we will see with the governing council does. one of the reasons why the market is expecting that the ecb will move is due to the ecb itself. because khamenei kaisha of the persons of the ecb has been -- because communications of the persons of the ecb. it is normal we are observing some expectation, but the decision is taken by the governing council. they will see all of the data, the figures come and they will, i'm sure, decide in the best andion possible circumstances, which obviously are difficult -- not because of the market particularly, even if we see the market very volatile, but because of brexit, because of the fact the slowing down of the global economy is absolutely obvious, the slowing down in the u.s. is very clear. and i would say when i look at indicator, i see more or less the same slowing down in the u.s. and europe, on both sides of the atlantic. these are facts and figures and data that have to be incorporated into the decision of the ecb. guy: jean-claude trichet, all of that is showing up in the data. clearl

the governing council decided to act now.t the app.priateness of the concernsn to act now inflation expectations. we have seen not only the ones now at low levels, but we see that inflation expectations are not de-anchoring but are re-anchoring at levels between 0% and 1.5%, which is not our aim. that is why the governing council, in full consistency with its mandate, did decide to act now. powerful,e is quite both in the short term and the long run and designing action over the coming months. appropriateness of these instruments, because something this is appropriate only for risk of deflation, others thought the level of interest rates was already so low it does not need action on the app. the majority of the governing council believe action was .arranted that was the chemistry. now, the limits. there was no appetite to discuss the limits, for one good reason. we have relevant headroom to go thisr quite a long time at reason without the need to raise the discussion about limits. i think we will stop here. >> let me take you

today the bank's governing council is deeply divided how low interest rates go. asian stocks hit a 6 week high on hopes of a full in the u.s. china trade. is the grass greener on the other side to start wondering about the decision to leave the european union. and then fizzle and let's do business it's show time for the e.c.b. the european central bank is preparing to wonder what could be aggressive measures to boost the eurozone sluggish economy you now spend at a policy meeting later today could see a foe the cut interest rates pushing borrowing costs further into negative territory the bank could also fire up its buying program again both moves would be intended to stimulate growth and push inflation to just under 2 percent the banks time. and stand by forests are at the e.c.b. in frankfurt what what our expectations conrad today. well then an overwhelming majority of people in the markets predict that the day will lower the negative deposit rate banks pay from minus point 4 percent to at least minus point 5 percent the e.c.b. wants to encourage banks to lend

this is the first time the governing council meets since july.y made it clear they would take action to prop up inflation and the european economy. look at the price action. cut, perhapsrate another record low of -50 basis points. would sayovish calls this would be -60 basis points. the big debate has to do with qb. whether or not mario draghi will be able to trigger a new round of bond purchases in the market. look at the internal debate within the governing council. that is still very heated. we don't know whether the at announcement gets me today. investor expectations are all over the place. many tell you we are looking at a modest qe two. others tell you we could come up with a big surprise, anything between 40-50,000,000,000 euros. if he doesn't hit that mark, you could see that disappointment in the market today. nejra: consensus looking for 30 billion. a guest later sees 70 billion of qe. think you for joining us. great to see you. coming up, a stimulus showdown. expect drama. don't miss our coverage. when you are traveling to work, tune

if you cannot sway the governing council in favor of aggressive monetary stimulus next week i think hel try to promise the market that this will come. this is the best he could do given the circumstances. whether the risk down the road will continue to mount and this will ultimately shift the balance of the governing council remains to be seen. in other words, i cannot disagree that we are at the stage of development of the global economy, we just don't see it. we will do what it takes and so on. it is a bit premature to expect the central banks to try dovished the already market expectations. ust: you'll be sticking with on this important day for the markets. miss the q&a with the next president of the european central bank. we will bring you live coverage of christine lagarde in front of the european parliamentary lawmakers here on bloomberg television. that starts at 9:30 a.m. london time, 10:30 on the continent. firm announce it would list on the public market, a rare move for private equity company to vote their shares. they tend to act more aggressively than their privately trade

libra for regional regional libra or industry specifically because i think the idea of having a governing council of individuals or groups organizations or even governments or age or agencies come together and the like it's within our interest to basically have our own. i think that that idea itself is going to drive traditional companies and even users of the. services are residents of somebodies countries to basically comment on to that single currency. the governing council has its own potential we're basically trying to promote. and basically come together and basically try to drive adoption and leveraging the technology to really change the way their own money moves around so i think that's something that we hope to drive as the industry leader. you know how do we can. that's really exciting and i'm so interested to hear more about mean especially since. i think that facebook is here since really secure our data privacy and i don't see how we can trust them with our wallet or our credit card information so. i think it's more about how to make it more open yeah because i think. you know the p

i therefore agree with the view of the governing council that a highly accommodative policy is warranted for a prolonged period of time in order to bring inflation back to the famous below but close to 2 percent that could potentially mean negative interest rates something banks aren't happy about lawyer interest rates in europe have already made european banks less competitive than their u.s. peers and that's a concern lagarde also raised at the confirmation hearing in brussels they are also some important questions on the arisan that monetary policy will need to address. first though the impact of unconventional policies continue to be net positive we need to be mindful of the negative effects and the potential side effects of those policies and we have to take the concerns of the people into account and that's not the only balancing act for the e.c.b. future head she says monetary policy will also need to take into account the global economies headwinds including trade disputes and rising geopolitical risks. the u.s. trade deficit gap sots largest drop in 5 months and narrowed by 2.7

today the bank's governing council is deeply divided how low can interest rates go . asian markets are mixed there are hopes again of a full and frosty u.s. china trade relations but it's a wait and see game for investors. and. the other side of pharma stop wondering about their decision should leave the european union. and papers all and ice to business it's show time for the e.c.b. the european central bank is preparing to unveil what could be aggressive measures to boost the eurozone sluggish economy you know it's been a policy meeting later today could see a further cut in interest rates pushing borrowing costs further into negative territory the bank could also fire up its bond buying program again both moves would be intended to stimulate growth and push inflation to just under 3 percent the bank stock. car pulls in is that the easy bake what are the expectations. well an overwhelming majority of financial markets people believe that the e.c.b. today will no more the negative deposit rate from minus point 4 percent to at least minus point 5 percent the e.c.b. in

in 2016 for me out of the car that became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she realized but it been no ion. feel sad for the dia. had to feel. for you have to go mia. and know your star is. below warsaw or will be our. fee. they say ya. little what we did had. to feel. c.r.c. . has our. still feel the. fed a d. i would imagine what i see. it all. c.r.c. must mark and i would offer got to know i still feel not ashamed of sci fi. we must. been one of them those. who. knew there. was but give us 5 your famous or shyly. but i. got the other driven door. they are lit on there. they would sooner. i would also point to where i think in a few years more pure air on t.v. is more political. come yet it. is on everybody that i don't have a sense of what it was so i. get on the course and. sit in the mirror and the drool story and i persona are not

the hawks on the governing council were not happy about the decision taken yesterday. david: thank you so much. we get u.s. retail sales numbers just over an hour from now, at 8:30 eastern. michael mckee is here with a preview. michael: consumer spending is 70% of the u.s. economy, and becomes even more percent went -- even more important when the all but gone away. the consumer is carrying much of the weight for growth going forward. through july, we were doing a put a good job of it. you can see the blue line, the retail control group, the part that goes directly into gdp, growing strongly. this morning we will find out if we continue doing our patriotic duty in august. the bad news is even with back-to-school, the numbers aren't supposed to be quite a strong. it would still be good, and the even better news is in the months going into july, each of those was revived higher -- in the four months going into july, each of those months was revised higher. to me.sounds patriotic thanks so much to mike mckee. last night was the big debate down in houston among democrats r

go ahead and once this ruling from the arbitration tribunal has been formally adopted by the governing council those tariffs can be imposed but of course a few months from now we could see an opposite ruling against boeing. so there's an incentive for both sides to look at this and say maybe we can find a settlement rather than both of us inflict these countermeasures on each other. that's where the european commissioner said they don't want to see tit for tat. the u.s. said we would much rather the eu complied if we need to use tariffs we will, but we would much rather get this resolved beforehand but we haven't yet seen the u.s. saying any kind of genuine settlement offer from the eu. at this point, therefore tariffs does look very, very likely. >> interesting breakdown there, willem this isn't specifically targeted at airbus and it's a pan european phenomenal, four countries directly involved there in case the tariffs were to be applied. in terms of time line, quick question for you, as of what date could we expect this to go into law if it were to go into law? when are we looking at >> rig

such as more transparency about who argues with whom at the governing council meetings. and the possibility of lowering of the inflation target down to 1.5% where it seems to want to sit. what is your response to these ideas? nowd: i think what we see is the ecb is developing a policy of inflation target with the rate of 1.9. on the other hand, we see we have structural changes in the economy, and if you look at the five-year market perspective, it is 1.2%. it makes sense to think about, 1% and a range between 3%, and some central banks have adapted this. i would hope this will be a discussion that many central banks have started, some policy, and i would hope such a discussion will be started within the ecb. set out a little more detail if you could about what difference that would make, giving a range the ecb to generate more inflation. ewald: the difference would be, if you have an inflation rate of 1.5 or 1.6, you would not see the necessity to be expansionary. if we have 1.9, it would mean central bank policy has to be expansionary for a very long time. a lot of pro

in 2016 for my ya bill cause it became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she lesson sort of been no i. feel sad for the dia. i had to. feed her yesterday or mia must annoy your daughter is. what. will be our. fee. to say yeah i would a. little more mental had. to feel. c.r.c. myself. still feel the. fed a d. i would imagine what i see. c.r.c. must mark and i would offer cut in i still feel not ashamed of sci fi. we must. win one of them goes the other. if. you. want but here i ask you to mr shiling. but i only. got your lodger in door. got there late on their level would sooner care what us economy or point to.

in 2016 i'm a abdul qadeer became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was sort of been no ion. feel for the dia. i had to feel. for you have to go mia. and know your star is. below with or you would be our. fee. to say ya. what we did had. to feel when i. see myself. as out. still feel the. foot of the hour would be my journey in what i see italy. c.r.c. bus mark and i would offer got to know i still feel. enough sci fi. be must whom i have. been one of them. but i. got the other driven door. to anyone got their lid on. they would sooner care what us economy. is more pure the people so shyly on a small boy. but come yet i don't recall saying never mind that i don't and i'm. going to. stick with the mirror i do. not support. what i'm in. the german i guess. my scent for a prolonged yellow. metal on to your cradle as for my own that i do

jonathan: does the governing council deliver tiering within any rate cut next week? subadra: yes.reg: no. jonathan: that's the important one next week. thank you very much. that does it from new york city. we will see you same time and same place. this was bloomberg "real yield." this is bloomberg tv. ♪ - my family and i did a fundraiser walk in honor of my dad, willy davis, who has alzheimer's. i decided to make shirts for the walk with custom ink. the shirts were so easy to design on the site. the custom ink team was super helpful and they just came out perfect. seeing my family wearing my shirts was such an amazing reminder of all the love and support that everyone has for my dad. - [narrator] check out our huge selection of custom t-shirts and more, for teams, businesses, and every occasion. you'll even get free shipping. get started today at customink.com. haslinda: hello, i'm haslinda amin. she's the leading light in what has become a faded out position in the philipines. leni robredo is the country's vice president. in the philipines, an opposition leader can hold a post vi

jonathan: does the governing council deliver tiering with a rate cut next week? subadra: yes. gregory: no. jonathan: that's the important one for next week. thank you very much. that does it from new york city. we will see you same time and same place. this was bloomberg "real yield." ♪ we call it the mother standard of care. it's something we take personally, and believe in passionately. it's the idea that if our mothers were diagnosed with cancer, how would we want them to be treated? that's exactly how we care for you. with answers and actions. to hear your concerns, quiet your fears, lift your spirits. with teams of cancer experts and specialists, delivering advanced treatment options and compassionate support every step of the way. all here in one place, with one purpose. to fight your cancer, together. that's the mother standard of care. this is how we inspire hope. this is how we heal. cancer treatment centers of america. appointments available now. scarlet: i'm scarlet fu. this is bloomberg "etf iq," where we focus on the access, risks, and rewards offered by exchange

in 2016 to me a bill card that became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she listened but been no ion. feel for the dia really had to feel. for you have to go mia. and know your star is. below words or will be are. the art of the stammer lists a yacht are awarded a skeleton what we did had. to feel when i was a. c.r.c. my arm. has out. a little feel the. fed a d. i would imagine what i see. if your. c.r.c. but mark and i were off a cut in i still feel. ashamed of sci fi. we must. win one of them those. who. want to hear vasectomy 5 so shyly. that i. got the other drive in door. got their lead on there. they would sooner want us economy or point to. but. never mind that i don't know i'm. going to. non-support. the german i guess. i sent for a prolonged yellow. metal on to your cradle because for my own that i don't want to. stand in mu

in 2016 so my yob bill cognitive became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she listened but been no ion. feel sad for the italy i had. for you have to deal me you must know your thought is. below with all our will be our. fee. they say yeah. a little more mental had a bad day feel. c.r.c. . has a. fee. fed a d. i would imagine what i see. c.r.c. must mark a number off a cut in i still feel not ashamed of sci fi.

leaving the ecb with a final stimulus package, but he faced unprecedented opposition in the governing council speak exclusively to one of has more hawkish colleagues, robert holzmann. let's get the bloomberg first word news with annabelle droulers in hong kong. >> good morning. the u.s.-china relationship was the focused during last night's democratic debate. joe biden invoke to the legacy of obama as he challenged the policies of bernie sanders and elizabeth warren. he said if washington did not act, beijing would end up making the rules. >> the problem is not the trade deficit, the problem is they are stealing our intellectual property. the problem is they are violating the wto. that is a different issue than whether or not they are dumping agricultural products on us. we are in a position where if we don't set the rules, we infect are going to find ourselves with china setting the rules. >> the chances of a u.s. recession before the 2020 election are now at 75%. that's according to a billionaire money manager. odds have risen based on the changes in the yield curve. yields on the two-year

today the banks governing council is deeply divided how local interest rates go. asian stocks hit a 6 week high on hopes of a full in the u.s. china trade walt. is the grass greener on the other side well shot.

the band's new governing council has made peace with rebels and therefore and the south of the country a priority the conflicts have killed thousands of people. the body of zimbabwe's founder robert mugabe has arrived back in the country he died at a singapore hospital last week at the age of 95 several events have been planned in the coming days but there is this agreement over where he will be buried him with us as one hour from the capital harare. it was an emotional time for the moment the plane touched down after our international airport reality sunk in the bobbies formally democracy libya would rule the country for 37 years. the man who replaced him after the coup in 2017 it is peter was a great leader and. commander. the man. african. nation. left. baghdad now. more than. one of africa's last strong men died last week at a hospital it's singapore he will be given a state funeral on thursday and write it on the army where lyons made adam foreign stadium in the capital the place as you significance is him about he was sworn in as prime minister in 1980 when whites minority role w

today the bank's governing council is deeply divided how low can interest rates go . asian markets are mixed there are hopes again of a full and frosty u.s. china trade relations but it's a wait and see game for investors. and is the other side of pharma stop wondering about their decision should leave the european union. and confess all and ice to business it's.

marinov: -- urging inside the governing council.fact, we think it may mean the ecb is very close to the rock-bottom of its easing cycle more than anything else. consensus,lative to a benign outlook for the euro zone as a whole. we believe with the latest monetary policy stimulus, the ecb may have indeed helped the economy turn a corner for the coming quarter. from that point of view, i think that wouldn't be a concern for the future of the euro. the fact the ecb cannot agree on future stimulus we see as something of a positive develop for the euro zone. vonnie: thank you for your time today. that is valentin marinov my credit agricole head of g10 fx research and strategy. guy: a bit of breaking news coming out in the car sector, and it all relates back to the diesel scandal. engineer has been charged in the u.s. over the diesel emissions scandal. emmanuel palmer apparently conspired to mislead regulators and the public, according to u.s. authorities. this is a criminal action being them, the first time we have seen this. volkswagen

and we heard a story there's a lot of opposition within the governing council and the euro is not sure does it act to the positive news of no further stimulus or focus on the reason behind it there's no unanimity in the government council. draghi will learn more on the side of reacting trying to get the government council onboard and the euro because of that drifts lower. tom: much to talk about here in front of the e.c.b. morning. it's a morning of breaking news. francine has united kingdom breaking news and i have seattle breaking news and that is amazon. i'm not saying this has been anticipated but it's in the air in america. the f.t.c. will interview merchants to determine the amazon market power. they should just come to the lobby of my house, francine, here in new york and look at the effect of amazon on market power. they own it and don't need to do an investigation. amazon down 1.2% right now. francine, tell us your flavor of breaking news. francine: we have a lot of breaking news, tom. we have a lot of breaking news on the brexit side. i'll get to that in a second. but the exc

they are out of ammunition, even those members of the governing council who have come out and said, noasset purchases, the reason they don't want to do it is because they wa nt don't want to do it is because they want to leave something behind. if we have the escalation of the us china trade was, they need something to take out and give the us economy and electric shock, to get it into action. because the german influence over the ecb is dominant, since the financial crisis, they have been very conservative, just like german fiscal conservatism in how it manages its own economy, does not like borrowing, anything too radical. and yet we are hearing from the german government that they are poised to invest in their economy to try to avoid a looming recession. can this be more significant? when you are at this stage where the ecb deposit rates are at minus rates, you need to have fiscal policy, government policy, coming through to invest and create more economic growth, the thing with germany, it has said, they are going to invest more, but they will not do it by increasing debt. at this

the chinese government's council is equivalent to our state department. >> thank you very much. next speaker, please. >> hi, my name is christian. where rose pak was a director is mentioned in a counterintelligence and development newsletter. she has been relentlessly carrying out the chinese consulate's missing in san francisco and influenced many chinese organizations. magazine even quoted that according to four former intelligence officials, their concerns that rose pak had been co-opted by chinese intelligence and was wielding influence over san francisco politics that was beneficial to the chinese government. and other worry was that she had a role in organizing the mayor's junket to china, political junkets used by chinese intelligence for surveillance. intelligence communities say she is the likely agent with influence in beijing. thank you. >> thank you very much. next speaker, please. >> good afternoon. my name is joel. my family immigrated to the u.s. in the 1970s. i grew up in san francisco chinatown, so i have a lot of history with seeing what is going on. i remember

revolutionary front a roadmap for peace peace talks to begin in october has been agreed so dense new governing council has made peace with rebels in darfur and the south of the country a priority the current conflicts have killed thousands of people. oh you need. the energy that we give you a. it's not for. and he said that the korean war in sudan and we are going to stop and and in the we started by saying these domains. and sadanand and his people will enjoy. and for. the body over zimbabwe's founder robert call garber has arrived back in harare he died at a singapore hospital last week at the age of 95 several events have been planned in the coming days but there is this agreement over where he will be buried with us or has war. it was an emotional time for the moment the plane touched down at harare international airport reality sunk in the bobbies former leader roberson body would rule the country for 37 years as the man who replaced him after the coup in 2017 it is peter was a great leader and. commander. of african. american. man that lived. this. is. one of africa's last strong men died last w

in 2016 bill cause it became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she loves me but been no i. feel c.s.l. for the. quad. feel good you know me you must know your thought is. what. would be our. fee. to say yeah. wouldn't it had. to feel. myself. still feel the. thought of d i would imagine what i see. c.r.c. must mark and i'm a little forgotten i still feel. enough sci fi. b. b. must. in one of them those. of us you to me so shyly. with your new. but i. see. you got your larger mentor. got their lead on their level would sooner care water. and i think he is more pure. to me is more political. but come yet it. is i never about him but i don't understand some people. get on the course and. sit in the mirror at the door store. non-support in front of a quandary in africa they're going on a drum and. my son prep it on. a mattress in the schoo

most of the governing council members continued -- decided it was necessary. it will continue.the ecb does not see inflation until 1.5% until beyond 2021, that could be a while. let's take a look at the euro, trading at 1.1040, well below 1.10 earlier on. and the dax up relatively modestly, mario draghi pointing to downside risks. the recession is not imminent that does not mean the probability has not gone up. this is the banks index, 47 banks in that index across europe. on the announcement, it dropped quite substantially. then we saw a bit of reaction, banks back to zero. good and bad news for banks. three means there'll be a variety of ways banks can engage in long-term lending. there is also the negative deposit rate. 10 basis points more negative that is down to -50 basis points in qe. all of that implementing by banks will cause profits to be difficult to attain. 500 up the u.s., the s&p .4%. the 10 year yield higher off the back of the rise in rates abroad. the tendency is toward strengthening and plenty of it on the china news. crude oil at 1.7%. look at stocks on the

mario draghi is one of them more dovish members of the governing council of the ecb, so he is probablyring along withellow governors substantial -- we are talking about possibly a .1% cut of a deposit rate. their market expectations could even be .2%. as for the quantitative easing which could resume, some people think it could resume right away with 30 billion euros a month and even 45. other people say there will not be a decision made at also i agree with the assessment that there was a lot of uncertainty about where this is going. it is not one of these once where the central bank is clearly telegraphed. whatever happens is going to surprise a lot of people. using all of this, measures coming out of europe. they definitely come with a cost, right? arecially for banks that struggling. are we going to see some tearing here -- tiering here? iser: the idea is that it punishing to these banks to cut of deposit rates because they are not able to pass that along. they can do it somewhat with depositors but they cannot do it with the retail general public, so the more negative the ecb it's

it does not expect christine lagarde -- the expectation from the more hawkish members of the governing council'sreassess the data independently. so this is- vonnie: maybe an anticipatory protest. mario draghi said there was no need to hold a vote and yet there were plenty of dissents. were these more illustrative dissents or do the governors genuinely feel their voices were not heard? i think it is interesting that mario draghi said there was broad consensus. we do not need a vote. he clearly wanted to send a dovish signal to the market. the austrian central bank governor -- his ideas did not prevail, he said the debate was constructive and it was a good meeting, although there was tension. the question is it comes to the size. many thought this was giving into the market. it was already too much. maybe they should have waited to get more clarity. a lot of the external risks facing the european economy have to do with trade and china, have to do with brexit. to be clear, you could see a rebound in gdp. the other side is the european central bank has not hit their inflation target in a long time

in 2016 so my yob bill cognitive became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she lesson for the been no ion. feel sad for the dia. i had. for you have to deal mia. and know your daughter is. what. will be our. fee. this a young. woman had. to feel when i. see myself and i. still see the. thought of d. i would imagine what i see. c.r.c. must mark and i'm little forgotten i still feel his. love sci fi. b. b. must. been one of them those. of us you to me so shyly. that i. got a lodger in door. got there late on their level would sooner care what's economy or point. and i think he's more pure. to me is more political. but come yet it. is a never about what i don't understand some people. get on the course and. sit in the mirror and the door store. non-support in front of a quandary in africa. going on a drum and. my son prep it on. a mattress

in 2016 on my ya bill cause it became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i was she a lesson for the been no i. feel c.s.l. for the dia. i had to. feed mia must annoy your thought is. what. will be our. fee. to say yeah. what we did had. to feel when i. see myself. still feel the. thought of di i would imagine what i see. c.r.c. must mark and i'm little forgotten i still feel his. love sci fi. we must. in one of them those. of us 5 you to me so shyly. with your new. but i. see soon you got yellow driven door. they are lit on their level would sooner care what us economy or point. and i think he is more pure. give us more political. but come yet it. is i never want to know that i don't understand some people. get on their course and. sit in the mirror and the door store. non-support in front of a quandary in africa i mean they're going to kno

draghi and the governing council. has under delivered a little bit on the actions, he has managed to prevent markets falling by the language associated with it. francine: he is in a transition period. in two muncie leaves. the soup -- months he leaves. does he want to do the package as much as it can? -- as much as he can? janet: it's important he follows through from the previous meeting. some of the critics were not being vocal and some of their criticisms about some ecb policies. we had those initial comments regarding the fact that if you are delivering policy at this stage, you need to overdeliver, at which point the markets expect this massive over delivery. now there has been this measure pullback. i think yes, he needs to deliver. it could be that he just raises the issue or limit. i sit -- issuer limit. we are looking for 20 basis points on the deposit rate, raise the issuer limit. tom: we are thrilled to have both of you with us. do not adjust your tv set at home or your radio set on the road. that's how the

incoming information since the last governing council meeting indicates the more protracted weaknessthe euro persistence ofhe prominent downside risks and muted inflationary pressures. viviana: draghi has one more policy meeting next month before his term ends. the national football league putting up $3 billion to find out who can build a better helmet. the 18 month long contest comes at a time when football is under fire for the risk of repetitive head trauma. manufacturers, engineers, and unterman orders are expected to take our -- and entrepreneurs are expected to take part. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. vonnie: thank you. opec and its allies met in abu dhabi to discuss output cuts and the strength of demand. the saudi oil minister sees supply and demand pretty fine right now, but any further discussion of cuts will wait until december. joining us from london is bloomberg's stuart wallace. obviously the oil trade is being affected by

in 2016 so my yob bill cognitive became the 1st muslim woman to win a seat in milan's local governing council previously she had been involved in politics working as a member of the italian democratic party. now as an elected councillor she found herself in a position to argue for real and meaningful change in her adopted city. i would she lesson sort of been no i. feel c.s.l. for the. quad. feel good you know me you must know your thought is. what. will be our. fee. this a young. woman had. to feel when i. see myself and i. still feel the. thought of d. i would imagine what i see. c.r.c. must mark and i would offer cut in i still feel his. love sci fi. b. b. b. must. in one of them those. of us you to me so shyly. with your new. but i. got a lodger in door. got there late on their level would sooner care what us economy our point. when i think he is more pure air on t.v. is more political. but come yet it. is i never about him that i don't understand some people. get on the course and. sit in the mirror and the door store. non-support in front of a quandary in africa. going on a drum and. my

more importantly, this was a symptom of widening risk in the governing council she is one of the mostspoken hawks who has been opposed to monetary policy. but the outspokenness of the resistance has become pretty extreme. it was unprecedented after the september decision that governors from the netherlands put out a public statement criticizing the decision. frank there of the central bank which is not known as an outpost of resistance made it clear. austria, germany, the representatives of more than gdp arguedope's publicly against the decision. so this will put lagarde in a very difficult position. and we are hearing the more and more huge figures on wall street saying that negative rates are downright dangerous for financial systems. do you see it in the same way? these the this policy as a damaging? it is a damaging to banks which live off of trading rates. i would have to agree with draghi. the problems of the banks in interestave to do with rate environments and the homework issues they have not done. .y argument will be different my argument is that this is an him potent instru

nations andortant carry weight on the governing council. already said to thinks all tools should be kept on the table. one would assume italy is pretty comfortable with more stimulus. his comments were pretty technical in nature and he clearly remains potentially open to be convinced that qe should be restarted. thingscern is that the they are after changing our inflation expectations at the short-term market yield and they are best dealt with by forward guidance and official rates. matt: what do you expect from lagarde today? she has already given a questionnaire to european parliament, suggesting she is more in the draghi camp. the ecb has a broad toolkit to use in case of a downturn. something along those lines. matt: paul, thanks so much. our ecb editor from frankfurt, paul gordon, ahead of christine lagarde's q&a session. this is bloomberg. ♪ ♪ matt: killing the bill. surges, as hong kong's embattled leader reportedly scraps her china extradition plan. johnson loses control. the u.k. prime minister is stripped of his majority and defea

governing council. what that means for expectation on thursday.seeing a little bit of a move up yards in yields. the pound spiking just a touch against u.s. dollar as we lef nue to track the for the government in the house of common. boris johnson yet to win any vote. european equity market expected to be weaker at the start of tuesday's equity session. let's see how these markets get underway for tuesday's equity market session. .down by .10. we talked about deutsche bank and barclays. we've had some moves on oil prices. ey going bia manis cran down. let's talk about elsewhere on the european market. down .03. the pounds .02. it seems like that's the only move we're seing in the european markets. as has been the case, these two negatively correlate. and so we see that move there. elsewhere, we see a more nuance picture. the spanish market, the defensive market. either side of the flat side this morning. health care seems be a big area of red. we see financials with a decent side red portion to it and telecoms are glowing red coming through there.

now, ecb president responded to president trump while explaining the government council's monetary policy decision in frankfurt earlier today. listen to how he put it. >> -- have been actually a very positive experience in terms of stimulating, sustaining and stimulating growth, sustaining inflation, but it's quite clear, and this i said several times that they have side effects. and they have negative side effects. liz: negative side effects, should president trump be careful, guys, for what he wishes? right? let's get to the floor show, and i will begin right now -- i know you are very much pushing for the fed to cut rates. the president yesterday was saying go to zero, go to negative rates and here you have the ecb saying be careful what you wish for. >> i can't hear you, liz. i'm here with my marine corps brothers. i can't hear a thing. liz: i know that ira probably heard. let's give him a minute to get a quieter atmosphere there. ira, what do you think? >> well, i think that he's right. i think you are running out of bullets. what do you keep doing? in the u.s. we don't want to go to

anna: fascinating insight into the governing council meeting there with the austrian central bank governor. -- holtzmann. joining us is george. fascinating lines from that interview. yes, there was pushback, but it well the eurove seemed to buy into that idea, rising on the story aired -- story. how significant is that? george: what he said it was very interesting. he was talking about how affective this set of policy -- effective the set of policy might be. hundreds already done of points of easing over the last few years. 2.6 trillion of qe. they have done tltro's. they are doing a little bit more of each of them, and only a little bit more. 10 basis points and another round of tltro's. qe worth maybe a total of 500 billion. anna: but maybe to infinity? george: if it's over the next couple of years, it will be 500 billion at the current program. and when you think about it, we describe it as tinkering at the edges. it is not a lost relative to what they've already done. to see economic growth return or inflation back up to the target? i suspect not. anna: perhaps not the bazooka some had

this is the first time the governing council meets since july, when they sent a very clear signal thatuld take measures to prop up inflation and prop up the european economy. when you look at what has been priced in already, is a rate cut, no question, the only debate is whether it will be 10 basis points or 20 basis points, or a record low for the deposit rates. the real debate is qe2. mario draghi could make that announcement. somehow said that there are doubts about whether it is needed. if you look at market expectations, if you look at investors, many will tell you that we are headed for around 30 billion euros to be announced today, the timing still to be concerned. others will tell you that we will see a very modest qe of around 20 billion euros. so we could be headed for disappointment if mario draghi is unable to hit the mark. anna: the other big focus is whether, is on banks, and whether we will see the introduction of tiering, trying to cushion the banks from the worst effects of negative interest rates. is that something we expect to see? maria: that is one of the tools mar

oil and natural gas council, and the energy government coordinating council, egcc. the escc and ongcc represent their represent i have industries. egcc, led by d.o.e. and dhs is where interagency partners, states, international partners come together to discuss the important security and resilience issues for the energy sector. this forum ensures we are working together in a whole of government response. it is critical for us to be proactive, cultivate a security energy network of producers, distributors, regulators, vendors, public partners. acting together to strengthen our ability to identify, detect, protect, respond, and recover. the department is focusing cyber support efforts to strengthen the energy sector cyber security preparedness, coordinate incident response and recovery, accelerate game changing research, development and deployment of resilient energy delivery systems. d.o.e. maintains a close relationship with ferc and nerc to be sure they have the relevant information to execute their missions. d.o.e. holds regular discussions with the three energy s

system all exoplanets has been found with both water and temperatures that could support life governance council before it's. 110 light years away from our planet there is a super earth a world where life could exist outside of our solar system. 18 be was discovered in 2015 astronomers use data gathered from the hubble telescope to analyze light filtered through the planet's atmosphere they found water vapor in helium the eggs the planet also orbits at suns have better pulls own meaning that temperatures are stable and favorable to host life forms this planet is potentially habitable so we're talking about a planet that on paper based on calculations is able to post liquid water right now we all can only calculate temperatures for these plants ok to 18 bees the only one that we go one step further we know that there is water not the spirit but to go to to hubby the blue planet that would require many many advances and many more observe ations. researchers at university college london believe that other molecules found on earth like nitrogen and me saying are also present in the out in . the exop

relations but in other areas we did not want iran's relations with the rest of the world to be governed by security council resolutions and it and now it's not government if anything the rest of the world are obliged under security council resolution to normalize the economic relations with iraq and in order to get that we needed the united states to be a part we are not naive about the rest of the world we are not naive about the influence of u.s. economy but let me tell you one thing insistence of the united states on the weaponization of the of the dollar on developing is ation of the economy in order to wage war against others will lead to its demise excessive use of any means of power we eventually between its demise now we see the united states is using the same measure against china the same measure against russia not maybe as intensively not maybe without as much vengeance but the same type of measures are being used against china against russia against others this didn't meet 2 d. not not tomorrow but to the eventual decline of u.s. economic model and well minister let me stop you for a moment we