let's get a check with emma chandra. ident trump one strata live asian nations, but only if they are willing to play fair. the president's in vietnam for the asia-pacific summit, saying the u.s. will not on -- no longer join national deals like the transpacific partnership. instead, he wants one-on-one agreements that will not take advantage of the u.s.. read the talks ended the week with no breakthroughs, that according to the chief negotiator in the u.n.. he has given the u.k. two weeks to come up with a better offer on the financial settlement. a french prosecutor says that three chinese students were injured when a car grow into a group of students -- drove into a group of students in france. the driver was known to police and was not listed on a registry -- the driver acted deliberately and has been arrested. aman accused of bombing german bus seven months ago will go on trial next month. two people were injured when three explosions hit the bus as it left for the team stadium in a championship game on april 11. he f

bloomberg's emma chandra has more. friday the traditional start to holiday seasons here in the u.s.. pointing to strong economic growth and low unemployment with skyrocketing consumer confidence providing good conditions for the american shopper. 3% to 4%tation is sales growth, $680 billion in sales. analysts pointing to a string of positive earnings results over the past few weeks, saying a number of retailers are better positioned this year for what consumers would want in terms of integrating both online and in-store retail. said they been promoting early to make sure the customers know exactly what they are offering. there is a double-edged sword when you look at this highly promotional environment. what we see here is a number of retailers chasing sales and it could impact margins further down. the other struggle is the many traditional retailers providing services in-store and online in order to compete with the big online or e-commerce retailers like amazon. online shopping continues to grow here in the u.s.. i 2

i'm emma chandra. vonnie: emma, thank you.eported, investors have been gearing up for a potential vote on tax reform in confirmation hearings. starting tomorrow for jerome powell as the next fed chair. is an equities analyst. clients, it of our don't want to think about a global per for leo, but what things will drive markets over the next 24 months? we are trying to figure out where of the best opportunities? at this point in the cycle, the biggest theme is the surge for growth. we are further along in the cycle and we believe that the heavy lifting has been done by multiple expansion. now we want to focus on earnings growth. does it mean just looking at tech and health care, but outside of the u.s. vonnie: many strategists are talking about synchronized, global growth now. is there any need to look out of the u.s.? tax reform, according to republicans, it will grow even stronger. >> the story in the u.s. can continue to be good, but a lot of these markets whether it is europe or japan, they are early in their cycle than the

emma chandra has more from new york. is calling north korea a danger to the entire world. the president met with the south korean president in seoul. he called on other nations to stop doing business with north korea. that theiriations next round of talks early. discussions on revamping the north american free trade agreement will begin in mexico city two days ahead of schedule. last month, negotiations -- negotiators abandoned their deadline and said they needed until the end of march. the gunman in the texas church tooting may have been able avoid a background check. the air force failed to report the attacker's 2012 domestic violence conviction to the fbi database. in the u.k., british consumers are being cautious just ahead of the crucial christmas shopping season. in. retail sales fell october. at the same time, barclays to thed sales slowing weakest in more than a year at 2.4%. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bluebi

let's check in with emma chandra. you. thank it is the moment financial institutions around the world have been waiting for. china has agreed to release limits on banks and security firms. the plan will give overseas banks and president access to the world's largest economy. trump won't meet formally with russia's president vladimir putin this week. both leaders are in vietnam, the secretary of state rex tillerson says there is no point in having a meeting if there isn't a chance of progress on the number of issues. in brussels, brexit talks it ended for the week with no breakthroughs. that is according to european union chief negotiator michel barnier a. reached -- he has given the u.k. two weeks to come up with a better offer on the financial sacrament. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. nejra: thank you. coming up, this week, oil has risen on saudi tensions that gold has gained on u.s. tax concerns. u.s. futures i

david: now we turn to emma chandra. emma: senate republican leaders may have made tax reform a little more complicated. they decided to add repeal of the obamacare individual mandate to their tax package to help them meet the fiscal target but will change the vote calculations in the senate and house. twice the senate tried and failed this year. the russians have agreed to restructure more than -- in venezuelan debt. the credit rating firm declared venezuela and its state oil company to be in default after missing payments. in zimbabwe, the military has seized power and is threatening the role of robert mugabe a. -- mugabe. he and his wife are now in custody. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. a new the senate has version of its tax reform package with two important additions, doing away from the -- with the obamacare individual mandate and doing away with -- to take us through the state to play in washington we

we have emma chandra here. new study shows -- underscores how much the senate tax bill would increase the budget deficit. -- would add $1.4 trillion to the deficit by 2027. the goal is to get the measure to president trump's desk by the end of the year. a federal judge must decide who is temporarily running the u.s. financial protection bureau. english asked the blood -- asked the judge to block -- in indonesia, a volcano on the island of bali has erupted. authorities worry a bigger imminent.s global news 24 hours a day, powered by more 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. david: we are not going to talk about retail. we are past black friday into cyber monday and everybody wants a scorecard on how retailers are doing. that's for brick-and-mortar and e-commerce. is here now. his company sees 40% of all data card purchases in the country and he is here to give us the interim report. how are retailers doing? guy: i will tell you about what leads up today t

let's check in on the first word news with emma chandra. ma: in manila, president trump and the philippines leader have bonded over the dislike of former president obama. that is according to a spokesman. he said that mr. trump seemed empathetic when discussing the war on drugs. earlier, president trump says he has a great relationship. meanwhile, president trump has made his choice of the next secretary of health and human services. it is alex zazr. if confirmed, alex will replace tom price who resigned following a scandal over his use of private jets. a deadly earthquake has struck the iran-iraq region. more than 6000 injured and more than 400 killed. the earthquake had a magnitude of 7.3 and hit a rural mountainous area. in saudi arabia, senior official is rejecting speculation that the king may save his son. he says they have not given up power in the past, even when they have been suffering from ill health. is believed toe be behind an anticorruption drive that led to the arrest of dozens of prominent officials. global news 24 hours a d

let's get to the first word news with emma chandra. emma: janet yellen has confirmed she will leave the fed once a successor is sworn in. yellen could have stayed because her term as a governor doesn't end until january of 2024. her decision leaves president trump with an additional spot to fill on the fed's board. yellen was the vice chair from 2010 to 2014. before that, she was head of the san francisco fed and chair of council oflinton's economic advisers. chancellor angela merkel said she would rather face a new election rather than form a minority government. with president steinmeyer, merkel said she would prefer to go back to the electorate than attempt to govern without a majority or clear mandate. the u.k. is being warned it must do more to break the brexit impasse, and an improved offer may not be enough. chief negotiator michel barnier told a conference in brussels that london must offer a solution to the irish border, and those who wanted brexit must come up with ideas. the former italian prime minister mario monti told bloo

let's check in on the first word news with emma chandra. >> special counsel robert mueller says president trump's election campaign was subpoena him in october. miller wasobert seeking documents related to any contacts with russian operatives. two members of the senate judiciary committee also tossuring jared kushner provide additional documents into the rush investigation. u.k. prime minister sir theresa may is pressing ahead with assets to get the date of brexit enshrined into law. a spokesman says theresa may think two years is long enough for the private transition. the irish government wants to --the irish government wants the transition to take up to five years. authorities on the greek island of less about called strike urging residents to take part in antigovernment protests. the demonstrators want to change -- one a change of european migration and policy. they have ignored nearby islands to allow more migrants to travel to the greek mainland, resulting in major overcrowding. hasnternational aid groups one million people in yemen ar

emma chandra has more from new york. zimbabwe, lawmakers said to begin impeachment proceedings against robert mugabe. in a speech he failed to announce his resignation. last week military leaders took control of zimbabwe, ordering him to step down. they may bebia, able to recover up to $100 billion in sub test settlements from those arrested in a corruption campaign. payments aresays based on the amount of authorities believe they took illegally. the u.s. proposal on rewriting nafta is unworkable. mexico believes the u.s. plans to tighten content rules for car manufacturing would do serious damage to the industry. the eu posture you negotiator has a warning to the u.k. they say banks will pay a heavy price for leaving the eu. >> there -- the consequence of brexit is that the u.k. financial service providers lose their eu passport. they lose the services of 500 million consumers and 22 million businesses. emma: they also said it is up to the u.k. and not the eu to settle the border issue between northern ireland and the r

in the meantime, let's get you up to date with emma chandra. ma: south korea is said to have staged what it calls a precision strike missile exercise in response to the latest launch from the north. pyongyang's earlier icbm test is north korea's first response to president trump's decision to label them a state sponsor of terrorism. military chiefs say it reached about 4000 kilometers and altitude, 1000 kilometers across the sea of japan. in london, british and european negotiators have reached an outline of the brexit divorce bill, but the final some is yet to be sealed. the telegraph reported the agreements and says the figure will be between 45 billion euros and 55 billion euros. bloomberg sources in brussels say agreements have not been reached, but talks are progressive -- progressing. the bank of england has warned about brexit saying anything but a smooth transition could mean financial disruption. spoke afterk carney the latest stress test. barclays and rbs are considered to be in the weakest position. >> informed by the stress test theo

emma chandra has more. emma: senate republican leaders may have made tech support a little more complicated. they've decided to add a repeal of the obamacare individual mandate to the tax cut package. that will help them to the fiscal target but it changes the vote calculations in the senate and house. senatehis year, republicans tried and failed to repeal obamacare. russia is giving venezuela some breathing room. the two countries have agreed to restructure $3.1 billion in a venezuelan debt. that is rescheduled over the next decade in a way that requires only minimal payments for the first six years. venezuela now faces a difficult job of restructuring the debt it goes to private creditors. military hasthe seized power and is threatening the rule of longtime president robert mcgahn a. -- robert mugabe. the head of the armed forces forces said it was necessary to prevent violent conflict. mugabe and his wife were taken into custody. mugabe had fired his vice president and given his wife control over the part

i'm emma chandra. this is bloomberg.ulie: speaking of oil, wti crude is trying to make a comeback today. it's taking a little bit of a leg up. we will dig into it. futures in focus is next. from new york, this is bloomberg. ♪ mark: live from london, i'm mark barton. julie: i'm julie hyman. this is bloomberg markets. time for futures in focus. oil is trying to make a little bit of a comeback. a hit after taking the u.s. day said that sales of corn exports fell last week. joining us from the cme is ted seifreid. thank you for talking to us. let's start with oil. it seems as though there is now some question as to whether russia and opec are going to indeed extend their production cut. what scenario do you think is priced in right now? >> it's a funny thing what happens when prices rise. i think the part market still has priced in that opec is going to extend freezes through the end of 2018. that's really what everybody has been leaning towards. there's always going to be some questions because opec is very volatile by natu

emma chandra is here with "first word news." emma? emma: thanks, lisa. president trump has ordered tougher screening of immigrants following the terrorist attack in new york. police say a man from uzbekistan drove a truck down a bike line in manhattan, killing eight people and injuring almost a dozen more. a police officer shot and arrested the suspect, according to the "new york times." notes found near the truck indicated the suspect's allegiance to islamic state. five of those who died were from argentina. the former trump advisor who pleaded guilty to lying to the f.b.i. made a significant claim during the campaign. in an email, george pap done husband said that top trump officials had agreed to a meeting before the election with representatives of russian president vladimir putin. flyers indication the meeting took place, and it's unclear whether papadopoulos was simply boasting. the ousted president of catalonia has to choose between a possible prison term or life in exile. a spanish court has summoned the leader to appear tomorrow to face charges

we will go to emma chandra with first word news. t trump has ended his trip to asia, declaring trade rules have changed. he left after two days of the beams -- of meetings and tweeted when it comes to trade, the u.s. must be treated fairly, that he did not get assurances of issues like market access and intellectual property theft. on capitol hill, the chief tax writer says they are confident their are enough votes to pass it this week. chairman brady said he told the property uptaxes of to $10,000 is the priority. campaign toat manage credit risk is taking hold. the economic expansion there slow down and retail sales were less than expected. meanwhile, china's fixed asset investment for the next 10 months of the year met expectations. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. jonathan: thank you. the world's most powerful central bank will this end, they all met in germany to discuss communication. the debate on communication had officials and agreements on the issue o

we turn to emma chandra. emma: president trump was in vietnam for the asia-pacific summit, talking tough on trade trade the president that he will let the u.s. be taken advantage of. he said the u.s. will only enter one-on-one trade deals. secretary of state rex tillerson said he can save the u.s. and north korea could agree to talks at some point. atlerson told reporters that first, it would only be a conversation with kim jong-un's regime, not formal negotiations. north korea hasn't launched a missile in almost two months. it's the moment financial institutions around the world have waiting for. china has agreed to lift limits on for -- ownership -- foreign ownership of banks. the would get access to world's second-largest economy, and reform credentials of china's president xi jinping. this is bloomberg. >> yesterday, republicans made houses.gress in both the ways and means committee finalized its bill on the house side, and the senate finance committee had an outline for a somewhat different approach. kevi

our emma chandra is outside macy's in herald square, which is maybe ground zero for the changes. a: over the holiday weekend, they are focusing on fashion. they want customers and stores. they have been putting promotions out early. tom: i look at this and know we will speak to the ceo of macy's later today, emma chandra, but they are bringing in their square footage, aren't they?it's a striking macy's .is that correct state -- shrinking macy's. statement?orrect >> emma: emma: they announced earlier today they were closing 100 stores, bringing their fleet to under 600. -- or just over 600. the number of doors they would likely have today is 245, a big difference of what they see as their ideal number and the number they actually have. francine: can we talk about black friday?seems to be like black friday, saturday, and sunday, with the way we shop. emma: that's right. black friday used to be this big marquee day, in terms of holiday sales shopping, especially here in the u.s.. kick off the season. we now look at things with a black friday weekend, right into cyber monday. a lot of

we turn to emma chandra with our first word news. kel says she is open to having new elections. she has made it clear she plans to serve out her four-year term -- for fourth term. -- her fourth term. russia's president plans to pull president -- call president trump today about the situation in syria. putin had a surprise meeting with bashir assad. the trump administration is ending a temporary program that allowed almost 60,000 haitians to live and work in the u.s. they began emigrating after a devastating earthquake rocked haiti in 2010. the government says conditions have improved it -- have improved significant lead -- significantly. dayal news, 24 hours a powered by more than 2700 journalists and analysts in more than 120 countries. david: some of the biggest news in washington yesterday did not come from the white house or congress. it came from the federal district court where the justice department sued to stop the proposed merger of at&t and time warner. we welcome kevin cirilli, our chief washington correspondent. let's talk

emma chandra. ma: as you mentioned, there is a report that the white house plans to replace secretary of state rex tillerson with mike pompeo. the new york times says that the move will take place in the next several weeks. rex tillerson's relationship with president trump has been strained. according to the times, pompeo would be replaced at the cia by tom coughlin. it is not clear if the president has signed off on the plan. theresa may has criticized president trump for re-tweeting anti-muslim videos from far right groups. >> the fact that we work together does not mean that we are afraid to say when we think the united states has got it wrong and to be very clear with them, and i am very clear that reit's weeding from -- that reach weeding -- that re-tweeting was the wrong thing to do. the prime minister of russia says relations with the u.s. are in discussing conditions. dmitry medvedev said the atmosphere around the relationship is the worst in his memory, despite president trump's desire to i

emma chandra for us in new york.ying with e-commerce, the increase in online transactions means an increase risk of cyberattacks. in the fourth quarter of last year, there was a 20% jump in attempted hacks from number -- from november to december. --ning us, has it morally patrick morley. if you -- are you seeing a similar increase? patrick: the analysis was done on 2016 and we saw a material increase as you said. 20% increase in the month of december. we anticipate that this year, we are going to see the same type of increase year-over-year in the month of december. the primary driver on that is that provides the attacker, the people were tracked to make money all of the noise happening , like what you spoke about in regards to cyber monday, all of that provides great cover for tactical and get consumers and get enterprises. emily: phishing attacks have been the most common. tell us about that. patrick: phishing attacks are used in a big way by attackers. they leverage social engineering. going back to during the ho

emma chandra has more.ling david how scary it rate in the u.s. -- in japan you have a limit of 20%. here it just continues to fall. is a huge fall today. to add a further superlative to that see the company is the worst performer today on the russell 1000 index. it is really not a great day for the pharmaceutical company. it beat earnings per share but it missed on sales and declining revenue from its lead asset. that's got investors worried. this particular drug is a itding source of revenue and is used to treat infantile spasms, multiple sclerosis. the company has come under scrutiny this year because of the price. cost01 a file of this drug $40. it now cost $34,000. they paid a big fine earlier as part of a federal probe into drug pricing. now the company is saying prescriptions for this drug are not being filled due to pressure from insurers. david: they have also gotten caught up in the opioid crisis. >> that's right. the company is the largest manufacturer of the generic opioid painkiller oxycodone an

emma chandra. mueller served president trump's election campaign a subpoena in october. they would seek documents related to any comments -- contacts with russians. two other members are pressing george kushner -- jared kushner to provide additional documents into the rush investigation. iraqi officials say that banks held by the u.s. coalition have liberated and iraqi town held by the islamic state. ministry officials said they would take control of the town and a western province. this was against a campaign of airstrikes and met -- from militants. in the u.k., there will be clarity on the brexit divorce will in a few weeks. he was urged not to be a passive observer of the brexit process. there also calls for the timeean union saying it's to compromise. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra, this is bloomberg. neil, just yesterday, the u.k. risks becoming a single issue country, and the rest of the world will mov

emma chandra has more from new york. emma: president trump says the u.s. deficit with china is out of control, but he puts the blame on his predecessors, not china. the president spoke in beijing along side china's president, saying they are taking advantage. the countries announced a quarter trillion dollars in trade deals, many of them still tentative. federal investigators have subpoenaed billionaire investor carl icahn over his efforts to change biofuel policy while he was an advisor to president trump. cahn was given the job of having to shape regulatory agendas. he was criticized for changing a plan that would benefit one of his investments. brexit talks have resumed in brussels. there is no sign a breakthrough is a minute. the european union sounded more cautious. the u.k. wants to get a deal quickly so it can move on to negotiations on trade. meanwhile, the eu has reached a deal to overhaul the world's largest cap and traded emissions market. -- cap and trade emissions market. they adjusted the market's more ambitious climate goals. global news 24

emma chandra has the latest. third-quarter results that came out and they saw to raise their guidance for this year, but that was after reduced guidance earlier. investors are focusing on the guidance they have given for next year. for the year that ended january 2019. they're forecasting a decline as much as 20%. the company says this is down to some significant investments, including e-commerce, store technology, payroll, supporting a private brand. it's also to do with comparative sales, being essentially flat and they face real pressure when it comes to margins. we have a chart that shows you that over the last few years, they have fallen from 31% down to 28%. that fall down to doing a lot of promotional activity, they are having to cut prices in order to compete, because everybody is cutting prices. there's a really nice column by our bloomberg gabbard -- gadfly columnist, she says they are really eager to doing this. she was getting emails about black friday discounts and she says they are almost too eager

emma chandra has been looking into wide. what is the story?ngineering construction services company. it has supported the energy and chemicals business. it has also worked with government and provided a fair number of government services. when it had been trying to do over recent months and years is to shift its focus away from energy and construction and engineering and into government services. ofave been making a number acquisitions, counting on higher defense spending. if you look at the essay function on the terminal, you can see in the last quarter, their revenue from government services exceeded their revenues, the yellow one from engineering construction. that has been going down. the problem is today, we have a u.k. contractor come out and saved we do not think the u.k. spending is all that good. they are cutting projects, stalling things. david: that is because the governor is spending less money on military things? emma: absolutely. this report came from an electronics holding. they say they expect revenue to fall this year. they ci

emma chandra spoke with a man who has been steering the turnaround effort at macy's, ceo jeff gannett we start preparing for the fourth quarter and black friday as soon as we finish the previous one. we spent a lot of time making sure with got the right values, the right products. we want to make sure we have convenience. is theour hallmark ability to transact online, i mobile device and in the store and making our customers happy whenever they want to shop with us. rightaving the experience. black friday is a national pilgrimage. having great value and being in the beat of shopping in the stores, 70% of america shops during the black friday window. we are ready. black friday is all about promotions for the customers. retail analysts have expressed concerns about what they call a deeper lead promotional environment and the impact that can have on markets. is that a concern? >> macy's ended the third quarter and a good inventory position. the content we have in the values we are giving were all plan. our inventories in great shape. we've got great gift to sermons out there. a lot of gi

here is emma chandra.erol sign that house and senate republicans have major differences in tax reform. kevin brady says the house will reduction -- accept in all state and local taxes. in saudi arabia, a senior official is rejecting speculation king salman may abdicate in favor of his son. has assumedince greater power this year. he is believed to be behind an anticorruption drive that led to the arrest of dozens of prominent saudis. and there is a new challenge to prime minister theresa may within her own party. 40 conservatives member -- 40 conservative members of parliament has signed a letter of no confidence in her. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. jonathan: thank you. investors pulled $1.2 billion out of global etf's. -- etf'she bloomberg -- rate still expecting a increase in the face of market volatility. it could come in december. >> i have to look at all of the data. and saw a weakness, that is why i pencil

let's get a look at first word news with emma chandra. longtime "today show" host matt lauer over allegations of inappropriate sexual behavior. according to the "new york times," nbc said it received a detailed complaint about matt lauer from a colleague on monday night. the memo said it may not be an isolated incident. matt lauer became coanchor of "today" in 1997. north korea warns that it's latest missile -- its latest missile can conduct a nuclear strike anywhere on the u.s. mainland. president trump responded by saying, "we will take care of the situation." the united nations security council meets today. it is a breakthrough on brexit. an agreement on an outline deal for what britain will pay when it leaves the bloc. the irish border remains the major obstacle. the u.k. accepted liabilities of up to $120 billion, but aim to pay half of that and spread it out over many years. global news powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. jon. jonathan: you usually take on a mortgage to a

let's bring in emma chandra for her stock of the hour. when you have for us?e reporting by our bloomberg colleagues and moderate democrat from the senate banking committee have a an agreement. essentially what they would do is raise the threshold at which you can be designated too big to fail. it would go up to $250 billion up from some 50 billion under the current law. it rolls back part of dodd-frank. it is most impactful for midsize lenders. what i wanted to do is be able -- excellent. the total assets by cyan's --zions above the 50 billion threshold. as i recall, there is wide bipartisan view that almost everyone admits that they said it too low. they heard a lot of banks that they didn't mean to. emma: that's absolutely right. there is a broader need to repeal this legislation. they have to get through the senate, then be approved by the house, and obviously as we have been talking about they have big priority items. joe: all they have some other stuff? emma: that might prevent this from happening too soon. looking at the analyst recommendation for zion.

emma chandra is here with some "first word news." g china of predatory trade practices but in beijing, he tried to shift the blame away from the president. he said the trade deficit with china is the fault of prior administrations. is interested in increasing imports from you -- from the u.s. some of the wealthiest people in saudi arabia are trying to protect their fortunes from an asset freeze. according to people familiar with the matter, then want to move assets from saudi arabia and other gulf states in the midst of a anstey correct -- anticorruption drive. the euro area economy will grow at its fastest rate in a decade, according to the european commission which raised its four-year growth forecast to 2.2%. the commission cut this year's forecast for the u.k. and says british growth will cool to just 1.1% in 2019. global news, 24 hours a day, powered by more than 2700 journalists and analysts in one of 120 countries. this is bloomberg. david: as you commute in, you can tune in to our colleagues tom keene and david gura on bloombe

kicking things off his emma chandra. emma: the u.s. retail apocalypse. the story in the u.s.ilers are in systemic meltdown is a deal with closing stores, rising levels of debt, and taking the fight to a number of online players. all of this is the u.s. economy is expanding and we are seeing consumer confidence skyrocketing. however, there has been some evidence this week that may be overhyped. we had a number of earnings reports that showed positive results for u.s. retailers -- gap, foot locker, abercrombie & fitch all posted earnings that have investors climbing in their stocks. you can see the retail sector is actually outperforming the s&p, year to date. as the purple line. it's not all sunshine and smiles. that might perhaps apply best to amazon, which is the online. -- the yellow line. and that's walmart, the white line. they are really taking the fight. if the apocalypse does come, they might be there to take on amazon. julie: who will be the cockroaches? maybe that's not the best analogy. over the last 80 years, strong annual equity gains have usually been followed by

emma chandra outside an apple store near you. this is "bloomberg surveillance."th us is nejra cehic and for francine. what is the new slope of brexit into november? summitwe get the eu coming up. whether the talks will move to trade. we heard a few days ago the talks will resume on november 9. there are things to look forward to in november but december the big month to look for. city, your york first word news with taylor riggs. >> venezuela is a knology its heavy debt load is unsustainable. the president plans to restructure global debt after the state oil company makes one more payment. he blames u.s. sanctions for making it impossible to find new financing. dennis well upon straight at an average of $.36 on the dollar. president trump choice to head the federal reserve is talking about the strength of the american economy while he promises to guard against financial market risk. his nomination has to be confirmed by the senate and is currently a fed governor who once worked in private equity at carlyle group. spain, the divide between the central government a

i am emma chandra. up, opec's largest producer. futures in focus is next. ♪ mark: live from london, i am mark barton. vonnie: i am vonnie quinn. bloomberg markets. oil trading at more than two-year highs. this after saudi arabia purges officials. the u.s. dollar is seeing more gains than losses. , ourng us to discuss guest. let's start with oil. the oil admin this duration -- the oil ministers meeting. >> i am calling at laundry day. the crown prince is consolidating his power. the thing that is important, the crown prince is in favor of extending production cut. take -- young him are seeing brent take the brunt of that. had 2.1 million barrels last month. the transportation costs .f wti to other regions vonnie: the u.s. dollar trading above 95. >> it is the idea the fed is being taken seriously. you have the ecb to continue to wind back. membera board governing say there is substantial accommodation needed in the ecb. a march rate hike next year, in the last month, going from 20.5% to over 40%. the fed is being taken seriously. th

jonathan: emma chandra, terrific interview. session. it is the holiday shopping season. .2 of 1%.re higher up on the dow. another we keep climbing higher and higher and a little bit more higher another five points. you are a littles the sensitized -- you are a little desensitized on the higher points, lisa. this is bloomberg. ♪ ♪ >> this is bloomberg daybreak. i am taylor riggs. coming up on bloomberg markets, eric of the venture partners on uber and facebook. this is bloomberg. jonathan: brooke and mortar chains are coming off a positive earnings season and department stores are finding reasons to post after an upbeat outlook. nick, who is doing this right, right now? nick: in terms of black friday, there is less significance because of the percentage of sales that happen on black friday has been spread out, so it is retail theater to an extent, but walmart has been doing really great for a company of its size to be growing at the rate it has been growing. seems like so far this year, there is, they had been doing ok with this

emma chandra has more. a lot of m&a talk. hings to keep us interested in terms of dealmaking. this is about private equity groups. they have a taste of fast food because they own arby's, carl's jr., a bunch of other companies and you can see from the full-screen here that their deals have been growing, so the more recent one was carl's jr. at $1.7 billion. the offer for buffalo wild wings is about $150 a share, and value the company at $2.2 billion, so a big deal for them. we know that buffalo wild wings has received a bid but they had not held talks about a deal. but this is offer, accounting that buffalo wild wings is looking at. julie: why is buffalo wild wings ,ttracted as an investment beside still wishes wings? i do not know if i have had their wings, but chicken wings in general. emma: if you take a look at the two,berg, we can see 817 and this shows their enterprise value and it has been falling a little. it is more affordable as a potential takeover target. the last year or so has been tumultuous for buffalo wild wing

emma chandra is here.elping the stock of .8%. >> it's interesting because there is now only one cell on walmart. all the other analysts recommendations are either hold or by. it tonalyst raised underperform and many of the changes we have seen over the past few months and years including investments in acquisitions and in e-commerce and putting in a very good position longer-term. he said investors are increasingly viewing it as a consumer staple company and as a true competitor to amazon. if you take a look at my shows howhis kind of the retailing sector has been doing against the s&p. the top is amazon and walmart is not too far behind considering the rest of the retail sector is much further down the way. david: this is quite a turnaround for walmart. it was only three years ago they said there were going to invest in online and they got hammered by investors. have they earned this? >> they absolutely have. that was evidenced by their last earnings report in which we saw these investments had really pai

that is emma chandra at macy's on 34th street and herald square. bloomberg is coming up.ore markets next. this is bloomberg. ♪ vonnie: it is noon and new york, 5 p.m. in london, and 1 a.m. in hong kong. sheri: welcome to bloomberg markets. from bloomberg world headquarters in new york, there are the stage is set for a make or break week for tax reform. senate republicans plan to hold a floor vote next week as tough opposition from democrats and some gop members. the moment of truth for retailers is here, the holiday shopping season shifts into high gear today as brick-and-mortar chains hope to ride optimism from their third-quarter earnings reports. another step toward reducing the global oil glut. russia and opec have agreed to oil cuts into next year before the meeting next week in vienna. more on that just ahead.

i'm emma chandra. this is bloomberg. the moment of truth for the iphone x could come this evening. investors are watching for hints from apple's revenue and profit forecast which could shed light on the extended production delays facing the 10th anniversary of the iphone. bloomberg technology's mark gurman joins us from san francisco with more. there was a lot of trepidation and suddenly it seemed like the first couple of days were going really great on orders. what is the consensus now? >> demand is through the roof and supply is not as high as it could be or should be. you would order an iphone x from apple's website pretty much anywhere in the world it lists a shipping time of five to six weeks from today. in hong kong you can order one unless you go to a store. vonnie: what are we looking for in these results? see iphonegoing to orders in tonight's results. >> in terms of what's coming out the most important things are the iphone numbers so far for q4 as well as the overall numbers. apple's guidance was a revenue num

emma chandra joins us from macy's flagship in herald square. how are the crowds?observing on this black friday? mma: black friday begin for macy's yesterday at 5:00 p.m.. people were lined up yesterday to get the doorbuster deals. they are telling us traffic is up and it is more people than they expected coming to stores. thes.are buying clo has of 7:00 this morning they had sold 200,000 coats. they are expecting to sell about one million this weekend. they said they had confidence in the weekend because it is strong economic growth in the u.s., but also because of cold weather. they said they can drive people into stores to buy clothing. that is something that is slightly different from what we usually hear, that people are buying appliances and tech. comparable sales have declined for the last 11 quarters. what are the challenges the company is facing? emma: you are right. 11 quarters of same-store sales declining. that is something we spoke to the ceo about this morning. they are trying to reduce their footprint when it comes the stores. this at the are closing

emma chandra is here. take over top. >> that's right.possibility barbie may hook up with g.i. joe. that is what we are hearing. [laughter] ken is over. hasbro, the maker of g.i. joe, has discussed and acquisition of mattel, who owns the barbie brand. potential terms of the deal are not yet clear but it would unite the two largest u.s. toymakers. also sent hasbro stock up today up 7%. speculation has been around for a while. bloomberg has reported on it before, reporting it last year. last month, after we had some of their earnings, we heard mattel was a potential acquisition target. we saw the sales decline in mattel. is that why it's a target at this right? emma: absolutely. at the time of the earnings, sales have been doing badly, but take a look at the terminal. is the enterprise value of mattel. ed sincesically halv 2014. it looks cheap, it is affordable for anybody who may want to buy it. julie: and hasbro has done poorly but not as poorly as mattel. emma: exactly, which brings us to the sales with mattel. there is another chart her

emma chandra is here with the latest.going on with the stock as opposed to what's happening everywhere else in the markets right now? smith'se saw the etf but sales were largely in line and calls are very specific about what heard its third quarter. hurricanes, turbulent weather. and what have otherwise been a very strong back-to-school season. if you take a look at the you can see that they actually had sales tick upwards. it was first they predicted decline of .7%. work and mortar stores are a major part of the strategy. they are not closing them. jcpenney and macy's have all announced closures of the stores. kohl's is trying to leverage those. they have invited one of their competitors, amazon into the store. there are allowing customers to bring in their amazon returns. there are really trying to take things in a different direction. you still have to wait for the fourth quarter to see if the turnaround really has taken place. shery: thank you. the biggest controversy in the power market. subsidies for coal and nuclea

emma chandra's here. >> traditional detailers kind of over blacktory friday the holiday shopping weekend. analysts say they have done really well, better than expected. they integrated online and in-store very well. a viewer on friday and he said they were really pleased how things were going. a little boost on that. means amazon, walmart and other online retailers. we have seen what happens also with a little touch with the other retailers. much butlling not by they have been less focused on the traditional and more focused on the online ones. i actually have a chart here. you again hows much online is taking over from retail. the blue line, the online retail index and department stores, a pretty good chain. funny we still call it black friday versus cyber monday. all of the emails were about buying things online. black friday is pretty much cyber friday as well. do we have any indications what numbers are seeing for cyber monday? >> some people are saying it's like black november. certainly for cyber monday there is an expectation that there will be about $6.6 billion worth of sales at

emma chandra joins us from the jcpenney store at the queens center mall.le started shopping already? yes, people are starting to shop, but most people are coming to the store will wait to tomorrow. this jcpenney will be opening at 2:00 p.m. tomorrow and stay open for shoppersight to get those black friday deals. there is a fairmont of optimism going into black friday on this holiday shopping weekend. a number of analysts find a number of positive economic factors, consumer confidence, low unemployment ratings, they lead to a string of fairly positive earnings results from retailers and one analyst today saying that you are seeing stores that are promoting earlier, that have a place this year. they have streamlined inventory and have better integration with their online services as well. overall, the consensus is 34% sales --. while the public shop in stores or online this black friday? >> that is always the question. throughout the year, as we have seen the rise of amazon, there is a tension between the traditional retailers because they have to provide se

emma chandra spoke with a man who has been steering the turnaround at macy's.. : we start comparing for the fourth quarter and black friday is soon as we finish the previous line trade we spend a lot of time -- previous one. we spend a lot of time making sure we have the right products and convenience. of nullityings is an to transact online, on a mobile device, and in-store. the third thing is having the right experience. black friday is this national pilgrimage, and having great value but also being in the beat were shopping -- shopping is happening in the stores, 70% of america shops during the black friday window. will the customer expect to get deals throughout the year? a number of retail analysts have expressed concerns about pulling in promotional environments and the impact that will have on markets. does that concern you as well? jeff: macy's end of the third quarter and a very good inventory position. we do not have any carryover of inventory. the concept we have in the values we are giving our all plans and i feel very good. our inventory is in grea

let's check the markets with emma chandra.t of a today, all in the red for the major gauges after hitting intraday highs earlier in the session. concern in the market over tax reform, the house high going over its bill. the senate dropped its own version of the bill and the could be significant differences they are a must of that might be making investors a little more cautious. also on investors's mind, the tail end of learnings -- the tail end of earnings season. take a look at the bloomberg. the top shows how the s&p has performed since the beginning of earnings season. we are up about one point 5% there, driven by materials and the tech sector. number of companies that are purporting, and when. we see a big spike in the middle of october and very early this month. we are getting to the tail end now, but the companies that are still left to report, the consumer discretion sector and retail companies have yet to report come in the coming weeks. among the ones that have already we have seen some variations, like michael kors

manus: one lady that knows about shopping, emma chandra will take a close look at how stories to openoco there's a fair amount of optimizing heading into black friday. analysts are pointing to strong economic growth and low unemployment and skyrocketing consumer confidence. offered 3% tons 4% sales growth over the holiday season. that could be about $680 billion in sales. analysts wanting to a string of positive earnings results over the past few weeks and saying that a number of retailers are in better positions this year for what the consumers will want in terms of integrating both online and in-store retail. they have often said they have been promoting early to make sure that customers know exactly what they are offering but there is a double-edged sword when you look at it promotional environment. what we see here is a number of retailers are chasing sales to cutting prices and that could impact margins. -- both in-store and online in order to compete with the big online or e-commerce retailers like amazon and online shopping continues to grow here in the u.s. it is expected to g

emma chandra outdoing thanksgiving somewhere.scussed anywhere coast-to-coast this banks giving. chairmanrmer of the presence council of economic advisers. ♪ tom: the backdrop in america is a political thanksgiving. francine lacqua in london and tom keene in new york. let's set up into the sunday talk shows with kevin cirilli. i look at all of this. this in a short debate from alabama. ucla basketball. the president tweeting this morning. particularly i look at mr. mueller. will the president enjoy his key lime pie tomorrow? president earlier tweeting a lot about ucla basketball regarding the situation in china. weighing in on watercooler talk that a lot of people will be talking about likely around the thanksgiving table tomorrow. tom: bring up this mmr. having to do with korea. lot.ys a if this president gave an order out of the blue to bring fire and fury to the korean peninsula, it is likely the military would disobey it. it is a relief to know it, but evidence of another problem. the president's word is worthless. his bluster

julia: our stock of teh hour -- the hour -- emma chandra is here with more. : analysts are downgrading. this is from a cell to a neutral -- sell to a netural. square this be year, but the rally we have seen is overdone. prices up over 200% this year. my terminal shows the russell 1000 financial services index. it is clearly what is boosting this index this year, up over 200%. already priced in, with this idea of emphatic related to competition .ith other companies analysts also called into question the way investors have rewarded square for its legendship with bitcoin. scarlet: what is going on with bitcoin? square was going to let some of its users with the cash app purchase bitcoin. they said it could be really significant, if cryptocurrency comes mainstream. saying, let's not jump the gap. if bitcoin takes a rest, we can take a look at that chart, -- >> even if it doesn't really matter, it seems a good way to ride on someone else's butt. even if there is nothing fundamental there, we can see how the stock jumped by associating with it. joiningis is squre bi

speaking of the line outside of the apple store, emma chandra outside of the apple store in manhattanyou were talking a lot about your guests were talking about the return of the hype around apple products. it seems to be the case here down in manhattan in another stores and the rest of new york and around the world. we have seen lines around the block and in countries around the world. plus peoplebout 300 here this morning before the sort opened at 8:00. the line has kept joining it --people have kept joining the line. we spoke to a few people as they came out of the store, and said they were really happy with the product and they were really pleased with the new innovations that are part of the product, that included that edge to edge screen some of the removal of the home button and the new technology. those of the two things that have caused concerns about production and caused delays. but certainly here, we were to let the store manager that the people in the line this morning and are still and elisha not be disappointed when they get to the counter to purchase their iphone x. al