we also have that interview from mark carney. before that, let's think about in thet that it jobs day united states and jobs day everywhere in global markets it seems. let's bring up a chart that shows you what's happening in treasury yields. you see the pickup at the end of that chart. u.s. treasury yields increasing. their highest in around four months. that is handwrite of that jobs report. 185,000, that's the number to look for. it seems the markets are adjusting their expectations, building in some kind of expectation around a december rate increase from the fed. news get to the breaking we've got coming from allianz, the german financial giant. they say they are on track for their full-year targets, one of the better things they are saying this morning. nine-month operating profit stable. third-quarter operating profit has come in at 2.4 billion euros, broadly in line with where the estimate was. the net income number, 1.3 6 billion euros. 1.5 billionw the euros that had been anticipated by analysts. giving us a bit more de

talking about the carney spread yesterday. the draghi-carney spread.yesterday a lean and into a dovish december meeting -- a lean in to a dovish december meeting? richard: we were thinking if carney is very hawkish during the press conference, isn't that a tip they know the fed is going to go in december? i think you are right. he has looked at euro sterling, he said the ecb if they act aggressively, the euro sterling will be low 70. he did not want to add petro to that fire did the conspiracy thinks that is exactly what he wants us to think. macro that is what he set out to do yesterday. jonathan: jobs guesses? ? one 85 is the estimate. which: a lot lower than that. great to have you with us. we head over to the pulse. for me and the bloomberg team, best of luck for the rest of your day. ♪ francine: penultimate jobs report. while the data keep december alive for janet yellen. manus: the new guidance from governor carney. in an interview he tells the u.k. to prepare for a rate hike in 2016. francine: europe faces the reality of a slowdown. manus: stand

that is the outlook from mark carney.nterview with bloomberg news, mark carney said he had confidence in the fed. it is material for demand for the u.k. and it is going to be one of the reasons why we see our economy continue to progress. i'm quite confident they will make the right decision at the right time. much more ofan see that interview tonight at 8:00 eastern on bloomberg tv. you can get more on these breaking stories at the new bloomberg.com. tom: francine, help me out. this is confusing, folks. one of the stocks went down and that it reversed and went up. that is because this is a reverse takeover. doneeverything is said and , i cap is buying to let -- tullett. in the headlines, you don't know who is buying who. francine: it is interesting because we had that story released in one of the u.k. press. the way that they had written it it was clearly saying that icap was planning to buy a majority stake in to let me bond -- tullett prebon. interdealer brokers have been hurt. tom: how do you say it? tullett? francine

mark carney will deliver his super thursday.pecting rate decisions, how they voted, we will be looking for hints on when the rate hike will con. -- will come. tom: there is a textbook that have to do with physics, then of theas halladay out university of pittsburgh. he memorized all of this. he was a giant of newtonian mechanics. one day he decided he was bored and turned to economics and moved to the university of san diego. then got a nobel prize in the agitation within the markets. now new york university's director of volatility institute. you do not look at agitation or volatility like mere mortals. when we report the vix, what do we get wrong? mr. engle: it is the volatility of the s&p 500. eligibility is in different asset and asset classes moved together. it is not such a bad idea to only report the vix. everybody turn to you and said, what have we learned about correlation? the vix at 20. we are in a complacent range you the vix, but what have gotten wiser on through the financial crisis of how the different assets poor

the big issue for carney is the currency.oday and say inflation will be lower than i thought. that takes your currency lower and that is ultimately going to help the bank of england and the mpc on their prudent road to change. betty: thank you so much. manus cranny in london for us. i want to bring in mike mckee, our economics editor was looking at not just the doe policy but boethat affects us -- the policy but how that affects us in the u.s.. comments that central-bank leaders have made. interesting things from the interview. he did the interview. there has been a theme on this side of the atlantic and that side about central banks being driven by market expectations. timesard him say several he is talking to the bloomberg audience, he is definitely trying to affect market perceptions of what the bank of england is going to do. it is opposite message from what janet yellen is sending now. she is saying we are ready to raise rates. markets should begin to price that in. the bank of england does not want the markets to get to

mark carney spoke exclusively with john nichols. carney was noncommittal about when rates may rise.ance initially was about early stages of recovery and what are the minimum conditions required before we begin to think of raising them. if you look at the historic reaction from the bank of england, given the string of the 2013 and 22014, the strength of purchasing managers and the growth, historically, the bank would have raised rates three times. you can tell, that would have not been the right thing. it was partly in the hands -- finding the hands of the committee to say let's see what the attraction is for the recovery. that was a sensible thing to do. i think it actually did give people confidence to continue to invest. subsequent to that we have given guidance about the path of interest rates. limited and gradual. we have repeated it so many times. it is part of the furniture. that is a good thing. that was a colleague made in december of 2013. two years ago we made that call. now it is accepted. it has been consistent. recently what we have been challenged with is what is the r

alix: mark carney telling the world that he is holding steady on rates. scarlet: we want to get started on today's market activity. julie: we have been bouncing around already in the session. i think people are waiting for earnings and other individual names that are moving. all three major averages are trading lower right now. overall, not big declines. even this has been volatile with different groups sort of lagging and leading, depending on what 10-minute interval you are looking at in this measure. materials are down. energy down. financials doing well. at one point, information technology was higher. it has been anything goes today. one thing consistent is the drop in valiant. valiant in the news once again today. a number of little things is contributing to the decline of the stock. earlier, it was down as much a 60% -- 60% to 17%. there -- there is more talk on capitol hill about coming down on drug artsy practices. we are seeing others the shall to pharmaceuticals and biotech firms also declining. endo pharmaceuticals were out analystnings that b

. >> mark carney is due to speak at the forum here in london. he'll be focused on financial market regulation but mario draghi will also be taking the stage today. we'll bring you live coverage of that speech at 14:15 cet. don't miss it. >> very busy today. let's talk about m&a activity. ab inbev finalized it's stakeover of sab miller in a deal worth around $108 billion. they paid 44 pounds in cash for existing sab miller shares and in order for the deal to past u.s. antitrust hurdles sab miller is selling it's stake in miller coors and it is being acquired for $12 billion. so the ab inbev sab miller tie up expected to complete in the 2nd half of 2016. >> now investors are cheering a restructuring plan sends shares in the danish brew giant to the top of the stoxx 600. organic operating profit could decline as well as unveiling a 1.4 billi 1.4 billion impairment charge on russia and china. the company reported a loss for the period after the impairment charge was accounted for. we'll be speaking to the ceo of carlsberg at 11:30 cet. a number of a

has he got a plan for mark carney? it is super thursday, which brings us to the bank of england, the rate decision, the minutes, and the quarterly inflation report. for more, let's get to mark barton. it is bonfire night in the united kingdom. could the sparks get lit behind you? mark: good morning, manus, francine. if we are talking fireworks, let's talk about the division within the mpc. so far, only one member has voted for a rate hike in the last three months. will we see further dissent today? that's what hsbc told me earlier. forbesells said kristin could join mr. mccafferty. we could see a 7-2 divide. the other thing to watch out for today is the rate expectation. marketectations from the is for a rate hike in november. economists are going for a rate hike in the second quarter of next year. how does the bank of england move expectations? one way is through its inflation forecast. it could downgrade its forecast for this year and next year. that would tell economists and the market that maybe february is off nex

carney's last chance to show his cards ahead of christmas. and the shanghai composite closes back in a bull market. yellen sets the scene for a december rate hike. the federal reserve chair hit a hawkish note suggesting that a 2016 rate hike was still on the table. >> what the committee has been expecting is that the economy will continue to grow at a pace that is sufficient to generate further improvements in the labor market, and to return inflation to our 2% target over the medium-term. informationing supports that expectation, our statement indicates that december would be a live possibility. but we have made no decision about it. chair they be prepared to go live in december but one democratic congressman advised that the gods time for the left off might be more generous. >> god's plan is not for things to rise in the autumn. as a matter-of-fact, that is why we call it fall. nor is it god's plan things to rise in the winter through the snow. god's plan is that things rise in the spring. with thent to be good almighty, you might want to d

my impression is mark carney is cautious.ould be surprised to see the bank of thing when the federal reserve decides. linking the currency conversation at a central making conversation, i read an interesting array today about the plastic pound. there is not very much volatility against the dollar. the cable rate right now. that is because so many people see bank of england policy attached to fed policy. the pound is not being pushed around by the fed conversation. do cvs conversations as linked? -- do you see these conversations as linked. n: when we look to japan with the fiscal using. when we looked the eurozone we see fiscal easing. when we look at the u.k. we could the opposite. it is as simple as that. guy: the commodity story is important for the 5100. that ties us back to the dollar. we are drawing a line between one and the other. been a believer is in global investment. our positions in those areas of the last two or three years have been the wrong place in the short-term. you take the part of the ftse 350 exposed to

is mark carney need to get out front of chair yellen?uld say that he is independent, but i do not think he wants to get out front. we were expecting the bank of england to push back against the excessive dovishness tilt into the market. too strong of an exchange rate will throw everything into the open. i have to be very careful on how they talk about the currency. tom: jon ferro, what were you listen for from carney? a presso it in conference, a letter to the queen? what is it? jon: it is a press conference. what is critical yet difficult, verging on impossible, how does the bank of england navigate euro sterling and a two-month low and bring in the markets to get rid of the excessive dovishness? is that impossible? geoffrey: the swedes acknowledged everything was going well, but they would need to match the ecb one-for-one. they can say things are improving in the u.k., but if euro sterling breaks through in a way that would affect the inflation target they would have to react. they would need to commit to maintaining the current balan

carney should be nervous of that.us: does that mean 2016 could be more macro prudential tools, trying to quell that asset price inflation? james: yes. manus: the consequences of that for you as an investor? james: to certainly believe that we should be looking more at the europe in u.k. rather than united states in terms of one companies will deliver prices that are positive relative to expectations. richard: i think 2016 will be the europe that go potential policy. push back on the timing of liftoff which is in early 2017 but they will not push back fairy vigorously. i think it will be a slight push back. i think they are worried about the pond. -- the pound. as james highlights on the difficulty with the housing markets and what they worry there, i think it will do that to macro prudential policy. francine: when you look at the pound, at what point does it become a hindrance for exporters? at what point, does the bank if it was start worrying about it? james: i would say the rate that i look at more closely is the e

mark carney is speaking.e've just finished a conversation with the ceo of the london stock exchange. they are at the open forum where they are discussing reinstating -- in markets and financial institutions. let's listen for a second. >> only the markets that serve the real economy can retain the trust of society. aftermath,is and its many of our markets didn't live up to these standards. at times, some of the most important fixed income currency and commodity markets proved fragile, unfair, ineffective, and unaccountable. it is hardly surprising that only one third of people believe markets work in the interest of society. the more people see, the less they like. people tend to trust markets let's with age. at the same time, most people think markets will become ever more important. they are right. as i wrote this week to g-20 leaders, the structure of the system has changed since the crisis. virtually all of the capital raised since the crisis has been through the capital markets. the size of assets under m

mark carney spoke exclusively with bloomberg news.her have the majority of the british people thinking rates would go up in the next year? is, i would, because that reasonably prudent behavior given the likely path of rates. ofnie: you can see much more that exclusive interview tonight at 8:00 eastern on bloomberg television. on these andore other breaking stories 24 hours a day at the new bloomberg.com. tom: thank you so much. futures at negative two right now. we are pleased to bring you willem buiter with all sorts of perspective out of cambridge, out of yell. in 1998 you were teaching at cambridge university, slaving away at macro 302 or whatever it is. what are the new illusions that we have with christine lagarde's new mediocre compared to 1998? can we make linkages that would lead to the instabilities that we saw then? 1998 had an emerging market financial crisis that had remarkably few repercussions. emerging markets are much larger now. more than half of world gdp, more than half of world trade. financial conditions will impa

carney, like janet yellen, had to blink. francine: this again throws up what we've been discussing, tom, which is communication if the bank of england is indeed a little bit more dovish than the markets are expecting, how does it get transposed to the real economy without actually hurting the pound? the pound is a problem. jake: there's a fascinating interplay with them. i think theren is an expectation you would expect a easier bank of england with a tougher government and we don't have a particularly tough vernment as someone missed mr. osborne's proposals on supporting incomes and that would encourage mr. carney to think he needs to tighten earlier as otherwise would have been the case. francine: if we look at the pound/dollar, 1.5477. at what point does it start biting? we have guests coming on the program saying it's not great, "not great. but there must be a level where exporters really start squealing. james: i certainly still believe the dollar will strengthen against the pound on a trend basis. when i look at the fu

earlier, governor carney said a low rate environment remains.he top growth data was released in the u.k.. us the top u.k. economist at deutsche bank. the low the previous quarters. it is an unbalanced economy. the domestic economy is strong, but the net trade drag was nothing to shout about, was it? >> i'm not sure you can read too much into the future. it was exceptionally negative from trade. i would say that consumer spending is hardly surprising it is growing so well. we have low inflation rates. all of the other components of gdp. i am nervous about. the government spending. can it grow at these rates when we have such austerity plans for the next five years? i suspect not. the trade, influence by global economics and that sterling's up. i am about that on balance. mark: this is where you will lay it out for me. you are still going for a rate hike in the first half of next year. mark carney said that the low rate environment will remain for some time. according to you, some time means -- george: my view is made. even if they do raise rates

mark carney says it will be a defining moment.ow are they in the portfolio, when you hear more capital -- it is no big shock, but what do you make of it? andrea: the ecb is obviously going to monitor the capital levels. that dictates the level of capital they hold. and also the key is the quality of the capital. you have a very wide range of banks in europe, the scandinavians who have very high capital levels, and the lower end with 10%. i think inevitably they will have to increase that. manus: obviously, as a european investment manager, you look at various opportunities of equity and credit, various issues these banks will issue. debtere any appeal in the instruments? they are all issuing a variety -- andrea: it depends on the quality of the underlying bank. some are in a much stronger where it is a far more stable situation that an investment bank. our presence has been scandinavia, where they have a higher capital levels and less pressure. manus: when you look at the european banking scene, for example, deutsche bank is -- it

net dived.k carney i want to shift the sterling gear.end of the been a lot of people talking but the strength of sterling being an issue. the bank has been downplaying that. it is lingering, much the same way that low inflation is lingering much more than they thought it was. macro i will take low inflation -- manus: i will take inflation. gentlemen, thank you very much. more to come on the a.m. -- on the ab inbev story. sab, where are we? wearable to talk with sabmiller deal. coming up next, the pulse is next. ♪ inbev agrees to buy sab miller for $107 billion. sab sells its stake in its american joint venture. jobs as ituts 2000 seeks to stem a profit decline. shares are surging. china's rebalancing act. industrial output slumps to a 2009 low while alibaba single day sales rise to a record.

this is a forum where mario draghi, mark carney -- he likes the public eye that mark carney -- all talkingrket, more ethical reinstating the efficacy of markets. markets, and in these past seven years of regulation, that we are little bit more trusting. the london stock exchanges joining me and we have a great deal of this discussion -- and the regulation going in the 2016. there is discussion of the european union may delay the introduction of those new rules -- what does that mean? and what is your pay rise this year? that is what we want to know? that comes down to the data, a little bit later in the day. we will have a discussion about that. and protect yourself -- chris, the ceo of the software provider for protection. protect yourself online, anna. anna: thank you very much. an eclectic show at the top of the hour. manus cranny and the "on the move" team will be with us. this is the picture that we are expecting to unfold at the start of the european equity trading day. euro stocks called up by around 1%. of dax lacking a little bit. how about political's -- how will the political si

what is interesting is that anyone thinks that mark carney will go before the treasury select committee is -- asizing would mark carney been really go in front of the treasury select committee and pushed a more hawkish message in that case? i think not. strangely whene i turned my eyes up and talked about the u.k. recovery. i challenge that the u.k. is in a recovery mode. i think he will be in a slowdown. jonathon: we actually have to leave it there. gentlemen, thank you very much. much much more news on the downed russian jet at the -syrian border. the russian jet ignored repeated warnings according to the turkish presidency. much more news on that significant development in the last 20 minutes or so. we want to talk markets, you know where i am. session lows this morning. wordurkish lira though, a lira.eaker turkish best of luck for the rest of your day. ♪ brussels extends its terror warnings. schools on the subway remain close. manus: bhp touches a 10-year low as commodity crunch bites. francine: 3/4 of investors are inting on a fed rate hike december. be. third quarter gdp set to re

we'll see whether mark carney says anything on strength of pound.ll be a problem for this country as we go forward. the higher it goes, it makes exports that little bit more expensive to pan off. you see 1.5483 and does it bring forward the rate hike. but we hope to understand. one sort of data won't move the leverage you have but it is super thursday and we'll be covering that live from outside the bank of england. estimate is cost related to fines and legal sentiments declined and europe's largest bank reported a 32% gain in profit. it's also been said they haven't made a decision on its domicile this year. francine: shares in minor london are lower after the world's third biggest platinum producer said it would take record impairment charge and would be more than $2 billion for the full year. manus: russian aviation directors say the plane that crashed appears to have broken up midair, spreading debris over more than eight kilometers. the jet crashed after leaving sharm shake. egypt -- sharma shake. francine: euros must be raised in fresh capital

[laughter] mark carney: the two unrelated questions there. very good.nd, i would congratulate mr. trudeau and his new cabinet. i have a number of good friends in that cabinet. it is very strong. i look forward to working with the new finance minister. in the fsb role, we have a tangential role in the upcoming discussions in paris. which, if i may, which brings it to bloomberg. it will potentially sets up a market-based role on climate change. with respect to the first, i'm not even halfway into my five years. it's far too early to answer that. ♪ ♪ scarlet: welcome back to "bloomberg best." you can always find fascinating feature stories around the world on bloomberg tv and on bloomberg.com. here's a sampling from this week, starting with the first episode of "made" a new series of short films that show how everyday luxury objects are created. ♪ >> after material selection and cutting down those materials to manageable sizes. we he goes up in forges and use -- we heat those up in forges and use our hammers to shape them into knifelike shapes. the hand ey

in britain, it is a smaller version, when his carney going to do -- when is carney going to do somethingi think there is, as you say, a slight element that they think their lives were upset by this thing they had not expected. but in a way, that is central banking. that is what the world is always like. signalhe also tried to that there would be a rate hike gets on point, but it will be gradual. you asked him specifically about core inflation and how it relates to his decision. john: that is quite important. core inflation is coming along as 1% or above that. the headline rate is practically 0%, and that is his problem at the moment. core inflation seems to be going in the right direction, or in a direction that enables him to think about rate cuts. ofdoes not like the idea suddenly the headline rate catching up to this underlying out, and then being caught because the economy has sped ahead too fast. mark: would i rather have the majority of the british people thinking rates are likely to go up in the next year he? yes, i would, because that is reasonably good behavior given the likely

scarlet: make sure to tune in tonight for that conversation with mark carney, that is going to be at:00 p.m. eastern time. alix: blockbuster jobs report following a two-month low, we also saw with growth acceleration and unemployment falling to a seven-year low. jonathan is joining us now. what at this point could stand in the way of a rate hike? >> i think something has to go terribly wrong in order for the fed not to move. and you said, the most important thing, the vicks is lower. the 10 year bond yield is higher. shrugging this off and when the fed hinted in october that they were contemplating a move in december, the market jumped 110 basis points, they want higher rates, the job report says the economy justifies it and the market response is positive when it happens, i think. joe: it seems like stocks are basically accepting that rate hikes are coming. -- let's say, we get strong inflation data and wage numbers keep picking up, how would the market react to the impression that the fed cannot be so low? >> what the market take it, yeah. but if you said to me right now, looking a

our exclusive interview with carney. we'll get a look at what is behind the latest selloff. home away shares taking off after expedia agrees to buy the alternative accommodation site for $3.9 billion. will the deal help the company compete with the industry's leader? we'll hear from the c.e.o. of home away and expedia. first, let's head to the markets direction where julie has the latest. julie. julie: stocks trading and fluctuating within that range. the dow is higher, the s&p is slightly lower and the nasdaq lower as well. really, a lot of company news that is pushing and pulling stocks around. one stock we have been watching, not just today, but the last couple of months, valiant pharmaceuticals is back in the news and down by 16%. it looks like the company is commenting on its c.e.o. saying the board has full of the as the chief executive officer in the company. i'm just getting that statement in my bloomberg terminal right now. perhaps they felt the need to come out with this statement after the "wall street journal" reported today that bill actionman, a defender of the

i think of it as the carney-draghi spread. mark carney is very sensitive to it.st the euro, they worry about that. "surveillance" history on black friday -- we have never had a hat trick of ripping up the scripts. vonnie: we have never had the monetary policy, either. tom: we have also never had jon ferro on short notice. that was brilliant -- jon ferro, thank you so much. this continues for the next 14 hours. in our next hour, by popular howard will talk to us about retail in the underlying real estate. stay with us. ♪ tom: good morning, everyone. it is black friday, or black saturday in hong kong. a beautiful friday evening as they move on to the weekend. they have a lot to think about with him floating chinese stocks and ever weaker renminbi as china manages a challenging economy. right now we will manage a business flash with vonnie quinn. vonnie: for the first time, audi has been implicated in the folks like an emissions scandal. both the u.s. and germany launched investigations into their luxury car unit. suspended to engineers suspected of rigging admissio

john carney visited the university of delaware today to discuss science, technology, engineering, and math education. he toured the school of science and engineering lab and spoke about legislation that would provide financial assistance to low income students majoring in s.t.e.m. fields. >>> meanwhile, state and local lawmakers came together today to call for the expansion of the broad street lines in the philadelphia's navy yard down south. mayor-elect jim kenney joins bob casey, pat toomey, and bob brady at the navy yard. they talked about the need for direct public transportation to the site to help the area continue to expand. right now septa's broad street lines starts at fern rock transportation center in north philly and travels south along broad, ends at the at&t station in south philly. officials hope to extend the line south by about a mile and a half and end it at the navy yard. >> it's so, so important for the development and expansion of our city to have a developed and expanded mass transit system. i'm so proud to be here in the hopefully beginning of its inclusion. >>

he was a local guy who had also been an assistant on dan mc carney's staff. i am proud and honored to be the football coach at iowa state. although he dii not win enough to ep his job, rhoads racked up some of the most memorable victories in cyclone history. for instance 2009, winning at nebraska for the first time in 32 ars. the postgame celebration when viral. listen to me. i am so proud to be your coach the next year they won at texas. it was the first time iowa state had ever beaten he longhorns. 2011 a thriller at jack trice stadium as the clones topped the hawkeyes in triple overtime and this time the coach was almost lost for worrs. because of the unbelievable performance by two teams out there on a hot day, sun beating down the whole time. the weight of shoulders. and this classic shot of rhoads leaving cyclone football headquarters with a make shift cy hawk trophy cradled in his arms. later that year iowa state stunned the nation and the heavily favored , second rated oklahoma state cowboys. jeff woody scores he winning touchdown in the second overti

how much inflation pressure is on mark carney to act? nothing was clarified today.n though wage growth is clearly slowing, real wages excluding inflation, of which there is none in the u.k., in minus.flation is .1% they are rising at their fastest rate the financial crisis and that is boosting consumer spending and it's one of the reasons why the economy is in pretty good shape. are coming from the international environment rather than the domestic environment. joe: there's a case to be made that the bank of england is there and ready to hike. is there more slack in the u.s. than the u.k.? the u.k. is .5%. joe: we have a much lower labor force participation rate here. mark: i'm going to focus on the ftse 100. since august half and the ftse has been stuck in a trading range in the last month. in 2015, it's one of the worst performing western european stock markets and it's all down to composition. the worst-performing stocks are energy and mining companies. they account for about 1/5 of the index. why the ftse is underperforming its peers and the s&p 500. what's inte

scarlet: mark carney testifies on the health of the economy.t is the have to say about outside pressure to make a move on interest rates? alix: deutsche bank's co-ceo gave a warning that a traditional structure and bankrate has to change. scarlet: nestlÉ uncovers of uses from a supplier in thailand. what does the company plan to do going forward? let's start in the u.k.. bank of england governor mark carney testified before the treasury select committee. he says the u.k. will have low interest rates for some time and pushed to resist external pressure on the central bank's actions. >> we will always be subject to pressure and we will always be subject to pressure from banks, insurance companies, from other interested parties. it's our job to resist that pressure, and to ask when our actions to people of united kingdom. deutsche bank code chief executive officer john cryan said bankers still learn too much money, and are often promised rewards to quickly. speaking at a conference, he said the bank needs to recalibrate the way it pays staff to re

our carney's right to look at underlying measures.d, the bank of england has left interest rates too low for too long. the banking system is fine and i think there is a case for formalizing interest rate policy. give me a month. economists are more bullish. >> i would have done it last year. the markets are more bullish. rightfully highlighting the downsides such as china. perhaps less worried about that. mark: give me a month? >> february 2016. indeed. mark: there you go. first bankary, the of england rate hike. that is a big call. say you have to bring him back to make sure he actually made the right call. i'm glad you pinned him down on that. much more is ahead on bloomberg markets. theill go back through streets of paris for all the public reaction and the sweeping security changes proposed in the region and also, what does this crisis inhe migrant europe days after the attacks in paris? we will be back. ♪ mark: welcome back, live from london. this is the european market close. the ftse 100 had its biggest gain since october 5. th

. >> if you add up all the days that "lockup" senior field producer susan carney has worked in jailsd prisons, it would total three years and counting. >> how long have you been in? >> not that long. >> carney has filmed in more than 50 correctional facilities and seven different countries. and she has met hundreds of inmates, coping with solitary confinement. >> they kind of run of gamut. i've seen people who sleep all day long and all night long. there's almost like this constant state of depression. then you see the ones who are just so, so needing to have their voice heard since they have no one else to talk to, they'll make a tremendous amount of noise, they'll kick the door, they're constantly screaming. mental health issues arise because you are deprived of what's so basic, and that's just interaction with another human being. and i think that that can cause a lot of negative effects on somebody. there's a sadness, to almost every segregation unit i've been in. in general dealing with inmates who are in segregation, they require a lot more of our time and our attention. becaus

college while you're still in high school is the key component of a new bill by congressman john carney. nbc 10 at dover high school this morning where carney talked to students about the bill called the higher education savings account act. the program would create individual education savings accounts for eligible students in ninth and tenth grades. >>> now your nbc 10 first alert weather with meteorologist sheena parveen. >> well, we still have some showers around right now, and for the rest of the evening we'll see periods of rain, also drizzle, mist, and fog developing for parts of the area overnight. as we go into tomorrow we do dry out, but then the next round of rain comes for thursday. another round of showers before the weekend gets here and once those showers leave we're talking about a much cooler weekend. temperatures only topping out in the 50s. live look outside. you see the low clouds already. we're seeing some light rain in philadelphia, 60 degrees is the temperature, and most of the area still sitting in the upper as and near 60 degrees. currently we're seeing the clou

governor carney, welcome to bloomberg. you said in july the timing of the rate increase would be clear at the end of this year. >> thank you for having me on. july, given our forecast, the decision about whether or not to begin the process of raising interest rates would come into relief at the turn of the year. it is coming closer. the progress has been in recent months, there has been progress. but it has been mixed. domestic cost growth has picked up in line with our expert patients. the imported costs have been softer. it is mixed but we still have a situation where domestic demand resilient and private fine.ic man demand is >> what is speaking you is the emerging markets. recoiling thatre prospects have weekend. how much does that oblige china? >> what we did is we took down our median term expect markets. the u.k. is much more exposed to europe and united states. it is slightly derivative. we took down the medium-term prospects to such an extent that it has an effect on our prospects. by forecast has gone down three

over carneys point. we're checking problems that could hold you up. jessica boyington will be back with an update in about five minutes. >>> look at this video. cameras were rolling when a missile hit near three russian journalists in syria. according to the russian defense ministry they were headed to the front lines, the missile landed. they were taken to the hospital at the russian military base and expected to be okay. russia began bombing in september. >> happening today two turkeys will be spared a trip to the table. president obama will pardon the two lucky birds. that will be later this afternoon. the texas woman filed a lawsuit over video evidence in the assassination of john f. kennedy. you are looking at the film shot in 1963. she says her grandfather shot a similar film and claims he gave it to the fbi in dallas following kennedy's death. she wants the film back or $10 million. >> the new jersey lottery didn't bring in as much this year as the state had hoped. the lottery took in $960 million for the 2015 fiscal year. the state projected m

. >> carney, john s. >> this is bigger than half of the kids. >> contrast that see through trash bag with this duffel bag. >> nobody can see their belongings. whether it be their beautiful art work or underwear. >> the rant is working. >> i want their stuff hidden so they feel they have dignity. >> they go from barbara's kitchen to foster kids. >> it was just a rant and it turned out to be a good thing. >>> it turned out to be a great thing. ed: so barbara page joins our of i'm -- of fame. i will leave you with her words, never a trash bag. never a trash bag. phil and jc, back to you. phil: it is great. and to see that visual you get a good idea of -- jc: well, that's wonderful. newscenter 5 at 6:00 starts right now. >> now on newscenter 5 -- >> police call it a hate crime. a local islamic center vandalized. reporter: what officers spotted in surveillance video that lead to arrests. >> the wreckage of the missing cargo ship found. the new mission deep underwater to get answers to the families of victims. harvey: when we will see near record warmth and how long the november warm times

he was a local guy who had also been an assistant on dan mc carney's staff. i am proud and honored to be the football coach at iowa state. although he did not win enough to keep his job, rhoads racked up some of the most memorable victories in cyclone history. for instance 2009, winning at nebraska for the first time in 32 years. the postgame celebration when viral. listen to me. i am so proud to be your coach the next year they won at texas. it was the first time iowa state had ever beaten the longhorns. in 2011 a thriller at jack clones topped the hawkeyes in triple overtime and this time the coach was almost lost for words. because of the unbelievable performance by two teams out there on a hot day, sun beating down the whole time. the weight of the state on their shoulders. and this classic shot of rhoads leaving cyclone football headquarters with a make shift cy hawk trophy cradled in his arms. later that year iowa state stunned the nation and the heavily favored , second rated oklahoma state cowboys. jeff woody scores the winning touchdown in the second

carney downgraded last week the andth and inflation targets warned on inflation being delayed. goinghat as your mind set into 2016, how do you look at the world? have you position for that? >> i thought yesterday was a wonderful day to look at central thinkers. what i saw was less about, thinking about growth and gdp in each region, and more about caring with one another -- pairing with one another. we had many speakers talking about normalizing rates and a path to recovery. meantime, we had draghi trying to offset that. notbank was talking about really looking to raise rates in the immediate future. manus: you and i were both around in 1994. a variety of moments in time. are you expecting high volatility? convulsed high volatility, higher volatility in 2016? >> god, i hope not, but it is quite possible. we should talk about the transmission mechanism through the banks and the lack of liquidity in the bond markets. the policymakers know that. that is why they are trying to be transparent and guide the markets carefully. 1994, if growth and inflation start to get away from them,

versus what is happening in europe that draghi, carney spread. >> the risks will remain on the downsidecase that the eurozone boss will continue to outperform. to hike rates.oe we expect the ecb to do more next week. intof that should play widening spread. said, it is a case that the markets up. they tend to price in developments that are taking place. our valuations are suggesting that the euro has moved quite a bit. they pound is not as extensive as the dollar but the euro sterling may dip more or lower. price we havehe seen is taking place in anticipation of things to come. delivers, the boe pound will remain strong. , it isot about growth about the inflation or lack of it. the boe may remain quite cautious. some further downside for your sterling. jonathan: for the americans in the city, that are going to thanksgiving dennis, make them smarter -- thanks giving dinners, make them smarter with bloomberg intelligence. they discussed the property markets. osborne gives with one hand and takes away with another. the housing market once the berkeley holding up by 5%. what is the story? pl

what does that mean for carney's thinking?en: i wouldn't say it indicates that there is no more slack. we have seen a pickup in productivity this year in the u.k., and that is reflected in the labor market data. in other words, slower growth in overall employment, and generally no significant declines in jobless games. -- gains. we have been below the 7% unemployment rate threshold that the bank set out in 2013 for a significant period of time now. it is less relevant, considering that the move below 7% having contributed to a very significant pickup in wage pressures. more importantly, with the bank of england's operating, doing right now is operating between two of the three knockouts it's beingt in 2013, the first preventing inflation expectations from becoming unanchored; two, financial stability risks. francine: given all of that and the softening of wage growth we saw in today's figures, when to you expect an interest rate hike? stephen: may of next year, but we also think it is looking more likely that the bank of engla

they -- as mark carney themselves said, they have skin in the game. if you don't have capital markets and the chinese aren't all the way there yet, then that's something of an issue. so they've got to deepen -- strengthen their capital market so the banks can access it and have to develop the investors base they need to ensure that their activities can be policed. francine: thank you so much for that, john glover in london. let's get back with neil. we were talking about the risks you see out there in terms of deflation. how much do you worry about systemic risk and when you look at the hedge funds exposure to commodity producers such as glencore or these big banks, can we make sure actually the next shock doesn't come from the financial sector sthp neil: first we have to acknowledge the financial sector is in a much healthier position today than it was five or six years ago. you know, if you look at things like cash on bank balance sheets, you know, it's up substantially. the u.s. banking system is significantly healthier today than it was at any poi

a business sentiment. --00, guy: mark carney will testify before the committee.l get a decision out of turkey. anna: we will also have that decision i week before the federal reserve. barrel, below $30 a which is the oil minister says. we will have more on the continuing slump. >> welcome back. 8:14 a.m. in frankfurt. we have an update on business. >> thank you. vw has won approval for the european diesel engines for questionable software reviews. the most executives and complexities. democratic prison to front runner hillary clinton has attacked the merger under which the combined company will have it in ireland. will leadsed merger u.s. taxpayers holding back. as president, i will fight to reform it back and job creation here in the united states. we cannot delay in cracking down on emergence. deutsche bank co-ceo says bankers have to 20. managers have to slow the bonus process. deutsche bank makes too much. the head of one recruitment firm says he canceled christmas. for more, go to bloomberg.com. guy: thank you. let's go to how the markets are for trading. >>

. ♪ francine: bank of england governor mark carney -- treasury select committee today.o, thatas hit 1.5 is a day low. he has been talking about macro potential. on the rates, he says they may be low. let's get to robert wood. john bilton is also with us. thank you for coming on and joining us. when you are expecting to hear mark carney, he is saying that the rates will go up too soon but they will go up? absolutely. he is obviously having to deal with the different views, they are being very dovish. so it is a tricky communication challenge so he does has -- he does have to walk that fine line. lee andaken very dovish maybe it shouldn't have been quite that dovish. francine: he is saying the league -- saying the low rate environment is likely to remain for quite some time. this is it. this is him saying and remaining dovish. he has said for a long time that it will remain dovish. so even with rate hikes, they are going to stay very low. turn of thet the year, that looks to be and other statements that will fall by the wayside, just as these each last year, but that bein

be sure to traded for exclusive interview with mark carney today at 11:00 a.m.to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. ♪ volatility over the past few months since the u.s. market into a tailspin. mostly due to fit uncertainty and a slowdown over in china. as the bull market still intact? how long can it run? let's ask david lefkowitz. welcome to bloomberg . you think the market is a way to go? david l: i think it's really been earnings growth. earnings growth is more stagnant at a headline level because of the downdraft in energy and the strong dollar. we than the is out, yet mid to high single bernanke just growth. that will be more evident in 2016

governor carney faces the podium. he is on the hot seat., the biggest payrolls number ever since the last one, before the next one. you know the story. that is almost at for this hour of bloomberg tv. the pulse is coming up next. francinenny and lacqua. manus, what have you got? strongwe've got pentagon . -- we've got patrick armstrong. draghi -- mario draghi said it is an open question. vigilant,e from being calling for action. now he says it is an open question. he is backtracking moderately. jonathan: a baby step backward. -- manus: they want to keep us on our toes. the dominant theme is banking. the dividend, patrick is going to talk about that. you got that china data. what you make of it? it is bubbling along the bottom. jonathan: we are going to get a final reading of german manufacturing in a moment. shining brightly will be the turkish lira. manus: it is roaring away. is that sustainable? that will come down to what are the policies that are enacted in turkey. his got a couple of guests coming up over the next couple of hours. what

the market is starting to build on the dovish comments from carney.a bitr wages, of a boost like it did in the u.s. last friday? is: i think the consensus for them to take up to 3.3. the u.k. has got more weight growth than the united states. it is headed for some time. yet the mpc is much more dovish than the fed. i don't understand that. i would say we have the dovish bias, what if the unemployment total increases and people start saying we are seeing the peak of the upcoming cycle. it is a bit behind us. we are on the downside. i think tomorrow's numbers are in that sense going to be a major factor in driving the mood. i would say the market is not very engaged. there are long since sterling. there are shorts and sterling. longs in sterling. there are shorts in sterling. manus: there is the pound against the dollar. let's bring up the graphic we had before. there you go. this is like the dollar. the dollar is on a bit of a tear. i think that is a fair reflection. the fed referred to dollar strength 24 times in the last meeting. i know the whole wor

governor carney would like people to prepare for a rate hike soon, but if they don't hike them, peoplel not buy into them. i wonder if the expectation reset comes from the federal reserve. >> i think, in terms of our investors, investors have had a lot of false storms. portfolios are not really position for a rate rise and i think people are taking the position that we will cross that bridge when we come to it. i think there is an expectation that the u.s. rate rise will come before. so i think it is a stock market sentiment perspective because moving it up a little bit does not really trigger it very much meanh the stress test does if you have basis points higher than now. and that is then quite a big ask. ic taylor wimpey down again this morning by 1.4%. this isn't a blanket downgrade, is it >>? if i want exposure, which names to ago for? >> beltway is a name we pick out. they are slowing their volume output growth to make these capital returns and that means we will offset the growth margin pressure we anticipate. so they can use volume growth as a tool to keep profits moving even i

phillip carney, his left sleeve there's no arm in that sleeve. he lost his left arm in the mexican war. and he re-enlisted when the civil war broke out or the war between the states or the war of northern aggression, if you want to call it that. and he came a cavalry officer which was -- he was -- he was independently wealthy. he inherited a million dollars in 1836. he didn't have to be a soldier. he wanted to be a cavalry officer. that was his goal in life. and he -- at the battle of chantilly in the summer of 1862 he rode into confederate lines mistakenly instead of union lines and he was ordered to halt and he wheeled himself horse about and he was shot as he was leaving. general a.p. hill a friend of his from the academy and said, oh, my god, you've killed phil carney. he didn't deserve to die in the mud like this but that's how he met his end. abner double-day. i learned that he created the game of baseball like a lot of other people did. he never claimed it himself. he was the first union officer to request permission to return fire against