as we approach manager due diligence and make recommendations to invest, as we monitor our manager's performance over time we are trying to understand two important things how they consider e sg factors. one is how they inform and and e in the investment strategy they were considering investing in. two, how does the manager think about the social and governance factors in the way they are running their own firm or company. under both questions is the belief esg consideration can and should be added to the full scope of our manager's process for investing our capital. we tried to be conscious in working with investment teams. it is not a one size fits all approach. we don't have a bright line requirements about what we are expecting around the esg practices, but really we tried to work with each of our investment teams across the public and private markets to design a set of questions in a process that is getting at the most material esg questions relevant to that asset class for investing and informative of the end decision to make an investment recommendation or not. ultimately a lot

coming up, we also speak with rob mciver, jensen investment management managing director.omberg. ♪ ♪ alix: welcome to "bloomberg daybreak" on this tuesday, october 1. i'm alix steel. you got to the third quarter. here's everything you need to know. ♪ china marks the 70th anniversary of the communist china marks the 70th anniversary of the communist takeover with a big parade in beijing. a number of new weapons were on display. president xi's and playing -- president xi jinping declared that china's rise is unstoppable. no force thate's can shake the foundation of this great nation. no force can stop the chinese people and the chinese nation from forging ahead. alix: in hong kong, police fired tear gas at protesters. tens of thousands marched in simultaneous rallies across the city. it's back to the bargaining table for the u.s. and north korea. a korean diplomat says they will resume nuclear negotiations this weekend. the talks have been put on hold for months. pyongyang wants the u.s. to drop -- to dropnd sanctions in exchange for partial disarmament. the u.s. house subpo

about sylvia launch a low their senior economist in terms investment management in london thank you so much for your time. now the ongoing bricks of uncertainty is putting a lot of businesses under pressure a french confectioner is struggling to meet demand in the u.k.'s shops and there are stockpiling sweets for christmas just in case. the workers at french confection is cousy are working extra hard this autumn they're packing up box after box of sweet treats to send to pretty sri taylor's king to avoid the christmas crisis. you need to turn it on and this year is exceptional in that some about british clients self want to have their orders delivered before the famous october 31st breaks it deadline which is increased activity even more during the period from september to october until they are typical morkel. the fare for the company's british clients such as london's famous for the mason department store is that the u.k. could leave the e.u. at the end of october without a deal throwing customs arrangements up in the air with boris johnson facing an uphill struggle to get the agreem

about sylvia the launch a low their senior economist in terms investment management in london thank you so much for your time. well that's your business update on me and the team and we're watching. the for. the for. the last of their kind. words are threatened with extinction every year around half a 1000000 of them end up as a delicacy. it's prohibited but for the bird mafia it's a lucrative business. and by our presidents or never to look. nice to know that we're going to be there. 30 minutes w. . the book you are now going to keep. the length of. exposing and justice global news that matters to me from tons. of fuel with words from. where i come from you don't want a way from a confrontation. when i was 5 years old my father took me to his friends and i was hooked on the spokesman a sport that you love and sold 20 to a soul. fencing as a language and a good source for it is a conversation. that must meet your opponent understand that thinking new of the men to get close otherwise. it's not unlike a tough interview really when interviewing politicians all corporate c.e.o.'s you have

on october 31st for more i'm joined by sylvia del angelo a senior economist at hermes investment management in london sylvia we've been there before we've had a withdrawal agreement on the table is this deal better than the previous one well actually it's really just a variation of the day that the resume reached a few months ago the main difference really concerns the backstop for on an island and the related customs agreements or arrangements in bars johnson's trade deal the u.k. would leave the european union go some soon on northern ireland will still be subject to the rules and procedures in terms of star ifs of the european union customs union this is a good news for the president because it allows for more divergence between the u.k. and the european union in the future but it's bad news for the democratic unionist party that the u.p.a. . which holds prime seats in the u.k. parliament because it means that the northern ireland would effectively end up outside of the u.k. which means in turn that it's very close call where the u.k. parliament will approve this deal or not so there are

we will begin recruitment for manager of investment operations soon. since the board materials our senior portfolio manager for private equity is moving to atlanta. he served for a year and a half. he made terrific contributions in a short period of time, brought in a number of new managers to the spurs trust. very sad to let him go. this is a situation where his wife is from georgia, was born in georgia. she has family, close family in atlanta, so he is moving to atlanta to keep in good graces with his wife. he will be departing around the end of the month. we will begin recruitment for replacement shortly after that. we are making modifications to how we conduct manager research and selection. it is really driven by our resources relative to the complexity and volume of work that we do, particularly related to specialists and unique strategies. we are breaking down historical silos. we operated in silos. we are going to chip away at this. a lot of our people have skills and backgrounds in other areas and so rather than take this silo approach to condu

it will go esg investment management. on the screen before that there is a bullet integrating it to investment process across asset classes. i know we see your memos attached in investment recommendation. those are investment decisions to make you through on the positive side. the question says for this work there has to be in the process like risk management. it is esg screen which is very broad. has it resulting in stopping staff from pursuing any represent relationship or recommendations. >> it is certainly something we can document more comprehensivelyinmoremormore cod social considerations that we integrate and have stopped investments to make a recommendation or come to my desk. we haven't done a comprehensive process to catalog that. >> there is so much to keep track of. the table with the performance numbers, plus and , when it is a summary it hides other work. that is why i asked. if it helps staff screen out other compliant managers, it is another way to prove those urging us to do that why the system is produci

paul markham, portfolio manager in global equity, newton investment management is still with us.,een the reported and rejected by the eu. we will not go into detail as we have not heard all of it from johnson.ister boris how are you positioned in the assets story as we wait for what could be an incredibly eventful 30 days? the 2016 referendum did not place the portfolio too far in favor of one outcome or the other. the one thing we did expect would be that sterling would be week, and that is proven to be correct. is with overseas earners within the u.k. market, which does favor restructuring anyway. that point of view, it was the right thing to do. hedging the currency is also the right wing to do. aom here, if there is successful outcome, i would expect sterling to be better. were talking about this and the break, and i mentioned earlier the negative correlation we normally see between the ftse 100 and the weakness in the pound, we are not seeing that today. we see a positive correlation with both going downwards. why is it that the pound weakness is not enough on a day like tod

the move comes investment fund management. the move co m es after investment fund management.ks by president trump. singapore's economy grew less than expected in the third quarter but avoided slipping into a technical recession. gdp, or gross domestic product, rose by 0.6% during that period, compared with a 2.796 during that period, compared with a 2.7% contraction the previous quarter. china's president has issued a stern warning against dissent as protests continue in hong kong. xijinping has had any attempt to divide china will end in "crushed bodies and shuttered bones". footage of the protest may appear to show chaotic scenes, but most activists are actually quite deliberate about the places they now attack. there are obvious targets like mainland companies such as the bank of china, which became targets for vandalism, but what about starbucks? well, it might be an american brand, but it is operated by maxine's caterers in hong kong, and it came under attack after the founder's daughter criticised protesters. stations along hong kong's metro transport system have repeat

francine: paul flood there, newton investment management multi-asset portfolio manager.t governor mark carney is telling people that are questioning him at the parliament treasury committee. thernor carney: it gives us opportunity and still a decision we would take, but we said we were reminded in that direction to release some or all of that -- from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. ♪ francine: the e.u. says a brexit deal is difficult but possible this week. mark carney speaking now with the bank of england's base case. pressing for peace. the u.s urges turkey to declare an immediate ceasefire on syria. they sanctioned officials and

investment bankers explore easing wework's cash crunch. and money managerher acing even more consequent is from his inappropriate comments. fidelity investments is said to be reevaluating the relationship. and women rising to the top of the corporate ladder. joining us is sonali basak. let's start with wework. trying tooftbank figure out how they should be dealing with wework. sonali: when things get tough, everyone tries to cover up their trucks and make sure they have their own advisors. have softbank and wework hiring to find out what their liabilities are in their best path forward. board is looking at what decisions to make, how to handle the financing packages, how much debt comes from the environment. loki -- they will be figuring out the leases, figuring out the balance sheet and the accounting practices. alix: let's go to our second story, fidelity. they're looking at their investments into ken fisher. the reaction that has been so fast. alix: abigail: --sonali: it is pretty workable -- pretty remarkable. fidelity had a fund that was subbed advised

joining us again is sonja laud from legal & general investment management.is going to be one of the best anticipated listings?” for what is going to be one of the best anticipated listings? i cannot remember how many times we talked about this over the past few years and we had them come to the debt markets a couple of times but it is the equity listing everybody is anticipating. you have heard the story about the potential dividend to highlight the strength of the balance sheet, the strength of the business and they would like to make sure this is a well supported and underwritten ipo. the guardian, this is about borisjohnson's secret irish border plans being dismissed asa irish border plans being dismissed as a nonstarter, as the guardian puts it. but it is about the fact that the prime minister has said within the next 24 how is he is going to give us his updated brexit plans, what do you make of the article? to start with, it was clear that it had to cover the irish backstop, because we know this was the most controversial part of the withdrawal agreemen

investments. thank you so much. >> i would like you to have a talk with your hedge fund managers to tell them they can't invest in firearms, tobacco and fossil fuels. >> i call the question. those in favor of the motion say aye. those opposed. that takes us to item 11. >> action item annual report and recommendation on investment restriction in her malcoal companies. >> board members this is level three of the esp policy related to dievesment of thermal coal companies and it includes a recommendation. >> thank you. we have had the investment restriction in place since 2017 for thermal coal companies. as we outlined and describe in the memo the industry has a weak outlook, it appears to be in decline. we continue to review our exposure to this sector using msci research and other resources and year-on-year derm based on criteria if we should add companies to the restricted list or remove them. this year we are identifying four new companies to add to our restricted list that derive more than half of their revenue from thermal coal. we currently have no direct investment in any of these companies. in addition, as w

there are rules to prevent fund managers investing in the same companies as their funds, and it's tocuments suggest that mr denning hasn't been taking these rules too seriously. take eros international — a bollywood film company. we are moving to the land of opportunity. mark denning's fund at capital group invested. what do you do? i'm a doctor. and our documents suggest he had secret investments in it as well. and it wasn't a one—off. we think the same thing happened with a medical research company called mesoblast. we also think he had a secret investment in hummingbird resources. it's a gold mining company set up by his son—in—law. explosions. capital group put in £6 million. it wasn't from a fund run by mark denning, but it looks like another co nflict—of— i nterest because of the family connection. there is a clear concern around mr denning potentially failing to declare these conflicts of interest. how serious is this? it's very serious — given the regulator's focus on senior managers declaring this type of conflict of interest, or what appears to be this type of conflict of i

with me is alpesh patel, chief executive of the investment management company praefinium partners.lottery ticket. i don't know whether you are wasting your time or not. start with die welt and the guardian, two different european papers with the

-- manu investment management head of double asset allocation.ood to see you. ate: we've been watching the dollar closely, but on the whole, it does appear it might be rolling over, but you will have to see more economic data that really reinforces that. we might just be range bound until we actually see a better breadth of global macro drivers, and may be pmi's tomorrow in europe, to actually lift the other currencies to keep that dollar trend intact. alix: we were also talking about earnings, and how it is not painting the best picture. what was your take? yesterday you had united technologies beating and raising, and today you get caterpillar and texas instruments. "tis earnings season. you've got to decide, is it a company or macro issue? caterpillar has always held out that they are a global indicator of the many factoring space. by the end of the day, we will see what micro soft has to say around the tech sector. vincent: microsoft is looking to do well today. alix: although it's not done as well in the equity market. that has really belong

that is private investment manager brock silvers who spoke to me from hong kong.et's look at the business calendar and we start on wednesday because the world trade organisation will be unveiling its annual report on global transit issues regarding trade. last week it lowered its forecast for how much global trade will expand this year. the group now says the rising trade tensions and slowing global economy means they expect trade around the world will increase by only 1.2%, less than its original forecast of 2.6%. also midway, more details on the meeting which held its meeting in september when they decided to cut the costs of borrowing. 0n when they decided to cut the costs of borrowing. on thursday, all eyes will be on washington dc. trade negotiations between the two largest economies in the world are scheduled to resume but the chief investment officer says he doesn't anticipate a broad pact will be reached. the best case is to decide not to escalate further, imposed on the last couple of months, maybe a deal where china commits to buying a lot more goods. bu

with me is alpesh patel, chief executive of the investment management company praefinium partners.even richer than you. i wasted my time working. i should have spent all my time filling in lottery ticket. i don't know whether you are wasting your time or not. start with die welt and the guardian, two different european papers with the same story but it is their interpretation of the event. the german paper talks about the fact that the uk government, someone within downing street anonymous has lacked detail about the conversation between boris johnson lacked detail about the conversation between borisjohnson and angela merkel. saying that she said a deal is extremely unlikely. —— leaked detail. you know what i have always wa nted detail. you know what i have always wanted to say on air and i am justified now is i am mad as hell andi justified now is i am mad as hell and i will not take it anymore. i am fed up not just and i will not take it anymore. i am fed up notjust with brexit but i am fed up notjust with brexit but i am fed up notjust with brexit but i am fed up with the divis

partner with pgim, the global investment management businesses of prudential. >>> financials leading the rally today. morgan stanley shares up around 2% upgraded the stock from a buy to hold, valuation call the bank reports earnings in a week call of the day gives us an opportunity to talk about the financials we talked about banks have done well, positive news perhaps on trade, lift bond yields and other catalysts. where are earnings on morgan stanley? that's going to be the question. the stock you used to own. >> i used to own it. long time ago. >> morgan stanley, goldman sachs, both going to have challenging earnings, two names in the same place they were in the 2015. >> 4% year to date. >> that's four years of basically nowhere. that being said, i do believe goldman sachs is diversifying the model enough that you can over time see an opportunity for appreciation and i think morgan stanley in the wealth management unit is doing positive things as well. >> why then is the stock such an under performer? i get wells up only 6% wells has had all the issues, the ceo and everything else

jay pelosky, very optimistic at the moment, tpw investment's management. can get a roundup of the stories you need to know to get your day going in this edition of daybreak. go to your terminal. also available on mobile on the bloomberg anywhere app. plenty more to come. this is bloomberg. ♪ haidi: this is bloomberg technology global link. alongsidestroud-watts shery ahn and taylor riggs. let's take a look at the top global tech stories from today. taylor: apple is under fire for setting rousing data including ip addresses to tencent. the foreign company struggled with how to work in china. it is part of an iphone and ipad security feature that warns users if a website is malicious. apple checks addresses against a list of sites known to be problematic. that list is maintained by tencent for china and for google by other regions including the u.s. uber has fired 350 more employees and what it says is the last wave of staff cuts. the terminations affect several divisions, including self-driving car development and food deliveries. uber's stock is about 30%

investment management was up, up 5% versus last quarter someone stopped me on the street and said i like fact that you give us a lot of information. so all told, i think goldman delivered some solid numbers in a less than stellar environment. maybe that's what we wanted. that said, david solomon told us some great things about the apple credit card. and what it's doing for the consumer business. as he put it, our competitive advantage is that we have no legacy branch or technology infrastructure avoiding channel conflicts yet we are backed with a sizable balance sheet and a well recognized brand which is needed for successful disruption. that is a terrific pitch plus he described the apple card as the most successful credit card launch ever independently i can confirm that people in the industry are saying exact same thing. remember, they didn't have someone that said listen, i want to get a deal for the consumer, you've got to charge 11% and we've already been charging 13 for someone. he actually had the channel of having, this is real, channel conflicts. it really did make a difference

funds that looked to neil woodford as a rock star asset manager to get them a good return where it is hard to get much back on those investmentsodford, kent county council, and there a lot of questions being asked about how we mention —— manage pension funds not because people did not realise they had never heard of woodford before. you would have no idea that some of it might be tucked away in an abstract fund. there were questions about how close description he was of his performance versus others, he is a very charismatic individual. people had seen him make certain moves in the past and they put a lot of faith in that kind of personality. but actually his performance versus peers was over several years not very good. and the reason why and joanne's prayers caught on all this... why another was caught up in all this was it was one of his funds of his caught up in this stop emma and it's like... they help them navigate this difficult were the facet management to get their funds up. let's finish with a nice picture story, the front page of the daily mail, feather in your cap. the royals on tour to pakistan and using it, they

liz young of bny mellon investment management market strategy.ike how earnings are looking -- do you like how earnings are looking? checked,last time i 70% of companies are beating, so we are definitely beating more than expected. this is probably the bottom in earnings growth. fourth quarter we see a bit of recovery, but you have to remember, fourth quarter is the easiest to come from 2018. 2020, still expect in double digits hopefully. alix: is this plus a relatively steeper yield curve enough for you to want to buy value? the growth-value rotation is something i struggle with almost intellectually. i think value is a play on financials and energy, and growth is a play on technology and parts of health care, maybe some other sectors. a steepening yield curve is something that gets less attention then an inverted yield curve, and a time when financials quietly run, which is a nice thing to see. throughout the year, i've been pretty bullish on financials. you have to own them. they are the biggest sector in the equities. i don't know that i would

the eib are risk managers, and they are thinking about investingust managers, and they are thinking about investing notjust for two yea rs about investing notjust for two years in these types of projects, but for 20 or 30 years. and clearly as we transition to a low carbon economy, these projects have the risk of becoming stranded assets. so if you were a risk manager at the world's largest bank, that's potentially not an investment you would like to make. but how do they see a real change? the eib is making it stand, but if you have governments in europe and also the european commission that is not with you, to what extent are you going to have a real impact? look, i think this transition is in many respects a very difficultjourney we have to make. this is probably the single largest investment the world has ever had to make in peacetime, and we need to do it in a just way. investment in changing how we get oui’ investment in changing how we get our energy. investment in the low carbon economy. so that's notjust changing how we get out our energy,

with us still, mike wilson of morgan stanley and alicia levine of bny mellon investment management. alicia: it is a very strange cycle on wall street that investors don't pay attention to earnings until the fourth quarter of the preceding year. we've just started the fourth quarter of 2019, and this is when you start seeing that trickle-down. if you remember last year, we were at an 11% earnings growth rate in earnings for 2019 on october 1. very slowly over the month of october, that started coming down. so i would expect by the end of the year, if we are on 10% for next year, i would expect by the end of the year, we are probably down to 7%, 6.5%, and in january is when the real cuts are going to come. alix: you were talking earlier about the mid, small, large cap. you're taking a look at the white line, which are s&p forward earnings, the blue is the mid-cap. what does this chart look like in the next 12 weeks? mike: this is a chart we published monday. this tells you everything you need to know. one thing we did miss earlier this year, you see the white line? that's the s&p 500

some pension funds do list fiber investments as an equity manager in their annual reports.loyee retirement system said they hold their partners to the highest standard and reserve the right to amend or sever any contract they did not specify mississippi told cnbc that fisher manages about half a billion dollars or 2% of their portfolio. executive director ray higgins said they will certainly consider this matter as well as the response statement that was issued by fisher investments as they consider to monitor the service they provide and ultimately their performance cnbc also reached out to other fisher clients, including the kansas city public school retirement system. teachers retirement system of georgia and ohio public employees retirement system but have not heard back. it's worth noting that ateetende at the tiburon conference spent $25,000 and we are told that the discussions were confidential. >> and had to break that confidenti confidentialali confidentialality which a number felt were bad enough they should do so, i guess >> one might wonder at conferences like t

on businesses by protesters we're talking retail banks shops but what's worse better a local investment manager francis lund says that investors they're moving their money out of hong kong the only good sign however is that hong kong's share prices stay pretty stable tuesday morning when the markets open that's because investors see hong kong shares is totally cheap now but as far as tourism kerry lamb projects the 3rd quarter to be a really bad one no one is going to hong kong anymore and you have the golden week that is normally a huge week for hong kong tourism but retail and tourism is down by more than 50 percent and then it's not sued. the. state is. going to defend it you said. syria not only saying hotels and visitor arrivals down you're seeing some of hong kong's own citizens they're looking to leave the area there's reports of people who obviously aren't coming forward with their full names because of political sensitivities but they're looking to emigrate to the u.k. or to the u.s. it's really wherever they can get to sooner and it's mostly young millennial is looking to leave the ar

investors conference oftoronto with ted gold more the head of credit at the london-based alternative invest managert is a very perilous time for credit right now. there is a lot of economic uncertainty. we are seeing more and more dislocations, but it just expresses that fundamentals and junior underwriting is more important than ever. the first question i get from investors every single meeting is are we in a credit bubble? we are eight years into the cycle. arememories of 2008 resident in people's minds. we shouldn't be conscious but we do think there is pocket value. >> there does seem to be a difference between liquid credit and in liquid credit. >> so much of our system is based on ratings, capital -- because of that the difference is very widespread. very challenging. >> even with all of the money rushing into the private credit industry? kim the thing that people miss is how much money has come out of the illiquid credit business. banks had an 87% market share in 2007 and today it is 40%. our biggest competitor used to be wells fargo and now they are our biggest financing partner. >> have cr

under fire after almost 300,000 of its customers were embroiled in the collapse of woodford investment managementxit dominating most of the front pages. let's see what our reviewers make of it all. we will start with that front page of the daily express. it is really against the odds considering it has taken 3.5 years to get to this point and they are still working late into the night on finalising a deal to put to the leaders tomorrow. yes, i mean, it's extraordinary how far we seem to have come in reallyjust ten days or so. we have gone from being com pletely days or so. we have gone from being completely at odds, exchanging blows verbally in public with different rhetoric to saying close, close, getting there. the language has really shifted, and we seen have the impact on financial markets. we have seen the pound to appreciate in value because investors are hopeful we can get this over the line. so the tone is very strong even though eve ryo ne the tone is very strong even though everyone is adding caveats that we still have to get it through the parliament if we can get the deal. and your ph

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managed around investor objectives. so you can advise with confidence. before investing the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. i get it all the time. "have you lost weight?" of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. each day our planet awakens but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances. >> welcome back to "squawk box." big tech on most valuable brands some at the top there have fallen behi

couple of weeks because of this battle in terms of brokers their area but broad price wars in investment managementabout it very cheap what is reflected in the cheapness is the idea traditional full service wealth management model while traditionally very secure and had stable fees and all the rest of it, long term seems pretty challenged by what's going on in the world and next generation of investors. that's not something for this quarter. doesn't change the fact that it's very cheap. i do think that's where the overhang is. >> one of the attractions of morgan stanley versus goldman sachs has been this growing wealth management which people have said is sticky, a source of capital, margins are improving we get later in cycle and ceases being attractive >> everyone is piled into goldman sachs. year-to-date up 21%. morgan stanley up 4% no one is in the name in morgan stanley. i think that could reverse if they have a good quarter last quarter it was a disappointing one relative to goldman and other banks. i'm looking forward to low expectations, yes a cheap stock and if they can deliver maybe the s

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coming up, and investment management cio will be joining us as we count you down to the european closeropean markets are soft today. we see some of the numbers come through. waiting to see what happens with the brexit saga over the weekend. does boris johnson have the votes to get his brexit deal over the line. assets look cheap right now? how pivotal a weekend will it be for positioning? we will talk much more about that. this is bloomberg. ♪ >>>> 320 is the magic number. can boris johnson at the votes needed to get his deal over the line? the market doesn't believe him. china slows. gdp data comes in soft but it could have been worse. it should investors prepare for beijing to deliver more stimulus? the lira drops. itsey says it is halted offensive to allow kurdish fighters to withdraw. are in itlondon we down to the european close on bloomberg markets. ♪ >> it is friday and investors are focused on a lot of things not only the geopolitical buters and there are many also earnings. let's look at where we stand on the s&p 500. we still have not closed throh

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investments. clearly better money management. to the wait did frowe just win-ners. prouders everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. >> worse mistake that the united states has ever made in my opinion, was going into the middle east. it is a quagmire, we're up to close to 8 trillion dollars and bringing our folks back home, we have great talented military. we're bringing them back home. melissa: the latest development on turkey military operation have begun in northern syria after trump president trump pulled back u.s. troops. reporter: good evening, turkish military operation in to northern syria is under way. we're getting new reports of airstrikes. as kur

cignarella, voice of bloomberg's audio isawk, and joining us also darrell cronk, wells fargo investment managementio. i thought we were going to start with the fed, then all of the sudden we get the headline at 5:00 and then we get the futures down. are we really this fragile? vincent: i think we are. it woke me up because i got lulled into this false sense of security from the statement's from washington. the last i heard from my sources out of china were june, july, with the conclave where basically xi said to all of his top people, we are not going along with washington. he's a bully. we don't trust him. we don't think we can make a deal long-term, standing with him, and we can outlast him. i haven't really heard much since. we haven't really heard from president xi exactly. he's kind of nodded yes and going along, and no we are really getting pushback that was probably underlying all along, and we are really back where we started. alix: darrell, what do you think? darrell: it is not surprising, and there's a bit of an irony here that every time the market startews hi, the markets -- the chines

fund's investment manager likes tourism stocks. as he on equity fund has beaten 87% of peers over the past five years despite warner's -- foreigners pulling more than $25 billion out. ongoing protest crushed demand in hong kong. a data provider says the average daily rate was about 137 u.s. dollars in september. the hyatt and hilton hotels are among those that have seen revenue for available rooms plunge in recent months. paul: wework is being accused of formerdiscrimination by ceo adam neumann's ex chief of staff. wework said it had zero tolerance for discrimination of vigorouslyd would defend itself. the company's new executive chairman said it will boost diversity on its all-male board of developers. that is almost it for "daybreak australia" this morning. let's look at how markets are shaping up. more to come in a moment. this is bloomberg. ♪ here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why n

partner with pgim, the global investment management businesses of prudential. . >>> welcome back to "me report." tech tumbles on trade fears. em s a big call on the faang stocks from bank of america saying despite some head winds out there, they do like amazon, the best that's their favorite tech pick. anybody disagrees or stro or sty agree? >> i think amazon is the favorite right now people are buying consumers in the strength of spending and we are going into the christmas season that's the way to play it if you want to combine technology and the consumer >> i think agree with you there. absolutely >> i disagree. >> apple >> apple >> apple is the best >> do you not like amazon >> everything they said about amazon applies to apple. apple is a consumer stock. this is the play and they're spending a thousand bucks when they go in there to do it. that tells me a lot about the strength and the optimism of that consumer when they're buying that expensive iphone 11 pro. >> the 11 is sth is what everybi excited about. on top of the feedback that finally underneath 50% of their revenues, we

investments. clearly better money management.rs. prouders everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. trish: president trump's personal attorney rudy giuliani make an explosive revelation. the biden family's ukraine deal is far worse than perhaps any of us know he said. >> the reason the democrats are fighting so hard is it's going to go further than joe biden. do you think obama just turned his back on this? if he turned his back on this, what else did he turn his back on. the "new york times" stuck it right in obama's face. they said your vice president has a glaring conflict of interest. what did obama do? he didn't get out of his benghazi sleep to do a thin