mario draghi must address weaker growth. survives, returning to her brexit battle after surviving a vote of no-confidence. trumps tradewinds, china buys soybeans, a one off or a thaw in the trade war? david: i am david westin with alix steel. day. more than ecb it is only one of five central banks. banks,f you look at two it does not look good in terms of their outlook. s&p cut its forecast and said the currency remains fragile. one bank said it adjusted its rate have lower. to comet is too soon off the crisis management monetary policy. turkey is up 24%. they are saying we may have to go higher. like they are saying we will do it later. david: we know what president everyone thinks about that. erdogan president thinks about that. alix: a risk off field developing come s&p futures down .1%, banks front and center. december,down 11% in the worst monthly fall since january 2016. how do you have a sustained rally without banks? euro-dollar flat on the day. the 10 year yield at 2.9%. it was a confusing auction. coming out later

mario draghi is talking about more broad risks.o not think he is reflecting the concerns about slowdown in france. i do not think he is necessarily reacting to anything. what mario draghi is reacting to is what every central banker is reacting to. the global slowdown. something could happen in credit or emerging markets and high volatility more generally. i think he is looking more external. but i think it has also got to be said, you are right to pick up on those political risks. talking aboutngs the euro over the course of the last couple years, you can't ignore political factors. you can't ignore what happened in 2017 with the friends presidential election. you can't ignore this year, the italian crisis. you can't ignore the fact that the euro is not going up despite the fact yields are moving in its favor. nejra: good to speak to you. i am out here at westminster. wish i were with you in the studio. marioeople interpreted draghi's comments as dovish. the euro gave up gains. we did not see massive moves on the back of his news c

president mario draghi quite remarkably claimed or conceded i guess at times that the policy has been quote the only driver of this recovery mr draghi also reflected on the upcoming twentieth anniversary of the introduction of the euro calling it an occasion for quote. candid and close to introspection that could inspire future action on how to complete the monetary union. and ten cent holding of china has completed the initial public offering or i.p.o. for their spinoff music entertainment group raising one point one billion dollars shares went up for sale in the new york stock exchange yesterday fourteen dollars per share ten cent music is seeing growth pushing towards thirty percent this year helping the company to gain over rival spotify ten cents twenty five million paid subscribers still like far behind the eighty seven million paying listers that spotify claimed in the earnings report for q three. falling fuel prices are given are expected to give a much needed lift ailing global airlines next year and twenty one thousand according to an industry trade group the international g

>> may i say something about draghi? he is a magician. somehow, he gets away with being able to basically give us no information. word thatsing every chairman powell says in the us but when it comes to draghi we have no clue. what i found interesting yesterday was during the q&a when they asked him if he was out of things in his old box. box and he was very adamant that he thinks you be -- the toolbox.of >> many people walked away yesterday quite worried. >> look at the markets. it seems to not move. >> what will be interesting that we haven't talked about is what will china do? part of the uncertainty is a trade tensions. theu.s. has a leverage in short-term and china is worried about slowing. they will open up the stimulus spigot in a targeted way and that will change everything for the global economy. >> at the moment, there have not been big signs that they are leaning. will they get bigger? i think the ecb has some things it needs to sort out on the agenda for next year. it does not feel like an environment where they need to tighten

gershon: can i say something about draghi? he is a magician. jonathan: you think so?ershon: somehow he gets away with being able to give us basically no information. we are parsing every word that chairman powell says in the u.s., yet when it comes to draghi, we have no clue . what i found interesting yesterday was in the q&a when asked are you out of things in your toolbox considering we are late in the cycle and you haven't started to raise rates, and he was adamant they think qe is a permanent part of the toolbox, and in the next crisis, they would be willing to go effectively even lower. jonathan: do you really think he got away with it yesterday? jonathan: look at the markets. every time we think it is ridiculous for 10-year bonds -- it seems to just not move. kathleen: what will be really interesting, though, that we have not talked about is -- what is china going to do? part of the uncertainty is the trade tension. the u.s. has leverage in the short-term, and china is worried about slowing. they will open up the stimulus's spigot again in a targeted way, and th

can the ecb and mario draghi deliver a hike before he leaves?shon: he could, but i will say maybe. kathleen: no. jonathan: luke? luke: he leaves in october, so definitely no. jonathan: i have an idea on where you all stand on the following question. i will ask it anyway. the outperformance in 2019. does it come from leverage loans or high-yield through 2019? gershon: not even close, high yields. you could potentially have double-digit returns next year. jonathan: really? gershon: yeah. kathleen: high-yield. luke: high-yield for sure. jonathan: i have got an idea where the consensus is. although i am sure you would not appreciate that comment, any of you. great to catch up with you all, gershon distenfeld, kathleen gaffney, and luke hickmore. from new york, that does it for me. this was bloomberg "real yield." this is bloomberg. ♪ alix: it's 30 minutes of andy hall. opec cuts volatile prices, more hedge fund closures, higher capex budgets. we sit down with legendary oil investor andy hall. why it is so hard to be a trader now, and how to fix it.

mario draghi must address weaker growth.e. trumps tradewinds, china buys soybeans, a one off or a thaw in the trade war? david: i am david westin with alix steel. day. more than ecb it is only one of five central banks. banks,f you look at two it does not look good in terms of their outlook. s&p cut its forecast and said the currency remains fragile. one bank said it adjusted its rate have lower. to comet is too soon off the crisis management monetary policy.

is draghi pushing too hard on this normalization narrative?ped by the language they used back in june. they are willing to end purchases of qe. net purchases of qe matter more than they say. that is a problem. the truth has not materialized. back in june, draghi said, this is a conditional decision, contingent to incoming data. this is not mission accomplished. core inflation is still one percent. the idea they are linked to temporary factors is not true. external and domestic demand. less stimulus is coming from them. >> you've been watching the french pmi's? earlieroked at teh data -- the data earlier. the domestic growth story is under pressure. you questioned whether there are these temporary factors. make 80 percent of the euro zone, in the end. the average growth of the euro zone is much lower than perceived. the mere aversion this year was warranted. second factor is what is happening today, in china. there is a change in credit growth instrumental in the acceleration of previous years. they have reduced their purchases over the last fe

that slightly downbeat assessment coming out of mario draghi. end of regular trading is coming up. one other i forgot to mention is renault. we welcome back to that in just a moment. this is bloomberg. ♪ guy: 30 seconds to go until the end of regular trading. a real checkerboard in terms of the performance that we are seeing here in europe. the paris market underperforming down by around .3%. germany is pretty flat. flat ason market very we come through the close. this is the picture we find ourselves with as we approach the auction. still digesting and dealing with a whole range of issues. the main one continues to be brexit and the effect that we have seen in terms of this week's turbulence and the pound. a number of different stories impacting the dax. the giant german retailer coming out with a disappointing set of numbers. by .3%. run down metro down by 10.81%. the turnaround story in russia is turning out to be a little bit more difficult to it's also going through this whole digitalization story. and down hard. the stock is still looking

by the time we get an ecb rate hike, mario draghi will be gone.his doesn't feel like an environment where you get a rate hike next year. i actually don't think we get anything from the ecb until we are well in to 2020. jonathan: you have got to talk about this relative to the market. we have cleaned out a ton of shorts in the treasury market. we are just half of 290 -- just south of 290. cork government bonds are going looking rich and pricing in rate action. does that mean we are primed for a move the other way? goshren: forecasting rates is difficult. jonathan: tactically speaking, are we set enough? goshren: i think the volatility will be a cause of what happens in the equity market. for a long time with nominal growth both 5%, why does it make sense to have a yield at 3%? if you think you are going to get nominal growth of 25 basis points a year in europe, we are going to have big problems. kathleen: i think what is weighing on the market is uncertainty and you could move into 2019 and side -- see either and inflation surprise or something tha

mario draghi is expected to cap asset purchases today. move that comes with the backdrop of a murky economic outlook. frankfurt tow from discuss is our fx strategist. ?ow do you see mario draghi they have to not get too optimistic. investors have to get more cautious. >> what do you expect mario draghi to do next year? even though they are ending quantitative easing, they still have $160 billion coming back to them. is it important how they do that? >> the focus is still ongoing. i think next year they will have to deal with the long-term. they are not going to signal this time. end, it depends on whether they have succeeded bouncing the signals. -- balancing the signals. i want to ask you about the growth story across the eurozone. how concerned will mario draghi be about the slowdown in growth data? officials in the ecb have tried to downplay the growth momentum. they have to do that in the end. if it gets too cautious, it does not justify the purchases right now. we will take extra measures if we are seeing further growth deterioration

mario draghi entered october of 11, term ends october of '19 think about that they're telling you thatup in 2019, even though they said half in terms of the qe, they may have stopped the big buying, but little buying keeps going on i guess the long and short of it is about timing. that's why i don't know if there's any way out. as we see a slowing, that's not going to make any of this easier, and it continues to underscore that the drip of morphine has put the patient in a certain comatose state with effect to what other alternatives to prop up various parts of the economy they give a jolt to the heart, wake up the patient, expect him to go running around the track it isn't going to happen so when i look at hard brexit, no matter how hard it is, the fact that the uk and brits have their own currency is so lucky for them because other countries not only would have a harder exit but to try to orchestrate that and land on the ground with their feet moving to try to move into their own currency again pales the logic test i guess at the end of the day, as hard as it is to imagine what form

can the ecb under mario draghi deliver a high before he leaves? no? yes or gershon: he could but i'll say maybe. kathleen: no. luke: he leaves in october so definitely no. jonathan: i have an idea of where you stand on the following question. the outperformance in 2019, does it come from leverage loans or high yield? through 2019. gershon: not even close. high yields could have potentially double digit returns. jonathan: really? gershon: yes. jonathan: kathleen? kathleen: high yield. luke: high yield for sure. jonathan: got an idea where the consensus is. great to catch up with you. from new york, that does it for me. this was "bloomberg real yield." this is bloomberg. ♪ alix: it's 30 minutes of andy hall. opec cuts volatile prices, more hedge fund closures, higher capex budgets. we sit down with legendary oil investor, andy hall. why it is so hard to be a trader now, and how to fix it. ♪ alix: i'm alix steel. welcome to a special edition of "bloomberg commodities edge." it is 30 minutes focused on the hottest commodities with the smartest voices in t

draghi would keep the possibility to hike rates before october of next year. >> yes, that's probably looking at today's press conference, do you think there will be market moving potential news flow coming out of that >> the technicality of the reinvestment would probably be a market mover the ecb should say how it wants to reinvest bonds in terms of geographical great lakesdow aaan with the change there may be a phasing period we do not expect a twist that could be a slow market mover for today's meeting. the ecb is not expected to increase the duration of its balance sheet. in regards to investment, the time will be monitored closely i would say the ecb will probably have some open statement saying that something like they will reinvest bonds until rates have normalized somewhat probably when the rate comes to a level near 1%, still below the natural rate, but somewhat more normal than now. what would bring probably the ecb to reinvest bonds for the next 2 1/2 years >> let's look at one more issue, the banking financing instrument so to say, some people are expecting that we get li

president mario draghi quite remarkably claimed or conceded i guess at times that the policy has been quote the only driver of this recovery mr druggy also reflected on the upcoming twentieth anniversary of the introduction of the euro calling it an occasion for quote candid and close introspection that could inspire

doubts increasing on whether president draghi can hike rates before his term ends. and a monster year for leverage loans ending with some serious concerns. we start with the big issue, going into 2019 with one certainty. >> there is significant uncertainty about the path and ultimate destination. >> uncertainty is playing into this in a big way. >> raising of uncertainty. >> uncertainty about the global growth. >> markets have gotten so spoon-fed for so long that any big change in anything upsets them. >> the market is not very high on the fed's list of things to pay attention to. >> certainly not going normal on the yield curve, because the yield curve is upward sloping like 90% of the time. as the curve keeps flattening on us, it is telling us that monetary policy is being too restrictive. >> markets got very used to this ever-increasing amount or steady flow of increasing amounts of liquidity. and liquidity has been drawing out. >> i would love the balance sheet, at least an acknowledgment of it, to be on the list, but that seems hell-bent for what we are going t

and we saw president draghi saying a more dovish turn . confirm the recent drop we have seen in treasury yields? yield isk treasury mainly about traders pricing in a fairly serious slowdown in the u.s. economy. my view is they probably price too much of it. i can believe in growth moderation in the u.s. but not the floor dropping out. ,hat has happened with the ecb and we said this before, they are having difficulty generating inflation. a few years ago, president morei, by adopting a reflationary type of monetary policy, really helped europe quite a bit. in some ways, after 20 years of the euro, a really am beginning to feel like the ecb is very much constrained by its own only inflationis targeting. at times like this, it feels like if you had a mandate more like the fed, where you're talking about both employment and inflation, that might give central banks a bit more wiggle ways to adjustf the policies. with us, lots more to talk about. we will tackled the issue of trade. in the meantime, breaking news crossing the bloomberg. lvmh is c

draghi being dovish.pared to the states we are behind the curve in terms of monetary policy. it will still take quite some time until we see the first-rate hike provided the economy is not going to head south substantially. >> thank you very much. let's get to bob pisani on the floor and see what is moving. >> happy thursday. two to one advancing the declining stocks. nice action at the open. not a lot of energy. not a lot of high volume. they are not buying big as we move to the upside. there is a lot of caution out there. we have had a good week. industrials are up. banks doing nothing unfortunately overall on the week. health care is up two percent. i really can't emphasize enough how indifferent the banks are acting. we are on an up day. the regional banks, nothing here. no bounce at all. they are down two, three, four percent. many of them just a percent or so from 52-week lows here. that is a major issue. there are some market negatives out there. maybe new ones are floating around out there. i thin

draghi to a certain extent

mario draghi has cut growth forecasts.derlying strength of domestic demand continues to underpin the euro area expansion, and gradually rise inflation pressures. the outlook for inflation has been a revised slightly up for 2018 and down for 2019. the risks surrounding the euro area outlook can still be assessed as broadly balanced. the balance of risk is moving to the downside. owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionist, vulnerabilities in emerging markets, and financial market volatility. stretch is still with us. somewhat call this a bit of a dovish statement. overall, i got the impression that a lot of people saw contradictions. how do you trade around a news conference like that? jeremy: you are right. in a sense, when you look or listen to some of those comments, clearly, there was something in terms of risk being tilted to the downside. geopolitics has been added to the list of downside risks. course, when you look at the economic forecasts, those in seem to

by the time we get -- well a n ecb rate hike, mario draghi will be gone, growth will be gone in europe, this doesn't feel like an environment where you get a rate hike at all next year. i don't think we get anything from the ecb until we're well into 2020. >> you've got to talk about all this relative to where we were in the market and priced where we are positioned. we've cleaned out in the treasury market. on the 10 year yield right now we are just at 290. on the german ten-year we're around ten basis points. -- 25 basis points. looking pretty rich. pricing out a lot of inflation, a lot of rate action. does that mean we're sort of primed to move the other way? >> forecasting rates as you know is very, very difficult. jonathan: >> practically speaking. >> i think we're going to set up a lot of volatility. i think it's going to cause much more what happens in the equity market than anything else. core rate, for a long time you know with nominal growth above 5% why does it make sense to have a 10-year yield at 3%? if you think that you're going to get nominal growth of 25 basis points a

plus, an ecb rate decision with president mario draghi.s conference that is absolutely fascinating. and some retail sales coming up later in the week. roundingconomic data out the week. still with me, greg peters, our and the ecb is in a tough spot. how do they justify ending qe? anadra: they will be announcement that they will end qe, but they are going to give themselves a a lot of flexibility on how the program ends and they are not going to give us any details on changes. -- get anyo give information on potential's because they are going to announce the end, but they are going to keep it very flexible and see how data evil. jon -- evolves. jon: he managed to add a dovish twist -- rate guidance. he needs a dovish twist again, doesn't he? what do you think? colin: they do need the dovish twist, and what they do need to add to it is extend the timeline of what this pause are what we are going to figure out what to do it looks like. and not define it, maybe. what the not defining timeline is into us making this move and the easing, and tha

plus, an ecb rate decision with president mario draghi. news conference that is going to be absolutely fascinating. some data from the u.s., cpi on wednesday and retail sales coming up later in the week. chinese economic data rounding out the week. still with me, my guests. the ecb is in a tough spot next week. how do they justify ending qe? subadra: i think they have set the course for ending qe, so i think there will be announcement that they will end qe, but they are going to give themselves a lot of flexibility on how the program ends and they are not going to give us any details on changes to the capital key. i think they will announce but they will keep it very flexible and see how that data evolves. jonathan: they added a dovish twist, rate guidance. essentially telling the market no rate hike into the back end of next year. he needs a dovish twist again, doesn't he? struggling to think of what it is. what do you think? colin: they do need the dovish twist, and what they do need to add to it is extend the timeline of this pause, or

be au said, there could new mario draghi coming in, but markmannot rule out mr. which would be a slightly more hawkish ecb president and which would probably also make the case to at least shelve the unconventional measure so we ecbd see some action before of next year. the vice president donald trump home after an unannounced visit to iraq, where he was greeting u.s. soldiers. he did deliver this speech to u.s. soldiers, making it to first best deliver a speech to u.s. soldiers, making it his speech to-- deliver a u.s. soldiers, making it his deployed soldiers. abbas, how much does what the ecb do depend on fed? >> i think the cycles have decoupled. the fed started hiking interest rates in december 2015 and then again in 2016, and another four. difficultit is very for me to see the ecb doing anything. one factor that i don't think is talk about enough is the timing of draghi's departure. us that ratesold will be unchanged through summer 2019. draghi is leaving in october. is he going to do anything in his last meeting? i don't think so. if the next ecb governor

president mario draghi made the announcement mid december the european central bank won't buy bonds on the financial markets start in january. regarding known standard monetary policy measures are met purchases under the asset purchase program will end in december two thousand and eighteen the e.c.b. has been buying government bonds as part of its quantitative easing program which was later expanded to include corporate bonds to make financing cheaper for companies the e.c.b. has spent a staggering two thousand six hundred fifty billion euros on bonds which it will be holding onto for now. the exit b f route side who would those months at the moment the e.c.b. has been fulfilling the mandate that it has for the whole eurozone well financed. it is now pulling back from financial relief for southern europe to fulfil its monday at both northern and southern european countries that we can e.c.b. has proceeded with caution allowing the markets time to adapt to more expensive financing for now the main question is whether the e.c.b. will raise the interest rate next year. and finally japanes

>> it was a classic dovish tightening that draghi has become a master of.urope is the region in the world with the sharpest deceleration. all its leading economic indicators there is no sign of a , bottom. he is highlighting a lot of q1 and q2y around next year, around china's fiscal stimulus. trade tensions, brexit, italy, situation.tical italy post-up was a recessionary growth numbers. these are numbers that tilt to the downside. >> european leaders have toughened their stance on brexit, removing some of the helpful parts of the communique that diplomats had drafted in advance. at the same time, the eu is stepping up plans for a no deal departure. is theresa may further away from getting her deal through parliament? it seems that she might be thrown some assistance by eu leaders, the e.u. 27, and then it seemed to change overnight. >> at one point of the night, european leaders think, maybe we can give her some concessions. what has become really clear is that the irish backstop, if we don't get this cleared the deal is not going to go through the u.k. pa

mario draghi sees threats.> the balance of risk is moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets, and financial market volatility. rishaad: mario draghi striking insown as the european bank its historic stimulus. clouds gathering over the economy. yvonne: norway also saw risks for damage, and china said the pboc is facing headwinds. the route in global equities is forcing a headache for the boj. they cut bond purchases for the first time since september as but yield with threatened low 0%. rishaad: let's go to our guest in singapore. it is going pear-shaped. the ecb wants to tighten. they keep telegraphing that, but they don't have the environment to tighten. if anything the best play is to stay neutral until they figure out if they need to tighten or loosen. i don't see the environment coming for some time. you set aboutwhat china exporting deflation, that is another headache, as you mentioned.

it's -- from mario draghi. it's like a mystery of nature.lieve draghi himself said that. you do look back on the last 20 years. geoffrey: three words: whatever it takes. anna: that's what helps of flight. geoffrey: as long as those works stand, no matter who's at the helm, the ecb and the chancellery in berlin, as long as those three words stand, it will plot along. anna: because it's a political's construct. geoffrey: and we should never forget that and the length they will go to protect the fruits of that project. but in terms of the next six to 12 months, some upside, but more of a dollar correction story. matt: if the germans have to bail countries out, as they see it, from a conservative germans perspective, it's not going to last much longer. if italy is the next ago or they want its people to retire at 42 and have the germans work until they are 65 to pay for it, that's going to be a problem. paul: yes, but that's the problem -- project, isn't it? it's one of the main beneficiaries of the euro. they still reap the rewards of the curre

. >> a new warning of a global shutdown this time from ecb chief mario draghi how should investors take the news >>> the call of the day, jp morgan steven tusa saying the bottom is in on general electric the halftime report starts right now. >>> good to have you with us on this thursday, here to debate and trade the biggest stories of the day. megan shue is with us, the senior investment strategist at wilmington investment trust and steve liesman will begin with the markets. s&p fighting to stay out of correction territory big question now, if global growth continues to slow, can u.s. stocks break out of their own malaise. >> well look i'm going to make it simple. i think this comes down to signs of not even just signs, there needs to be a concrete deal with china for things to move higher. the problem with what i'm saying is that's clearly not going to happen in the next few weeks i think the slaanta claus rally south the window preannouncements in the second half of the month that were positive can you get a little oomph to the market but the fears of slowing growth are real. >> risks

draghi tried his best to to where the ecb is going next, and you get the same sense from powell.walking across the dark end room and they don't know where -- across the darkened room, and they don't know where the obstacles lie. should be throw the dot plot out the window at this stage? joachim: markets have started to throw it out of the window for some time. the markets have not believed in the dot plot. but central bankers will still want to use the dot plot or forward guidance to give some rough indication. the issue is in the u.s., where we are getting close to the rates,- range of neutral there is more uncertainty, even on central banker's minds with where they would want to go. this is why i think they will deemphasize the dot plot. j. powell has already started to do that. i think we are in a situation cost ofe future monetary policy just becomes more uncertain, not only in the might of markets, but in the mind of central bankers. vonnie: joachim, why such conviction on cuba's growth going so dramatically -- by such conviction on u.s.'s growth going so dramatically? vonni

one adjusting comment from mario draghi made me cause.ars, there is a generation who knows that no other domestic currency. that is quite significant, the fact it has lasted, it has survived with all of the challenges. whatever it takes. the fact it survived is no small achievement. alan: exactly. and inflation has been well-behaved. hasto be fair, inflation been well-behaved outside the euro area. for me, i was a bond manager in the 1990's pre-the euro. and it may surprise to say that, but one of it was lower relative bond yields. we see lower volatility in meet italy -- in italy, but i can remember the french german thread at 100 basis points. there's more volatility in the 1990's compared to now. anna: many peripheral europeans eurozone economies benefiting from cheaper borrowing costs. that has been a major advantage, i suppose. alan: it has. it means right now at the front end, you've got negative yields virtually everywhere. you wouldn't have seen that in the 1990's. i'm quite sure that the likes of france, italy circa .5, would hav

the ecb when draghi declares an end to the era of on buying. -- bond buying.06 days to brexit, theresa may survived an attempt to oust her. she survived a no-confidence vote but more than a third of the party voted to oust her. i am out here in the cold. the trends facing theresa may are the same. she still has to get the concessions to placate her lawmakers back home. of the question, whether we will hear from jeremy corbyn. also, what this means for the prospect of exit. will the deal get voted through in parliament? could we see a softer brexit for the second referendum? two of thehed on most important things. our guest thinks we are closer to a general election and another referendum. myriad of streets and corridors behind you, the question for markets, the barclays chairman, , nohinks sterling pricing deal, hard deal, this is the term i have used all week. the bandwidth is limited. to that and, you need to ask yourself, is this a prime minister with a dead woman walking? nejra: we do have exit covered from all angles this morning. maria in brussels. and t

draghi -- and then the question comes, mr. draghi will not be here this time next year.e a replacement, who is also going to be more hawkish and closer to the genetic thinking -- germanic thinking. less positive in the u.k., and of course in the u.s. as well. matt: we have a lot more to talk about with you. up next, we will bring you the stocks on the move so far, including vivendi rising after urging telecom italia to hold a shareholder meeting. will tell you the results. this is bloomberg. ♪ ♪ welcome back to "bloomberg markets: european open." we are 10 minutes into the trading day and looking at gains across the board as far as equity indexes are considered. let's get into the individual stocks stories. >> i have green across the board. we have been watching the potential of nokia be able to get more market share with the drama unfolding in huawei. three of japan's top carriers have banned chinese telcos from part of their networks. this seems like nokia, ericsson on the well moving higher, maybe able to get some of that market share. vivendi, we have a couple storie

in replaced the german mark, the french franc and others but according to ecb president mario draghi,t cause for triumphalism. he said handed reflection is needed on what has gone wrong with the currency. doubts over its future still lingle with a sovereign debt countryntroducing a leaving the bloc. that started with greece. it has gone to roman spread to other places. joining us from italy, bloomberg's ecb and euro area economy reporter. the is a key take away from first two decades of the shared currency? you wrote a story for bloomberg news on this. : it is difficult argue with draghi when he says overall, the euro has been a success. it is still there, it is a single currency for 19 different economies and it has weathered the crisis. most countries have done well over the euro. also if you look at countries like france or spain, they have been doing better, taking into account a huge crisis in the middle than they had been doing before, but in italy, you probably have with the exception of greece the biggest loser of the euro. this is not so much to do with the euro, because it i

eastern time, followed by mario draghi's news conference at 8:30.tocks in europe right now, a bit of a mixed picture the ftse 100 off marginally. the cac off marginally the dax up just a bit. >>> checking u.s. equity futures at this hour dow looks like it would open up about 24 points higher nasdaq up about 22 mopoints s&p 500 up about 4 points. >>> higher education in focus as college tuition increases outpace inflation raising questions about what to do about universities joining us is michael crow, president of arizona state university, which has undergone a nationally acclaimed transformation michael, thank you very much for joining us >> happy to be here. >> let's talk about your approach to arizona state university when you came in in 2002, you looked at it and said college is not working for a lot of people. we need to radically redefine what we do you took business style appro h approaches to some of these things explain what you thought went wrong and what you were doing. >> it was an old model, not scalable, not technologically enabled so

president mario draghi made the announcement may december the european central bank want to buy bonds on the financial markets start in january. regarding known standard monetary policy measures net purchases under the asset purchase program will end in december two thousand and eighteen the e.c.b. has been buying government bonds as part of its quantitative easing program which was later expanded to include corporate bonds to make financing cheaper for companies the e.c.b. has spent a staggering two thousand six hundred fifty billion euros on bonds which it will be holding onto for now. be food decide who would those at the moment because obviously b. has been fulfilling the mandate that it has for the whole eurozone well financed. it is now pulling back from financial relief for southern europe to fulfill its monday both northern and southern european countries not. proceeded with caution allowing the markets time to adapt to more expensive financing for now the main question is whether the e.c.b. will raise the interest rate next year. a major challenge facing germany is catching u