rates from record lows. a third of the ecb's governing council opposed the decision to restart quantitative easing. several skeptical officials spoke exclusively with bloomberg. >> it was an intensive and also constructive discussion at the council. i could find out how people interacted. everybody listened to the others. so, it was a discussion in which someone tries to take the other seriously. it was a push back, but it was a constructive one, which one tries to come up with a common solution that everybody agrees with. >> not everybody agreed with the measures that were announced yesterday. what was the disagreement? >> essentially, it was about the question how effective will a further monetary easing in these various areas be? is it something we have started to rea

tune into bloomberg radio. bloomberg. ♪ we are 44 minutes away from the start of cash equity trading here in europe. japan's prime minister has announced stimulus measures to support growth and economy contending with an export slump, natural disasters, and the fallout from a sales tax increase. we are looking at a total package worth about ¥26 trillion. much bang will this fiscal package have for japan? >> it should be very helpful. if you look in terms of where the deficit is. it pushes it down to where the u.s. and china are. we think this buys time for the rest of the world as well to get their fiscal house in order. really move fiscal to supporting growth around the world. nejra: how positive are you on japanese equities? expect theming you to outperform bonds on a global basis. >> japan is interesting but one of the challenges for investors is when japanese equities go up, the currency tends to strengthen -- i'm sorry, would need to weaken. in this environment we think the currency will work against you w

this is bloomberg. ♪ matt: welcome back to the european open. this is bloomberg markets.nd matt miller in berlin we are just about 20 minutes away from the open which will happen in most markets. not in frankfurt. it is closed today. there is trading in london and paris for a short time. on this new year's eve holiday. let us get the bloomberg business flash and for that we go back to laura wright in london. >> jp morgan once full control of its futures in china. 49% to 100%. the first global lender taking advantage of the nation's opening market. tesla took a hit yesterday after an analyst said they may miss the target. it has delivered below the company's goal. the chinese electric carmaker -- it is still warning it is running low on cash. it says it does not have enough money to continue operating for another 12 months. china's car market has been slowing and has had to cut thousands of jobs. that is your bloomberg business flash. thank you, laura wright in london with your flash. could germany be entering a lost decade? a 2020 rebound could be in the cards. carsten br

this is bloomberg. ♪ carol: welcome back to "bloomberg businessweek."'m carol massar. jason: and i'm jason kelly. you can also catch up on our daily show i checking out our podcast. carol: and you can find us online and our mobile lab. privacy -- one of the major themes of 2019. jason: and the cover story for this week focuses on how silica and valleys biggest companies have fooled millions of people into allowing them to listen in on their stories. >> this is a big story about how these devices like amazon echo and their virtual assistant alexa or siri -- if you have these devices in your home or on your phone, this is a story about how these things work. these tech companies in silicon valley presented these topics -- presented these tools as automated. vastrns out there is a apparatus of human listeners improving the services. when voice commands are submitted to their service, they are sometimes rerouted to data centers where humans are transcribing your words to improve speech recognition. carol: there was an assumption that there is a robot listen

this is bloomberg. ♪ david: now for the bloomberg first take.ere to discuss our yelena shulyatyeva, peter coy, and from state street, marvin loh, global macro strategist. i want to start out as we go into 20/20, there's a lot of concerned about whether the s&p and other things are other bought. does the underlying economy support the markets? the markets are looking pretty good at the end of the year. yelena: the economy is not looking that bad, but it is not looking that great, either. we do expect some slowdown going into the next year. growth next year, slowing down to 2%. consumers continue to support growth. it will be stable growth. we might see some slowdown in the first quarter, but going forward, it should be ok. sub-2% growth rate support where markets are right now? the markets are quite robust. marvin: animal spirits are high. that's for sure. we look at what we thought at the beginning of this year, in terms of trend growth and below trend growth and secular stagnation, we really pushed that aside. with the central banks pretty much

this is bloomberg. ♪ ♪ alix: i'm now for bloomberg first take. -- time now for bloomberg first take.ning me, you've got vincent cignarella, former fx and rates trader, mckee, bloomberg economics and policy correspondent, and with us is david kelly, did morgan asset management chief global strategist -- j.p. morgan asset management chief global strategist. what is the trade? vincent: we sort of have to trade more behind, to some extent. there's a pause. the market is not euphoric, but it is giving us an opportunity to catch a breath. i think the focus traders are talking about is we are moving away from u.s. and china trade and focusing on europe, and germany looks to be front and center, first from what is going on with china and autos, and probably with donald trump and autos. germany is the next target insight for traders. david: i thing it's pretty clear that trade tensions are diminishing. one, a clear phase path to brexit. i think once we get brexit, it will actually be a smoother relationship with europe then people fear. it amounts to less problems with the global economy. i w

we get the team in place at we have our boom bloomberg partner -- bloomberg partner.e hordern is back from her vacation. global markets relatively flat jra just said. what is the story? >> well, that is actually the thing, manus. good morning. we start off very well. it has come off a little bit. they are getting support from us. resolution of the insolvency in bankruptcy court. the measure in india. it has seen its first case. led to the banks doing well and giving that support to the index. just a moment on this chart. watch out for this. twice in the last three months, the nifty has taken strong support. this time around, the support came in because banks gave their helping hand. maybe there is more in store. back to you. nejra: we had some better than expected data out of china, but some moves in the yuan show traders remain cautious on the trade front. juliette: absolutely, nera. we have seen the offshore yuan rise quite sharply today but a little bit of weakness in the onshore and i am looking at implied volatility suggesting traders to remain a little bit cauti