david: blame it on donald trump. a new donald trump rally in italy. foley. david he will join us to talk oil, opec and much more. this is bloomberg. ♪ david: welcome to bloomberg daybreak on this thursday, december 1. i am david westin alongside alix steel. live from bloomberg headquarters in new york city, jonathan ferro is off today. alix steel will start is with the markets. alix: the story overseas has to do with the you. over 1%.100 is off by the big story is the pound. you see the surge in the pound versus the dollar, now up over 1%. theyrexit secretary saying would consider a contribution to the eu in order to get access to the single market, having a profound effect on the pound, as tsll as the bloomber -- gil market. david: here is what you need to know at this hour -- houston, we have liftoff. after weeks of intense negotiations, opec agrees to the first cuts in eight years. the oil producers put aside their differences, and non-opec russia agree to unprecedented cuts to its own outlook. bracing for swings -- european volatility is the highest since

we will be speaking to david foley.u need money, you call david foley. he is the man on the ground to understand implications of investing as well as opec. tom: thank you so much. quick report before we get to ken rogoff's thoughts on china. yen weaker. euro yen away from the dollar. stronger euro and yen. ken rogoff with us. bring up the chart of the chinese. do? does china need to do they need to stay in the currency? in the beginning -- can they begin to think about a float? kenneth: i think they need it soon to get more flexibility and risk have a deeper crisis. if they don't, often countries hang on too long. they have a ton of reserves but also a ton of problems. francine: are you talking about the debt or something else? kenneth: they have a big overhang of debt. they depend on growth. there is a lot of things going on in china. just you cannot grow at 10% forever. a radical political change going on in china. decentralized economy much more harder to have a dynamic economy where decisions have to be made so cent

foley. alongside you to. infant -- in a park police are still searching for david dahn. officers went to pick him up from the hospital but he was not there. is wanted on theft and drug charges when he was caught and wi a charges. >>> a community upset about a bill that could make tj lane eligible for parole. he is serving life without parole for killing three classmates in 2012. but several bills in the state house would change juvenile sentencing laws. one would make prisoners like him serving sentences with parole when they turn 30, the prosecutor and community passing the legislation. >>> right now, let's get a check on the chilly forecast as it continues for the second straight day, here's power of 5 meteorologist, jd rudd. >>> more clouds sticking around this morning, temperatures feeling more like the upper 20s when you factor in the southwest wind at 10 to 15 miles an hour. also for those in the ashtabula and minor areas. a few showers trying to with a snowflake or two, quickly moving off to the east, another chance for more sprinkles, showers, and rogue snow flur

>> one of your colleagues on the "new york times" david brooks had an article last week, and the last sentence of his article was that he fully, foley may not of been there, that he expected within a year it was likely that trump would either have resigned or been impeached. would you agree? >> well, this is another, another, i mean, you can't absorb the craziness of what's happening fast enough for another crazy thing to happen. before the election all the house republicans are talking about a hillary clinton impeachment, and now everyone is talking about a trump impeachment. what a difference a week makes. you know, in david's case it might've been wishful thinking, but alan litman, you know, the american university professor, he was the only kind of professor, historian in the country to say that trump would win, is also saying trump will be impeached. so things are in washington in a complete state of chaos so i don't know. i become i think as americans we somehow have to hope that washington gets itself together. >> could you explain a little about the culture of the "new york times" in the months preceding george bush is invas