that's why jim hackett's conference call.at he sets, what he tells analysts in a couple of minutes, that will be crucial to what we see happening with ford shares tomorrow. as you take a look at the stock, which really has been beaten town the last couple of months, keep in mind we know a couple of things regarding 2019. one, the european structuring has begun. and two, they are going to have greater losses in 2019 than in 2018 when it comes to their investments in mobility services and autonomous vehicles. still targeting a commercial launch in 2021 but melissa, those are the two things we know about this year a lot of questions coming up in a few minutes regarding what ford will be doing not only in the first quarter but the remainder of 2019. >> what's your take on the investment community and how much patience they have with jim hackett. he's been ceo almost two years now, and at the same time we've got a very favorable story over at general motors in terms of what they are doing and seeing around the world and then you'v

will be showing more of the jim hackett interview later in the hour. we will also be talking to scott keele. we talked about the joint venture that we thought would be announced today about how bw and ford would be getting together over cars in europe. alix: no cars of running? haven't gotten out yet? david: no, sorry. [laughter] awesome stuff. check in with you later, david. a risk off feel, the u.n. getting chinese trade data overnight. imports and exports are much canr than estimated, you see the s&p futures off by 8/10 of 1% with euro-dollar flat on the day, a stronger dollar story when it comes to the high yielding currencies, but not the safety currencies. the 10 year yield is down by three basis points across the bond world except when it comes to italy. part of that is definitely going to be the trade story, the imports from copper to soybeans and all of that reverberating in the market. time now for the bloomberg first take and we have michael mckee guys, if you take a look at what's happening in china, how much of that, mike, was just payback

you know, when we talked to jim hackette, he admitted that investors have a reason to be a little bit forward, like when are things going to start to turn at ford. but he is still saying that be patient. it will come around because most of what you're seeing with the stock that's now under $9 a share is because of pressure on the company's margins. here is jim hackett. >> a lot of what you're seeing in the margin to margin performance is because ford's more future ready in the design of the existing vehicles with regard to fitness, i think they want to believe that it's happened so in the last -- >> you think in the analysts want to believe. >> they want to believe. and the last 30 days they're starting to see our plans in europe, which was something that we hinted about. and common sense would say that a plan like that that is as extensive like that needs to be highly choreographed you have really important constituents that you have to have in synch i challenge people who have never run an industrial company the way you run that versus a tech company where you have a lot of fixed as

david: that was jim hackett. he is the ceo of ford, of course.cinating thing going on in detroit. jason: interesting to hear him talk about having to cooperate may be in a way they have not before.it is definitely a new world .cannot wait to hear more when you get back . you have a big interview coming up. you get to be around all the cool toys. what is that behind you? david: i must say that is the car that won the indianapolis 500 last year. chevrolet, run by team penske. is responsible for more wins than anybody in history. we get to talk to the legendary roger penske, coming up. jason: really looking forward to that. i know you are a car guy. you have had your eyes on that for quite some time. before we get to that, next, day 24 of the government shutdown. no end in sight. now it is hitting federal workers's bottom lines. terry joins me, coming up. taking a look at the markets quickly, we are seeing a lot of red. still on your screen, all the major indices down. the dow, the s&p, and the nasdaq are off of their session lows, but the dow is do

ceo jim hackett has been at the company for over a year-and-a-half.ting patiently for any kind of update on restructuring. we are now getting some details, and appreciate these decisions are being made very carefully given the human impact and the impact on the workers and their families, but come on. it has been a year-and-a-half now, it is -- and it is about time. they been losing money in europe for several years now. predominately all the profits for the makes are in the north american region. you look at the other international operations am all kind of cancel each other out. they make a little here, lose a little there. come: i understand as you with a lot of other people, are impatient. it is a question of comparing with gm, saying we are getting out of that business altogether. european operations for ford is quoted as saying they will stay in europe if they can transform its business. should they have sold it instead? guest: it remains to be seen. it doesn't seem like they are married to staying in europe. i think it is a wait-and-see. it is

yesterday we had a chance to sit down with jim hackette, ceo of ford we'll talk about the u.s.e wanted to talk to him about what's happening in china because it's so critical not only to ford's business but the auto industry overall. here is his take on where the china market is right now. >> well, china's optimism is still high with us we had a false step this year that we blame ourselves. we take full accountability, but what we found as we started to see that is the market wasn't as strong for everybody so, i'm not willing to give our team a little bit of a break and say some of this wasn't all your doing. but we've already taken steps to fix much of what wasn't working there. but with regard to ford, it's the opposite of maybe what you read is the brand is one of the highest-ranking brands in the country. people want attainment in owning a ford branded product so it's actually a huge advantage for the company. even at the highest levels of the company they see it as a family-owned business that middle america loves and the chinese want to relate to american businesses like

there will probably be alliance with vw announced shortly to me big headlined of the show from jim hackett not eliminate any manufacturing jobs here in the u.s. take a listen. >> if you eliminate jobs in the u.s. whether white collar blue collar no collars are you worried, you get pushback. >> i am confirming that there is not blue collar cuts in the offing the president is taking a strong position on wants to go protect manufacturing jobs, and you can see we sincerity in that, in his policy, so ford is probably a poster child the other way our people have employment that isn't threatened. . reporter: in addition, competition for the explorer from the likes of cadillac to look at pictures this is the xt6 if you like escalade too big for you cadillac has this one, smaller than escalade but all bells and whistles as well think a big seller in addition mary barra unveiling of that xt6 last night said electification is future for cadillac in addition she said electification may make cadillac cadillac again to quote her they also unveiled what could be the very first electric cadillac pictures

for ceo jim hackett, when he talks with analysts, the key thing everyone will be focused on, what wil happen in 2019. the company says that it is moving forward with its restructuring, but wall street would like to hear more specifics, unclear when that will be happening. phil lebeau, "nightly business report," ft. worth, tebs. >>> broadband growth drives comcast's quarter and that's where we begin tonight's market focus. the company say its nbc universal media unit and its high-speed internet businows fueled . it did, however, lose cable customers but that didn't stop comcast from raising its quarterly dividend 10%. shares were up 5. to $36.89. comcast is the parent company of nbc, which produces this broadcast. >>> verizon's media group is reportedly laying off 7% of jobs in the division previously called oath. the group is madep of inrizon's media properties like yahoo! and the huon post as well as advertising and technology. in division was created november to bring oath under the verizon brand. oath was the result of the merger between aol and yahoo!. verizon shares were up nearl

toy: no recession according jim hackett.this outlook in terms of what possibilities are out there. one out of four people not in -- [indiscernible] but is the highest in the past several years. thatng ahead, there is shift i was mentioning earlier in terms of what is happening to ford andst with gm but volkswagen pushing ahead to the suv's, pickup trucks and electric vehicles. outlook,at rosy without be the exception? morgan stanley -- good that be be exception -- could that the exception? morgan stanley and others were not uplifting. ramy: it is totally bearish. let me run you through what three of these outlooks said. the narrative is the same. i want sachs, the stress to put here is a negative set up for company guidance announcements. they say it could be another difficult year. morgan stanley, look at what they are saying. they say for consensus estimates , the guide to profit levels materially lowered. there is no positive wording in any of these. also baird something similar, negative estimates to overshadow any confi

jim hackett responded to criticism is moved too slowly and shared too little about restructuring plans analysts were disappointed they did not provide forecast for earnings. reveals ancitigroup unflattering figure today. the details are next. this is bloomberg. ♪ this is bloomberg. ♪ >> at the top of the hour, theresa may will make a statement. even as the prime minister voteved today's confidence , she saw power slip away after inmakers demolished or deal a crushing defeat yesterday. to prime minister promised hold talks with leaders of opposition parties and other lawmakers starting immediately to find a way forward. schumer took to the steps of the capitol with his democratic colleagues to showcase some of the workers suffering during the partial government shutdown. it is day 26 of the shutdown over president trump's demands for $5.7 billion to build a wall along the mexican border. >> i want president trump to look into these faces and see what he is doing by using these awns in anmen as p extortion game to say, i am going to hurt these people and less i get my way. mr. president,

we talked about this with jim hackett, the head of ford, they are teaming up with the global alliancemaking medium-sized pickup trucks fight with a 22. they say worldwide, with vans and pickups, they will save money, and they will explore doing electric vehicles and autonomous vehicles together, which is something that talked about.when i talk to him , he said it makes sense to invest so much in ev's and av's and we need to team up to protect our balance sheet. money?ou know who needs gold companies. the biggest gold merger ever, newmont buying bold -- old corporate $10 billion. this ceo of newmont had this to say -- >> at the end of the day, we are positioned to go to a gold we are still open to ventures. alix: still open to joint ventures. with a $10 billion merger and .hey could still want to buy there is a big debate in the gold community, is bigger better? or do you want to be a lean mean midsize company? david: but they will have to cleandavid: up some stuff for newmont buys them. alix: they will do a lot of work but there is a lot of work in their synergies. storyms like an ove

we talked to jim hackett about it. if this is a baseball game, what inning are we in?are in the third or fourth inning. we have put the groundwork into place for our transformation is a company, in terms of auto 1.0, and a traditional business, 2.0 with the new stuff, and now we have to execute again and try new things. it is early still, but it is further along where it was a year ago. david: will you be in the ninth-inning by the end of 2019? bill: there was never a ninth-inning because the business keeps reinventing itself. there was never a finish line. we are always having to readjust on-the-fly, and just when you think you have things figured out is when you need to start worrying. david: we are hearing a possible arrange with volkswagen. i talked to jim about that. one of the things that is becoming apparent is there will be a commitment to europe with the ford brand company the production of the vehicle may be ford brand,with the but the production of the vehicle may be a hybrid. have alliances around the world. worldk if you look at the we are going into, you

jim hackett says the part of the restructuring going on.will we have a sense of what is going on in europe? >> middle of the year. we started the process, as i mentioned. we would expect the process to conclude around the middle of the year. at that point in time, we would be prepared to provide specifics in terms of what we are going to do, what the opportunities are, and the restructuring charges and cash effects. reporter: you also announced recently the beginnings of a joint venture with volkswagen. will we see the results of that in fort operations before the end of 2019? >> no, and as far as joint ventures, think of it as projects. it makes sense for vw and forward. not any exchange of equity or anything of that store -- sort. we will start with commercial vehicles and europe, and global midsized pickups. the opportunity will start in the 22, 2023 timeframe. reporter: the ceo is taking a hard look at the business to turn it around. he said he wanted to study it and make the right decisions. for investors, can you say we have seen the

discuss the state of the industry in their companies, starting with the ford president and ceo, jim hackett want to tell you, i'm not happy about ford's performance. that should just be said. i knew it was going to be a difficult year because of the age of a product. moving from the oldest product line in the industry to the most refreshed, 75% of the products, all-new in the next two years. that is going to be really important. you put that against what kind of market we expect, i think the auto business is going to be solid. signalsomy itself has iat create uneasiness, but don't think there is anyone who would say we are in any kind of recession right now. >> so when it comes to the economy, what affects your business? is it sentiment overall? concern about training complex? what drives your business? >> sentiment is a big deal, because people want to believe their jobs are safe. interest rates can matter because of the changing profit of the vehicle. -- i think it is right now things are firing on all cylinders in our economy but for political strife over policy and some of the trade iss

jim hackett making the comment during an interview with jeff flock at the detroit international autos not blue collar cuts in the offing. and the president is really taking a strong position on wanting to protect manufacturing jobs and you can see the sin sincereity in that. >> gerri: he admits the trade conflict with china hurt fords business there but he's hopeful it will lead to improvements. >> we produce a lot of vehicles in the lincoln brand that we ship over to china and so that tariff has kind of slowed down some of the demand. a tariff works both ways and probably i think as a gesture to get to a better end game, which we hope is much more aamenable to everybody. >> gerri: separately, ford and volkswagen reportedly will announce a he global alliance this week at the auto show. and cheryl, i had the opportunity to interview mary barra, ceo of gm last friday and she spoke about the layoffs among u.s. workers. they had 2800 people impacted in the u.s. they have 2700 potential job openings. 1500 of those workers have already been placed in new jobs. so she's very upbeat about th

we will speak with several auto executives including ford ceo jim hackett. be coming up on monday. live from new york, this is bloomberg. ♪ david: starting off with the stock markets, down slightly. this has been an up week. strongest seven days of the year in a very long time. you can see the down jones is 43 points off. -- dow jones is 43 points off. if we can go to the cross asset board, some of the action is over in the bond market with the treasuries where people are buying treasuries. you have the yield down five basis points. tipping below 10.7. the dollar is unchanged. flat. crude is giving back all of those games. they had seven or eight days straight of games. is a newfound interest in gold as people seek some sort of haven with all of the turmoil we have had. overall, we have had a good week. it has been a. sign up for the balance of power -- onetter ough bloombergs.com/politics. get the latest on global politics every day. coming up, really old with a jonathan ferro's. lisa's guest include hornby's of schroders and another person. bloomberg users

the conference call at 5:30 with jim hackett.focused on what does that say in terms of where ford is? does he give us any clarity, any benchmarks in the first quarter or all of 2019 guys back to you. >> the expectation at the moment is still that they are committed to it and to making it profitable it would be a surprise if they were pulling back more than expected. >> correct they are committed to europe remember, they've said they'll have an alliance with volkswagen in some capacity they're looking for how they can limit their cost is that through some kind of a partnership with volkswagen they've already announced? what else can they do? they're not going to pull out of europe they've already said that. same time, they are going to be restructuring, likely extensive layoffs with their european production over there. >> stick with us garret nelson is join iing us, senior analyst cfra. we've seen the numbers and full year with it what's your take >> i think phil is right it all comes down to the 2019 guidance and outlook predomi

ceo jim hackett said tax penalt ies on steel and aluminum cost ford $1 billion last year and that pain only exacerbated by a double-digit slow down in car sales in china. there's also a concern of a growing backlash against american brands as this 90 day trade truce between washington and beijing agreed to at the g20 summit, that expires march 1. news that both sides will hold talks on monday and tuesday listing markets on friday and then this. the jobs report, 312,000 jobs added in december, that was the most in 10 months with big gains in some recently softening sectors like manufacturing, plus more americans feeling confident that they could find work, that sent the unemployment rate to 3.9%. this data is viewed as a sign that the u.s. economy is not slowing, as much as feared. now, the report also showed wages rising, that's great for workers but it's something the federal reserve is certainly watching so all in bottom line, neil we have conflicting signals we have a china slow down bleeding on to our corporate balance sheets and we have 312,000 jobs being added in the month of dec

talked to jim hackett the ceo of ford, who told us exclusively the tariffs and props in china are definitelypact on his business. they make lincolns here, sell them over. there there is tariff on that. and he said nafta will work, new nafta will work ones it gets ratified. >> new nafta structured in a wayport port works for you? >> i believe it works for us. there is give-and-take in that. i'm hopeful the same tone and tenor is now with asian. reporter: we talk about asia, we talk about the u.s. trade with japan. talked exclusively the to jim lentz, the ceo of toyota. jim lentz is the longest serving ceo in the world in the auto industry. he told us what his biggest fear is. >> the fear is tariffs. we have to get through this. get the usmca ratified in congress, hopefully by the end of this year. then japan and the u.s. have to have their conversation. reporter: keep in mind, neil, nafta, usmca as jim called it, that hasn't been fully ratified either so we don't know exactly how that will go. i talked to the new ceo of fca, the guy who replaced sergio marchionne, mike manly, about the new ra