same story in the euro zone.ry for me is if you look at china these -- at chinese ppi, that is a decent indicator for global inflation. weare likely to continue and seek much lower inflation than what the fed will do. they will have to cut again, probably earlier than people anticipate. that would be the risk in my view. vonnie: if we think of them in terms of descriptions. you talked about the most hawkish of the four and neel kashkari the most dumbest. -- maybe the most -- and neel kashkari the most dovish. what can you tell me about harker and neel kashkari? harker is speaking friday in california. we will know whether or not he will be changing tack, but i doubt it. their view is we do not to cut more because we want to save ammunition for when we do have a downturn and this is about as far as we want to go. it will take a lot to get us to move. jay powell has put that into a phrase of material change in the u.s. economy. it does not look like that is in trade. if we do get inflation, which is an interesting

and euro zone economy this friday.p next, after hitting a record high this week, nike fails to keep investors happy. we will break down the numbers and what that mean -- what that might mean for adidas in europe. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." in paris oron, 8:42 berlin. we are expecting a bit of sluggishness in the london market but only a little bit to the downside elsewhere in europe. let's get a bloomberg first word news update. stepping up its criminal case against goldman sachs. to bring tops executives to court and is or $9 to recoup eight billion but the nation's top prosecutor tells us the two sides are still far apart. goldman sachs declined to comment. >> there have been rounds of negotiations but they have not got anywhere. there is still a pacific ocean gulf between malaysia and goldman sachs. >> apollo is considering a bid for commerzbank's polish unit. that could put the private equity firm in contention with state polish lenders. it is gauging the intere

the euro zone is trying to proceed with the banking union.it were to be able to generate that banking union and cross-border mergers became possible, once you've got your balance sheet sorted out, once you've dealt with nonperforming loans, once you put the banks back on the sustainable pastor profitability, what you have certainly been working very hard to achieve my do you think greek banks will be partaking, or will be any part of cross-border consolidation we are going to see in europe? when, if at all, do you see that happening? christos: there is a lot of work that still needs to be done for greek banks to be looking ahead for further expansion. question isility one we are also pushing on. we will deliver on profitability, and then he will be looking at opportunities in our region. vonnie: wonderful to have you in studio in new york today, and thank you for coming. this does make a loop, ceo -- christos megalou, ceo of piraeus bank. this is bloomberg. ♪ ♪ guy: the end of the day here in europe. we are counting you down to the european c

on the euro zone? -- or the euro zone?icardo: we are already witnessing a scenario like the one you described in europe. i mean, there's talk about a need for fiscal policies to support the monetary policies and the policies of central banks. i think in the medium-term to long-term, that is the way to go. central banks are a bit short in resources at the moment. the scope is no longer what it used to be. interest rates are at levels that are historically low. we had a very prolonged period for the mainhases central banks. extension ine an terms of the policies apply to stimulate growth and to get the economy back on track. i believe very much that fiscal policies, for example, will be one of the past. anna: ricardo evangelista. we will hear more from him later on in the program. up next, clouds are lifting for the markets. the reaction to the interim trade deal and the u.k. election. all of that in conversation with julius baer. a big majority in the u.k. election paired big news on trade, lifting global risk assets. this

we are now at the point in time where we are not much weakness on the euro zone economic side. euro much lower. i think it is mostly in the price even though on our side, we still expect some weakness. we also expect an ecb rate cut in q1. not hamper orll push the euro lower. we think it will move up, especially if the economic economies index -- the economic side -- things start to improve somewhat in the sense that you have it. this will be a positive thing as well as if you look on the others of the atlantic. we are not that optimistic on the dollar either. overall, from a technical point of view as well as most weaknesses in the price, we expect a higher dollar. matt: we will get to the dollar on the other side of that in a moment, but i want to focus in on your ecb call. you expect christine lagarde to cut rates even deeper into negative territory at the beginning of next year. and what do you expect as far as the bond purchase program? georgette: we expect a bit more qe. program thanger the market is currently anticipating. as well, we have another rate cut. and even thou

is his biggest legacy, that the euro has become a big funder for the world and the world and they euro zonetem, funding the rest of the world. that is not something that is likely to change next year. the only way the euro can go up is this dollar weakness with the fed potentially cutting rates. but on the european side, it is hard to see something that would push it higher. tom: do you agree that it is hard to find the catalyst here? we have heard that in any number of conversations. the euroespecially for zone, i fully agree. 20/20 could be more of the same, but it will also be the start of the new decade, and it could be the start that we will see more coming from fiscal policies in the euro zone. in the next decade, it will be about debt, about fiscal stimulus, and we could see the first pieces of this happening in the eurozone. if it does and leads to more growth, we would have a bit more of a positive story muddling t hrough. francine: to the point where we have a recession? i am so excited to have you in london, by the way. carsten: me too. [laughter] recession or not, what is in a n

percent price target this inflation target where price stability is defined but i'm like here in the euro zone in sweden this inflation target has been met for quite a while so there are good reasons for the swedes to raise their interest rates but there are good reasons for the european central bank to keep them where they are on our books and in frankfurt thank you. talked about central bank the bank of japan is leaving its short term policy rate unchanged at negative 0 point one percent confirming a moderate expansion of the economy off the rise in consumption taxes in october majority of the central bank governors meeting in tokyo voted in favor of its current easing policy doing the buying of government bonds and the goal of the 0 percent return on benchmark 10 year bonds bank says there is no increased risk of a downturn in japan's economy. boeing's production stopped for its 737 is affecting hundreds of supplies making critical parts for the airline though boeing has said it was not layoff any of its $12000.00 employees economists fear smaller suppliers may be forced to cut jobs. dozens

in the euro zone we have negative interest rates, and we have a euro zone economy -- economy, economistswatching what is going on in sweden. seeing how that experiment is going for them and how they move away from interest rates. -- does thisand expansion have any bearing on them at all? simon: if you look at the reasons behind what sweden has mittent is unique to siu -- to sweden. or, thank weak crone officials have to travel with guards to many places. so that is unique, but i think the lessons are that inflation is rising in sweden. it has come very late in the day, and there has been a housing boom and correction in the meantime, and growth to the extent that it was boosted, largely a residential investment story, so not sustainable. the lesson could be, if you are not in negative rates already, maybe do not go there. for the ecb that is already there, we are going back to zero, that could cause quite a shock. when you there, you are there. the hurdle for any ecb movement is very high. anna: i don't know if german central bankers need to be traveling with guards, but it has become qu

christine lagarde has begun her tenure as head of the european central bank by keeping euro zone interest rates on hold as we speak she's setting out the decisions made during her 1st governing council meeting as easy being president rates are remaining at the historic low of 0 percent and has also confronted it has restarted its stimulus program will pump $20000000000.00 euros of new money into circulation each month. let's bring in chelsea delay now financial correspondent in frankfurt where the z.b. of course is based out of the press conference has just started 20 minutes ago roughly what can you tell us. so far christine legarde has sort of laid out the case for keeping rates on hold and she mentioned the mixed economic outlook that europe is now facing the weak growth prospects in the weak inflation prospects she did sound a slightly positive note on a potential bottoming out and in some of the eurozone countries such as the manufacturing sector and germany so there is some positivity and their forecast she also is expected to face a lot of questions over the next 30 to 45 minutes a

the european central bank and while the governing council decided to leave interest rates in the euro zone unchanged at 0 percent things are likely to get moving at the e.c.b. itself as the new chief announced a top to bottom review of how the institution sets monetary policy the new e.c.b. president appears to be taking the new job in her stride she wasted no time in announcing a thorough review of how the institution sets monetary policy but she stopped short of making any policy shifts likening her outlook to a feathered creature that rarely gets a mention in economic discussion. but you know once and for all i'm neither a dove nor hawk and my ambition is to be this al that. is often associated with a little bit of wisdom she's intending to apply that wisdom to a number of key questions like how the fight against climate change can be financed and how her institution should define success when it comes to monetary policy at present the e.c.b. goal is to get inflation up to around 2 percent in pursuit of that aim it's kept interest rates ultra low monitoring the wisdom of that policy wil

is barely expanding. -- the economy in the euro zone is barely expanding. pull show that the conservatives have increased their lead before the election. let's switch focus and talk about the u.k., but from a real estate point of view. only about a third of people own their homes in 2016. with more young professionals -- one u.k. based company is hoping to take advantage of the trend. it offers apartments at several has plans to open more after being located in manchester. lait withave freddie us. we are watching the world leaders, but we need to get active people, what people want to know, which is can they afford housing. >> thanks for having me. the idea that we have is if you look at consumer brands around the world, whether it is for airlines or hotels or car rentals, when you think about something you want, preferences really matter. as rental is globally as an industry, there is nowhere customers can go as a trusted source. behind uncle is to create that kind of trust. we talk about renting as it should be, that what you would expect from a customer

every autumn a vigil is held in minsk in honor of euro zone harang who and the other opposition politicians who disappeared. he says he also knows what happened to them so perhaps after 2 decades the truth about the regime death squads in belarus is about to come to light. the report was produced by the dublin investigative reporter christiane the trip a welcome christiane how did you 1st come across the story a couple of weeks ago mr you wrote an e-mail to the russian service is obviously a frequent user of programs in russian and that mail he claims that he has some important knowledge of these disappearances 20 years ago in his home country then we set up an investigation team for colleagues of mine russian natives with a strong knowledge of the region and me responsible for the t.v. output ok so some strong claims there how did you verify his story and indeed his identity 1st we decided to clear his identity data based research was done and we also did some inquiries on the ground in his hometown and mends then we met with him on several occasions with that for a long very long intervie

and the euro zone. you expect that recovery. the initial rebound could be the strongest.could offer the hope for the rebound. by implication, the european assets, the euro dominated assets, may be looking attractive. what remains to be seen is if the markets wait for the rebound to take place before they tap into those markets again in earnest. some have said even a potential rebound is already priced. but we hit high after high. john and valentin stay with us. the conservative party confirmed a majority. we'll be across the story all our. -- all hour. this is bloomberg. ♪ nejra: this is daybreak europe. i'm nejra cehic in london. these are the top stories. >> it does look as though this one nation conservative government has been given a powerful new mandate. [applause] to get brexit done. boris johnson's conservative party heads to a landslide election victory, the likes of which haven't been seen since margaret thatcher. the pound source. china's u.n. jumped more than a year as bloomberg reports donald trump signed of on a phase one trade agreement. and a sea of green

montenegran government day on mellow violence is investigating the financial impact of the 1000000000 euro zone. it's a difficult task because the government is keeping the financial details under lock and key. says research shows that construction contracts to domestic firms are only going to companies with close ties to the government he's also discovered that under the terms of the loan an arbitration court in china would have jurisdiction over any legal disputes and if montenegro can't repay the debt in time china would be able to make collateral claims. montenegro is a small country with a population of just over 600000 the average income is around $500.00 euros a month the chinese alone is worth almost one 5th of montenegro's g.d.p. whether the new superhighway will ever reach neighboring serbia is very much an open question. as china expert clifford coonan from business joins me in the studio now high cliff it is chinese investment a blessing or a want to make well i think it's a blessing and a curse in this case i mean clearly montenegro needs the infrastructure it's a small country tha

every autumn a vigil is held in minsk in honor of euro zone her and co and the other opposition politicians who disappeared. he says he also knows what happened to them so perhaps after 2 decades the truth about the regime death squads in belarus is about to come to light. there's more in the story on d.w. dot com and you tube channel documentary world war 2 allies and their former enemy germany have gathered in belgium to mark the 75th anniversary of one of the conflicts most decisive encounters the battle of the bulge was the last german offensive of the war and a major turning point in the conflict. marking the past with fanfare but it was a personal memory that produced real emotion merce marsh from alabama was on watch christmas 1944 during a snowstorm in the air dens of belgium a lady came out and. head to my hot chicken soup. they asked me i have had i guess. 75 years later a german president held a new dress here for the 1st time. we remain deeply indebted by this america which accompanied night and supported the democratic rebirth of germany despite the war and the shore on the mor

the refugee camps of niles in the mountains of levanon with her son behave they will earn around 3 euro zone for a few hours work i. have before i'm happy to help my mom and money for. my feet and there's nothing worse than this if we had enough help we would have to do this work on. a mirror and her son each receive less than one euro a day from the u.n. just enough for them to survive but not enough for an education for her son even if they work sporadically it's a similar situation for most of the estimated 1500000 syrian refugees in lebanon there is no hope for improvement on the contrary the political and economic crisis has cost many lebanese citizens and refugees alike their jobs. the economy is shrinking the unemployment rate is also rising. employment among the lebanese has fallen by 50 percent of. them from cebu. before the economic crisis occasional jobs were available now amir a is never sure whether she will be able to work to earn extra money to add to the small amount of u.n. aid she receives. but at least $49.00 journalists around the world have been murdered this year as a r

goals that she's sort of outlined can she expect resistance from her fellow central bankers from the euro zone i think she follows in kind of an embedded strategy because she mentioned again $23.00 times that she wants to do that together with the entire governing council of the e.c.b. and not she did say that you know in the way of business druggy did it at least in the last years of his tenure so she wants to get the entire council behind what needs to be changed find a compromise she said i'm not a dove i'm not a hawk i'm an old you know a bird or some wisdom or i consider myself to be somewhat old so she made absolutely clear that she has her style and her style is very. you know integrity if once in bed the entire council and then with her background of a politician she's probably be much better prepared for that job of them just a druggie who was you know a top ranked economist who let the e.c.v. drawl be drawn into politics. michel so thank you very much for the thank you. it's 3 u.s. house of representatives has passed a bill imposing sanctions on the russian led gas pipeline project n

we will get important pmi readings for the euro zone. after the vote, we are from downing street as boris johnson appoints new ministers to his cabinet. the bank of england releases its financial stability report. manus: a warm welcome to "bloomberg daybreak: europe." do you believe that phase one trade deal between the u.s. and china is the most momentous day in trade history? those are the words of lighthizer. bank of america, a cracking note out this morning. get ready. it will be frontloaded. 5% up on the s&p 500. to e old rates are going bang up. nejra: how worried should we be about the potential curse of phase one and done? we have seen a risk rally. the phase one trade deal for china but also the u.k. election, but the question this morning, as we sit here going into 2020 becomes is the absence of some bad news going to be enough for risk assets or do we actually need more good news to come along? manus: indeed. to the markets. there are the believers, the doubters, and there are a course those people that have yet to be convince

what kind of euro does the euro zone economy actually need? little of it has to do with ecb. we think what is driving the ecb -- what is driving the euro is a low growth environment. -- to break out of that bottom quintile before people want to take foreign currency exposure. everyone is staying in the dollar, and things are going nowhere. so the euro has had the lowest, the narrowest trading rate since early 1970's. with everything that has happened this year. it is telling you we are a little bit stuck. we have a synchronized slowdown, a synchronized easing of monetary policy. now you can get a sink and iced uneasing of monetary policy, and it is unclear where the euro -- whether the euro goes anywhere. gene: i don't even think you need a much more positive growth environment. i think the bar is low for the dollar to start soft globally and for the euro to rally. to your point, it is going to be an unloved rally from the perspective the ecb and most european governments because it is a reasonably weak economy. but you have such a large foreig

breakk europe will not apart, neither will the euro zone. the political will is strong.nteresting that support for the euro and european union in most european countries is at a multiyear high. the restructuring of spain, portugal, the successful and 2012ring post 2011 is a sign europe can work. people say they cannot nominally deflate. they have done it, and these countries are well within the touching distance of the market criteria, so i do not detect an overwhelming sense of crisis. there is a significant need, that is understood, to define what europe means on the global stage and for its citizens. francine: we talk about nato having the tools are not to deal with what is coming next. do the central banks have the tools? president trump says he has no deadline for the china deal. how do the central banks react? andreas: it is interesting, because 10 or 15 years ago we would not have thought that central banks need to be the solution to geopolitical problems because they had a clear mandate, control inflation and control the money supply. central banking is becoming

american business association lends a 2nd hand to break down this and other major developments in the euro zone and later 2019 has been a shiny year for gold as the price has jumped on economic turmoil david mcilvaine of mckelvie financial help us dig into the sector and how it's been competing against other asset we have so much to get to today let's go. stocks are falling across the board from their all time highs monday the penultimate trading day of the year equities have enjoyed a strong december santa rally and oil prices continue to trade higher on china u.s. optimism the pullback today is most likely due to the fact markets are in the midst of a liquidity and news desert during those final few days of the year chinese vice premier and top negotiator leo will visit washington this week where he is expected to sign phase one of the agreement however a political concerns continue to bubble in the background as neither side has released any specific details of the trade agreement and no text has been released while the u.s. t.r. has released a mere fact sheet outlining what it claimed to be

we do expect that the euro zone economy will start consolidating at the start of the new year.me recovery in the region's main trading partner, china, plus some abatement, finality about brexit could help the regional pmi's to recover. we could see industrial production finding a bottom. overall, manufacturing sector in the euro zone may put 2019 behind and really see some recovery. on the back of that, we also expect the ecb to keep rates relatively stable. the euro somewhat less attractive as it seems. taken as a whole, those two considerations give us higher euro-dollar from here. matt: we have a great map on the bloomberg showing analysts and economists expectations for 2020 in terms of central bank moves. the market doesn't expect anything out of the fed or the ecb. i am wondering if your opinion differs or if you could see maybe an outside chance that we get cuts on either side of the atlantic. valentin: as indicated already, i think the fed will be forced make another cut as soon as june 2020. this will come on the back of the continuing expansion of the fed balance shee

association lends its a hand to break down britain's economic woes and what lies in store for the euro zone and banks across the e.u. are laying off employees as other banks are moving to try to keep up with the proliferation of online banking so what does the future look like in the banking sector r g correspondent i'll just read and public citizen bartlett naylor will break it down for us so much to get to on this very busy day so let's get started. and we begin with the u.s. in ca because as we told you monday the new north american trade deal between the u.s. and mexico and canada has been agreed to by democrats in congress and.

germany's industrial sector is struggling facing the steepest decline since 2009 put in the euro zone's largest economy fell by 5.3 percent year over year for the month of october according to the federal statistics office analysts expect issues with the german industrial sector will affect the overall growth of the eurozone economy in the 4th quarter of this year german manufacturing in october also fell by 1.7 percent with production of capital goods buildings vehicles machinery and equipment dropping by 4.4 percent the auto industry alone which employs more than 80800000 people in the country and actually affects nearly 2000000 people's jobs has watched as vehicle production fell 14.4 percent year over year. and speaking of the auto sector it's got a real shocker on our hands here tesla announced on friday that its chinese built model 3 cars will receive government subsidies tesla's model 3 cars being built in its 2000000000 dollars factory in shanghai were on a list recommended for subsidies for new energy vehicles which included plug in hybrids.

is growing in the euro zone, there are expectations now around zero or slightly negative. negative interest rates. to stimulate growth. i am interested that the fed and the ecb are conducting formal reviews of policy objectives. it will be interesting to see what they tell us that they have learned about their experience of eight to 10 years. francine: we will see if that view is too ride for the moment -- too wide for the moment. stephen macklow-smith and nicola mai stay with us. we will have plenty more coming up. this is bloomberg. ♪ francine: this is "bloomberg surveillance." to europe's global car giant. peugeot and fiat chrysler have biggest to become the auto manufacturer in europe. let me take off with you. if you put these two groups together, is there blind spot china because they do not have a huge presence in china? >> yeah, absolutely. that is a blind spot. the second biggest carmaker in europe, clearly a main composite -- a main competitor of volkswagen. you are giving access to the u.s. market with a cheaper brand. the missing spot is china. , the chinese in

every autumn a vigil is held in minsk in honor of euro zone her and co and the other opposition politicians who disappeared graphically says he also knows what happened to them so perhaps after 2 decades the truth about the regime death squads in belarus is about to come to light. well for more on this story do check out our website it is d.w. dot com or head to ru cheap channel now worldwide at least 49 journalists have been murdered this year as a result of their work that is according to research by reporters without borders more than half of those killed were in just 5 countries syria mexico afghanistan pakistan and somalia the group is also concerned about a new wave of repression against the media in iran as the iranian government steps up harassment of a radian media based outside of the country. neutral book grotty knows what it means when press freedom is threatened the editor in chief of prague based radio farda the persian service of radio free europe radio liberty says harris meant of exile journalists by the iranian regime has escalated during the current protests. intelligence

every autumn a vigil is held in minsk in honor of euro zone her ankle and the other opposition politicians who disappeared russkie says he also knows what happened to them so perhaps after 2 decades the truth about the regime death squads in belarus is about to come to light. skinned more or less now with roma ranko he did of you russia and eastern europe good day to you roman 1st off how is the government in men's responded to this account. well there has been no official response from the government of belarus at least know that i know of the only response that we heard yesterday was a statement from the investigation committee in belarus which is a central investigation body saying that they know of the knew of information and they're checking it so there is probably more to come today it's interesting that the major suspect so the man the office the former officer of the police. said that it is all wrong it is all false so he denied the accusations that he actually pulled the trigger and killed those 3 people ok what about any other witnesses is anyone else step forward or has there be

germany's industrial sector is struggling facing the steepest decline since 2009 put in the euro zone's largest economy fell by 5.3 percent year over year for the month of october according to the federal statistics office analysts expect issues with the german industrial sector will affect the overall growth of the eurozone economy in the 4th quarter of this year german manufacturing in october also fell by 1.7 percent with production of capital goods buildings vehicles machinery and equipment dropping by 4.4 percent the auto industry alone which employs more than 80800000 people in the country and actually affects nearly 2000000 people's jobs has watched as vehicle production fell 14.4 percent year over year.

president christine legarde says her organization will be resolute in restoring price stability in the euro zone during her tenure in her 1st appearance at the european parliament since taking the reins as e.c.b. president misled guard spoke about the weak economy in the block. euro area growth remains weak with grooves domestic product growing by only point 2 percent quote unquote to in the 3rd quarter of 2019. and this weakness has been mainly due to global factors as the sector mooste directly exposed to these global developments the manufacturing industry has been suffering the most mislead garda said to hold her 1st monetary policy meeting at the central bank on december 12th the us been e.u. has been unable to return to the target inflation rate of below or close to 2 percent despite intervention from the union central bank now to break this all down and what it means what and what we can expect from the e.c.b. under the guard we are joined by a. professor of economics on page one an honorary research fellow at university college london steve thank you so much for joining us today now chri

point and it was decided to stick with that not go but if it european championships which is why the euro zone covered but to cover the event that covers the world the term is the world champion in football the world cup determines the world champion the qualifying event standards are minute so they're not covered the final tournament does cover it so it is covered does determine the champion and so it is covered. ok thank you very much. as i said in my briefing before we will now have a huddle with the russian t.v. media from marilee up here with sir craig. good to younger so those are interested not please come up here if you have one on ones arranged in advance and approved in advance. please come over to where i'm pointing here we will arrange that with you thank you very much. all right a lot to unpack there we've just been listening and live to a press conference with water officials and laws on switzerland after they officially announce that the world anti-doping agency has banned the russian flag and anthem from major international tournaments for the next 4 years including the upcomin

american business association lends a 2nd hand to break down this and other major developments in the euro zone and later 2019 has been a shining year for gold as the price has jumped on economic turmoil david mcilvaine financial help us dig into the sector and how it's been competing against other asset we have so much to get to today let's go. stocks are falling across the board from their all time highs monday the penultimate trading day of the year equities have enjoyed a strong december santa rally and oil prices continue to trade higher on china u.s. optimism the pullback today is most likely due to the fact markets are in the midst of a liquidity and news desert during those final few days of the year chinese vice premier and top negotiator leo ho will visit washington this week where he is expected to sign phase one of the agreement however a political concerns continue to bubble in the background as neither side has released any specific details of the trade agreement and no text has been released while the u.s. . we are has released a mere fact sheet outlining what it claimed to be in

rules and we've already heard from the president of the way for that russia will participate in the euro zone that will be hosted here next summer and then the 2021 the champions league final as well so 'd raw. qualifies as a nation under u.a.e. for the rules gets into the world cup which is the fee for domain the football association in the world and then it has a sort of like give away its flag and compete on the white flag or something like that they still don't know how to operate all this they still don't know how to navigate in the of the murky world of rules that they have created fair enough they are trying to fight doping the. limitations and strict rules something mentioned a few times during the press conference that this year we introduced the rules now we've you know basically hit them as an avalanche on the russia and no flag no potentially no anthem and no and all things like that we are trying to clean the sport i still don't know how exactly representation of the country with no fly cleans the sport except humiliating the athletes humiliating the nation athletes who have done

in the euro zone, you to pare some negativity on rates. these numbers would suggest that probably is not the case. big winot think this for boris johnson -- it's not a turning point for the u.k. or the eu? do you get more clarity, i guess? >> it is not necessarily a turning point for the u.k. until we get some understanding on what the budget is going to be and what the government spending proposals are going to be. i presume the bank of england is going to say something like we are not doing anything because we do not a what the government spending plans are. once we got that budget, we will have a stronger idea and better idea of the potential for u.k. growth. majorities in the u.k. are the same from one election to the next, and it buys boris johnson a bit of time politically at least. it's questionable if he gets time on the european union because on the issues regarding , because i simply don't think brussels will have pushed this out further. boris johnson i think would be happy to transition the period from another couple of years,

germany's industrial sector is struggling facing the steepest decline since 2009 put in the euro zone's largest economy fell by 5.3 percent year over year for the month of october according to the federal statistics office analysts expect issues with the german industrial sector will affect the overall growth of the eurozone economy. in the 4th quarter of this year german manufacturing in october also fell by 1.7 percent with production of capital goods buildings vehicles machinery and equipment dropping by 4.4 percent the auto industry alone which employs more than 80800000 people in the country and actually affects nearly 2000000 people's jobs has watched as vehicle production fell 14.4 percent year over year. and speaking of the auto sector it's got a real shocker on our hands here tesla announced on friday that its chinese built model 3 cars will receive government subsidies tesla's model 3 cars being built in its 2000000000 dollars factory in shanghai were on a list recommended for subsidies for new energy vehicles which included plug in hybrids battery only electrical vehicles and

lagarde's first meeting as the head of the central bank, delivering a positive message about the euro zone's economic slowdown. >> she was optimistic. she said there are still risks to the downside, but they have lessened. the uncertainty, she said, has loosened. she seemed to be more optimistic about her inflation expectations as well, even if it is not still at the target she wants to hit. also, she talked a lot about the review they are going to do, this strategic review. she says it's about time. they've had 16 years since the last one. she knows they were very busy previously, but now is the time to do it. she says it will not take that long. she wants to start in january at some point and be done by the end of 2020. >> the president tweeting a little bit early on the following, basically indicating that we have a very big deal on the way, getting very close to a "big deal" with china. they want it, and interestingly enough, so do we, and it is that last bit that i think is quite important. it sounds like we have a deal. >> it does, and markets have been positioned for delay in tariffs