julie: that was disney ceo speaking to our david westin.k: more than a trillion dollars is being wiped off the value of global bonds after donald trump gets elected. have a look at european stocks. we are 34 mins away from the end of the friday session. we are still on track for the biggest weekly game since july. the european close his next. -- is next. ♪ mark: 11:00 a.m. in new york and 11:00 p.m. in hong kong. there are 30 minutes left in the trading day in europe today. julie: i'm julie hyman and for vonnie quinn. this is the european close on bloomberg markets. ♪ mark: we are going to take you from berlin to china. we are going to cover stories out of wall street today. here's what we are watching today. inald trump temper tantrum markets as they take a beating. more than a trillion dollars have been wiped off the value of global bonds this week. julie: then we talked to an investor who says there are market lessons we all should learn from big surprises like trump's election win this week. we will get a critical view on forecasting mo

i am david westin.e warner out with the earnings, topping estimates as it benefited from higher pay tv feeds. we are joined by pulsea he is going to take a deeper into the numbers. things look pretty good. paul: i am sure they are pretty happy. i think we saw some pretty good strength across the three main businesses for them, the cable networks, hbo, and the warner bros. studios. i think this bodes well for the rest of the year. they took their guidance up a little bit for profitability. david: analysts said they expected warner brothers do well because of "the suicide squad." and they always expect hbo to do well but turner was a more of a question mark. paul: we see cord cutting. we had discovery communications come out a day or so ago and talk about losing subscribers. if you think about the cable network business which had always been so strong for big media companies because affiliate fees were growing, advertising was growing. now you are a little bit scared about the affiliate fees story if you

david westin caught up with bob iger right after the company reported.ok. >> 2014 and 2015 were record years for us and we did even better in 2016. we continue to grow the company at a robust clip. the two biggest things we had to accomplish in 2016 was, one, bring "star wars" back. then, it was just a gigantic success, over $2.1 billion in office,al bron box and a critical success as well. the second thing we had to do was open up the most ambitious project we have ever embarked on, building disneyland in shanghai. we opened on june 16 and after four months of operation, 4 million people have visited the park and they are loving what they have experienced. the prospects for that park are really bright. that is the biggest investment we have made outside of the united states. it shows in the product. it is a great product, very original, and it is very well-received. so, first four months, 4 million visitors. and that included that peak summer time period. by the way, we would be happy with that number, but we are not providing guidance there. oft we can

i am david westin alongside alix steel. let's get you started with a market check. aboutnes, smp, all up 3/10 of a percent of one point. looking at other ethics, -- --king at other assets strength in commodities. the japanese yen is weakening. zinc is that a five year high. hats those numbers have strengthened in asia and the 10 year yield is up by three basis points. here is what else you need to know. divergence in oil. third-quarter profits that beat analyst estimates. bp profits sliding on weaker refining margins. and out of options? the bank of japan sighting downside risks to the economy. they are leaving monetary policy unchanged. donald trumpon and are preparing for a postelection day battle. both are deploying volunteers and lawyers across the country ahead of a potential contested election. david: let's go back to the story of the bank of japan. we are turning to enda curran, the chief asia economics comes correspondent. conceding on this? i guess he signaled today that they are on something of cruise control. no policy change, like you mentioned. with ave

francine: coming up shortly, it is "bloomberg daybreak: americas," with david westin and alix steel. il and opec with jeff currie. david: you got it in 2 -- oil and trump. pgim -- they have almost a trillion dollars in assets. he will talk about what the trump election has meant to him. we also have john allison, who did not get the treasury secretary nomination. he will also be on radio afterwards with tom and with david gura. as we speak right now, we are blessed to have jeff currie from goldman sachs with us, who will talk about what is going on with opec, what it means for oil and other commodities. that is a taste. francine: thank you so much, david westin. let's get back -- let's get back to breaking news on donald trump, who has been tweeting. stephanie, when you look at what donald trump has just announced, a news conference december 15 is he trying to put the concerns about a conflict of interest to rest? stephanie: yes, he is looking at what the best structure is. a note from his tweet, he says he will be leaving his businesses, but he does not say what kind of structure he

, with david westin, alix steel, and jonathan ferro.y, the longest losing streak since 1980. before the critical jobs numbers, we will be digging in with an official trump surrogate. he runs faster like hardee's, crawl jr.. -- carl's jr.. we will talk with alan krueger, princeton university economics professor. and roger altman, evercore founder. lots today into there. and what the jobs number will mean coming into tuesday. tom, you are looking at bill gross. steel, thank you so much. mr. gross, and we will do that on bloomberg radio. now joining us, carl riccadonna, who has been quite good with bloomberg economics and bloomberg intelligence. i want to go right to the chart. this is what matters to carl riccadonna. what is 100,000 jobs that -- this signifying the line right here is a big deal. why? carl: the l a line is where we have been over the last 12 months. yellow line is where we have been over the last 12 months. the unemployment rate is just steady. we are slowing, below 100,000 jobs each month. we are probably starting to see

along with david westin. alix steel is on assignment. futures are positive. points on the dow. e dollar -- a stronger dollar on that cross. david: here's what you need to know. donald trump's treasury. former goldman sachs partner is said to be the top choice to serve as treasury secretary. waiting for the decision from the president-elect. market fallout from trump's win eases off. emerging market stocks and currencies are gaining for the first time in a week. sales rose more than forecast. vice chairman stanley fischer will be at brookings at 1:30 p.m. eastern time. we will have coverage. abigail: we have u.s. equity futures modestly higher this morning. after that better-than-expected retail print for the month of october. the real strength for the nasdaq really being helped by a recovery in the big internet names. facebook and alphabet. we are looking at copper and iron both down sharply. copper is on pace for its best .onth iron just recently hit a record high. it will be interesting to see whether or not that proves consolidation. u.s. steel and clips natural, all of these

i am david westin. the yen's except for its worst since 2009.bs says it is overblown and they were set for turnaround, taking the yen back up. the global head of fx spreadsheet things the opposite view, saying after short pullback yesterday, they could eventually take the yen all the way down past the dollar. joining us from london, stephen, take us through your thinking and why you are right in your counterparts are long? stephen: we think what is rate is notexchange the japanese cut but the u.s. guide and it boils down to the expansion coming through from president-elect trump as you go into 2017. puthink that is going to more pressure on the fed and we think we are going to see some substantially higher yield in the u.s.. as a result, we think the dollar will depreciate and we think the biggest move is going to come against the yen. the key reason for that is we think the greatest policy the virgins or difference between policies is going to be between that of the united states and japanese. going to seeare zero on japanese bond yields and we

this wednesday, november 16, i am alongside david westin and alix steel.inning streak that follows a seven-day losing streak. futures down 57 points on the dow, and in the bond market, the routes of four basis points. the dollar strength earlier in the session keeping some of those gains. david: at this hour, donald trump's efforts to assemble his cabinet have been held up by power struggles inside the transition team. some say a putsch -- a push to rid the team of those loyal to chris christie is hobbling the decision process. the u.s. dollar hits a 13 year high and bonds are falling as the market now prices in at 94% chance for rate hikes. this morninging with rising u.s. crude inventories and continued negotiations after a potential opec agreement. production will grow more than previously thought this decade and that is what you need to know. abigail, let's check in on movers. of the themes we are watching is the continuation of the selloff in global bonds. they lost $1.3 trillion in value last week. inare seeing a selloff again the u.s., japan, italy

i am david westin.of facebook are down in the premarket despite beating earnings estimates after the company says revenue will slow and capital spending will increase. joining us is mark mahaney at rbc capital. he has facebook rated to outperform with a price target of $171. really two contrasting stories. they're reporting on the earnings was blockbuster and then they said they are not sure about next year. what is going on? mark: you have had a high bar for facebook and frankly for the other major internet companies. ,oogle had a strong print amazon had a little bit of a sketchy print and the shares corrected, and the same thing happened with facebook. on the surface the numbers were good, intrinsically very strong fundamentals. they warned about a meaningful deceleration in ad revenue growth as the ad loads start tapering off. we view that is consistent with what management has said a quarter ago and think that is already reflected in our numbers. you think valuation right here is very compelling. da

i'm david westin.re was a major supplies -- there was a major surprise over the weekend with francois fillon knocking out nicolas sarkozy. angela merkel surprised no one when she said she would seek another term. our guest joins us now from rhode island. welcome back to the program, nicholas burns. start with france and explain, if you can, what is going on. is this part of a populist wave? mr. fillon distinguished himself by saying he is for less government. nick: france is gripped by populism. a contending is leader in the polls come and there was a major surprise over the weekend with nicolas sarkozy defeated in the first round of the voting for the candidate to run against her. pe, who was supposed to win, did not. , who has taken a market oriented approach, ,anting to extend the work week introduce more market reforms in the economy. it looks like there will be an election between fillon and le pen? has been thought that marine le pen was -- you can see that fillon is more marine le pen like. i th

i am david westin alongside alix steel. let's get you started with a market check.0 of a percent of one point. looking at other ethics, -- --king at other assets strength in commodities. the japanese yen is weakening. zinc is that a five year high. hats those numbers have strengthened in asia and the 10 year yield is up by three basis points. here is what else you need to know. divergence in oil. third-quarter profits that beat analyst estimates. bp profits sliding on weaker refining margins. and out of options? the bank of

david westin caught up with the disney ceo bob iger after the company reported.itors for the first year. we would be happy with the -- that number but we are not providing guidance there. about 50% of the people visiting come from outside the shanghai region. that is a big surprise to us. we thought it was going to be well above 75% initially that came from shanghai. the fact that it is so that once leads us to believe that word-of-mouth on this and the intent to visit from well beyond shanghai is very high. this has become suddenly not a local product but a national product in china, and national tourist destination, which is what shanghai is. that's really positive. david: one of the strengths of your company is the range of assets you have. if you hit and miss, you can hit with another one. media companies have gotten a lot of it tension because there are a lot of successes with large companies. there is a question of subscriber numbers on espn. what rate are you losing subscribers? >> we have been eyes wide open about what has been going on in the television

david westin asked him what advice he has for a president elect.retary summers: the most important thing he can do is to recognize there is a big difference between an adverb and a plan, and that he needs to propose serious and concrete plans to address the major economic concerns that are so clear to so many americans. he needs to surround himself with capable people -- with extensive experience, and he needs to recognize that governing is about analysis. it is about judgment. -- itnot simply aboutran is not simply about ranting and expressing dissatisfaction. i do welcome and applaud his commitment to a substantial and sustained program to renew our nation's infrastructure, which i think does offer the potential of supporting job creation in the short run, more importantly supporting and expanding the economy's capacity in the medium -run, and i think that could be an important point of common ground for many people. but, unless there is a clear americans are welcomed, and part of his vision of a prosperous america, and that all nations are part

david westin is standing by for more with disney c.e.o. and chairman bob iger. delighted to be joined by the chairman and c.e.o. of disney, bob iger. you have your full year earnings as well as the fourth quarter and have another up year in earnings per share and revenue. at the same time, you would agree you've got some head winds developed as the year developed. give us a sense of where you think you came out in 2016 and give us a peek into 2017. >> 2016 was a tremendous year for the company. 2014 and 2015 have been record years for us and did even better in we continue to grow at a 2016. robust clip. in addition, the two biggest things we had to accomplish in fiscal 2016 was one, bring "star wars" back. our first movie, "force awakens" came out in december, the first one since the acquisition of lucas, and it was just a gigantic success, over $2.1 billion in global box office, third highest grossing movie of all time. a critical success as well. the second thing we had to do was open up the biggest, most ambitious project we've ever embarked on, building disn

coming up, the great disney ceo bob iger talks to david westin.we should say goodbye to? mark: alexander trowbridge, heading off somewhere else to be successful. he will be missed. sayonara. ♪ ♪ >> it is almost 10:00 a.m. in hong kong, 9:00 p.m. if you are in new york. rishaad: i am rishaad salamat. this is "bloomberg markets: asia." ♪ >> emerging asian currencies tomball along with bonds. singles days sales passing $10 billion. reality,oric versus whine donald trump may find it harder than expected to label china a currency manipulator. well, we have been looking at this chart. terrorism fromt china and how it affects -- tourism from china and how it affects japan. that white line is consumption, including tourism. consumption excluding

disney ceothe great bob iger talks to david westin. john: you know who we should say goodbye to?wbridge, heading off some world's to be successful. he will be missed. sayonara. ♪ mark: i'm mark crumpton, you're watching "bloomberg technology." two days after he stunned the political world by defeating hillary clinton, president-elect donald trump met privately with president obama thursday in the oval office. both men sought to set aside the divisiveness that rocked the nation and led to their own bitter personal interactions. >> this was a meeting that was going to last for maybe 10 or 15 minutes and we were just going to get to know each other. we had never met each other. i have great respect. the meeting lasted for almost an hour and a half. and it could have, as far as i'm concerned, could have gone on for a lot longer. mark: the president said he was encouraged by mr. trump's willingness to work with his team during the transition. later, the president-elect and his wife, along with vice president-elect mike pence met with house speaker paul ryan who had a strained relation

i'm david westin.ll get us started with the markets. seeing recent trends postelection. we are seeing a selloff in stocks this morning. the doubt and s&p futures each down about a third of 1%. the dax off by almost .9%. a process -- we are watching weakness in the japanese yen -- i should say weakness in the dollar versus the japanese yen. a little bit of strength in europe. crude oil has been all over the place on each headline that comes out from this impending opec meeting. to 45.69 it is down per barrel. the 10-year yield is up about three basis points this morning. david:

i'm david westin. and alec still are both off today, but julie hyman will get us started with the markets. seeing recent trends postelection. we are seeing a selloff in stocks this morning. the doubt and s&p futures each down about a third of 1%. the dax off by almost .9%. a process -- we are watching weakness in the japanese yen -- i should say weakness in the dollar versus the japanese yen. a little bit of strength in europe. crude oil has been all over the place on each headline that comes out from this impending opec meeting. to 45.69 it is down per barrel. the 10-year yield is up about three basis points this morning. david: we are going to start with oil. opec ministers are trying to salvage an agreement on production cuts as saudi officials are conceding they may not get a deal at wednesday's meeting in vienna. crude now falling below $46 a barrel. francois fillon clinched the french republican nomination in a landslide victory. everyone agrees that they spent less money and more time online. 20

i am jonathan ferro with david westin and alix steel. up 28 points on the s&p 500. look at treasuries. yields higher. the fx market, a weaker yen, the dollar-yen up 1.2%. mey's clarence -- the fbi director says hillary clinton's handling of email was not a crime. stocks around the world rally. the mexican peso reports its best day in a month. just one day to go before the u.s. election, hillary clinton leads donald trump by three points among likely voters. theresa may is on a three-day visit to india, where she clashed with leaders over immigration and failed to arrange a media eting. no

i am jonathan ferro with david westin and alix steel. futures are up 6.33 on the dow, up 28 points on the s&p 500. look at treasuries. yields higher. the fx market, a weaker yen, the dollar-yen up 1.2%. mey's clarence -- the fbi director says hillary clinton's handling of email was not a crime. stocks around the world rally. the mexican peso reports its best day in a month. just one day to go before the u.s. election, hillary clinton leads donald trump by three points among likely voters. theresa may is on a three-day visit to india, where she clashed with leaders over immigration and failed to arrange a media eting. vote is scheduled on brexit. that is what you need to know. david: number one story is the election. where one day away, the consensus of national polls continues to show hillary clinton in the lead. with a new bloomberg politics poll out this morning showing clinton leading donald trump by three points. joining us now is marty schencker, senior executive editor of "international governments and economics." we see the leads,

david westin and alix steel are away today.l there might be more to come. 58 points on the dow. positive almost five points on the s&p 500 as wall street returns for half a day trading at these. again.re higher once very close to 2016 highs. king dollar showing a day of weakness so far in the g 10 space with the dollar-yen back at 113. nejra: here's what you need to know at this hour on "bloomberg daybreak: americas." draghi's dilemma. the ecb might not make a call on its bond buying program until early next year. the ecb governor tells bloomberg is too early to discuss. johnson & johnson approaching actelion for a takeover of the drugmaker as the u.s. health s to expand its final lineup. on negotiations with iran and russia after iraq signals that will agree to production cuts. the next opec meeting is slated for november 30 and that is what you need to know at this hour. jonathan: the ecb faces a decision on december 8 on whether to extend a $1.8 trillion stimulus program. some policy makers saying they are putting off decisi

i am david westin. the innerworkings of the fomc.view, the professor gave his thoughts on where the fed goes under president donald trump. he wrote increasing debt and spending would likely stimulate growth, pushing up on the national weight of interest. this would allow central banks to reach higher rates, giving them more ammunition to fight future recessions. now is professor of economics, joining us from the campus. it is good to have you. >> my pleasure. david: you said there is a short-term effect on the fed and a medium-term effect and it is quite different. that the short-term that the the fed is new administration, there is going to be uncertainty about what policies are going to get prioritized. i think if they prioritize the new vision towards trade agreements, that is going to create a lot of uncertainty for the global economy. monetary policy is going to be very nervous about removing a combination in the face of that uncertainty. i think the election of mr. trump is going to be another reason to be prudent about raising

this is bloomberg, i'm david westin.a clichÉ out there that says as goes ohio, so goes the nation. in recent years, ohio has been a good indicator of who will win the presidency. is it true this time? ,oining us as michael mckee tell us, ohio is important, but is it as important as it has been? michael: it's not quite old enough. ohio is voted 13 times in a row for the correct candidate, for the winning candidate. that's not close to the record at this point. bellwether streaks come to an end before time since the birth of the birth of a nation, states of voted for the winter at least 10 times in a row. missouri tight ohio 13 times in a row from 1904 to 1952. ,isenhower lost the state, .2% and even 13 is in close to the ground. five states voted with the winning party 14 times in a row. the champions, nevada and new mexico. both with streaks of 16 consecutive wins. ohio and up to pick the winner this year, in 2020, 2024, and 2028 to break the record. that's very hard. ohio has been there before. --y did choose the window

i am jonathan ferro alongside david westin and alix steel.out the trade and futures are down 29 on the dow, but the latest week of gains in almost five years. closed fory market veterans day with the selloff in the bond market that continues. yield higher in germany, up by two basis points on the 10 year. it is not over. david: it certainly is not and here's what you need to know. trumps paper tantrum. emerging markets, equities and bonds take a beating around four-month lows as more than $1 trillion has been wiped off the value of gold and -- global bond. u.s. banks hitting their highest level since 2008 at speculations that president-elect could repeal parts of dodd-frank. you are hired, trump lining up his potential cabinet, including rudy giuliani to serve as attorney general. one potential wildcard could be jamie dimon us treasury secretary with lloyd blankfein saying he could be "great for the role. let's take deeper into the bond market. here is the chart with global bond market. you can see the damage has been done in the past week al

. ♪ david: this is bloomberg, i'm david westin.seems three things are certain, death, taxes, and a fed rate hike. has voted, declaring there is a 100% chance the fed will raise rates next month. jeffrey rosenberg, blackrock chief fixed income strategist, still with us. 100% for december, let's get that out of the way. next year, it's not that steeper rise, it's preconscious. are we getting to a point where janet yellen is getting her wish for a high-pressure economy? mr. rosenberg: if we weren't talking about the election results, we would have been talking a lot more about what janet yellen said back in october in a speech which he introduced some ideas around running the economy a lot hotter, running a high-pressure economy. as a much more accommodative policy with the goal of running the economy hot to repair some of the damage done to labor markets, to try to get more people back into the labor markets. the 100% probability for december, that means december should be a nonevent, except that it's about what they forecast in term

i am david westin.we should know who our next president will be so it is not too early to start thinking about what comes next. roger altman of evercore is closely aligned with clinton. i do want to know from your thet of view what with first 100 days of a hillary clinton presidency look like? roger: apart from the whole process of staffing up the new administration, putting that aside, which is always a challenge, i think the biggest challenge is going to be the prospect of a divided congress, the likelihood the republicans hold the house. we do not know what the senate will be that let's assume democrats regain it by a tiny margin. a divided congress. one thing that i find people have not focused on is illustrated by a fact. the last timed it a newly elected democratic president came into office and both houses were not controlled by the democrats was 1885. and people forget that bill clinton,president bill his party had both houses during his first two years and some of his famous achievements occurr

i am jonathan ferro alongside david westin.tlantic, election jitters and a seven-day losing streak on the s&p 500 in focus. unchanged in the futures market. the cable rate with a stronger pound in a court decision in focus. david: this is what you need to know. the court decision is a big setback for theresa may. the u.k. high court says it must go through parliament before triggering article 50. in the next hour we get the bank decision andrate the latest growth and inflation forecasts. the decision comes at 12:00 noon london time with mark carney's press conference starting 30 minutes after that. the federal reserve leaving rates on hold ahead of the u.s. election, giving a subtle n

i jonathan ferro with david westin. alix steel is on assignment.e three on the s&p 500. switching up the board, outperformance and commodity 3.5%. 44.84, up by the dollar weaker against every currency except the pound. carol: the -- david: the market taking a breather after the russia. here's what you need to know, terms treasury am a former goldman sachs partner, is said to be the pick of donald trump's advisers to service advisory. they are waiting on a decision from the president-elect. markets taking a breather in their reaction to u.s. elections in the dollar rally ends. meanwhile, emerging-market stocks and currencies gaining for the first time in one week.

i'm david westin. donald trump had a lot to say about china, not much of it very flattering.is likely to be the most important relationship of his presidency, and last night he spoke with president decision paying for the first time. during the call, xi jinping said cooperation between the two countries was the only option. we go to enda curran. tell us what we know about this call. and where do we know it from? whose spin are we listening to hear? enda: there was a line of his transition team, and chinese officials running details on it, that donald trump spoke of the two leaders looking for mutual respect and they said they will build one of the strongest relationships. for his part, xi jinping talked about the need to cooperate together and post global growth. that is interesting considering mr. trump spoke about putting punitive tariffs on china and labeling them as a economy manipulator. xi jinping said it would hurt global growth. we have seen how much of that muchign -- we will see how the campaign rhetoric turns into official policy when trump takes office. david: is

david westin will join us on the brookings institution, working with chairman bernanke on economics andwith us tomorrow. this is bloomberg. ♪ toidjon: good morning and welce "bloomberg daybreak." the markets, after two weeks of games -- of nine point on the dow, four points on the s&p 500. a rally in the commodity market. .rude advances after 10 days of dollar strength, we take a breather in the fx market. alix: markets take a pause. the dollar weakens. commodities getting that boosts. opec will agree to cut output. copper up 2%. francoisime minister fillon is a new front runner after -- after knocking out nicolas sarkozy in a surprise victory in the first run of primaries. angela merkel announces she will run for a fourth term in germany. donald trump interviewed wall street veterans for the role of treasury secretary sunday at the trump national golf club in new jersey.

david westin and alix steel are off today. they look at the markets and equities in the u.s.with futures up 47 and the dow closing four points on the s&p 500. as the u.s. markets get back to work, treasuries continue their slides and some dollar weakness in the g 10 space. the dollar-yen at 113. nejra: here is what you need to know at this hour here on "bloomberg daybreak: americas." drug use dilemma. the ecb to my not make a call on its bond buying program until early next year. a central bank governor tells bloomberg it is too early to discuss. takeover tactics.

david westin. coming up in five minutes from now.he policy changes, the challenges for donald trump and america going forward, talk to me about the supreme court. can he ensure and will he ensure that there will be a republican supreme court for at least a generation? there will probably be three opportunities for him to name justices to the court. one seat is already vacant, so there are eight sitting justices. 80, soustices are over he will probably have to make two picks, or perhaps three. that will influence the court for decades to come. that will be very important. the question is, will the democrats try to block those republicans have tried to block the obama picks? francine: what does he do with janet yellen? robert: her term ends in february of 2018, so he will have a chance to pick another substitute for yellen, but also there are two or three other members of the board who will be coming up during his tenure. he will have a chance to reship the court and reshape the fed -- to reshape the court and reshape the fed. tom: it

tom: david westin, thank you so much. many different ways to go with steve major. europe, but we have to go to japan today. francine: for two reasons. abe the first one. tom: to show up. francine: right. this is the first foreign leader meeting with donald trump today in new york, and the bank of japan this morning firing a warning shot over the bar markets and offering to buy a limited amount of securities to maintain the yield curve. work?nwill it steven: it is and it has since the 21st of september so nearly two months now. they say they will buy 10 year and 20 year gjdp when it spikes above zero.they did not say they would sell . it is controversial, but i think it is a cap. they have shown today they need it. they have 80 trillion yen per year to spend to keep that cap in place. this really matters because this to free up cash to go abroad or into equities or whatever. with treasuries yielding what they are now, they are much more attractive than where they were a couple years ago. i understand they found treasuries interesting 18190. presumably more interesti

david westin and alix steel away. equities in the united states, all-time highs.t down to the opening in new york. a very witty session for the british government bonds. thiswhat we need to know hour, let's talk about trump in transition. he is said to be looking at reshaping the fed fast. who is in line to fill the vacant seats on the fomc? crude trading their $40 a barrel as opec fails to agree on iran and iraq hospira tip-in takes -- precipitation. well

i am david westin. industrials may be running out of steam.o of financial stocks to the 12 month target price. we to did for the first time since 2009, the stocks are more expensive than analysts say they will be in 12 months. dan, is this move towards financial -- >> as we all know, historically, analysts are slow to raise numbers. they have to play catch-up. westill don't know, as talked about earlier, some of the unknowns about the future agenda of the president-elect. could we see a rollback in regulation or m&a and ipo's? he may have an earnings impact that we still just haven't reacted to. you are playing a bit of catch-up. david: how does an investor know when financials are fully priced or where there is still room to go. >> you buy these names at book value and sell them at two times book value. i don't think that exists anymore given what has happened to leverage but when you look at these high-quality banks a lot of them are actually trading below book value so i don't think we are there in terms of overvaluation. jonathan: we talke

i'm jonathan ferro alongside david westin and alix steel.ripping through the markets. dow futures down. s&p futures erasing so much of the losses we saw. switch up the board. yields up nine basis points. the dollar actually very stable. on the dollar-yen cross you see a big move. alix: here's what you need to know at this hour. donald trump beat hillary clinton in a stunning upset of the political establishment. he will become the 45th president of the united states. morning hech this struck a much more inclusive term than what we have seen through the campaign. >> now it's time for america to bind the wounds of division. we have to get together. all republicans and democrats and independents across this nation, i say it's time for us to come together as one united people. alix: president obama has invited trump to meet with him at the white house. secretary clinton will be speaking at the new yorker hotel at 9:30 in new york. republicans kept control of the senate setting the stage for president trump to enact a broad conservative agenda. h

david westin asked chairman and ceo of ups how the numbers are looking so far. >> we got off to a very league season since the beginning of the year. weekend cameer the in about where we planned. obviously, higher than last year. to anotherward record-setting peak season, which we think we will see. an important part of your job is planning for the season and trying to anticipate how much capacity in need. how much of an increase or you projecting? this year, we are going to deliver over 700 million packages between thanksgiving and christmas. that's an increase of 14% over last year. we are certainly ready to handle that increase load. >> obviously, we've seen the shipping grow by leaps and bounds along with online shopping. it doesn't seem like it's going to slow down anytime soon. is there a level at which the capacity not just for you all, but for the global in just six system is going to be too much to handle? are we far from this place at that point? grexit speaking for ubs, can tell you through working with our customers that we have increased capacity and will continue to do th

on bloomberg americas daybreak, david westin asked why europe should be in america's national interestt president has to pay attention all parts of the world. i think the issue where we can be most active is helping to contain vladimir putin. following the invasion and annexation of crimea in 2014, the division of ukraine, his earlier invasion of georgia in 2008, putin on a north-south line is trying to redefine the european continent to the south and west of the russian federation. nato is going to be moving under u.s. leadership, italian troops into estonia, and lithuania. i think firming up that position , and also rebuilding u.s. military capacity in europe. i hope that would happen. best way to contain putin and help give the europeans some stability, so they can deal with these other problems a really of their own -- need european solutions. david: you refer to the volcker -- the baltic states in the same sentence as european -- as jordan. latimer putin seems to be an opportunist when it comes to these things. he will move and as he did in ukraine when he sees an opportunity. how

david westin: i want to talk to you about trade. donald trump talked about this frequently. yourself back in your old job in the white house as the chief economic advisor. are there things donald trump can do -- because he has a lot of authority on trade -- thinks he could do to help the u.s. economy in dealing with china and mexico? larry: there certainly are abuses in other countries that can be pursued, aggressively, within the remedies that are contained in u.s. trade law, and i think there is a bipartisan consensus in favor of that. environment,t naming china a currency manipulator on day one is a ludicrous proposal. in the current environment, repealing nafta or revoking nafta would do enormous economic us.ge to at -- to ironically, the consequence of candidate trumps rhetoric already, seeking to destabilize and challenge mexico, has led to a substantial depreciation of the mexican peso, which subsidizes every export from mexico to the united states by 10%. and represents a 10 percent extra cost on every u.s. export to mexico. so the consequence of what the dissident e

election day, and i'm jonathan ferro with david westin and alix steel.ar, futures going nowhere, down about four points on the s&p 500. -22 on the dow. yieldsn off yesterday, down about a basis point to 182 on treasuries and the dollar yen down, a weaker japanese yen. head to the polls to decide who will be the next president. results are expected at 7:00 p.m. eastern time. aocks are slightly lower with billion -- opinion polls showing hillary clinton slightly ahead. kenneth make their final pitch to voters. candidates take their final pitch to voters. hillary clinton: it's job

david westin and alix steel away. equities in the united states, all-time highs. benchmarks pretty stable as we count down to the opening in new york. a very witty session for the british government bonds. thiswhat we need to know hour, let's talk about trump in transition. he is said to be looking at reshaping the fed fast. who is in line to fill the vacant seats on the fomc? crude trading their $40 a barrel as opec fails to agree on iran and iraq hospira tip-in takes -- precipitation. statements autumn fall short of estimates? why should u.k. chancellor philip hammond deliver more stimulus? about 30ement in minutes from about 30 minutes from now. jonathan: we get to anna edwards in london outside of parliament as philip hammond gets ready to deliver his autumn statement. good to see you. economy has been more resilient perhaps in the wake of the brexit vote at least than some economists expected but we see no brexit yet, just the vote. expect brexit to feature very highly. overlouds above it gather these autumn statements as the economist wants to make the econo