that was mike talking with the former ecb president jean-claude trichet. much more ahead. l break down jean-claude trichet's comments and what happened this morning with the ecb. joe weisenthal joining me with more. ♪ betty: good afternoon and welcome back to bloomberg markets. you just heard from the former ecb president, jean-claude trichet on the move that happened this morning with the ecb cutting their deposit rate and extending their stimulus program another six m coanchor of "what'd you miss?" he was trying to defend what the ecb is doing. joe: all day, the line has been that mario draghi must have screwed up in the communication over the last several weeks and has seemed to be building the anticipation for something much bigger. he was really hyping this up it seemed like and today was like ok, there was a cut in the deposit rate and the extension by time of the stimulus. and jean-claude trichet's point he made is monetary policy is based on action and ultimately it's these decisions that can get caught up in the noise and that in the grand scheme of things, that's

michael will speak with jean-claude trichet. that will be a good one. how janet yellen's testimony is impacting markets, we will head over to julie hyman. tell us what the fallout is on equities. julie: let's look at u.s. stocks. we are seeing all three major averages lower here. not seeing big the kleins. what janet yellen has said has -- greatdifferent than idea that the fed is likely to raise at its december meeting. the s&p 500, we are seeing it bounce around a little bit. lows. off of it went back down to the lows. a little volatility. at the bond market in the united states, where you would expect to see more reaction. event of the day, talking about yields him a 10 year going up to 2.3%. we saw an increase on the shorter end of the to her -- shorter end of the curve as well. that is the movement we have been seeing. package, that is having a big impact globally. julie: take a look at my terminal here. we have one of the broader measures from european stocks. we do not necessarily see them as tight, but the magnitude of the drop in european stocks

the company announced that ben bernanke and gordon brown and jean-claude trichet will all part of a new global advisory board. fortify billing to gross. is to be removed from the cac 40 on december 21. taking its place will be the shopping mall operator. edf, whose price has fallen 45% over the last 12 months, will be relegated to the cac next 20 index. miners under pressure. chinese imports fall for a record 13th straight month. the latest data from the world's second-largest economy. and don't miss the conversation with the former bp ceo, amanda know something about a crude rout. we will talk to him about that in less than 30 minutes. ♪ jonathan: welcome back to "the pulse." good morning from a cloudy, dreary london. ftse is lower, anglo american suspending the dividend. they are increasing the disposals target, not great news for investors. stocks down by over 8%. another concern for them is what happens in asia. the trade numbers are out this morning, not pretty. exports falling for a sixth month in november well the import slump extended to a record 13th. a.t's talked to end we see

jean-claude trichet spoke about the divergence between the ecb and the fed. >> it is normal that thebanks are reacting with the appropriate decisions to different circumstances. their goal is the same. to anchorf the ecb is inflation expectations at close to 2%. the goal of the u.s. is to perform at 2%. the goal is the same. i am fully confident there is no problem of the burgesses -- of divergences. scarlet: do you agree, brenda? brenda: i think the ecb has been slower to act than the federal reserve. that is due to the mandate that the ecb has. coupleeral reserve has a of mandates they have to fulfill. the ecb has a single one. stability was seen around the 2% mark. obviously, any sort of interest low move was to keep it rather than drive it higher. i think mario draghi is doing his best to do what needs to be done. i do feel there is a divergent path there. it does come down to timing and it is very much due to the fact that the ecb had their hands tied for a while. scarlet: brenda kelly, you are sticking with us. we will be right back on "what'd you miss?" ♪ i am scarlet fu. "wha

i'd like to welcome our special guest, jean-claude trichet.or taking the time. >> it's a pleasure. >> listen, we have a bit of a delay, i will give you a precursor here to the conversation. mario draghi ended up walking back part of his statement and press conference last time we saw him. we see that the u.s. central bank has begun the great divergence, breaking ranks with all the easing policies and quantitative easing that has been going on between all the major economies central banks and yesterday, last night, the bank of japan, even though they didn't tweak qe, the result of some things they have done have caused the yen to move higher, the exact opposite that happens when you use bigger qe type policies. my question is simple. the great divergence was supposed to have a strong dollar, but investors seem to now look at the breaki ining of ranks of our fed and questioning the efficacy, durability and the sustainability of programs in europe and japan. your thoughts, sir? >> first of all, i would say that it is very normal that we have dive

pimco said monday it was creating a new advisory board including ben bernanke and jean-claude trichetys donald has disqualified himself from the presidency. the republican front-runner said muslims should be barred from entering the u.s. after the attacks in paris and san bernardino. president obama's press secretary spoke out after the comments. >> the first thing a president does is to swear an oath to preserve, protect, and defend the constitution of the united states. what donald trump said yesterday disqualifies him from serving as president. candidates to stand by their pledge to support mr. trump, that disqualifies them. trump is refusing to back away from his remarks despite almost universal condemnation. manus: thank you -- francine: thank you so much. let's get to today's top market stories. mark, if you look at commodities, it is almost a race to see who is performing the worst. mark: it is. the worst performers on the ftse 100, both falling more than 70% this year. anglo, the slide yesterday hasn't seized. it is plunging today. half an hour ago, my narrative was going to b

compared to jean-claude trichet a, mario draghi has the experience of wall street, goldman. the lesson has always been, if draghi can add something, usually well. were that powerful in stimulating inflation or boosting inflation, we wouldn't have a problem. look at the japanese experience. they are doing qe on a scale that even draghi probably won't do. athink this is a bit of coven. they have a mandate that is very specific about inflation. but actually, this is an extraordinarily odd time for the ecb to be doing the policies that are expected today. herenk there's a subplot which is about the transformation of the ecb as an institution. --that sense, i think draghi manus: what is the subplot? george: if you think about the birth of the ecb, it was supposed to be something like the bundesbank in disguise. i think under draghi, the ecb has become a more european eyes -- europeanized institution. they have done a form of debt neutralization which was for bowden, wasn't going to happen. the idea about fighting been displaced really by deflation prevention, a very different kin

former fed chief ben bernanke, former british prime minister gordon brown, and former ecb head jean-claude trichet will be part of a new global advisory board. china's biggest bank icbc said it punished 137 staff for breaches of communist party discipline, such as accepting gifts or starting their own businesses. this comes as a corruption crackdown sweeps through the chinese financing industry. for more on the stories and others, head to the bloomberg terminal and bloomberg.com. jonathan: another top story, chinese exports falling for a fifth month in november, while the import slump stretched to a record 13 straight month. let's bring in malcom scott. great to have you with us. i'm seeing month on month on month on month. i wonder what the message is in the data right now. what is the headline message. malcom: the rest of the world is doing china no favors. china isn't going to be able to export its way out of the growth slide, but china isn't doing the rest of the world any favors. it is importing less. on the volume side, it may not be important too much less, what on the price side because of

michael mckee, conversation with jean-claude trichet a.noon, new york, 3:30. must listen. ♪ tom: good morning, "bloomberg surveillance." we are within one hour to mario draghi. you see the u.s. dollar strength. i put up the russian ruble. we have seen weakness over the last three days. that is on a 70 watch. that is a big deal. to bloomberg , i know they have adam pozen with them. stephanie: mario draghi, we're going to be finding out really the action step into the next 45 minutes and who better to join us but bomb itself, rents fixed income at jpmorgan -- once fixed income at jpmorgan. it will be interesting what the action will be following this announcement and we will talk real estate. i know you're going to love this, and exclusive sitdown with boon pickens and carl icahn. we will find out what the one and only carl icahn has to say. big morning. tom: take you so much. is with us. virginie maisonneuve with us here in london. brian, let me go to you on use of cash. buybacks and share a rising rate environment in a tired bull marke

as well as jean-claude tricia eight, the former ecb president who was -- john claude trichet.ng upco kind of the people around them, as of course that scene outflows from their fund and they're very high profile disagreement and drama with the x pimco founder, bill gross. let's get back on oil prices, the price of vote barrel of crude has drop below $38 a barrel. that's the lowest level it has been in six years in a global economy that still struggling to climb out of recession. after opec decided to abandon its draghi of limiting the and plunge a target, the being felt hard in energy shares today. and on chevron, shell, all firmly in the red. spoke with the chairman and vice chairman, someone who knows a lot about the oil market. >> it's been a question for some time whether it is a cartel because it only controls 30% of the market. right now it is not a cartel by any definition. it is a fractious trade association that cannot agree on basic matters. >> is it having any effect on oil prices at this point? >> the main effect is by what it is not doing. it's divided not only ab