more week trade data from china.rs offer little encouragement and ramp up pressure for intervention. when we see? let's start with disappointing china data. exports with the biggest disappointment. more than twice as bad as what economists had expected, dipping more than 7% in october. now the improvement we were hoping to see. this is more a picture of global weakness, regional trade weakness. japanample, exports to down 10%. hong kong, almost 12%. this is a picture of how trading partners are also suffering and how it is weighing on demand. in points -- imports down by 19%, also disappoint. for example, demand from the industrials really weighing because iron ore imports down more than 25% from australia. that number missing the mark. start of a week of a lot of data out of china. will be key,bers not a great start. the boc has six interest-rate cuts. that doesn't help with export demand. factor thatxtra not china does not have control over. >> some positive could be less capital fleeing china. we have stemmed the

when you look at the china data, i'm saying data -- i'm seeing data saying stability.that is right. the manufacturing sector continues to suffer. perhaps it is not suffering quite as much in october as it was in previous months. of acombined with signs modest re-acceleration and loan growth that we have seen coming through the data in the last few months is what is prompting hopes that chinese economy can find a tenuous. eriod of hope. francine: what does it mean for policymakers going forward? do they want to see more? in athey are going to be wait and see. -- in a wait and see period. we have's debts we have had six cuts in interest rates. had six cuts and interest rates. all of that, while it is taking time to show up in the real economy, but where it is already showing up is in low numbers. numbers.an in china, there is a close relationship between what happens with lending and what happens in the real economy. our expectation and today's pmi data supports this argument. we are going to start seeing more stability coming through toward the end of 2015. that could g

the german data especially more in that it is the real contagion bellwether for me in terms of china.m i misreading? matthew: about one third of the euro gdp is from germany. germany is the most important data to watch for. the lack of growth is france. the french data has been mixed at best. today's reading is a slightly positive as best desk positive at best. positive atk to -- best. when we speak to companies, they tell us that france is a pretty soggy geography. the buildings and materials company warned, licking their shortfall -- linking their shortfall to a lack of traction. manus: you cannot bet your whole against on a euro being one dollar by christmas, according to goldman sachs. forgive me, you cannot base a whole and you factoring industrial services industry on mariota draghi getting the currency lower. absolutelym to be lacks to that. the long-term medicine has to be structural reform -- matthew: the long-term medicine has to be structural reform. if you look across europe, there are some junkies are you have seen an improvement in regulation. labor performed or revelato

they are choosing to overlook that china adjusted output data and affixed assets investment data and choosing to focus on the best retail sales. i could go on forever. carlsberg shares leading today, vivendi shares slumping after a profit miss. don't forgetg and the big italian lender that announced plans to cut 18,000 jobs. like many of its peers, it's wanting to improve return and expand its capital budget. there's a lot happening in the european banking space. betty: you've been alluding to this -- the biggest deal of 2013, ab inbev of buying sab miller. how far is the stock below the offer price? do you know that they were priced 44 pounds? the probability of a deal is 60%. you are probably saying how did you come up with that figure? to bloombergding arbitrage functions. there are better opportunities to make money with other takeovers. there are also huge regulatory risks for this deal. this country -- this company will control half the industries profit. one last astonishing fact, yes, a $107 billion deal, but $75 billion worth of loans to back this acquisition -- that's the b

i'm far more positive on china data. manufacturing, but other stocks as well.nsumer stocks, you pick based growth, you see gdp weakness in the stocks, stocks have been oversold. manus: stay with me. we are going to talk about the fan. we got the triptych speaking today. we've got a lot more to get through. manish singh, head of investments at cross bridge capital. up next, watching pmi out of the u.k. last piece ofe data before the bank of england's super thursday. we are to bring you those figures. it's a little bit gray outside. ♪ mark: expecting services data from the u.k. now. looks like services growth accelerated in october after slumping to the worst performance in 2.5 years the previous month. to 54.9 activity rose from 53.3. that doesn't regain all the ground lost in september. it does the the forecast of economists for a reading of 54.5. the market also says that along with its construction and manufacturing reports, the economy grew at a 0.6% pace at the start of the fourth quarter, faster than the previous three months, when the economy grew by 0.5%

you got that china data. what you make of it? it is bubbling along the bottom. 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 happens next from the central banks within turkey which will dominate what's will happen in the fx. go ryanair. they're getting ready to crank up the price. that is good news going into the christmas season. jonathan: 55 minutes into the session here in europe. the german pmi comes in at 52.1. that is previous than the previous reading. manus cranny, you look at those numbers. they are not stellar numbers. mets against the china's -- matched against china's pmi, is not bad. figureslowest export coming from germany. that is tied back to the china story. the financial conditions in europe are improving. tenant thatverall people want to look at. much more qe has got to be done. how l

the china data all last week was disastrous for crude oil. just one point after another after another all week. the key demand center for this market was really flailing about. >> it seems we've got an oversupply condition that now is being blended with an underdemand situation. for most of the past year, it's just been oversupply. we're starting to get real demand worries from china. the shipping line is using a lot less bunker fuel. shouldn't woe be worried about the double whammy? it's more than just the supply, it's demand now. >> there's no doubt about it. like i said, the china data, i couldn't believe how it kept coming out disapointing. this too, this terrorist attack, normally you think it would stoke geopolitical fears. there's more of a concern about what it would do to the eu economy. potentially faltering. potentially seeing less demand. at a time where we're all running out of places to put some of this crude oil and refined products. we're hitting tank tops. what i half jokingly called a mega glut. >>> up next, terrorism and te

mark: china data and the prospects of a december you rate december rate hike. the european close starts right now. betty: we are going to take you from new york to london and beyond in the next half hour. mark, kick things off for us. looks like the markets are settling. the investors are focused on disappointing chinese inflation data. disappointing for the 42nd month, quite an impressive losing streak. the markets. have a look at portugal, betty. we could, in the next hour, here the government voted out of power. we will have that for you on the european close if and when that happens. number,story out of french industry expected to be strengthening in december. to corporateg news, you had vodafone out and they have something to brag about. how does the stock react? this?how about up by 4.1%. the biggest mobile phone carrier by customers, betty. this is the money it gets from customer plans and traffic on the network. it got a re-boost -- it got a boost from demand in europe. it is a real needed boost for the company. remember less than two months ago, talks

in china, we are expecting mediocre data. the global growth cycle is till soft.rade is still in contraction. none of these are huge surprises. marketsgoing to drive will be gradual. however chinese economy can recover from 2015. rishaad: what does that mean for people wanting to invest in jpmorgan? are they looking for more underlying currencies? >> currency protection is important. we think that the dollar will remain strong. looking at markets like japan, the yen weakening a bit more. it has been able to hedge currency exposure, pretty important. investors need to take a more flexible approach when it comes to investment. just to take advantage of the market connections. is there more conservativism out there yet could why you find more interested in preserving wealth? >> absolutely. the last two or three years, we have seen income feeds being popular. it is about generating income and interest from the base. consistent with what you said, that is about capsule preservation. in 2000 16, when the level continues to fall, in assets, that is where investors will h

and on that weak china data. index has fall 27b.6% in the last three trading sessions, the biggest fall in six weeks. the bloomberg index tracking to developing nation currencies has slipped to a five-week low and malaysia 3.4%. emerging market stocks have benefited from expectations that rates would be raised next year and since the six-year low on august 21, the msci index has risen by almost 10%. very quickly, i want to show you what's happening in the portugal bond market today, political uncertainty boosting yields on the 10-year. portugal bond yields climbing on the political uncertainty, a socialist led coalition plans to unseat the new administration, the socialist party will join forces with three other left-wing parties to present a motion in parliament today to reject the new government's program. member, mr. quello's coalition didn't win a majority on october 1. investors have been frequenting about that since then, making portugal the worst performing euro zone bond market in the last month. ortugues

we have an update. >> hopefully some encouraging data out of china. coming out. china iso do with what spending, consumer spending due out in a couple of hours. most markets are down. taiwan is 1.2%. singapore

has been dragged down by weaker than expected china data. worst performing global benchmark, sinking 21%. have a look at the us p yesterday we were talking about the kiwi. the new zealand dollar peter today -- the new zealand dollar. jobs we had some strong figures. the on rate unexpectedly fell in october providing pressure. -- the unemployment rate unexpectedly fell in october providing pressure. swaps prices put the odds of a reduction by june at 50% before the release of the jobs report. they were at 62%. 13% againstas done its u.s. counterpart this year p or check out this stock, wow. it is not every day you see a stock losing a fifth of its value. 2 billion pounds of market value falling. it, by the way, is rolls-royce holdings. we not talking about the motorcars. we are talking about the u.k. engine maker. this is a one-month chart. to show the big whoosh taking place. now it is down a mere 18%. it announced a profit warning. 2 billion disappearing. earnings are going to be heard by declining demand for business jet engines and mainte

trade data in china, and chinese cpi data comes out onto the, followed by industrial production on wednesday china story begins to build momentum. later in the week, mario draghi's big issue. the fed may be going one direction but what does it say for draghi? out.one data due friday, we get another update on the u.s. economy, this time about the retail side. 70% of the united states of america is driven. it is almost, almost as big as the non-farm payrolls data. one other thing we will be watching intently today -- the resurrection of a brilliant moment in a market. posted by mark barton, here in london, along with betty liu in the united states. it starts at 4:30 p.m.. i am channeling the last words. mark: it has been a while. you were there last time. sadly, it petered out, but it is back. partner, mainly between betty and myself, a well-known anchor in new york. the idea of the show is to showcase our european talent, and that is not just me or you -- that is our talent in all our bureaus in europe, in the middle east, and in africa. i had to dig deep for this next part -- we have 850 rep

rishaad: trade data out of china. more government intervention. >> it is looking rather dire here on monday morning. both imports and exports missing the mark by a very wide margin. in particular, take a look at exports. october,e decline in more than twice as bad as what economists were expecting. exports to japan down almost 10%. this release is more about the regional and global slowdown than about the chinese economy. about moren talking easing expected by the pboc. -- a number of easing measures but that doesn't help exports demand at all. it does not help with demand. take a look at imports because they also missed the mark. up by almost 19%. this is really painting a picture of chinese weakness. chinese demand for australian ira war was down for the first 10 months of the year. we did see a little bit of an improvement when it comes to foreign exchange. we have seen some really historic outflows ever since that august devaluation. funds getting out of china and seeking out safe havens elsewhere. does look like

we have data out of china, just to tell you that it has not moved the market all that much. we saw a bit of a bounce in the shenzhen composite, the shanghai not moving that far. estimates,line with industrials up. that is the macro picture. keep an eye on a micro level, if you like. it is not very micro, but what could be the biggest brewing deal in history. i have a chart here on the sab miller share price, what a wild ride it has been on during the summer. we saw talk of the potential deal them. inbev has a -- deadline to move the number of times. the latest is today, and we have had news over the last 24 hours suggesting that they might get closer to that -- perhaps removing the regulatory hurdles on the u.s. business. we will have more from ryan chilcote through the program. we are getting numbers from carlsberg. >> we are of course looking here at the world's fourth biggest brewer. looking at russia, a challenge to carlsberg -- struggling offset the cost cuts. the headline number is a clear beat. we are coming in with third quarter items at 3.4 7 billion kroner versus a

china struggling to head off the risk of inflation. we have that and a roundup of business headlines. gene? >> thank you, james. the latest price data on china shows signs the world's second largest economy is losing steam and suggesting more stimulus is needed to secure growth targets. analysts from the national bureau of statistics say the producer price index plunged 5.9% in october from a year earlier, the same figure as september and august coming as the price of steel and synthetic fibers continue a double digit dive due to sluggish investment and low crude oil prices. meanwhile, the price index rose as a slower rate of 1.p%, down from the previous month, and it's far below the government target of 3% f the year. a chinese expert on the economy says price declines are spreading from raw materials to consumer goods. many analysts predict officials in beijing step up spending on public works projects to maintain stable growth. japanese officials have released their latest data for the first half of the fiscal year, and the surplus widened substantially in the same period from fiscal 2014. officials at the finance ministry say th

the narrative will shift towards the china data. we have the twin pmi data, both from the private forecasters and the official number in china. that will be a real test of market confidence after the sho sharp losses that we saw on friday. they can tell us, carolin, one of two things. that it could be consistent with the persistent deflationary drag that we have been seeing. so it's down to the data. that's where we stand. back to you now. >> sri, thank you so much for that. >>> we're going to go for a quick break. still to come on the show, all shopped out after black friday? apparently not. a megacyber monday for retailers with one report reporting to a whopping $3 billion in online sales. we bring you all the details. that's next on the show. >>> the imf is expected to include the chinese yuan. it's a volatile trading session ahead of the decision. there was plenty of talk about beijing intervention. let's get out to eunice who's in beijing. what's the significance of that inclusion, eunice? >> reporter: it's very significant. in

one big story out of the region, weakening trade data from china. numbers missing the mark by a mile. imports are also telling the story of anemic chinese demand. they plunged over 18% during all of this is adding to more pleasing to preserve data paints a more stable picture. that is five months of capital outflows exacerbated by the inck yuan devaluation august. this comes on efforts by the central bank to put a floor under the currency, but the test -- themes when the fed divergence is expected to prompt more chinese capitals to see high yields overseas. haidi lun, bloomberg, hong kong. betty: let's go to europe, where manus cranny sees the european stock rally as losing steam. ma investors are weighing the global economicnus growth and stimulus. manus? manus: has been downgraded to triple b plus or negative outlook by fitch could the debate is this, whether it is a slowdown in china whether you're a rate hike, which looks like it is penciled into the markets. volumes at 15% below your average days rally. we have the dax coming off .8%. continenta

it came to an end and let's check in on asia markets because we got the china data that includes retail sales, fix asset, industrial production all still showing sign of a slow down taking place in the world's second largest economy. seeing gains and sweeking out minimal advances, being muted despite the blowout singles day. the index seeing declines and the nikkei 225 really didn't go anywhere. carolyn. >> let's get back to our top story. ab inbev finalized it's take over of sab miller in a deal worth around $108 billion. they're paying 44 pounds in cash for existing sab miller shares. in order for the deal to past u.s. antitrust hurdles sab miller is selling it's stake in miller coors. it's being acquired by the american beer maker for $12 billion. it is expected to complete in the second half of 2016. check in london up by 2.7%. on to another brewer, investors are cheering a restructuring plan sending shares in the danish brewing giant to the top of the stoxx 600. higher by 6%. this despite the company warning that organic operating profit could decline as well as unveiling a $1.4 bi

or is that about macro china data? how do you separate the two? >> a couple concern points that came out. we would love to see if that ends up getting circulated. i think you're also seeing clients very positive in that, a, the company's buying back its own shares. and, b, you have the cloud, now, growing over 100%. think about aws meant to amazon. the last, government regulators just said last week they're wishing alibaba luck with singles day. the fact you're getting that endorsement from the chinese government i think speaks vol e volumes. >> is singles day going to belong to alibaba for the foreseeable future? is singles day going to be an international event that other retailers are going to take more advantage of? >> i think so. you've already seen jd participate in this as well. so i think you're going to see globally this start to grow across various retailers who engage -- people, consumers who are engaging at that time. >> what's the cost to margins? any time you're aggressively marking things down, obviously you take a hit on the bottom

we have already seen that in china's trade data. far, the trade growth has been extremely disappointing. so, globally, rather than the u.s. economy is on a steady growth. big economies like europe or japan, china all slowing down. so, there is a risk that in the next couple of years, the world will continue to see sluggish economic growth. rishaad: what is the impact on china? liu: we are definitely under pressure because it is a worrisome currency. if the u.s. currency were to willciate another 5%, it shoulder a lot of pressure. we think in the near term it is going to somewhat depreciate led by capital outflow. appreciating-term, currency mainly because if china were to be able to engage in structural reform, allowing soe's in hong kong and shanghai, that will attract income into china. rishaad: liu, always a pleasure having you. thank you. >> time now for stories around the world. election results from myanmar shows the opposition on course for overwhelming victory. the national league for democracy says it has one 44 of 45 decla

mark: china data and the prospects of a december you rate december rate hike. starts right now. betty: we are going to take you from new york to london and beyond in the next half hour. mark, kick things off for us. looks like the markets are settling. the investors are focused on disappointing chinese inflation data. disappointing for the 42nd month, quite an impressive losing streak. the markets. have a look at portugal, betty. we could, in the next hour, here

. >> hopefully some encouraging data out of china. two important pieces of data coming out. china iso do with what spending, consumer spending due out in a couple of hours. most markets are down. taiwan is 1.2%. singapore rejoining the trading session. guess,did have to take a one group of losers, commodity producers. let me show you how that looks. let me find my asia chart for you. there you have it. don't let me down. here we go. note hereo, just a comments from david goldman. call, not sure. compositeng shanghai to double in three years. rates of return 10% to 15%. shanghai is not a typical market. it doubled over the past eight months. i will leave it there. rishaad: talking about these economic indicators from china, should give us ideas about whether there will be additional government stimulus. our chief asia economics correspondent, what is the number people are looking at question mark -- at? >> this is the quarter that economists are hoping to see stabilization. they're hoping to see all that fiscal stimulus gain traction's, pick up in retail sales, positive consum

investors are worried about fanuc's business in china after weak data coming out this morning. speaking of china, they hit a three-month low against the green back ahead of the international monetary fund decision whether to include the yuan in currency reserves. the focus is on the bank next week expected to unveil additional stimulus. a seven-month low against the green bay on friday. it was a risk off day across the asia pacific but next week's focus will be on the ecb and u.s. jobs data. >> mayu, thanks. moving on to other markets, stock markets in shanghai poeflted the biggest drop in three months. the shanghai composite tumbled more than 5% closing at its lowest in three weeks. and financials were hit hard with news that the big brokerages will be investigated. growing concerns over the slowing in china weighed on hong kong. the hang sang lost 1.9% stretching its losing streeak t a fifth day. the taiex dropped 1.02%. share prices in indonesia slipped 0.8% and mumbai bucked the trend and it gained by .65% on hopes tax reform bills will be passed next month. here's a look at

china releases manufacturing data. what are you watching?have economic numbers tomorrow, including manufacturing data. ♪ betty: it is new in new york and 1:00 p.m. in hong kong. welcome to "bloomberg markets." from bloomberg world headquarters in new york, good afternoon. i am scarlet fu. mario draghi and the european central bank pondering another round of stimulus. it looks like a done deal, not weakens -- and that weakens the euro against the dollar more. today could be a cyber monday record. what does this mean for brick-and-mortar stores? and beijing may get its wish. they could become an imf currency i the end of the decade. first off, we want to check in with matt miller for a glimpse at the markets. it looks like we are at session lows with a lot of central-bank activity this week. matt: we expect a lot from mario draghi and we may be expecting too much from mario draghi. in any

in general the data has been a little better than expected. ,etter auto sales in china better data out of europe. we've seen a number of these it hasleases that started to improve. i'm not saying its blockbuster numbers, but better than expected. it may be just what the market needs to begin to get itself in the right direction. >> do you think we have seen all the evaluation expansion we can expect in the cycle and now it is all a matter of earnings? the fed raising interest rates plays a little bit into the story there of how people view valuations. rates going up, you're not willing to pay as much for a highly valued market as you would otherwise. so is it really just waiting for the earnings to come in? today, whatresting we may have missed is they are still keeping prospects for better economic growth next year. so does the imf and the bloomberg consensus of economists. better sales because of better global activity next year means better earnings and better growth and we have seen this year. that is the key to getting stocks moving again. on the back of earnings growth. better mo

china, which is dancing to its own tune. you have expectations that the fed is going to move in october. -- december. the bits and pieces of eco-datacame out today, deflation not of china, more subdued, a current account surplus in japan , by the way, failing to impress. japan, we are backpedaling a little bit. same amount in sydney as far as points, 39 points last i checked, but again, a lot of these declines are fairly sentiment-driven. let's hope things improve in the afternoon. we are counting down to the open in hong kong and china at the top of the hour. cory: the telecommunications industry just got smaller. ericcson partnering with cisco systems. they expect the revenue of $1 billion to be added to each companies topline by 2018. bloomberg had the chance to talk to the ceos of both countries this morning. >> if you go back to the history of this partnership, we started the discussions about a year ago , and i think we really focused on what is good for both companies that is also good for our customers, that leveraged the strength. you see market leaders coming together, number one in several markets, and bringing those ass

>> i think it is hard not to be worried as the data has come in soft, not just this morning that recently from china some of the data is below expectations we also need to take a step back and think if we think about long-term, average global growth, the last 30 years has averaged 3.5% real. so that would be an average environment. so, i think we need to look at this in the context of many markets that are priced for extremely weak growth for long time. in that case, maybe the low growthents or may not be quite as bad. manus: what we dealing with is 8, 9 years of 0% interest rates. we have short memories. we are reflective of these boom years of 2007. these are the near term memory. the benchmark is all wrong. >> it is. even just in the post crisis period, we generalize this has all been bad, we have had some big swings in inflation. in 2010, the market was convinced that said was going to hike rates within 6-12 months. so, look, i think this is something where investors need to keep a little bit of intellectual flexibility. i think we need to keep an open mind when it comes to some of this incoming

next week, big back up data from china. that will be a test of confidence.k to you. >> thank you. have a great weekend. joining us live from chicago, chief market strategist at bubba trading.com. i hope you have had a great thanksgivi thanksgiving. we did see the sell off in the asian trading session. are you surprised? >> no, really what we're trading today is whether or not the federal reserve is going to raise rates in two or three weeks from now. >> you're seeing a market basing itself on whether or not the free money is going to continue here. you're seeing a mixed picture. the bond markets and feds fund rate are indicating there's going to be a raise but they're saying probably not going to be a raise and u.s. dollar saying there is going to be. so a lot of uncertainty and ease and they're closed and the electronic markets are up and until china opened, they were higher last night until this happened. >> how do you feel about retail at this point in time? if we take a look at the performance after the fact that they cut their full year outlook. they're

woe in china, means woe on metals. sunday's trade dataighting the darker picture for industrial metals demand in china. by the way, this metal has sunk 37% this year. have a look at vodafone shares. revenue beating estimates. service revenues to be exact. markets in europe rebounding. demand for mobile data in africa and india is surging. a bit of a boost for vodafone. it needed a boost after talks to merge various assets. liberty global disappears in september. vodafone jumping as much as 4.4%, the biggest gain since august 27. manus: stay with bloomberg television. i cohost is in new york and she is revving up for global "surveillance" we are revving up to speak to the ceo at vodafone. on the back of those results, all of that to come with mark barton and the team. for those listening on bloomberg radio, the first word is up next. francine and tom, take it away. ♪ >> no mission is impossible. david cameron unveils his plan to -- new membership. as chinese slowdown emerges -- continues to decline. the question for investors is when peopl

on wednesday, china will release data on industrial output for october. on thursday, japan's cabinet office will announce machinery orders for september. the august numbers were down for a third month in a row. on friday, the u.s. commerce department will release retail sales for october. thoseumbers rose 0.1% in september. every monday we ask specialists to share their views on the coming week. today we speak to an economist at mitsubishi ufj research and consulting. she gave us her insights into china's producer price index due out on tuesday. >> our producer price index is expected to stay negative. it has been negative since march 2012. this indicates that adjustment process has continued to extreme sectors of china's industry. a large-scale stimulus measure after the lehman brothers brought about huge excess capacity and supply. it takes really a long time to cut these excesses. >> noda says china will be able to meet its target. >> china will pursue medium to high growth in order to double china's economy size and income level by 2020 compared with

likely reacting to that data out of china. mixed picture in asian stocks overnight. german trade data better than expected. exports up 2.6%, beating estimates, better than august. a lot better than people expected. ftse 100 pretty much

so it looks like china's next five years are full of sunshine and rainbows. >> troubling new data on ina's effort to fight dplor global wa. they have been burning 17% more goal cole than the government previously disclosed. >> trevor: ah, that's why they need two children, just in case they lose one in the smog. china has been underreporting coal usage by 17% which translates to more than germany's entire annual output of carbon emission. their entire annual output or as volkswagen calls it, nice job. (laughter) now with this amount of pollution, i think there is one thing that china forgot to include in their five-year plan. (singing) (coughing) >> trevor: it's still catchy. right back. (cheers and applause) this is not a couch. this is where we watch football, futbol, basketball, baseball, curling, hurdles, poker, golf ha! just kidding, no one watches golf. ♪ and i shall rise, oh well i shall rise, ♪ ♪ again and again. with revolutionary hanex-temp technologyocks are designed to respond to your body temperature to help keep you cool. let's put it to the test. hey dad! emily? ready?

china. what is happening is the smartphone market is saturated for the first time. how worried are you? in hugo: dataina has moved into the replacement market. people already have a phone. they want to buy a new phone every year. the replacement is actually coming down. people are more anxious to buy a new phone more often. there is a tremendous amount of room for us to grow even if the pie itself isn't growing. emily: would you ever make a car? hugo: we are not making a car just to be clear. i think that is an extraordinarily difficult task. it is not something that we can build today. we are not resourced. but why not? emily: you raised $1.1 billion. you are valued at $45 billion. why is xiaomi still private? hugo: i do think that is moving fast. being able to change direction to us. is important when you are a public company , you are more restrained in your ability to do that, to massively allocate investment into something that may not pan out for some time. i think that being more flexible and being able to move quickly is the reason why we will be private for quite a long time. emily: what is

we didn't get any data out of china. we have the strengthening data. more and more concerns about china, whether we found the bottom or not. >> i think it's definitely the emerging market side of thing adding to the woes in the last few months. it looks like the economy will decline by a couple of percent this year. not sure how it gets any better in 2016. when you consider that factor and the fact that that weighs on these economies so heavily, i think that is self-fulfilling prophecy. the way mortgage-backed securities started to weigh on them, if the countries like brazil, for companies like petrobas, it's like a double whammy. russia has its own prizes. it's not surprising that they shut that, it got a lot of attention last week. >> you're right. i want to make a final point about china. what was interesting is the pboc faced the luan since the lowest rate since august 31st. a lot of people take this as a sign that more easing of the currency may be in the offing to counter what the fed might be doing in december. maybe that was a warning shot from

china's manufacturing data was poor and normally that means china markets are down, japan is down. that did happen but normally that translates into a bad day for our commodity stocks and that's not happening and it's very interesting that it's not happening. so look at these commodity names. u.s. steel will be reporting tomorrow, up 7%. alcoa, vale, free mort mack more ran. normally all the oil names would be down, but no. the refiners are up. all of them on the upside. this is a very unusual move moving contrary to china and a hopeful sign maybe these are starting to bottom. another beaten up group, pharmaceuticals. the last week or so all of them have stopped going down. i'm talking about the big names, fizzer, merck, even the biotechs have turned around. interesting changes from the trends we've seen. the ipo market, the window is closing fast. we have three, maybe four weeks left in the year. nothing gets done in december and the week of thanksgiving. we're waiting for match, square, ballast point brewery. other the other names, albertson's, neiman marcus, univision, there's a

china's consumer data waned in the fourth quarter. policy makers may need to add more stimulus.m a year earlier, while ppi dropped 5.9%, the 45th straight month in the red. japan's current account was in the surplus for a 15th consecutive month in september. the wiki and lifted income from overseas. the ¥1.5 trillion access was about $12 billion and was narrower than expected and assign companies are hoarding cash. the oecd cut its global forecast

weak economic data from china, he ports fell for a 4th imports dropped 16%. china is the world's second largest economy after the united states and signs that it is slowing down sparked this summer's selloff on wall street. the dow jumped 46 points, the nasdaq rose 19. it has been a choppy year for the markets, a new report out today says wall street bonuses are expected to drop 5-10%, first time since 20111 that compensation for workers in the finance industry is expected to fall. and you might be shocked some electric companies in texas are charging nothing, at least tonight. energy is one of a few utilities not charging tonight. >> yeah, that is interesting. >> you gotta keep everything off during the day, it wouldn't work for us. >> thank you very much, jill. >>> well temperatures feeling more seasonable. >> and up north, crews at stone mountain resort in vermont, already turning on snow machines a lot of skiers and snow boarders would like to see. >> i know. tis the season, happy skiing. >>> what do you have going on behind you. >> it's a tropical depres

nice if we gote some good data from china but we had that awful industrial output number earlier thisk, and last night there was a surprise shrinkage in credit creation which caught basically all of the economists by surprise. that sinceis a chart markets have plunged to a two year low in september, the swiss market index has actually led -- let its peers. the dax is up 14% and the nikkei up 15%. are missing out from the hope of more stimulus from the ecb. i will tell you what is going on, the swiss has essentially risen by 1% since mario draghi in october told us we could print more money. it is a massive market. they are suffering from what you have just told us, joe. a lot could depend on the euro. how much further could the swiss franc all against the euro? analysts say it will not fall too much from here. guys, i am told i need to declare a winner. i would say that mark gets the win because his chart is more colorful. joe: unfair. betty: tomorrow i will declare the winner of the chart of the week. mark: betty, i am just going to show you were markets have finished really quickly

. >>> the latest economic data from china suggests a weak property market. >> chinese officials say new home prizes fell -- prices fell in administer cities than they rose. new home prices fell in 33 of 70 major cities in october from the previous month. prices rows in 27 cities and were unchanged in ten cities. the drop is especially noticeable in inland and northeastern areas. the government has taken measures to encourage home sales. many condominiums remain unsold in smaller cities and real estate investment, once the end you didn't of the growing economy has been losing steam. >>> oeco will go along with measures on coal-fired plants. members of oeco have agreed to restrict the subsidies used to export the technology. u.s. officials had wanted restrictions on the public funds to help stop global warming, but the japanese side has argued that plants built with their technology are highly efficient and emit less carbon dioxide. under the agreement, state-affiliated banks are in principle barred from financing coal projects. the cases involving exports from developing countries are ex

china trade? >> here's three data points. oil is up about 20% from that august 24th. the dixie is up 7%, that's the dollar index. and now we've had interest rates move ahead. they're up 30 bits from that time period. to memerging markets. carter and i think that's a bull market rally. >> it is up 20%. >> that is not what defines a polar bear. >> i get yelled at all the time for the bull and bear, the correction, the language here. moving on, big cap tech got a little bigger this week after facebook and amazon both joined microsoft and google or alphabet and apple as the only tech stocks with the $300 billion market cap. but one trader on this desk thinks that one of those names could soon fall off that list. carter? what are you looking at? >> we're going to make a bet against amazon or poke the bear. let's go with some charts to try to figure out. obviously exceptional winner. the issue is maybe a little bit too much of a good thing. what i have here, of course, is amazon juxtaposed against almost all retailers. the xrt has got about 100 names, they're equal weighted

chinae some data out of that is being digested by the market. the hong kong market was down significantly earlier on? zeb: we are seeing a decline today as we take a look at stocks across the region. in fact, the regional benchmark falling. official numbers on sunday and then a private gauge both showing essentially a third month of contraction. remember, china, the major trading partner to so many economies around the world, particularly in the asia-pacific. rob interior producers in australia for example. region,e across the southeast asia seeing a big decline. we had export numbers out of south korea today. however, a bit of an uplift right now. as for the china markets, shanghai down 1%, hung saying down. this is what you're seeing in terms of the movers. we are seeing difficult earnings reports from petro china, for example. air china all in play. the noodle maker late last week was the top mover, now it is down 7% on this session. we will -- we are also closely following several key movements in the nikkei 225. one stock to us today in jap

china trade data over the weekend slumping once again. exports falling nearly 7% in the month of october. that's the fourth straight month of declines. well below expectations. imports also dropping slipping over 18%, which is a concern that maybe there isn't that much uptake when it comes to the consumer in china. carolyn? >> meanwhile, the nation's oldest investment bank cicc is trading above the initial price. it comes after china's regulators said it will lift the ban on ipos, a sign of confidence. let's check in on how the shanghai markets responded to all of this. a lot of news to contend with. sri? >> yeah, carolyn, it was a day of divergence this monday in the asian markets. on the one hand on the negative side of the ledger you had the payrolls number friday knocking it out of the park. fed fund futures implying a 70% probability that the fed will move in december. so that smooths a fair few markets especially the move vulnerable sovereigns like indonesia and malaysia. on the other side of the ledger you have 2 1/2 month highs fo

china. >> your data is more secure are we better off as a nation? >> i am not a fan of back doors but the belief but you do compromise security. in there is an issue of law enforcement. >> when you look at several security and the threats of private industry faces are rethinking about the right thing? >> guest: no. that is the good news. thinking of the dawn of the computer age. >> you could make your network carter to pack but not have double. but what we need to do is to protect the network to protect the data the russians died into the state department and the white house. we need to refocus they cannot limit the damage. >> it is hard and expensive a place is like apple and google. >> dan your stuff is a scripted. it would be bad for law enforcement. >> in 1980 moved there is a movie named hackers and started to leave italy toward the end of the movie you can see her break a password in 10 seconds that was the to 95 and hasn't gotten better. >> and they're still writing skateboards with trench coats. >> a woman who wears the ceo of the company th

mixed data from china causes asian stocks to fall back slightly overnight. u.s. investors will see if that information will impact wall street. morning. the dow added 27 points on yesterday. s he spent the cold and rainy night chained to a water slide. kevin dumont is trying to find investors to save the candia water park that his parents helped him start. he has a month to find $1.5 million to dig liquid planet water park out of debt. dumont is looking for partners >> my goal is to save the company and keep the jobs here. we employ over 50 kids every summer. emily: a gofundme page has been set up by dumont' s family. a check of our trending stories this morning. randy: a university of missouri professor apologizes after confronting a student reporter. >> this is public property. >> you need to go. randy: mass media professor melissa click tried to force the student away from campus protests. she now says she used the wrong strategies, and the day was full of emotion. click also reached out to the reporter to personally apologize. emily: a step forward in the fig

on theseeing a pickup -- we will be watching china in reaction to the data coming out this morning. umber we had yesterday and also the fact that china did well and so did india. in australia, there have been reports that the ceo of channel nine is going to be leaving deposition to be replaced by a board director and veteran. all the stocks are higher in australia. they are leading the gains. if we look at nine entertainment, it is up by .7%. japanese stocks are in the red this morning. we're seeing a pickup in the yen, which goes in the opposite direction. .1%.s up by there has been focused on the us trillion dollar. dollars are saying the usd.ing to get near $.72 the dollar has had a spike in $.71ast hour, holding at usd. yvonne: the expectations for the rise in third-quarter profits. dbs says they had income growth million. we will be watching the world's biggest lender, when hong kong opens later. their profit rose more than half a percent last quarter. at one point, they were .44% of total credit. at the end of1.4% june. the ici broke a record. 12% to 400 anded $70 million -- $4

months, -- rishaad: why do you think that people are so gloomy when it comes to looking at the data out of chinaow from the hard data anything. the stock market did cause a big panic. the china stock market does not have much bearing on the real economy. when the stock market is collapsing like that, it does make it into headlines. it made a lot of people very nervous. rishaad: let's take a look at what else is happening. how people are gloomy about china. are they also bearish when it comes to commodities? >> again, that hopefully has run its course and we should start to see an improvement over the coming months. the pre-factors should lead to some kind of improvement in the coming months. one is that -- the old adage that the best thing to your low prices is low prices. it gives the market a list. we should start to see that affect come through. -- the third thing is that investor sentiment has gone a little bit too negative on commodities and that should start to bottom out. if we look at valuations -- quite a lot of commodities are looking attractive compared to equities and bonds. rishaad:

one-third of a per cent, asia overnight weakness here result of disappointing manufacturing data out of chinan nikkei in japan down better than % manufacturing data out of china setting the tone for asian markets stocks to watch hewlett-packard one splitting biotwo publicly traded companies a today h-p enterprise will sell investors storage networking equipment h-p inc will focus on personal computers and printers. >> the one, two, again on. -- inside corner, 2015 world champions. [cheers and applause] . >> happy faces in st. louis,kansas 70, it is a sad day in new york city royals 2015 world cheese champs first title in 30 years, kansas city tying five in 9th errant throw by lucas duda, wide to until 12 christian colon broke it open, drove in winning run in his first world series at-bat, royals tack on four runs to finish off the mets, 7-2. the end of that game. return to politics republican donor appall singer endorsing marco rubio the implications good morning to you. >> this is a major wall street win for marco rubio, the billionaire hedge fund manager backing freshman senator from florid

securities association of china this week has had that they had over reported equity data by 157 billion. the latest against china's largest brokerage. they're seeking to assign blame for the nation's stock markets a law. also among seven citic securities executives investigation for alleged insider trading area that report came out two months ago. no comment yet from the company were officials on that. brokerage another said it will be investigated or is being investigated for similar alleged rule violations. that's the latest was citic securities. there were two other brokerages in china but under investigation for alleged that's. ceo areuts of one unknown. shares are down. and insider information announced. asia in the news again today. watching winning numbers. lateurse just yesterday or for yesterday what is the future looking for this business? >> the numbers don't look all that good. but the feeling in the market is that it's going to get better. they're sitting lower on the back of those that we talked about area they are down about 50% today. air asia posted a loss of 95 million

china. we will get positive surprises next year. surprise the positive next year -- the data out of china hasn't been great. it is another reason to worry about the yuan, to worry about industrials. from your perspective, when is the fear top down for next year? >> well, it may have already happened in terms of the impact on emerging markets in europe. the key to things for europe are soy little wage growth margins aren't likely to pick up even though it is subdued. then we have very low bond yields that are likely to go lower, and that helps corporate interest payments. it adds up to positive earnings are prices. jonathan: they conviction story around the effects market is pretty clear -- you won't find , butgoing into next year there is a story around european stocks that appears to have diminished. based on the data you have, is it the same start? the storiesd one of it has diminished is that q3 was pretty bad. q2, 10% in q3.in global a massive slowdown? or is that massive right off? we think it is primarily the commodity sectors and that we will bounce back -- that slowdo