iff supplies five different ingredients into that product.the power of a full solution is really powerful, probably for our big customers and our regional local food companies which are growing very rapidly they don't have that solution capability so we'll be able to supply it to them the revenue synergies are really big on this deal but because the products don't overlap as much, you don't equate as much on the cost side, but still 300 is a nice number it get on a business with this type of multiple on it. >> and, ed, delivering those revenue synergies will be dependent on the management team your shareholder base, why is this the right management team for dupont shareholders to believe in, as this business changes hands? >> first of all, the culture is the same, the focus on r&d, the customer solution set, that's where we were driving, that's where they're driving. so i think this culturely fits m&b is bringing a solid season management team with a lot of depth here and our team along with all of dupont has been through massive integrations

iff showed up late in the process, from what we understand. kerry, it will be back to the drawing board. do they go and look for other assets or wait and see potential he if something gets divested from the steel? potentially -- see if something gets divested from this deal? i don't know. vonnie: thank you. that is our senior deals reporter ed hammond. you can catch up with all of our interviews using tv . dive into any of the securities or bloomberg functions we talk about, plus you can become part of the conversation by sending us an instant bloomberg during the show. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." bank of america predicts financial markets are set for a melt up in the first quarter. strategists say the outlook for the beginning of 2020 is bullish. they expect the s&p 500 to be more than 5% higher by march 3. among the reasons, central banks adding liquidity. they also say risks posed by brexit and the trade war have receded. travis kalanick is getting out of uber holdings

talking about the iff merger with dupont.for iff, they like it for dupont. where is the support? bill: not liking the deal, downline filed percent -- down around 5%. below that is 124, first support level 125 to 128. alix: financials finally recouping all of the losses from the financial crisis 12 years later. what we see on the high end? bill: goldman sachs trading higher on the premarket, up around 1.5%. since been in this range september. it looks to break away from this trading range top. aboveur first resistance, that 234. alix: thank you very much. that wraps it up for me. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide. i'm jonathan ferro. "the countdown to the open" starts right now. ♪ jonathan: coming up, risk proceeding driving equity market -- risks receding driving equity markets and uncharted territory. better data from china feeling optimism. the market ending 2019 just as it started, struggling for momentum. here is your monday morning price action. all-time highs at the close on fr

. >>> a tasty deal iff will buy dupont's nutrition and bio science business creating a consumer giantorth $45 billion. >>> well, happy monday, very warm welcome to "street signs. let's kick off the show with a fresh data point that's just crossed the wires. that's the eurozone flash pmi for december for the eurozone as a whole the composite came in unchanged at 50.6 that was the same level we saw in november. the manufacturing pmi, that flash 1 slipped to 45.9. so slightly lower than the 46.9 seen in november the services pmi, that rose to 52.4 from 51.9 in november so slightly more positive news on the services front, weaker news on the manufacturing front, which is really bang in line with the trend we have seen over the last several months. also largely in line with what we saw from france and germany in those individual pmis out just a little while ago. on that note, let's get out to joumanna for how markets are standing. >> you can see behind me there is a lot of green on the european wall. a very good handover from friday friday a very strong day for european markets uk assets r

the deal values the new division at $26 billion with $11 billion in annual revenues the iff shares downn pre-market trading. >>> don't miss a first on cnbc interview with dupont executive chairman ed breen and international ceo andreas fibig today. ""squawk on the street"" 9:00 a.m. eastern time. >>> uber is in talks to sell its food delivery business in india to a local rival "the wall street journal" reports a deal could be announced as soon as this week analysts say uber eats is a distant third in the indian market those uber shares up fractionally in the premarket trade. >>> novartis is dropping what it hoped would be a billion dollar asthma drug from development after it failed a number of key trials they're hopeful they have two other potential block buster drugs in its pipeline. novartis shares down in swiss trading. >>> still to come on the show, the how judiciary committee releasing its full report on the impeachment of president trump over night we are live in washington, d.c. with those details and they're coming up next to say two wordsi'm about that will make washington ins

a ad soso we really wait to see iff e if the president so i will take.rder line all l meses as many others- in the us- inclcluding of f course t the us a- s special rapper r ll routeto you ever. do speak o out dedescribing it as a. as a mockery and the antithesis of justice. davis mister but the analysis from washington. thousands of protestors subplot roads and bridges across southern iraq this monday condemning iranian influence and political leaders who missed another deadline to agree on a new prime minister to go see a shin set for the key to a still deadlocked. she didn't amounts on the streets of karbala a shiite holy city south of baghdad. as rallies across central and southern overall grew larger on sunday. even before the latest deadline for parliament to choose a new prime minister protestas will already y rejecting the outcome. a lot of students have renewed all sit in for a nice week because we want to change the system- daniela how we won't stop we must keep going the students of rally together we are facing all manner of. precious and we w

they will own a little more than 55% of the share p company with iff holding 5% of the rest iff shares but dupont up by 4%. >>> and ceo and -- of iff, the executive their man of dupont are going to be on "squawk on the street." that's a first on cnbc interview. >>> also, democratic presidential candidate elizabeth warren going after the influence of billionaires in the american government here's what she told john harwood as part of cnbc's speak easy series. >> you'd have to ask them, but i will say this, a lot of them just don't want to pay the taxes. you know, and that's part of the problem we've got here, is government listens disproportionately to rich guys who don't want to pay taxes. remember, for everybody who says that this government is caught in gridlock, remember that when the question was cutting taxes for the richest and biggest corporations it's a trillion and a half dollars in tax breaks, tax breaks that went mostly to those at the top >> the speak easy interview here at cnbc.com. >>> the top american trade negotiator says the first phase of a u.s.-china trade deal is do

in her statatement which i think that iff the judge's notice i i mean it's reaeally the definitin of a just wishing it to have just trying to dedestroy a group's existence b but again genocide is very dififficult t o prove you n need to show that there was an intense- on the part. of the country- to destroy a group as such and you know what also answer she was saying was you know that a lot of. bad things happened here but you can't prove genocidal intense are reporting here france twenty four seems to back up precisely what you are saying re brody so i'll just get that out be open to. let the viewers know what exactly what we've been doing in terms of reporting on the set this situation- the range of muslims i've been offered a chance to return to recommend state. not many seem to be taking up- that opportunity- because basically the homes have been bulldozed destroyed and of course they feel under threat if they go back. absolutely i mean this is you know as you mentioned i mean over seven hundred thousand people forced out of the country over six hundred thousand people now living

zero tariffs on 100% of manufactured goods. 97% of iffs on agricultural goods? quotas, no obstacles, to of a free, itome fair, reciprocal trade agreement. and since nafta was implemented, american exports to mexico are up over 500%. to mexico a exports have grown right along with that, over 500%. i think you can make a case signed in 1993, a lot has changed in the economy we have n, and so now this whole digital sector. we have this whole sector that didn't even exist. and so modernizing certainly sense. but that's not the reason the administration wanted to renegotiate nafta. in my view, that the administration wanted to renegotiate nafta was because espite the increase in our exports, imports from mexico had grown even more, and we have a mexico.ficit with despite the fact that it's my iew, and i think the view of most economists who have done a the f work in this space trade deficit with kahn with significantly economically with the united states. despite, that's not the view of administration. and so they set out to at least significantly diminish or trade d

iffs are going to outperform.rlet: the fed might be in position right needs to think about raising rates. >> but it will not be able to. scarlet: talk about how this dovetails with the election. everything is at stake. what needs to happen before then? how do you gain out what is going to happen in november? >> that is the most crucial question. i would argue the outcome of the u.s.-china trade war in the outcome of the u.s. election will have a 90% correlation. to close theges trade deal with china, i think the economy is going to do well. he is clearly going to be the man to beat. if there is no trade deal with china, the stock market is going to go down. north korea is threatening to let missiles fly. then we go into recession. then you might get a country upping for a left-wing populist. i would argue the next three weeks is going to be important because the impact will be felt for years to come. >> one thing we have not had you expand on is the usmca. we think pelosi is going to have to ratify it. why did she

and iff that is the case you are looking to increase exposure to equities, where do you see the besttunity? clear: first, it is stocks over bonds, and then the question is where in the global stock market do you find the best opportunity? it is tempting to look outside the u.s. based on valuation, the growth dynamics are poor outside the u.s. the u.s. economy and u.s. stock market has the best growth fundamentals. would stay home from my perspective and focus on the quality of growth. underneath that type of decision you have sectors to pick from, and given the constructive view of the economy and market i just offered, we are procyclical. it is technology, consumer discretionary, financials and industrials that have been victim of the trade war could yet benefit. pick theompanies, companies that will be around a long time that have great fundamentals. amazon, microsoft and visa come to mind. kathleen: how do you feel about bonds? you mentioned they will not gain, it will be tough, if there's any kind of a trade deal, if the economy continues to grow even to percent, the fed is not g

we understand the carey looking at the same du cture, ended up with pont owning 55% and iff wning 45% cash payment of $7.3 billion. one off. up, potentially it drove the price a bit but at the had to do the deal. >> boeing is to halt of the 737 max next month. crisis.ens the it will complicate its future. how embarrassing is it that halt has had to production? >> well, they were facing a number of fairly unappetizing options. was, do we keep building this plane at a big cost but making money off of it. building a plane cost a lot of money. if you're not selling them cause as huge problem in terms of cash flow, or do we stop production right bleeding, as it were, but then see how and when we can get the plane back in the air. now after this board meeting the company has decided this disruptive option, but it will be disruptive going forward no doubt. will estion is, when these planes be sold to customers? how long might they languish storage? a lot of unresolved questions for the company and we still don't have a or even a window of when this plane might be freed up again by a lot of ,

. -- fragrance, iff. >> yes they're doing this e llaborate deal with dupont let's wats for the connect offering that's what you had to do. why don't we go to ryan in michigan >> caller: happy holidays. blessings to you >> same to you. >> caller: thank you very much the stock i'm calling about is mcdonald's giving the recent pull back and termination of the previous ceo, do you think now is a good time to own a position? >> i think you would probably want to wait until wendy's breakfast starts and you'll see a lot of kicompetition. they might downgrades mcdonald's i do worry about the wendy's breakfast in some analyst who will get mcdonald's wrong and suggest to sell because the analyst is probably 29 years old and making $2.7 million. the market thrives on certainty. we finally got it. i'll tell you why the electorate could decide whether the market has room to run against next year that is build.com ipo worth the tab? i'm eyeing the company to see if it's worth to consider should you judge the stock i'm sitting down with ceo, s&p global to find out stay with cramer we call it the moth

a lot of stuff is online at the website, iff state you know where to go and what to look for. d.c.nd time in washington, i am one of those people who goes into those desperately dark vaults. i could tell some stories. [laughter] >> is it inappropriate to ask you to tell us a little bit about the russian fighter pilot? i love that story. bill: this is one of my previous books. it was published in the u.s. and u.k. three years ago. this month, it came out in the czech republic. they sent me a copy of it. another book to go on my shelf that i cannot read by me. the title of the book is the white rose of stalingrad. the white rose of stalingrad was a young woman in her 20's -- her late teens, she was barely 21. most of her career was when she was 20. she became the highest scoring female air ace of all time. she flew with the soviet air force in world war ii. obviously, she fought at stalingrad, which is how she got her name. the nickname is a misnomer. her name was lilia lipdack. lilia means lily, so she painted on the side of her fighter plane. , these guys are not scientists, t

ahead of the tecnicas -- tar iffs planned.re trying to get in front of those tariffs, and we know those aren't coming into play. the overall picture for the port might be looking into the year, but how the economy place, there is a lot at stake and there will be an impasse at the political situation. there is no give or take on the government side and on the protest side, they continue to play more marches. to have a big month planned for new year's day so the tourism side remains under pressure. the logistics side may get a little lift from the easing trade tensions with the u.s., but a lot depends on how china views hong kong politically in the coming months and year ahead and if there will be a meeting of minds on the demands the protesters are making. that will really set the tone for what relief there will be for hong kong's economy. matt: thanks very much, enda curran, chief asia economics correspondent on the new policy and the new year for china. let's get to the bloomberg first word news with laura wright in london. l

but let's pretend that doesn't happen, between warren and sanders, iff they drop out, do their fan baseheir supporters line up neatly behind one another? >> there's a lot of assumption, the left is divided between the socialist and the populist to be -- to be a little loose about it. and they're -- sure there are people who like them both on the left. but there are warren fans who think socialism is bad news. and there are socialists that think warren is insufficiently socialist. you read socialist publications like jachobed and current affairs and trap house, there's -- >> i missed some of those, by the way. i haven't really been reading up on those just so you know? >> okay. >> but, so here's the problem. if biden ends up winning, and going ahead and surging ahead, somehow, someway, do the warren and -- what are the people who follow warren and support warren and sanders? do they line up behind a biden or a buttigieg? >> this is one of the big questions. biden wins iowa. which i don't think is out of the question. if he won iowa, what happens in new hampshire and nevada. big african-a

usually the acquirer falls but dupont is rising and iff makes the seasonings and did you font makes the protein that goes into beyond meat patties but international flavors shares are sinking as investors question the price tag of the deal. susquehanna bullish on semiconductors upgrading western digital and micron technology to positive from neutral and the firm also raising price targets for both, so you've got western digital up nearly 4% at pretty much the same for micron technology up 3 1/3 in part because they have huge exposure for their revenue to china and hey, if we've got a phase i deal jumping and juicing these markets which is exactly what's happening, then those names could stand to benefit. all right so we've got another record session on wall street counted 54 minutes before the closing bell rings we are extending a wild rally that we have seen so far this year. what does this forecast for 2020 we're actually seeing conflicting theories from two different sides here. let's get to two bank of america strategists. they say the markets are prime for a first quarter 2020 risk

according to sources, iff is challenging for the $25 billion division.hat is your bloomberg business flash. matt: thanks very much. annabelle droulers with your business flash. with5 continues in madrid, envoys from nearly 200 countries looking to build on the four-year-old paris agreement on climate change. this as the new head of the eu plans to unveil the most radical overhaul of its economy in years. the green new deal will see the zero greenhouse gas emissions. joining us is the president of the european investment bank. , one of theand it biggest investors in renewable energy businesses in the world. good morning, first off, then talk to us about your investments in nonfossil fuel energy. investmenteuropean bank has been active for decades, and we are the largest lender in this field. however, we have seen this year it has brought about a fundamental change. detecting climate change as a real threat, and therefore action is needed. decided we are going to move away from fossil fuel financing and moved to alternatives, and to make sure the job is lo

knowledge of a single fact and you know what, that continues on the tradition we saw from adam schi iff. mr. kent never met with the president. fiona hill never heard the president reference anything regarding military aid. mr. heal was unaware of any activity with aid. and denied there was a qu quid pro quo and mr. morrison said there wasn't anything on the call. and the only direct evidence was mr. sondland that said i want nothing. no quid pro quo and if wiretapping a political opponent and maybe it's a different president we should be impeaching. >> the gentleman's time as expired. >> thank you. professor feldman, let me begin by stating the obvious. it is not hearsay when the president tells the president of ukraine to investigate his political adversary is it? >> no. >> it is not hearsay when the president confesses on national television to doing that, is it? >> it is not. >> it is not hearsay when they testify that they hear the president say he only cares about the investigations of his political opponent, is it? >> no, that is not hearsay. >> and there's lots of other direct e

in other words, iff you try to dealo with them directly, this isn't their turf. they know their turf. they know howhe to survive in tt turf. progress on the palestinian issue, i don't even know how to deal with iraq. i couldn'tal even begin at the smoke to suggest how we deal with the iraqis. >> it's an interesting case because iranians have gotten a lot of power in iraq. iranians are notan well-liked ad i iraq. americans make the mistake because it's a lot of she and iraq that therefore somehow very close to the arenas.om they forget the eight years of the reign -- iran-iraq war with thousands killed at thehe foot soldiers in iraq were mostly shia. they never changed sides, they never win over against their own government. in fact, when i served and iraq after our invasion, it was not good for you if you're an iraqi politician to be seen as too close to the iranians. now you're giving a lot of pushback. the iranians do best in iraq when the country is unstable, because then they can work with different power centers for the own interest. they have always hadth t

back,iffs are not rolled mother is concern whether this can come to an end at all. where here. that is your risk. the market is already priced in a deal. alix: that also goes to how our companies paying for these deals. is it going to be increased stockge, or their own because you wind up having this rally that never wants to stop? jennifer: i think it's all of the above. companies are definitely considering and using stock because their stocks are high, and it is maybe a moment in time where you really need to pounce and do the deals you want to do while you've got that elevated stock price. debt is cheap as well. to some extent some of the ceos and boards that i deal with are pushing current market sentiment to the side and looking 10 years out, 15 years out. what assets do i need to have to compete? with a high stock price and the wind at my back, is now the time to act. i am going to have to deal with any factors that come along, but i cannot afford to be building with the assets i need. alicia: is there anything pulling those deals forward, that there might be

knowledge of a single fact and you know what, that continues on the tradition we saw from adam schi iff. mr. kent never met with the president. fiona hill never heard the president reference anything regarding military aid. mr. heal was unaware of any activity with aid. and denied there was a qu quid pro quo and mr. morrison said there wasn't anything on the call. and the only direct evidence was mr. sondland that said i want nothing. no quid pro quo and if wiretapping a political opponent and maybe it's a different president we should be impeaching. >> the gentleman's time as expired. >> thank you. professor feldman, let me begin by stating the obvious. it is not hearsay when the president tells the president of ukraine to investigate his political adversary is it? >> no. >> it is not hearsay when the president confesses on national television to doing that, is it? >> it is not. >> it is not hearsay when they testify that they hear the president say he only cares about the investigations of his political opponent, is it? >> no, that is not hearsay. >> and there's lots of other direct e

executives, iff they are fired or leave the company.package. this comes from a report from "the financial times." why this is so important is because the report says that wework may continue to experience a significant amounts of senior management turnover. this could be a lot of cash leaving the door or a golden parachute. guy: thank you very much, indeed. bloomberg's annmarie on the wework story. pippa malmgren is still with us. not a big year for ipo's. pippa: that's right. i'm not sure we are going to have great times in the near future for ipo's because there has been so much access. there has been such -- excess. there has been such a ridiculous -- our member talking to tom keene at the beginning of last year saying the new public is private. it is private capital where all the action is. we needed a reality check. pippa: some, not all. a lot of private capital is very old-fashioned and cares about cash flow. there are some investors who will say to you, that means you lack imagination. let them play with the we work's of the worl

iff is challenging this $25 billion division. dupont could reach an agreement.hat is the bloomberg business flash. francine: thank you so much, viviana. china's exports specter to selloff as they do a combination of trade war. this was the 12 monthly decline. let's keep it on trade. .eter dixon from commerzbank december 15 is a big day because tariffs either drop or they don't. is it a maker drake -- is it a make or break point? in,r: if the tariffs kick it is just ratcheting up the whole debate. bothe past we have said sides have been able to back down. we are not hearing any indication from the white house that they are willing to turn around. francine: we also have some pretty bad economic data out of china. how bad is it? it is a 23% decline on exports to the u.s. is the u.s. consumer going to feel that at christmas? peter: the problem here is the trait disputes because china wants more. it just points to the export numbers. we have seen the chinese government slow. we have seen gdp growth less than 6%. obviously, the u.s. seems to be ahead. at the same time

that several of the witnesses testified that they looked into it at the urging of the ukrainians and iff they determined there was no formal ongoing investigation nor any investigation on the topics. >> the other called, rudy pgiuliani, he was more than hapy to continue to be involved in trying to get ukraine to investigate president trump's political rival joe biden. >> mr. giuliani was very active and involved in pushing for the investigations for several months before the july 25 call monthsn for several after including apparently three days ago. >> and you would agree you wrote in the report through the giuliani the ukrainians themselves new rudy giuliani the personal lawyer was a conduit to convince president trump the president zelensky was a serious reformer, correct? spinet ukrainians knew -- >> is that what you said in the report? >> he had the president's ear and he was a conduit. what we put up slide 14 if i may. and we have the report here. it says the ukrainians knew she any rudy giulianier was a condut to convince president trump that he was serious about reform isn't that

threat changes or the commander needs to make changes on the ground but i will defer to the general iff he has anything to add. >> that is correct. the current disposition is what we anticipate for the next six months depending on if there is some cigna again to change in but right now we don't anticipate that. >> secretary, general milley, what you anticipate will happen to the syrian democratic forces given the president's decision to withdraw u.s. forces from the turkish border? they were strong allies, partners with us and i'm concerned about what will happen to them now. >> my current assessment is that the situation up there is generally stabilized and there is -- you know, the no cease-fire is perfect and i think the wildcard is these turkish forces out there but i generally my sense is that things have roughly stabilized in northeast syria but again the chairman was just in the region and may have heard something different. >> i have not heard anything particularly different but i think it's settled down a little bit but i would also caution there's it's early to tell but these

knowledge of a single fact and you know what, that continues on the tradition we saw from adam schi iff. mr. kent never met with the president. fiona hill never heard the president reference anything regarding military aid. mr. heal was unaware of any activity with aid. and denied there was a qu quid pro quo and mr. morrison said there wasn't anything on the call. and the only direct evidence was mr. sondland that said i want nothing. no quid pro quo and if wiretapping a political opponent and maybe it's a different president we should be impeaching. >> the gentleman's time as expired. >> thank you. professor feldman, let me begin by stating the obvious. it is not hearsay when the president tells the president of ukraine to investigate his political adversary is it? >> no. >> it is not hearsay when the president confesses on national television to doing that, is it? >> it is not. >> it is not hearsay when they testify that they hear the president say he only cares about the investigations of his political opponent, is it? >> no, that is not hearsay. >> and there's lots of other direct e